Market Segment
June 25, 2024
Written by Ethan Bernard
Algoma Steel executives reiterated that operations are proceeding as normal following an unplanned blast furnace outage earlier this year.
“Our primary operations are running normally, following recovery from the utilities corridor collapse and completion of the plate mill work,” Algoma CEO Michael Garcia said on the company’s fiscal Q4’24 earnings conference call last Friday.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
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.