Features

Nucor's Topalian named vice chair of worldsteel
Written by Ethan Bernard
October 15, 2024
Nucor’s top executive Leon Topalian has been elected vice chair of the World Steel Association (worldsteel) for the 2024-25 time period.
Topalian, the chair, president, and CEO of the Charlotte, N.C.-based steelmaker, will hold the position for one year.
A spokeswoman for Nucor celebrated the news in a statement to SMU.
“As North America’s largest steel producer, Nucor is proud to represent the American steel industry on the worldsteel executive board,” she said.
She noted Topalian looks forward to staying on the executive board as vice chair, having just completed a one-year term as chair.
“Worldsteel provides an important forum for global steelmakers to discuss issues impacting our industry, including trade and decarbonization, as well as sharing best practices in areas such as safety performance and sustainability,” she added.
Members of worldsteel represent ~85% of global steel production. The association maintains relationships with many international organizations, including the United Nations and the OECD.
On Tuesday, Worldsteel also named the following officers elected to serve for the next year:
- Chair – Thachat Viswanath Narendran – CEO and managing director, India-based Tata Steel
- Vice-Chair – Uğur Dalbeler – CEO, Turkey-based Çolakoğlu Metalurji A.Ş.
- Treasurer – Mark Vassella, managing director and CEO, Australia-based BlueScope Steel Limited
- Chair of worldstainless – Akihiko Inoue, representative director and president, Tokyo-based Nippon Steel Stainless Steel Corp.
Additionally, U.S. Steel President and CEO David Burritt was elected to the 2024-25 executive committee, worldsteel said.
For US companies, worldsteel also welcomed Beaumont, Texas-based Optimus Steel LLC as a regular member. CEO Luis Barrenechea will serve as the company’s representative at worldsteel. Optimus makes wire rod, straight plus coiled rebar, and billets at its Beaumont facility.

Ethan Bernard
Read more from Ethan BernardLatest in Features

Final Thoughts
Tariff-related noise aside, there is one basic factor keeping buyers on the sidelines. Despite recent declines, HR prices remain at historically high levels. And there is no obvious support to keep them there.

Get an inside look at steelmaking at SMU’s Steel 101 workshop
If you’re looking to build a solid foundation in steel or sharpen the knowledge you already have, the SMU Steel 101 Workshop is a great place to start. Our next workshop will be held in Memphis, Tenn. on June 10-11, 2025

AISI: Raw steel production climbs to 7-month high
US steel mills produced more raw steel last week than they have over the past seven months, according to the American Iron and Steel Institute.

Final Thoughts
United Airlines raised eyebrows earlier this month when it provided two forecasts for 2025 – one assuming a relatively stable economy and another assuming a recession. The reason? Uncertainty around the impact of President Trump’s policy shocks on the broader economy. And it sometimes feels like we’re seeing a battle between those two narratives (stable vs recession) play out within in the pages of this newsletter.

Price: Expect new trade shocks as Trump’s ‘reciprocal’ tariff negotiations continue
President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.