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    Analysis

    June 24, 2025

    Final Thoughts

    Written by Ethan Bernard & Stephen Miller

    We’ve all received the email sign-off: Thank you for your attention to this matter. Just a bit of corporate formality. A way to grease the wheels in inter-office communication. Unless you’re President Donald J. Trump talking on your Truth Social account. In that case, the stock phrase may be a warning to both Israel and Iran to respect a newly announced ceasefire.

    But is there a ceasefire? We hesitate to write anything at this point because the geopolitical situation in the Middle East is about as clear as the hot-rolled coil market in North America. Heck, it might be giving the tariff situation a run for its money in terms of not knowing which way is up.

    Ethan Bernard

    Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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    Stephen Miller

    Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.

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