Market Segment
June 14, 2024
Written by Ethan Bernard
Canada’s Algoma Steel is set to host the grand opening of its modernized plate mill in Sault Ste. Marie, Ontario, on June 18.
“This event marks a significant milestone in our company’s history as we unveil advancements that will enhance the quality and capacity of one of our key products, steel plate,” the company said in a statement on Friday.
Steel Dynamics Inc. (SDI) posted sharply higher third quarter profits on the back of higher steel prices, record steel shipments, and "historically low" import volumes. The Fort Wayne, Ind.-based steelmaker said it also benefited from low customer inventories, long mill lead times, and low scrap prices. It wasn’t just a story of US trade policy suppressing imports. Demand was strong across a range of end markets, among them energy, non-residential construction, and automotive, the company said.
Steel Dynamics Inc. (SDI) announced a round of leadership promotions. “I am excited to recognize these six leaders for their outstanding contributions to our company’s continued growth and success,” stated Incoming President and CEO Theresa E. Wagler. “Through their leadership, commitment to excellence, and dedication to our strategic pillars, they exemplify our culture of safety, performance, innovation, and putting people first.” William T. (Tommy) Scruggs was promoted to senior vice president, flat rolled commercial and processing. Scruggs has been with SDI since 2003 and has led the company’s Flat Roll Steel Group commercial operations since 2015.
Domestic raw steel recovered last week, improving for the first time in three weeks, according to the latest American Iron and Steel Institute (AISI) figures. Over the past four months, however, US production has fluctuated significantly. In just the past six weeks, output has hit both a six-year high and a six-month low. While there […]
Cleveland-Cliffs recorded its first profitable quarter since 2024 on higher steel prices, increased sales volumes, and trade policies supportive of US mills. The Cleveland-based steelmaker swung to a profit of $152 million in Q3’2026 compared to a loss of $251 million in the same quarter last year on revenue that rose 18.5% to $5.6 billion over the same period. Prior to Q3’2026, Cliffs had not posted a profit since Q2’24, when it recorded a profit of $2 million.
Cleveland-Cliffs Inc. expects to earn more from the repricing of contract tonnage than it previously projected. The Cleveland-based steelmaker raised its estimate for the earnings benefit of the repricing to about $850 million from about $500 million. The company also said negotiations for 2027 contracts are progressing better than expected. More than half of the 2027 renewal process was complete as of Cliffs' third-quarter earnings call on Monday morning.