Alro Steel Corp. will expand its operations into Iowa with the construction of a new regional distribution center, according to local media reports. The Jackson, Mich.-based metals and plastics distributor is planning to build a nearly 200,000-square-foot facility at an estimated cost of $20 million. The plant is expected to bring roughly 40 new jobs to […]
The U.S. and Japan have officially begun talks that could lead to an easing of Section 232 tariffs on Japanese steel and aluminum exports. Those negotiations are part of a broader bilateral discussion on ways to reduce excess steel- and aluminum-making capacity globally, most of which the U.S. says is driven by China. “The United […]
Algoma Steel posted record profits in its fiscal second quarter, and the Canadian flat-rolled steelmaker expects money to continue to pour in as high spot prices roll into 2022 contracts. The Sault Ste Marie, Ontario-based company also thinks that the traditional relationship between sheet and plate prices will be restored as infrastructure spending increases demand for […]
The board of Canadian flat-rolled steelmaker Algoma has approved the construction of two new electric arc furnaces (EAFs) with combined steelmaking capacity of 3.7 million tons per year. The new EAFs are expected to come online in 2024 and to replace the Sault Ste. Marie, Ontario-based company’s blast furnaces and basic oxygen furnaces. “We believe […]
ArcelorMital Tubular Products and the United Steelworkers (USW) Union Local #3057 have ended their five-day standoff by agreeing to a new four-year labor contract, a company spokesperson confirmed to Steel Market Update. The new deal – already ratified by the members of the local USW – ensures work can now resume at ArcelorMittal’s tube plant […]
ArcelorMittal recorded it best quarterly earnings performance since 2008 in the third quarter as sharply higher prices offset lower shipment volumes. The shipment declines came partly because of weaker demand and order cancellations from the automotive sector, the company said. The automotive industry has struggled with various supply chain issues, most notably – but not […]
Canadian flat-rolled steelmaker Stelco posted the highest quarterly profits in its history in the third quarter on strong demand, high prices and increased shipment volumes. And the Hamilton, Ontario-based company predicted that the momentum would roll into the fourth quarter too. “Once again, our business has demonstrated our ability to take full advantage of strong market conditions […]
NLMK USA is in the middle of an approximately week-long planned outage at its steel mill in Portage, Ind., industry sources said. The outage at the electric arc furnace (EAF) sheet mill – also known as NLMK Indiana – began on Saturday night and is expected to be wrapped up this weekend. NLMK USA typically […]
Ternium is considering adding a new electric arc furnace to its operations in North America as well as downstream cold rolling and coating capability. That’s according to sources familiar with the matter and as indiciated in recent public comments from company executives. The most likely candidate for any new EAF would be Pesquería, Mexico – […]
Owen Industries, a service center, processor and fabricator of steel sheet and plate based in Carter Lake, Iowa, has acquired the assets of Omaha Steel, a steel foundry in Wahoo, Neb. The acquisition includes a newly built foundry facility that gives Owen Industries the opportunity to expand its offerings into the design and production of […]
By Trade Attorney Lewis Leibowitz I summarized the newly announced trade deals between the United States and the European Union last week. I use the plural because a lot of issues were addressed in the statements that followed. Today’s column evaluates a few of the trends that are visible from these statements – notably on […]
SMU’s next Community Chat webinar will feature veteran trade attorney Lewis Leibowitz. We’ll talk Section 232, the tariff-rate quota (TRQ) with the EU, and the changing global trade landscape. The free webinar begins at 11 a.m. ET (10 a.m. CT) on Wednesday, Nov 17. You can register by clicking here. Why should you listen? The […]
Canada’s Russel Metals reported “an exceptionally strong third quarter built on the back of a really strong Q2.” Company executives on Friday’s earnings call pointed to the various moves the company has made in the past two years to position it to take advantage of the prevailing market conditions. Most recent was this week’s announcement […]
Canadian distributor Russel Metals has expanded its U.S. footprint by agreeing to acquire Arkansas-based service center Boyd Metals. The deal, valued at $110 million, includes all five of Boyd’s facilities. Boyd’s operations in Arkansas, Missouri, Oklahoma, and Texas deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial […]
South Korea is pushing for “swift consultations” with U.S. trade officials about Section 232 following the negotiation of a tariff-rate quota (TRQ) with the European Union, according to local media reports. Seoul is concerned that the deal with the EU – which will allow approximately 3.6 million short tons of steel into the U.S. duty […]
BlueScope Steel plans to acquire U.S. ferrous scrap recycler MetalX LLC for $240 million. MetalX is the leading scrap supplier to North Star BlueScope, the Australian steelmaker’s electric arc furnace (EAF) sheet mill in Delta, Ohio. The deal is expected to close by the end of December, BlueScope said in a press release. MetalX operates […]
United Steelworkers (USW) members at ArcelorMittal’s tube plant in Shelby, Ohio, have been on strike since midnight on Sunday, according to local media reports. That’s when a four-year labor contract between the Luxembourg-based steelmaker and USW Local 3057 expired. Sticking points in contract talks include time off over holidays as well as pension and health […]
The management team at Ryerson reported solid third-quarter results on Thursday and expressed optimism about underlying demand in the fourth quarter and into next year. “The pricing environment is still healthy and strong underpinned by good demand – demand deferred, not denied – and we see that continuing into 2022,” Ryerson President and CEO Eddie […]
Steel tube producer Tenaris saw global sales jump 15% sequentially to $1.75 billion in the third quarter of 2021, with sales 73% above the same year-ago quarter. The successive increase in Q3 was driven by an 8% increase in volumes, aided by a 6% increase in selling prices. Sales surged by 28% in North America to […]
Klöckner & Co. SE posted record results in the third quarter, outperforming a previous record in the second. The company also delivered its highest quarterly operating income since its IPO in 2006. Klöckner credited the unparalleled third-quarter results to “considerably higher” selling prices. The Duisburg, Germany-based service center, which has significant operations in the U.S., […]
Japan wants a waiver from the current Section 232 regime following the U.S. negotiating a tariff-rate quota (TRQ) with the European Union. The issue came up during a virtual meeting between U.S. Trade Representative Katherine Tai and Koichi Hagiuda, head of Japan’s Ministry of Economy, Trade and Industry, on Thursday, Nov. 4. Minister Hagiuda “strongly […]
JSW Steel (USA) Inc. has launched the second phase of a $260 million project aimed at refurbishing its plate mill in Baytown, Texas. The upgrades will allow the Baytown mill to better compete in on- and offshore wind tower, agriculture, construction and storage tank markets as well as in other sectors for which surface finish […]
U.S. Steel has resumed production at its Big River Steel electric arc furnace (EAF) sheet mill in Osceola, Ark., following a two-week maintenance outage last month, a company spokeswoman said. The outage had commenced on Oct. 10. SMU has updated its EAF status table to reflect the change. Big River Steel has annual capacity of […]
U.S. mill CEOs generally praised the tariff rate quota (TRQ) agreement reached with the EU. But they stressed that enforcement would be key to its success. The United Kingdom, Japan and countries that have hard quotas – such as South Korea – are places that come to mind when one thinks of where a deal might […]
Ternium reported net earnings of $1.37 billion in the third quarter of 2021, up from $1.16 billion in the the prior quarter and following a loss of $21 million in the third quarter of 2020. The gains resulted from higher steel prices and strong global demand. Shipments were 3.1 million tons in the third quarter, largely unchanged […]
U.S. Steel has completed or has nearly completed two blast furnace outages, a company spokeswoman confirmed. But furnaces that have been idled will remain so, the Pittsburgh-based steelmaker’s top executive said. U.S. Steel has completed an approximately one-week outage on the B blast furnace at its Granite City Works outside of St. Louis, the spokeswoman […]
Speaking at a steel industry gathering just two days after unveiling the historic trade deal she helped negotiate with the European Union, U.S. Trade Representative Katherine Tai described the progress made in steel trade and the challenges that still lie ahead in curbing global steel overcapacity. Following are her remarks today at the General Meeting […]
The tariff-rate quota, or TRQ, replacing Section 232 tariffs on steel and aluminum imported from the European Union will go into effect on Jan. 1, 2022, per details of the agreement released by the Office of the United States Trade Representative (USTR). A 25% tariff will be still applied after the quota limit – 3.3 million […]
Algoma Steel Group Inc. and Triple M Metal LP have formed a joint venture – ATM Metals Inc. – to source prime scrap and other iron units for the Canadian flat-rolled steelmaker. The tie up between Triple M, one of North America’s largest private scrap recyclers, and Sault Ste. Marie, Ontario-based Algoma comes as the latter is […]
The deal just announced between the U.S. and EU to replace the Section 232 tariffs with a tariff rate quota and to cooperate in reducing climate-changing carbon emissions was seen as a breakthrough by many – but not all. Trade groups representing steel consumers and producers from other parts of the world expressed “disappointment” that the […]