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
Despite trade chaos, Barry Schneider upbeat on SDI, steel
With 30 years of experience at Steel Dynamics, Barry Schneider reflects on the company and the state of the steel industry.
Algoma Steel seeks CAD$500M in operational support
Algoma Steel applied to Canada’s federal Large Enterprise Tariff Loan (LETL) program for $500 million to support its long-term operations.
SDI concerned with potential Brazil pig iron tariffs
Steel Dynamics Inc. (SDI) executives called a 50% tariff on Brazilian pig iron “concerning,” but think tariffs will be a “mainstay” of trade agreements going forward.
SDI earnings slip in Q2 as trade volatility hits customer orders
SDI profits slipped in second quarter amid trade policy volatility.
Cliffs puts ‘for sale’ signs up after another big quarterly loss
Cleveland-Cliffs lost more than $400 million for the third consecutive quarter but predicted results would improve in the second half of the year. And shares of the Cleveland-based steelmaker surged after company executives said during its Q2 earnings call on Monday that they could make billions by courting foreign investors or selling assets.