Market Segment
November 3, 2025
Written by Ethan Bernard
South Korean steelmaker POSCO is set to take at least a 10% stake in Cleveland-Cliffs and invest over $700 million, according to a South Korean media report.
Recall on Thursday the Cleveland-based steelmaker announced it had signed a Memorandum of Understanding in September with POSCO for a “transformative partnership.”
Domestic raw steel output recovered after seeing significant swings in the prior two weeks, according to the latest AISI figures.
President Trump announced that Mesabi Metallics will build the largest steel plant in the US in the state of Iowa.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
US steel industry groups representing most of domestic steel production are urging the Trump administration to tighten trade measures on steel imports from South Korea. They are seeking a South Korea-specific tariff-rate quota (TRQ) and an investigation into a reported import surge.
Nucor said its consumer spot price for hot-rolled coil will be $1,220 per short ton (st) for the week of Sept. 28. That's a 10/st increase from a week earlier.