Steel Mills
US Steel Piles in With Nucor, Cliffs in Hiking Sheet Prices $100/ton
Written by Michael Cowden
February 21, 2023
US Steel has joined competitors Nucor and Cleveland-Cliffs in raising base prices for steel sheet by at least $100 per ton ($5 per cwt).
The Pittsburgh-based steelmaker said the price hike was effective immediately for all new spot orders in a letter to top sales staff dated Tuesday, Feb. 21.
The company said the increases were also being implemented at its Big River Steel electric-arc furnace sheet mill in Arkansas and at its USS-UPI operations in California.
“Pricing extras, as published on our websites, and fuel surcharges must continue to be fully applied,” US Steel said in the letter, which was signed by chief commercial officer Ken Jaycox.
The price hike by US Steel means that three of the four largest domestic sheet mills have announced price increases totaling $200 per ton since the beginning of the month.
Steel Dynamics Inc. (SDI), the fourth, does not typically announce price hikes publicly.
Nucor and Cliffs announced a target price of $1,000 per ton for hot-rolled coil (HRC). US Steel did not announce a target price.
HRC prices have not been at or above $1,000 per ton since late June of last year, when they were falling on their way to a 2022 low of $615 per ton in November, according to SMU’s pricing tool.
By Michael Cowden, michael@steelmarketupdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
Wheeling-Nippon Steel raises Galvalume coating extras
The steelmaker released updated extras to customers on Oct. 15, marking the second adjustment in just six weeks following their early September revision
Cliffs offloading some FPT assets, considering HBI plant sale as well
Lourenco Goncalves confirmed that Cleveland-Cliffs is actively selling off portions of its Ferrous Processing and Trading (FPT) assets. Its direct reduction plant in Toledo, Ohio, may also be up for grabs...
SSAB cites US strength but flags tariff-driven uncertainty
The Americas segment of Swedish steelmaker SSAB delivered a stable third quarter, but with weaker shipments and continuing cautious demand. Plate prices held, but tariffs, slowing end-user demand, and...
AHMSA drama deepens as drawn-out bankruptcy slowly progresses
A former CEO goes to court for swiping tin. An OEM distributor slams the bankruptcy trustee for failing workers and creditors. The steelmaker fires back. Angry employees demand back pay as tensions rise in Monclova's steel saga.
Cliffs aligns with US critical mineral policy, moves forward with DOE-funded projects
Cleveland-Cliffs is positioning itself as a key player in America’s push for industrial independence.
