Market Segment
April 22, 2024
Written by Michael Cowden
| First quarter ended March 31 | 2024 | 2023 | % Change |
|---|---|---|---|
| Net sales | $5,199 | $5,295 | -1.8% |
| Net earnings (loss) | ($67) | ($57) | -17.5% |
| Per diluted share | ($0.14) | ($0.11) | -27.3% |
Cleveland-Cliffs Inc. continued to lose money in the first quarter, with the steelmaker blaming the loss in part on the idling of its tinplate facility in Weirton, W.Va.
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).
The Department of Commerce thinks revoking the anti-dumping duty (AD) orders on cut-to-length carbon steel plate from China and Russia would lead to the recurrence of dumping at significant margins.
Algoma Steel Group Inc. expects the first heat from its second electric-arc furnace (EAF) in the coming days, even as it forecasts a quarterly EBITDA loss and a 20% decline in shipments.