Category: Market Segment

U.S. Steel has an upcoming mill outage planned for routine maintenance at its Big River Steel mill in Osceola, Ark.

The spat between U.S. Steel and Cleveland-Cliffs over a proposed sale of the Pittsburgh-based steelmaker continued into Sunday evening. U.S. Steel confirmed that it had received an unsolicited offer from its Cleveland-based competitor. It alleged that Cliffs had “refused to engage” in the customary processes for assessing valuation in a press release received by SMU at 7:01 pm ET on Aug. 13.

U.S. Steel dropped a bombshell on Sunday, announcing that it started a formal process to review multiple unsolicited offers for the company. Cleveland-Cliffs followed with an explosive announcement of its own just hours later: that it had offered to buy U.S. Steel and that the board of the Pittsburgh-based steelmaker had rejected its offer as "unreasonable."

Steel trade continues to cause dissension among our friends, perhaps more so than our adversaries. The conflict between the US and EU is the most talked about, but it impacts others including Japan, Brazil and India.

Domestic heating and cooling equipment shipments were up in June, according to newly released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI).

Russel Metals posted solid second-quarter earnings. The Toronto-based company anticipates a continuation in steady demand for its service centers and steel distributors.

Canada's Algoma Steel Inc. reported better than expected results for its fiscal 2024 first quarter.

Republic Steel said it will indefinitely idle operations at its Canton, Ohio, and Lackawanna, N.Y., mills due to challenging business conditions.

Active rig counts in the US trickled down this week, while Canadian rigs ticked up, according to to the latest data from oilfield services company Baker Hughes.

The US scrap market showed some stability in August, with prices mostly sideways on busheling and shredded grades, and HMS prices ticking up from the previous month, sources said.

Longs producer and metal recycler Gerdau reported lower second-quarter production and shipments due to several mill outages.

July 2023- Facetime: Steel market analyst JOSH SPOORES talks with Modern Metals about CRU steel prices Q: Josh, you have been involved in the steel industry for quite a while. Can you give MM’s readers a quick summary of your experience?  A: I joined the industry in 2005 and worked at a mill, service center, my own research company and then have been at CRU since 2012. I started learning the industry at Majestic Steel USA. They bought and sold in the spot market and carry a huge amount of inventory in anticipation of sales. Working there taught me an incredible amount about procurement strategy as well as how to develop a unique brand of market analysis. It’s this real-world analysis that matters—immersing yourself in data points and information, but, at the same time, making sure to eliminate any excess noise.

The last article I wrote on Thursday, July 13, pointed to the surprising rallies in the August and September futures, while noting the August future trading to just below its multi-year down trendline.

U.S. Steel has announced a collaboration with Google Cloud to build applications using Google Cloud’s generative artificial intelligence (gen AI) technology.

After a sunset review, antidumping and countervailing duties on cut-to-length carbon-quality plate imports from India, Indonesia, and South Korea will remain in place for another five years.

Flack Global Metals (FGM) said it has completed an investment in Windsor America, parent of Windsor Door, Garage Door Services of USA and Lodi Door.

While Canadian integrated steelmaker Stelco remains committed to decarbonization its steelmaking operations, it has no plans to convert to electric-arc furnace (EAF) steelmaking, nor to buy an EAF steelmaker anytime soon.

A former leader of Ford Motor Co. recently spoke out on the potential for a United Auto Workers (UAW) strike at the Big Three Detroit automakers.

Canadian union Unifor kicked off negotiations with the Detroit 3 automakers today, with its president saying the “talks will be the most consequential and closely watched in decades.”

Canadian steelmaker Stelco reported lower results in the second quarter year over year on decreased average selling price per net ton and lower shipping volume, but earnings improved sequentially on higher average selling prices.

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, sheet prices abroad, inventory, and what people are talking about in the market.

H2 Green Steel is partnering with global mining and metals company Rio Tinto and Brazilian miner Vale for the supply of direct-reduction iron (DRI) ore pellets for the company’s green steel production in Sweden. 

Certain welded pipe and tube products being exported from Vietnam to the US are not circumventing antidumping duties on Taiwanese pipe products, the US Department of Commerce said this week.

Steel shipments in the US rose year over year in June but decreased sequentially, according to the latest figures from the American Iron and Steel Institute (AISI).

The Dodge Momentum Index (DMI) dropped in July due to varying trends in the commercial sector, according to the latest data from the Dodge Construction Network (DCN). The DMI dropped 0.9% from June’s revised reading of 195.1 to 193.4 in July, but it was still 21% higher than the same time last year. “While both segments […]

A strike at the Big Three Detroit automakers continues to loom on the horizon, and that potential is increasing as the United Autoworkers (UAW) union is pushing for big changes to labor contracts in the wake of soaring profits from the automakers.

Steel buyers continue to keep a close eye on prices and inventory levels as we head into the last four months of 2023.

GrafTech International Ltd. gained sequential improvement in the second quarter.

Nucor Corp. announced it will be providing steel to help build a new solar project in Kentucky. In addition, the steelmaker has agreed to purchase power from the project.

US raw steel production declined last week, with a significant drop seen in the South, according to data released by the American Iron and Steel Institute (AISI) on Monday, August 7.