Company Announcements
July 15, 2026
Written by Stephen Miller
North American Iron Inc. has announced it has secured additional financing in order to advance its project to convert iron ore tailings into merchant pig iron.
The financing, the amount of which was not disclosed, will provide capital for engineering, permitting, and project development, according to a company press release.
Steel Dynamics Inc. (SDI) posted sharply higher third quarter profits on the back of higher steel prices, record steel shipments, and "historically low" import volumes. The Fort Wayne, Ind.-based steelmaker said it also benefited from low customer inventories, long mill lead times, and low scrap prices. It wasn’t just a story of US trade policy suppressing imports. Demand was strong across a range of end markets, among them energy, non-residential construction, and automotive, the company said.
Steel Dynamics Inc. (SDI) announced a round of leadership promotions. “I am excited to recognize these six leaders for their outstanding contributions to our company’s continued growth and success,” stated Incoming President and CEO Theresa E. Wagler. “Through their leadership, commitment to excellence, and dedication to our strategic pillars, they exemplify our culture of safety, performance, innovation, and putting people first.” William T. (Tommy) Scruggs was promoted to senior vice president, flat rolled commercial and processing. Scruggs has been with SDI since 2003 and has led the company’s Flat Roll Steel Group commercial operations since 2015.
Cleveland-Cliffs recorded its first profitable quarter since 2024 on higher steel prices, increased sales volumes, and trade policies supportive of US mills. The Cleveland-based steelmaker swung to a profit of $152 million in Q3’2026 compared to a loss of $251 million in the same quarter last year on revenue that rose 18.5% to $5.6 billion over the same period. Prior to Q3’2026, Cliffs had not posted a profit since Q2’24, when it recorded a profit of $2 million.
Nucor said on Monday, Oct. 19, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,255 per short ton (st) this week, up $15/st from the prior week. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,320/st, also up $15/st from last week. Nucor still offers lead times of three to five weeks, according to its letter to customers. You can track mill price announcements on our website.
Nucor Plate Group said it will increase its fuel surcharge to $40 per short ton (st) next month, effective for all shipments beginning Nov. 1. The Charlotte, N.C.-based steelmaker first said in April that the fuel surcharge was necessary to address rising costs, initially setting the surcharge at $10/st on April 16. The company had previously maintained the $10/st surcharge rate for four straight months through Aug. 17. But it has since doubled its rate in back-to-back months—increasing its surcharge to $20/st in September, followed by its Oct. 15 notice to $40/st. “We remain committed to providing reliable service and transparency as we adapt to changing market dynamics,” Nucor said in a letter to customers on Thursday evening. Nucor announces the surcharge amount on or about the 15th of each month for shipments beginning the following month.