Steel Products

Biden to Meet EU Officials in Washington to Discuss Steel
Written by Ethan Bernard
September 27, 2023
US President Joe Biden is set to meet European Commission President Ursula von der Leyen and European Council President Charles Michel on Oct. 20 in Washington ahead of a deadline for an agreement on steel, according to a report in Reuters.
The meeting comes as negotiations are due to expire on Oct. 31 for the Global Arrangement on Steel and Aluminum, which is being worked on by the EU and the US.
“I think there is willingness on both sides at least to reach an agreement,” a senior EU official was quoted in the article as saying. The official preferred to remain anonymous.
If a deal is not reached, this could trigger the reinstatement of Section 232 tariffs on steel and aluminum on EU exports to the US. These tariffs have been suspended since 2021.
In turn, this could provoke retaliatory measures by the EU. Additionally, a possibility exists that some interim accord can be reached, and the negotiations extended.
Other subjects that could be touched on in the meeting include the war in Ukraine and green subsidies in the US Inflation Reduction Act, the article said.

Ethan Bernard
Read more from Ethan BernardLatest in Steel Products

CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]

US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."

Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.

CRU: Construction of pilot plant for green steel process starts
Voestalpine and partners have begun building an industrial-scale Hy4Smelt demonstration plant in Linz, Austria, which they hope will become key in the decarbonization of steel.