Category: Mills

The spread US hot-rolled coil (HRC) prices had held over offshore product for much of the year has almost evaporated, according to SMU’s latest foreign vs. domestic price analysis.

The mill negotiation rate was mixed this week for sheet products but relatively level, while the rate for plate jumped over 15 percentage points from two weeks earlier, according to SMU’s most recent survey data.

Over the last month, SMU columns have referenced significant fluctuations in the Hot Rolled Coil Futures market as participants sift through the impact of several events, including some that are yet to be resolved.

Manufacturing activity decreased in New York state in August, according to the most recent Empire State Manufacturing Survey.

ArcelorMittal is considering throwing its hat into the ring as a potential suitor for U.S. Steel, according to an article in Reuters on Wednesday.

U.S. Steel dropped a bombshell last week when it announced that it is up for sale. While a company buyout would be profitable for any buyer, there could be regulatory hurdles, according to industry analysts.

Resonac announced this week it plans to acquire 100% of the outstanding shares in Monterrey, Mexico-based AMI Automation.

Sims Metal is expanding its extensive network of scrap recycling facilities in the US with the addition of Baltimore Scrap Corp. (BSC).

Longview, Texas-based steel processor Friedman Industries is anticipating steady demand in the current quarter.

Despite reporting the third highest quarterly revenues in its history, Greenwave Technology Solutions still posted a loss for the quarter ended June 30.

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed further in August, according to Steel Market Update’s most recent pricing data.

Domestic raw steel production inched up last week, according to data released by the American Iron and Steel Institute (AISI) on Monday, August 14.

Esmark Inc. announced on Monday a voluntary public cash and exchange offer for all issued and outstanding shares in U.S. Steel of $35 per share.

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."

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

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.

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.

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.