Category: Market Segment

Indian steelmaker JSW Steel reported improved performance at its JSW Steel USA operations in the first quarter of its 2024 fiscal year.

Indian steelmaker JSW Steel reported improved performance at its JSW Steel USA operations in the first quarter of its 2024 fiscal year. Recall that JSW operates a sheet and slab mill in Mingo Junction, Ohio, and a plate and pipe mill in Baytown, Texas. The Mingo mill makes slabs not only for internal consumption but also for sale to […]

U.S. Steel recorded lower profits in Q2’23 compared to Q2’22 on the heels of a drop in steel prices and a dip in shipments. The Pittsburgh-based steelmaker reported net income of $477 million in Q2’23, down 51% from $978 million in Q2’22 on sales that fell 20% to $5.01 billion over the same period. The […]

ArcelorMittal’s earnings increased sequentially in the second quarter of 2023, but fell on-year, with recent acquisitions in Brazil, Texas, and Mexico contributing to underlying performance. The Luxembourg-based steelmaker posted net income of $1.86 billion in Q2’23, up 70% from $1.1 billion in the prior quarter, but down 59% from $4.49 billion a year earlier on […]

ArcelorMittal’s earnings increased sequentially in the second quarter of 2023, but fell on-year, with recent acquisitions in Brazil, Texas, and Mexico contributing to underlying performance.

A preliminary count of imports during the month of June shows little changes from SMU’s previously reported import license analysis, so here we take a look at where all that steel is coming from

Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped. The Scottsdale, Ariz.-based service center behemoth shipped 1.484 million tons in Q2, 1.2 million of which were carbon steel products. Overall shipments were down 2.4% sequentially, with carbon shipments declining 2.1%. Compared to the same quarter last […]

Barry Zekelman took over his father’s steel company at a young age, and subsequently turned it into an empire. Ahead of SMU’s Steel Summit 2023, Zekelman joined our Community Chat series to talk about goals for his business, what’s happening in the market, and the uniqueness of the steel industry. The owner of the largest […]

Global steel production slipped modestly in June as output declined in the world ex-China, according to the latest figures from the World Steel Association (worldsteel).

Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped.

The US Department of Commerce this week ruled that critical circumstances exist in part in the trade case investigating illegal subsidies on tin mill products from China, meaning duties may be applied retroactively.

U.S. Steel has temporarily idled the No. 3 blast furnace at its steel mill in Košice, Slovakia, for annual maintenance.

Schnitzer Steel Industries has changed its corporate name to Radius Recycling.

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, import offers, and inventory. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! Contact david@steelmarketupdate.com to be included in […]

The US Department of Commerce this week ruled that critical circumstances exist in part in the trade case investigating illegal subsidies on tin mill products from China, meaning duties may be applied retroactively. Recall that Cleveland-Cliffs and the United Steelworkers (USW) union in January filed a trade case seeking countervailing duties for tin- and chromium-coated […]

Nucor’s growth strategy goal “is not simply about being the biggest steel company,” Nucor chair, president and CEO Leon Topalian said.

General Motors (GM) has raised its full-year earnings guidance, but this depends on the outcome of its labor negotiations with the United Auto Workers (UAW) union in the US and Unifor in Canada.

Nucor’s growth strategy goal “is not simply about being the biggest steel company,” Nucor chair, president and CEO Leon Topalian said. “As we evaluate and pursue new, ‘expand beyond’ platforms, we’re focused on opportunities that leverage our core capability as an efficient industrial manufacturer and are aligned with steel-intensive mega-trends or themes,” Topalian said. He […]

A stable market and steady lead times have led to decent demand, but companies are still keeping a close eye on where the market is headed, according HARDI members.

Cleveland-Cliffs swung to a profit in the second quarter after losing money in the first.

Nucor has completed slightly more than 50% of a $10-billion capital expenditures plan to grow its core steelmaking operations, Leon Topalian, company chair, president, and CEO, said in a second-quarter earnings conference call with investors.

Nucor has completed slightly more than 50% of a $10-billion capital expenditures plan to grow its core steelmaking operations, Leon Topalian, company chair, president, and CEO, said in a second-quarter earnings conference call with investors. Here is an update regarding several of the Charlotte, N.C.-based steelmaker’s projects. Nucor Steel Gallatin (Sheet and Tube) Topalian said the […]

A stable market and steady lead times have led to decent demand, but companies are still keeping a close eye on where the market is headed, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the July 25 meeting of its Sheet Metal/Air Handling Council. During June’s meeting, 36% of […]

SMU founder John Packard reflects on the passing of two friends from the steel industry.

Cleveland-Cliffs is now charging its automotive customers a premium for its lower-carbon steel. The steelmaker has recently introduced a surcharge of $40 per net ton ($44 per metric ton or $2 per cwt) to each ton of steel made with Cliffs’ hot-briquetted iron (HBI). They are calling it the “Cliffs H” surcharge, chairman, president and […]

Cleveland-Cliffs is pushing back the reline of the C blast furnace at its Burns Harbor steel mill in northwest Indiana, executives said on the company’s second quarter earnings call on Tuesday, July 25. The BF reline, originally planned for 2025, has been pushed to 2026, CFO and executive VP Celso Goncalves said on the call. […]

Cleveland-Cliffs is now charging its automotive customers a premium for its lower-carbon steel.

Cleveland-Cliffs is pushing back the reline of the C blast furnace at its Burns Harbor steel mill in northwest Indiana.

Nucor reported sequentially higher second quarter earnings but warned that results would be worse in the third quarter. "We expect earnings in the third quarter of 2023 to decrease compared to the second quarter of 2023," the company said in comments released with Q2 earnings results on Monday, July 24.

Nucor reported sequentially higher second quarter earnings but warned that results would be worse in the third quarter. “We expect earnings in the third quarter of 2023 to decrease compared to the second quarter of 2023,” the company said in comments released with Q2 earnings results on Monday, July 24. The Charlotte, N.C.-based steelmaker posted […]