Market Segment
September 20, 2024
Written by Laura Miller
Gerdau Long Steel North America plans to acquire Dale’s Recycling Partnership, a Tennessee-based operator and processor of ferrous scrap.
Sao Paulo, Brazil-based longs producer Gerdau SA announced that its US subsidiary has signed an agreement to purchase the land, inventory, and fixed assets of Dale’s operations for $60 million.
Brazilian miner and steelmaker Companhia Siderúrgica Nacional (CSN) increased steel production in the third quarter, but lower overseas shipments and a less favorable domestic product mix weighed on its quarterly results. The company also said renewed import pressure limited further price pass-throughs.
Stelco will restart finishing operations at its mill in Hamilton, Ontario, on Dec. 1. The company cited improved demand. The Canadian flat-rolled steelmaker will also recall 175 workers who had been laid off. The workers will be "made whole" retroactively for wages lost while they were laid off, Stelco said on Friday. Stelco initially proceeded with layoffs despite threats of legal action from the Canadian government.
US shipments of heating and cooling equipment slipped in September for a third consecutive month, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Shipments declined 2.6% month on month (m/m) in September, after having fallen 10% m/m in August. The monthly pace marks the third-slowest shipment rate year to date. Historically, shipments are strongest in early summer and weakest around the turn of the year, driven by seasonal air conditioner and heat pump volumes. AHRI's data shows September shipments totaled 1,687,240 units, down 2.6% m/m but up 7.7% year over year (y/y) (Figure 1, left). From August to September, shipments of warm air furnaces, A/C, and heat pumps declined, while water heater shipments rose. Compared with a year earlier, only air conditioners and heat pump shipments were higher.
Nucor said on Friday morning it plans to increase plate prices by $70 per short ton (st) as it opens its December order book. The Charlotte, N.C.-based steelmaker said in a letter to customers that orders must be submitted by Nov. 27 to be considered. You can check out SMU’s Steel Mill Price Announcement Calendar to follow announced pricing moves. SMU’s price assessment for plate currently stands at $1,550/st on average, as of Tuesday, Nov. 10, up $55/st vs. the prior week.
JSW Steel USA has completed a $110-million modernization project at its plate mill in Baytown, Texas, a company spokesperson told SMU. “Baytown is back up,” the spokesperson said. “The planned outage is complete, and the mill is running across all of our existing processes.” “Our newly installed equipment is now in the hot commissioning and trialing phase, which is an exciting next step for the site,” she added.