Market Segment
February 12, 2023
Written by Michael Cowden
ArcelorMittal executives think that the global steel market should rebound in 2023 as the destocking period that characterized 2022 ends.
“I believe the worst conditions of these cycles have passed,” Lakshmi Mittal, executive chairman of the Luxembourg-based steelmaker, said in a conference call with analysts last week.
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.
In 2015, finished steel imports were 29% of apparent domestic consumption of steel, as estimated by AISI. In 2025, the import share had fallen to 18%. Steel lobbyists think that is progress, but the reality is more complex.
US sheet buyers have grappled with supply scarcity in both the spot and contract markets throughout 2026. Now the supply squeeze is spilling over into 2027, according to market participants.
Several steel trade organizations have called on President Trump to resist weakening Section 232 steel tariffs.
The US Commerce Department has raised the anti-dumping duties (AD) on imports of oil country tubular goods (OCTG) from South Korea.