Market Segment
February 21, 2023
Written by Michael Cowden
Cleveland-Cliffs has called back workers to its idled Northshore Mining operations in Minnesota, a company spokeswoman confirmed.
She declined to say how many workers were being called back or why. “We will provide more details when we decide when and at what capacity this operation will be brought back online,” the spokeswoman said in an email to SMU.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.