Features
Midrex Technologies names Woody as new CEO
Written by Ethan Bernard
April 2, 2024
Midrex Technologies has named K.C. Woody as president and CEO, effective immediately.
Former Midrex CEO Stephen Montague will continue to serve on the board of directors, the Charlotte, N.C.-based company said on Monday.
Woody joined Midrex in 2010 and became COO in 2020. In 2023, he was promoted to president of the company.
“Our industry has a key role to play in reducing global CO2 emissions, and we are dedicated to creating a sustainable future for iron and steelmaking,” Woody said in a statement.
Additionally, Midrex said Will Dempsey has been appointed COO and Sean Boyle was named VP – Commercial.
Midrex is involved in direct-reduction ironmaking (DRI) technology and aftermarket solutions for the steel industry.
Ethan Bernard
Read more from Ethan BernardLatest in Features
US and Canadian rig counts log increases
Drilling activity rose in both the US and Canada last week, according to the latest data release from Baker Hughes. US rig activity increased to a six-week high but remains near multi-year lows. Canadian counts continue to improve, now at a 20-week high.
Steel industry groups urge House action on LTPF 2.0
Six steel industry organizations have urged House Speaker Mike Johnson to include the Leveling the Playing Field 2.0 Act in any proposed package of legislation against China’s "unfair" trade practices.
CRU: Poor steel margins continue to push down raw material prices
Both iron ore and coking coal prices fell this week because of resistance from buyers. Iron ore prices have continued to fall throughout the past week, following sharp declines in steel prices in China, given no new policy announcement from the ‘Third Plenum’ meeting.
Final thoughts
SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?
Steelmaking raw material prices ease in July
The majority of steelmaking raw material prices declined in June, following the same trend seen in May, according to SMU’s latest analysis.