Market Segment
March 11, 2024
Written by David Schollaert
Domestic production of raw steel inched higher last week, recovering after declining the week prior, according to the most recent data from the American Iron and Steel Institute (AISI).
Steel output in the US totaled an estimated 1,734,000 short tons (st) in the week ended March 9. That’s up 1% from the previous week and up 0.9% from the same week last year when production stood at 1,718,000 st.
Worthington Steel said it did not receive sufficient approval from shareholders of German service center Kloeckner & Co. for a proposed domination and profit and loss transfer agreement (DPLTA). Under German law, a DPLTA gives a parent company the right to issue binding instructions to the management of a subsidiary. Kloeckner held an extraordinary general meeting on Friday, Oct. 23, in Dusseldorf, during which a shareholder vote on the DPLTA took place. At least 75% of the capital represented at the meeting had to vote in favor of the DPLTA for the measure to pass.
Australia’s BlueScope has raised its earnings outlook for the first half of fiscal 2027, citing stronger-than-anticipated performance at its North Star BlueScope mill in Ohio and improved results across several other businesses. The Melbourne-based company said in earnings guidance on Monday that it expects its North American businesses to deliver earnings about two-thirds higher than in the second half of fiscal 2026. North Star is forecast to perform nearly three-quarters better than in that period, when it reported EBIT of AU$484 million (US$339.8 million). BlueScope attributed the North Star uplift primarily to stronger benchmark spreads.
Wheeling-Nippon Steel has appointed Matt Caprarese as vice president of manufacturing. His appointment was effective Oct. 14, the company said in a LinkedIn post. Caprarese most recently served as VP of engineering, HSSE, sustainability, and plant services at JSW Steel, overseeing operations in Mingo Junction, Ohio, and Baytown, Texas. He previously held positions at ArcelorMittal and United States Steel. “With a strong background in Maintenance, Environmental and plant services/utilities, Matt brings valuable industry knowledge and leadership experience to his new role,” the company said. “We look forward to Matt's leadership in strengthening our manufacturing operations, supporting operational excellence, and contributing to the continued success of Wheeling-Nippon Steel.”
Nucor said on Monday, Oct. 26, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,270 per short ton (st) this week, up $15/st from the prior week. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,340/st, up $20/st from last week. Nucor continues to offer lead times of three to five weeks, according to its letter to customers. You can track mill price announcements on our website. Steel Market Update (SMU) published a weekly price assessment on Tuesday, Oct. 20, showing HR coil prices averaging $1,290/st, up $10/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 27.
Earlier this month, retired General David Petraeus, whose resume is as impressive as any I’ve seen, held a fireside chat at the National Press Club with Century Aluminum CEO Jesse Gary and Mark Duffy, the president and CEO of the American Primary Aluminum Association. During that widely reported chat, retired Gen. Petraeus stated that the US was not militarily ready for a conflict. Because the event concentrated on aluminum, and primary aluminum at that, his remarks hit harder than I think the full facts warrant.