Analysis

October 28, 2026
SunCoke raises 2026 EBITDA outlook after third-quarter gain
Written by Laura Miller
Third-quarter results
SunCoke Energy Inc.
Analysis

October 28, 2026
Written by Laura Miller
The busy fall maintenance season isn’t over yet. Mill outages have rolled along since September, squeezing an already tight sheet market heading into November and beyond. Another round of scheduled maintenance is approaching, with outages still ahead at North Star BlueScope, ArcelorMittal Calvert, and Nucor Berkeley. Much of the fall maintenance calendar is now in the rearview mirror. September and October outages included U.S. Steel’s Gary Works; Nucor’s Hickman, Decatur, Gallatin and Crawfordsville operations; Steel Dynamics’ Sinton and Columbus mills; Cleveland-Cliffs’ Dearborn hot strip mill; NLMK Portage; and Big River Steel Works.
Nucor has been awarded an entire General Motors platform for exposed automotive sheet, Chair and CEO Leon Topalian said on a call Tuesday discussing the company’s third-quarter earnings. Topalian described the award as a breakthrough for Nucor in a product area he said integrated steelmakers had long dominated. Nucor plans to shift related process engineering and quality control work to its new West Virginia sheet mill as the facility ramps up, Topalian said. He said the mill would be capable of producing high-end automotive steel. Noah Hanners, executive VP of sheet products, said West Virginia automotive tons would begin customer qualifications in 2028.
The situation in Turkey for procuring ferrous scrap for its steel industry is facing some difficult times. As obsolescent scrap flows start to abate in Northern Europe and the US with the onset of the winter and the holiday season, the price of buying scrap for this period is trending upward. The domestic market in the US is expected to rise in November, possibly in December, and definitely in January as the US melt rate shows no signs of lessening. In Europe, the main problem is supply as the Turkish mills have leaned on this region heavily over the last two months rather than sourcing enough higher priced US cargoes. The European suppliers can only sell what is convenient at this point without an increase in price.
GrafTech International continues to expect modest growth in graphite electrode demand for the full year of 2026. The company reaffirmed its expectation of a 5-10% year-over-year increase in graphite electrode sales volume as it seeks to gain market share. “Overall, we continue to see improving trends across several of our key regions,” CEO Tim Flanagan said on a conference call Friday to discuss its third quarter results.