Market Segment
November 17, 2023
Written by David Schollaert
Nucor Corp. has announced a $280-million investment to modernize its plate mill in Tuscaloosa, Ala.
The move will enable the Charlotte, N.C.-based steelmaker to “strengthen” Nucor Steel Tuscaloosa’s “ability to serve key market segments” in line with its overall Plate Mill Group strategy, it said in a statement on Friday, Nov. 17.
Nucor's consumer spot price for hot-rolled increased by $10/st w/w on Monday, Oct. 5 to $1,230 per short ton.
SSAB Americas aims to increase base plate prices by at least $60 per short ton (st), according to a letter sent to customers on Monday.
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).