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% |
Mexico's Construcciones e Ingenierías Electromecánicas SA de CV (CIESA) has emerged as the leading bidder for the assets of bankrupt steelmaker Altos Hornos de México (AHMSA) and its mining subsidiary Minera del Norte (MINOSA). The Michoacán-based engineering and construction company offered $1.4 billion in a court-supervised bankruptcy auction held Sept. 25.
Domestic raw steel output recovered after seeing significant swings in the prior two weeks, according to the latest AISI figures.
President Trump announced that Mesabi Metallics will build the largest steel plant in the US in the state of Iowa.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
US steel industry groups representing most of domestic steel production are urging the Trump administration to tighten trade measures on steel imports from South Korea. They are seeking a South Korea-specific tariff-rate quota (TRQ) and an investigation into a reported import surge.