Market Segment
October 23, 2023
Written by Laura Miller
| Third quarter ended Sept. 30 | 2023 | 2022 | % Change |
|---|---|---|---|
| Net sales | $5,605 | $5,653 | -0.8% |
| Net income | $264 | $152 | 73.7% |
| Per diluted share | $0.52 | $0.29 | 79.3% |
| Nine months ended Sept. 30 | |||
| Net sales | $16,884 | $17,945 | -5.9% |
| Net income | $554 | $1,549 | -64.2% |
| Per diluted share | $1.08 | $2.95 | -63.4% |
Members of the Global Forum on Steel Excess Capacity (GFSEC) met in Wisconsin last week and unveiled an updated plan to combat market-distorting excess capacity. The Milwaukee Framework adds color to the 2017 “Berlin Principles.” It is also a positive step in the ongoing battle against global steel market distortions. However, the Framework is only a guidepost. It must be implemented correctly to make an impact as new problems loom.
As substrate costs continue to rise, Nucor Tubular Products announced a price increase for heavy structural sections (HSS), mechanical, and piling products.
Iron ore shipments from US ports on the Great Lakes slipped in September from a year earlier, according to the Lake Carriers Association (LCA).
The Department of Commerce thinks revoking the anti-dumping duty (AD) orders on cut-to-length carbon steel plate from China and Russia would lead to the recurrence of dumping at significant margins.
Algoma Steel Group Inc. expects the first heat from its second electric-arc furnace (EAF) in the coming days, even as it forecasts a quarterly EBITDA loss and a 20% decline in shipments.