Sheet
June 20, 2025
Worthington Enterprises buys Elgen Manufacturing
Written by Ethan Bernard
Worthington Enterprises has acquired HVAC products maker Elgen Manufacturing of Closter, N.J.
Terms of the deal were not disclosed.
Sheet
June 20, 2025
Written by Ethan Bernard
Worthington Enterprises has acquired HVAC products maker Elgen Manufacturing of Closter, N.J.
Terms of the deal were not disclosed.
Nucor opened its secondary and excess product bid list across all its flat-rolled mills on Monday, as it typically does, market participants told SMU. But by Wednesday, when bidding was scheduled to close, Nucor notified buyers it would not be awarding any bids this week. The abrupt close sent a shock through the secondary market, they said. "Nucor pulled their excess and secondary lists this week and is not selling anything," a Midwest buyer said.
Ternium SA expects a modest seasonal decline in consolidated steel shipments in the fourth quarter, but sees Mexico revenue per ton continuing to rise with North American steel price trends. The outlook came as the company released its third-quarter earnings report and prepares to start steel shop production at its new Pesqueria slab mill in February. “We are seeing a strong demand in Mexico … strong demand in the US,” CEO Maximo Vedoya said on a conference call on Wednesday to discuss the quarterly earnings. Ternium reported Q3’26 net income of $368 million, compared with $465 million in Q2’26 and a $270-million loss in Q3’25.
Sheet prices soared this week as market participants increasingly predict that the strong market characterizing 2026 will stretch well into 2027. And with extremely limited spot availability, mills that have spot tons to sell are charging a significant premium, they said. The result: Sheet prices saw their highest week-over-week gains since March 2025, according to SMU's pricing records. That's when President Trump shocked the market by expanding Section 232 tariffs to cover traditional US allies such as Canada, Mexico, and the EU.
Buyers in SMU’s latest Flat-Rolled Steel Survey increasingly expect hot-rolled (HR) coil prices to keep climbing into year-end and beyond. But competitive import offers have not yet eased concerns about tight availability: most surveyed manufacturers and service centers said foreign suppliers were quoting competitive prices, while many service centers said they were still buying imports to secure additional tons. As of Tuesday, Oct. 27, current spot prices for HR coil range from $1,280 per short ton (st) to $1,330/st, averaging $1,305/st, according to SMU’s market survey. Looking two months ahead, 41% of respondents to our Oct. 28 survey expected HR coil prices to be $1,300-1,349 per short ton (st) in two months, down from 47% in our survey two weeks earlier.
Nucor said on Monday, Nov. 2, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,280 per short ton (st) this week, up $10/st from last week. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,350/st, also up $10/st from a week earlier. Nucor continues to offer lead times of three to five weeks, according to its letter to customers. You can track mill price announcements on our website. Steel Market Update published a weekly price assessment on Tuesday, Oct. 27, showing HR coil prices averaging $1,305/st, up $15/st from the previous week.