Steel Mills
Cliffs Joins Nucor, Lifts Sheet $50/ton and Aims for $900/ton HRC
Written by Michael Cowden
February 13, 2023
Cleveland-Cliffs has joined Nucor in increasing spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt).
The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $900 per ton for hot-rolled cold.
Cliffs said the increase was effective immediately and applied equally to all new orders of hot-rolled, cold-rolled and coated products in a press release dated Monday, Feb. 13. It did not, however, provide target base prices for cold-rolled and coated material.
The move comes less than two weeks after Cliffs announced a $50-per-ton price hike and a target HRC price of $850 per ton.
Initial market reaction to the rapid-fire price increases was mixed.
The higher prices sought by Nucor and Cliffs are justified by production problems at other mills. That has left certain producers with little spot availability for March, some sources said.
But others questioned whether demand was strong enough to support the highest HRC prices since mid-July, according to our interactive pricing tool.
By Michael Cowden, michael@steelmarketupdate.com

Michael Cowden
Read more from Michael CowdenLatest in Steel Mills

AISI: Raw steel production backs off multi-year high
US raw steel output edged lower last week after hitting a multi-year high in mid-June, according to the American Iron and Steel Institute (AISI).

Private equity firm Atlas Holdings to acquire Evraz North America
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.

Granite City Works must remain open and other terms of the Nippon-USS deal
SEC documents also name Trump specifically as having veto power certain decisions are part of the “Golden Share” provision.

USS shuffles some leadership roles after close of Nippon deal
USS shuffles leadership deck after deal closes with Nippon.

ArcelorMittal fires up steelmaking at Calvert mill
With the marking of the EAF’s first heat earlier this month, the mill has moved from a rerolling and finishing mill to a full steelmaking facility.