Steel Prices

USS increases sheet prices $30/ton

October 24, 2024

U.S. Steel aims to increase spot prices for all new orders of flat-rolled steel by at least $30 per short ton (st), according to an internal letter dated Thursday, Oct. 24.

The Pittsburgh-based steelmaker said the price hike was effectively immediately and also applied to material from Big River Steel, its EAF sheet mill in Osceola, Ark.

“Please communicate the details of this increase to our customers as soon as possible,” James Bruno, SVP of business development and president of U.S. Steel’s mill in Kosice, Slovakia, said in the letter.

U.S. Steel’s price hike comes after Nucor, ones of its competitors, kept its prices flat this week at $720/st. The Charlotte, N.C.-based steelmaker had cut them by $10/st a week earlier. Nucor will next update its prices on Monday.

U.S. Steel has not announced a price increase since October 2023, when it tried to raise sheet prices by $100/st, according to SMU’s price announcement calendar. That was before Nippon Steel announced its planned acquisition of the company in December of last year.

Michael Cowden

Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.