Cliffs came tantalizing close to buying U.S. Steel in 2023. There were rumors in 2024 that Cliffs might buy NLMK USA before it ultimately purchased Stelco for $2.5 billion in November of last year. Who would have thought that asset sales would have been the focal point of discussion just six months later?
US steel imports rebounded from February to March, rising to the second-highest monthly rate witnessed in the past ten months, according to final data recently released by the US Commerce Department. April license data shows that gain has likely been erased, with trade falling to the lowest rate of the year and several product categories hitting multi-year lows.
The US and UK governments have announced a trade deal in which an “alternative” to the Section 232 steel and aluminum tariffs will be provided.
SMU polled steel buyers on an array of topics earlier this week, including market prices and demand, tariffs and reshoring, inventories and imports, and evolving market trends.
US Sen. Jim Banks (R-Ohio) and Rep. Frank Mrvan (D-Ind.) have written a letter in support of a “domestically owned and operated American steel industry” being vital to national security.
SunCoke Energy posted lower earnings in the first quarter. Meanwhile, the company said it has extended the cokemaking contract for U.S. Steel’s Granite City Works in Illinois through the end of September 2025.
Given the news about tariffs and bringing back industries to the US, a brief look back in time may show how our economy changes with technological advances and the shifting economies of scale.
Raw steel mill output ticked higher last week, now up to the highest weekly rate recorded in over seven months, according to the American Iron and Steel Institute (AISI).
AMU’s Greg Wittbecker, an aluminum industry veteran, will address not only US tariffs but also evolving trade routes - and how supply chains are (or aren’t) adjusting. He’ll also touch on broader industrial impacts, from auto layoffs to the potential ripple effect of maritime tax policies.
We’ve talked about tariffs ad nauseam for much of the year. And I’m afraid this topic isn’t going away anytime soon. There’s a feeling that the tariff “can” will just be kicked down the road again and again, and again.
The tariffs are intended to produce more investment and jobs in US manufacturing. But first, there will be a cosmic change, potentially wiping out millions of jobs in the short run. While administration officials will no doubt cringe at the comparison, it reminds me of the effort to undercut fossil fuels production to address climate change. Led by Democrats, the effort was to destroy fossil fuels so that renewable energy sources would have more space to grow. The result: inflation and electoral defeat in 2024.
SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through April 30.
The US Commerce Department has set up an “inclusions process” to add derivative aluminum and steel articles within the scope of the new Section 232 tariffs.
With so much happening in the news cycle, we want to make it easier. Here are highlights of what’s happened and a few things to keep an eye on this upcoming week.
SMU’s Buyers’ Sentiment Indices both improved this week, reversing the decline seen two weeks ago.
Brent Wilson talks about the different takes on President Trump's tariffs in Europe and the US.
Can technology help with pig iron and DRI/HBI tariffs?
Sheet and plate lead times held steady this week, according to buyers responding to the latest SMU market survey. This week we saw little change from mid-April levels, with just one product (Galvalume) showing any significant movement.
Nearly two thirds of the steel buyers who responded to this week’s SMU survey say domestic mills are negotiable on spot prices. This increasing flexibility marks a significant shift from the firmer stance mills held in recent months.
Tariff-related noise aside, there is one basic factor keeping buyers on the sidelines. Despite recent declines, HR prices remain at historically high levels. And there is no obvious support to keep them there.
If you’re looking to build a solid foundation in steel or sharpen the knowledge you already have, the SMU Steel 101 Workshop is a great place to start. Our next workshop will be held in Memphis, Tenn. on June 10-11, 2025
US steel mills produced more raw steel last week than they have over the past seven months, according to the American Iron and Steel Institute.
United Airlines raised eyebrows earlier this month when it provided two forecasts for 2025 – one assuming a relatively stable economy and another assuming a recession. The reason? Uncertainty around the impact of President Trump’s policy shocks on the broader economy. And it sometimes feels like we’re seeing a battle between those two narratives (stable vs recession) play out within in the pages of this newsletter.
President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.
Bilstein Cold Rolled Steel LLC CEO Brent Wilson will be the featured speaker on the next SMU Community Chat webinar on Wednesday, April 30, at 11 am ET. You can register here. Reminder: The live webinar is free to attend. A recording will be available only to SMU subscribers. About Bilstein and Wilson Bilstein Cold […]
The constant flow of information we all receive can be a bit overwhelming, but SMU is here to help with a weekly snapshot.
SMU Steel Summit 2025 will be here before you know it. Be sure to register!
Global raw steel production increased in March, according to the latest figures released by the World Steel Association (worldsteel).
Despite some scary headlines lately (especially about Trump potentially firing Fed Chair Jerome Powell) this is not October 2008 (financial crisis) or March 2020 (onset of the pandemic). But it sure seems like we’ve taken a relatively strong economy and poured a thick sauce of uncertainty over it.
Chinese steel export prices are expected to remain stable or fall in the coming weeks as trade restrictions rise and tensions between the country and the US escalate.