Commercial Metals Co. has acquired metal recycler Roane Metals Group. Financial terms of the private transaction were not disclosed, in a deal guided by Carl Marks Securities LLC. Roane Metals is a ferrous and nonferrous metals recycling company with headquarters in Rockwood, Tenn. It specializes in the purchase, processing, and sale of scrap metals from […]
US Steel has signed a preliminary agreement with CarbonFree Chemical Holdings to pursue the capture of CO2 at the steelmaker’s Gary Works in Indiana. The two companies signed a non-binding Memorandum of Understanding (MoU) to use CarbonFree’s SkyCycle™ technology at Gary Works. Pittsburgh-based US Steel said that if a definitive agreement is reached, up to […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at steelmarketupdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
Ryerson has acquired metals processor and distributor BLP Holdings LLC (BLP). BLP consists of three Houston-based companies: Absolute Metal Products, Metal Cutting Specialists, and Houston Water Jet. Terms of the deal were not disclosed. “BLP and its divisions offer advanced processing solutions aligned with our commitment to growing our high-margin, value-added business,” said Alan Singleton, president […]
ArcelorMittal said its new, minimum base price for US hot-rolled coil is $1,150 per ton ($57.50 per cwt). The Luxembourg-based steelmaker said the move was effective immediately and coincided with the closure of its April order book for hot-rolled and tandem products. “The increase is applicable to all new spot orders and all recent quotations […]
Mexico has historically relied on steel sheet product imports to meet its demand as domestic suppliers, such as Ternium and AHMSA, had insufficient production capacity. But, in recent years, both Ternium and ArcelorMittal have built new capacities for hot-rolled (HR) coil in Mexico. Ternium is also in the process of building more downstream capacity and […]
Minnesota officials have granted Cleveland-Cliffs new mineral leases for its Hibbing Taconite Co. iron ore mining and pellet processing operations on the state’s Mesabi Iron Range. Cliffs chairman, president, and CEO Lourenco Goncalves said the approvals from the Minnesota Executive Council would keep Hibbing Taconite running through at least 2026. If approved, additional leases in […]
Nucor aims to increase base prices for new orders of steel sheet by at least $150 per ton ($7.50 per cwt) effective immediately. The Charlotte, N.C.-based steelmaker also said that its new base price for hot-rolled coil was $1,150 per ton. “We reserve the right to review and re-quote any offers that are not confirmed […]
Cleveland-Cliffs Inc. aims to increase base prices for steel plate by at least $60 per ton ($3 per cwt). The Cleveland-based steelmaker said the move was effective immediately on all new, non-contract orders. It applies equally to as-rolled, normalized, and quenched-and-tempered material, Cliffs said in a press release on Thursday, March 2. “Cliffs also reserves […]
Cleveland-Cliffs aims to push its hot-rolled coil price up by at least another $100 per ton ($5 per cwt) in its fourth sheet price hike this month. Cliffs made the announcement in a press release on Monday, Feb. 27, just six days after announcing another $100-per-ton increase. Cliffs said its new target base price for hot […]
Olympic Steel’s earnings tumbled in the fourth quarter, but the company remains focused on growth opportunities in 2023. The Cleveland-based service center reported net income of $4 million in the fourth quarter ended Dec. 31, down 84% from $24.9 million a year earlier on net sales that fell 17% to $520 million. However, for full-year […]
Nucor Corp. has increased its cost estimate for its new sheet steel mill in West Virginia by ~$400 million. The Charlotte, N.C.-based steelmaker said Feb. 23 that its board approved additional capital for the project. The company now expects a net cash outlay of ~$3.1 billion for the West Virginia electric-arc furnace (EAF) sheet mill, up from $2.7 billion when […]
Ryerson Holding Corp. swung to a loss in the fourth quarter on lower sales volumes and selling prices. The Chicago-based service center said the “transient margin compression” was most pronounced in the carbon steel sheet and stainless markets. The fourth-quarter loss capped off an otherwise profitable year for the company, which forecast better times ahead […]
Canadian flat-rolled steelmaker Stelco Holdings Inc. recorded sharply lower fourth-quarter profits. The culprit: the “triple whammy” of declining steel prices, shorter lead times, and higher costs, company chairman and CEO Alan Kestenbaum said. “Now, however, we are seeing a reversal of all of these factors with rising steel prices … lengthening lead times, and input […]
Nucor Corp. said its Towers & Structures unit will build a new transmission tower production plant in Decatur, Ala. The Charlotte, N.C.-based steelmaker said the plant will be adjacent to the Nucor Steel Decatur sheet steel mill. It is expected to create 200 jobs. In December, the company announced plans to build two tower production plants […]
NLMK USA has announced new, higher base prices for steel sheet. The steelmaker said the higher prices were effectively immediately on all new spot orders and justified by “strong demand and extending lead times,” in a letter to customers on Wednesday, Feb. 22. NLMK USA said that its new minimum base price for hot-rolled coil was […]
Total US mill shipments of steel products declined in December, easing for the second straight month after fluctuating up and down for much of the year. December was the lowest mill shipment total for 2022, falling to the lowest total since February 2021. Shipments totaled 7.27 million tons in December, a 1% decrease from November’s 7.34 […]
North American auto assemblies rose 16.1% in January, recovering for the first time in three months. Last month’s assembly output was among one of the highest in nearly two years and 13.8% higher year on year (YoY), according to LMC Automotive data. On the supply side, inventory levels are expected to gradually improve this year as […]
US light-vehicle (LV) sales slowed to an unadjusted sales figure of 1.03 million units in January, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, January’s total was still 4.2% higher year-on-year (YoY), and the sixth consecutive month to see YoY increases in sales. LV sales were up 17.73% MoM in December on […]
Thirteen US senators from both major political parties wrote to top trade officials last week requesting that Section 232 tariffs be reinstated on some Mexican steel products, notably steel conduit. “In recent months, it has become clear that Mexican steel imports ‘now exceed historic volumes of trade’ and are ‘surg[ing] meaningfully” into our market,” the […]
Cleveland-Cliffs has called back workers to its idled Northshore Mining operations in Minnesota, a company spokeswoman confirmed. She declined to say how many workers were being called back or why. “We will provide more details when we decide when and at what capacity this operation will be brought back online,” the spokeswoman said in an […]
US Steel has joined competitors Nucor and Cleveland-Cliffs in raising base prices for steel sheet by at least $100 per ton ($5 per cwt). The Pittsburgh-based steelmaker said the price hike was effective immediately for all new spot orders in a letter to top sales staff dated Tuesday, Feb. 21. The company said the increases […]
Cleveland-Cliffs didn’t take long to join Nucor in increasing spot prices for steel sheet by at least another $100 per ton ($5 per cwt). The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $1,000 per ton for hot-rolled coil (HRC). Cliffs said the increase was effective immediately and applied equally to all […]
The spread between hot-rolled coil (HRC) and prime scrap prices has widened in February, according to Steel Market Update data. Prices for both products increased in February month over month. Our hot-rolled coil price average rose $15 per ton week over week to $825 per ton per net ton ($41.25 per cwt) as of Feb. 14. […]
Business activity remained negative in New York state in February, according to the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index—a gauge of manufacturing activity in the state— increased 27 points from January but was still negative at -5.8. Twenty-six percent of respondents reported that conditions had improved over the month, while 32% said conditions had […]
The Steel Buyers Sentiment indices moved in opposite directions this week, with Current Buyers Sentiment edging down and Future Buyers Sentiment inching up, according to SMU’s most recent survey data. SMU’s Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three […]
Algoma Steel has installed the first structural steel columns this week at its electric-arc furnace (EAF) steelmaking facility in Sault Ste. Marie, Ontario. The Canadian steelmaker said that on-site assembly of the structure is targeted for completion within the year. The company partnered with Hamilton, Ontario-based Walters Group Inc. in fabricating and erecting the main EAF […]
Inflation indeed! Hot-rolled (HR) spot indexes have risen about $40 per short ton (ST) since the beginning of February. HR futures settlements for the period between Feb. 1 and Feb. 16 also reflect rising prices. The average weighted price for Q2’23 is up over $108/ST to $902/ST; Q3’23 up $65/ST to $853/ST; and Q4’23 up […]
Cleveland-Cliffs has ruled out spending money to build new electric-arc furnaces (EAFs), the company’s top executive said. The Cleveland-based steelmaker will instead focus on decarbonizing its blast furnaces (BFs) and basic-oxygen furnaces (BOFs), which are better suited than EAFs to supply the automotive industry, company chairman, president, and CEO Lourenco Goncalves said. “Cleveland-Cliffs does not […]
Both prime and obsolete scrap prices rose in February even as the market continued to assess the impact of devastating earthquakes that struck Turkey earlier in the month. Turkey is the world’s largest scrap importer, which is why the scrap industry is keen to know the impact of the earthquake and it aftershocks on Feb. 6-7. One scrap executive […]