Steel Blog

Construction employment for June declined in 162 out of 337 metro areas from last June, increased in 127 and stayed stagnant in

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FONTANA, Calif., July 30, 2012: The shareholders of California Steel Industries, Inc. (CSI) have elected to rotate the CEO and Chairman of the Board positions of the Company, in keeping with historical practices.

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Shortly after 5 PM on Monday, July 30th Nucor advised their sheet customers that the mill was increasing flat rolled prices by a “minimum” of $40 per ton. The prices increases were said to be “effective immediately

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Steel processor, Gonvarri Steel Services, has announced its decision to build its new production plant in South Carolina. The following is the company's press release:

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SMU has confirmed industry reports of the first large August delivery scrap deal being done by a company out of the Northeast. The scrap was sold at +$40 per gross ton above the early July levels on all items.

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AK Steel announced a new $40 per ton price increase “effective immediately” in their normal fashion by posting it as a news release on their website. This is the second increase out of AK Steel during the month of July. The company previously announced a $40 per ton price increase on Friday, July 6th.

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Written by: Joseph Reinmann, CEO Kataman Metals

Prices this week on the CME U.S. Midwest Hot Rolled futures contract dipped nearby and inched higher for 2013.

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According to an article in the Baltimore Brew, at least three companies have been identified through their sources as having interest in the RG Steel Sparrows Point facility. However, Steel Market Update sources are only confirming that at least one bid was made for each of the facilities (Warren, Wheeling & Sparrows Point)and there were less than 20 bidders in total company wide (including Wheeling Corrugating which we understand attracted multiple bidders).

The Brew article identified the three bidders as CSN – a steelmaker out of Brazil which also owns a conversion mill in Terre Haute, Indiana; Optima Fund Management – a hedge fund associated with Metinvest and The Brew also identified Nucor Steel as being a potential bidder. Steel Market Update received permission from the Baltimore Brew to reproduce their original article (see below)

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Steel Market Update is seeing a change in the mood and psychology of the steel buyers who appear resigned to the fact there will be another price increase announcement. We are adjusting our SMU Price Momentum Indicator to Higher in order to better represent the changing mood and the fact prices have been moving up since the July 2nd price increase announcements. The only questions in buyer's minds are how high will prices go? And, how long will it last before prices collapse once again?

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October 8th – please save the date – please tell your friends and colleagues – please tell your boss, suppliers and customers – Steel Market Update is going to have an excellent program. We have told you about the economic and steel forecasting which has been strengthened further this year by including one of the top macro-economist from IHS Global Insight.

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