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.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.
The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.
Nucor said on Monday, Sept. 21, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,210 per short ton (st) this week, a $10/st increase from a week earlier.
The United Steelworkers (USW) union on Sunday said it remained far apart from U.S. Steel over the terms of a new labor contract. Meanwhile, the deadline for negotiating a new contract inches closer.