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    Analysis

    October 12, 2025

    Final Thoughts

    Written by Michael Cowden

    There are days when this feels like a “nothing ever happens” market. Don’t get me wrong. Plenty is happening in the world. It’s just that none of it seems to matter when it comes to sheet and plate prices.

    Here are just a few examples. Algoma Steel Inc., an important supplier to the US market, leaves the States – nothing happens. President Trump decides to wield his “golden share” to keep U.S. Steel’s Granite City Works running slabs – and nothing happens. Production issues at ArcelorMittal Mexico mean new business for Ternium, leaving Ternium with less available capacity – and nothing happens.

    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.

    Read more from Michael Cowden

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