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.
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.