Market Segment
November 9, 2023
Written by Laura Miller
ArcelorMittal’s earnings declined in the third quarter of 2023 both sequentially and on-year.
The Luxembourg-based global steelmaker posted Q3’23 net income of $929 million, on sales of $16.6 billion that slipped 11% from Q2’23 and 12% from Q3’22.
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.
Nucor said its consumer spot price for hot-rolled coil will be $1,220 per short ton (st) for the week of Sept. 28. That's a 10/st increase from a week earlier.