Steel Mills

Republican Senators demand Biden block USS sale to Nippon
Written by Laura Miller
May 9, 2024
Three vocal Republican senators are demanding that President Joe Biden block the sale of U.S. Steel to Japan’s Nippon Steel.
In a May 9 letter, US Senators JD Vance (R-OH), Josh Hawley (R-MO), and Marco Rubio (R-FL) call out the president for his soft language on the matter. Biden’s previous “statements amount to wishes, not declarations, and belie your authority as president of the United States,” the senators state.
As the president, Biden could, by law, block the sale under the Defense Production Act or the International Emergency Economic Powers Act, the senators’ letter points out.
They also bluntly state that President Trump “displayed no such reticence” and, in fact, used his powers to unilaterally block foreign transactions “more than any other president.”
Urging him to courageously “do the right thing,” the senators then charge the president: “Declare whether you will exercise your presidential authority to prohibit or suspend the sale of U.S. Steel to Nippon.”
Requests for comment from U.S. Steel and Nippon Steel were not returned by the time of this story’s publication.

Laura Miller
Read more from Laura MillerLatest in Steel Mills

Nucor reports improved earnings, sales, and operating rates
Nucor reported a sharp sequential rebound in the second quarter, buoyed by improved pricing and strong shipments. But the steelmaker is bracing for a modest slowdown in the months ahead.

Cliffs confirms Cleveland furnace restart, Dearborn furnace idling
Cleveland-Cliffs is idling blast furnace, BOF shop, and continuous caster functions at its Dearborn plant, but downstream operations will remain unaffected, the company confirmed. Cliffs said its pickling line tandeom cold mill (PLTCM) and its extra wide automotive-grade galvanizing line for exposed parts will continue operations at the Dearborn, Michigan-based facility.

Nucor spot HR list price unchanged at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil flat this week, following a price cut the previous week.

Despite trade chaos, Barry Schneider upbeat on SDI, steel
With 30 years of experience at Steel Dynamics, Barry Schneider reflects on the company and the state of the steel industry.

Algoma Steel seeks CAD$500M in operational support
Algoma Steel applied to Canada’s federal Large Enterprise Tariff Loan (LETL) program for $500 million to support its long-term operations.