Market Segment
July 22, 2024
Written by Ethan Bernard
Cleveland-Cliffs plans to start up a new electrical transformer production plant in Weirton, W.Va.
The Cleveland-based steelmaker expects the new plant to come online in H1’26. The total capital investment is $150 million. Of that amount, $50 million is via a forgivable loan from the state of West Virginia.
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.
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.