Market Segment
February 21, 2023
Written by David Schollaert
Cleveland-Cliffs didn’t take long to join Nucor in increasing spot prices for steel sheet by at least another $100 per ton ($5 per cwt).
The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $1,000 per ton for hot-rolled coil (HRC).
Domestic raw steel recovered last week, improving for the first time in three weeks, according to the latest American Iron and Steel Institute (AISI) figures. Over the past four months, however, US production has fluctuated significantly. In just the past six weeks, output has hit both a six-year high and a six-month low. While there […]
Cleveland-Cliffs recorded its first profitable quarter since 2024 on higher steel prices, increased sales volumes, and trade policies supportive of US mills. The Cleveland-based steelmaker swung to a profit of $152 million in Q3’2026 compared to a loss of $251 million in the same quarter last year on revenue that rose 18.5% to $5.6 billion over the same period. Prior to Q3’2026, Cliffs had not posted a profit since Q2’24, when it recorded a profit of $2 million.
Cleveland-Cliffs Inc. expects to earn more from the repricing of contract tonnage than it previously projected. The Cleveland-based steelmaker raised its estimate for the earnings benefit of the repricing to about $850 million from about $500 million. The company also said negotiations for 2027 contracts are progressing better than expected. More than half of the 2027 renewal process was complete as of Cliffs' third-quarter earnings call on Monday morning.
Cleveland-Cliffs Inc. has rescheduled the planned reline of the C blast furnace at its Burns Harbor steel mill in northwest Indiana from mid-2027 to April 2028, company executives said. The delay allows the Cleveland-based steelmaker to keep the furnace, which has annual capacity of ~2.2 million short tons, operating while steel prices and demand remain favorable for mills, they said during the company’s third-quarter earnings call on Monday.
Nucor said on Monday, Oct. 19, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,255 per short ton (st) this week, up $15/st from the prior week. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,320/st, also up $15/st from last week. Nucor still offers lead times of three to five weeks, according to its letter to customers. You can track mill price announcements on our website.