Steel Mills
AISI: Raw steel output rises to kick off new year
Written by Ethan Bernard
January 8, 2024
Raw steel production in the US increased in the first week of 2024, according to the most recent data from the American Iron and Steel Institute (AISI).
Domestic steel output totaled an estimated 1,707,000 net tons in the week ended Jan. 6. That’s up 1.6% from both the previous week and the same week last year when production stood at 1,680,000 tons.
The mill capability utilization rate was 76.9% to start the year, up from 73.1% a week earlier and 75.2% a year ago.
Production by region is shown below, with the week-over-week changes shown in parentheses:
- Northeast – 125,000 tons (unchanged)
- Great Lakes – 557,000 tons (up 12,000 tons)
- Midwest – 190,000 tons (up 7,000 tons)
- South – 771,000 tons (up 9,000 tons)
- West – 64,000 tons (down 1,000 tons)
Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills
Decision on fate of USS/Nippon deal pushed to after elections: Report
The US government’s decision on whether it will block Nippon Steel’s acquisition of U.S. Steel on national security grounds has been pushed until after the November elections.
Cliffs steadfast in commitment to Middletown decarb project
Cleveland-Cliffs Inc. on Monday reiterated its commitment to a major decarbonization project at its Middletown Works in Ohio, despite an earlier report suggesting otherwise.
Nucor expects lower steel prices to drive Q3 earnings decline
Nucor blamed lower steel prices for weaker third-quarter results in earnings guidance released on Tuesday.
SDI guides toward lower Q3 earnings on weaker flat-rolled steel prices
Steel Dynamics Inc. (SDI) expects lower third-quarter earnings on the heels of “meaningfully lower” prices at its flat-rolled steel operations. The Fort Wayne, Ind.-based steelmaker expects Q3’24 earnings of $1.94 to $1.98 per diluted share, according to figures released on Monday. That’s down from $2.72 per share in Q2’24 and down from $3.47 per share in Q3’23.
Stelco shareholders OK $2.5B sale to Cliffs
Stelco shareholders voted overwhelmingly on Monday to OK the $2.5-billion sale of the Canadian flat-rolled steelmaker to Cleveland-Cliffs. Indeed, 99.97% of those who cast ballots voted to approve the deal, according the Hamilton, Ontario-based steelmaker.