Market Segment
January 10, 2024
Written by Ethan Bernard
TimkenSteel said on Wednesday it is changing its company name to “Metallus Inc.”
The Canton, Ohio-based steelmaker said the company’s common stock will continue to trade on the New York Stock Exchange under its new ticker symbol — “MTUS” — effective Feb. 27. A new company website will also be unveiled on that day.
President Trump’s senior counsel for trade and manufacturing, Peter Navarro, has criticized South Korea for subsidized and transshipped steel. “South Korea is inundating the U.S. with highly subsidized steel and steel transshipped from China,” Navarro wrote in a post on X. “We are cracking down." In comments to C-SPAN, Navarro pointed to the White House’s recent report, the Great Transshipment Scam.
Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.
Nucor plans to invest $105 million to expand production at its utility towers and structures plant in Crawfordsville, Ind.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
Philip K. Bell, head of the Steel Manufacturers Association (SMA), delivered the opening presentation at the fall meeting of the International Iron Metallics Association (IIMA) in Chicago this week. He touched on three key themes: Section 232, the Mesabi Metallics mill in Iowa, and the increasing importance of financial experience for leadership positions in steel.