Market Segment
August 1, 2022
Written by Laura Miller
United Steelworkers-represented workers at US Steel mills will be getting a hefty bonus for the steelmaker’s second quarter performance.
USW employees working for US Steel will receive $30.72 per qualifying hour, which can be upwards of $14,000, for the quarter, according to the company.
President Trump announced that Mesabi Metallics will build the largest steel plant in the US in the state of Iowa.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
US steel industry groups representing most of domestic steel production are urging the Trump administration to tighten trade measures on steel imports from South Korea. They are seeking a South Korea-specific tariff-rate quota (TRQ) and an investigation into a reported import surge.
Nucor said its consumer spot price for hot-rolled coil will be $1,220 per short ton (st) for the week of Sept. 28. That's a 10/st increase from a week earlier.
A one-month extension of the terms of the current four-year contracts between the USW and the two steelmakers (which was initially set to lapse on Sept. 1) expires on Oct. 1.