Market Segment
July 29, 2024
Written by Ethan Bernard
Japan’s Nippon Steel announced it is withdrawing from a joint venture (JV) with China’s Baoshan Iron & Steel (Baosteel) that serves the Chinese automotive industry.
Nippon and Baosteel established Baosteel-Nippon Steel Automotive Steel Sheets Co. Ltd. (BNA) in 2004. The JV manufactures and sells cold-rolled and hot-dip galvanized sheet in China.
Members of the Global Forum on Steel Excess Capacity (GFSEC) met in Wisconsin last week and unveiled an updated plan to combat market-distorting excess capacity. The Milwaukee Framework adds color to the 2017 “Berlin Principles.” It is also a positive step in the ongoing battle against global steel market distortions. However, the Framework is only a guidepost. It must be implemented correctly to make an impact as new problems loom.
As substrate costs continue to rise, Nucor Tubular Products announced a price increase for heavy structural sections (HSS), mechanical, and piling products.
Iron ore shipments from US ports on the Great Lakes slipped in September from a year earlier, according to the Lake Carriers Association (LCA).
The Department of Commerce thinks revoking the anti-dumping duty (AD) orders on cut-to-length carbon steel plate from China and Russia would lead to the recurrence of dumping at significant margins.
Algoma Steel Group Inc. expects the first heat from its second electric-arc furnace (EAF) in the coming days, even as it forecasts a quarterly EBITDA loss and a 20% decline in shipments.