ArcelorMittal has decided to idle iron- and steelmaking operations at its mill in Kryvyi Rih, Ukraine, because of the war. The decision was made last week “to ensure the safety and security of our people and assets,” the Luxembourg based multinational steelmaker said in a statement. ArcelorMittal has begun the process of idling all blast […]
PAO Sevestal is no longer selling steel to the European Union. The Russian steelmaker did not acknowledge – as has been widely reported – that the move was in response to EU sanctions. “Severstal states that it is experiencing some difficulties in relations with its EU clients, and as a result is redirecting volumes to […]
Ryerson has acquired Apogee Steel Fabrication, expanding the service center’s value-added offerings in a move likened to its purchase of Specialty Metals Processing (SMP) last September. Terms of the deal were not disclosed. “We see Apogee strengthening Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business,” […]
In a letter to customers this week, Cleveland-Cliffs said it does not expect the geopolitical fallout from Russia’s invasion of Ukraine to directly impact the company’s operations. “While we continue to monitor the situation closely, we have not identified any specific elevated risk to our operations at this time,” the company stated. Cliffs said it will continue […]
U.S. Steel Corp. is investing $60 million at Gary Works to give the Indiana mill the capability to produce up to 500,000 tons of pig iron annually and provide a critical raw material for the steelmaker’s electric arc furnaces. Once complete in the first half of 2023, pig iron production at Gary will provide nearly […]
Evraz does not expect to be hit by sanctions aimed at Russian banks and political elites after the country’s invasion of Ukraine, company executives said. But the situation is changing quickly, and it’s too soon to draw any firm conclusions, they said. “We believe it (sanctions) will not have a significant effect on the company,” […]
Olympic Steel announced record results in the fourth quarter ended Dec. 31, 2021, a strong finish to the company’s most profitable year to date. “We achieved record sales and net income for the fourth quarter, a fitting capstone to a year of record-setting performance for Olympic Steel,” said Richard Marabito, Olympic’s CEO. “All three of our […]
JSW Steel (USA) and JSW Ohio’s lawsuit claiming Nucor, U.S. Steel and Cleveland-Cliffs conspired to stifle competition by denying semifinished steel slab to the company has been dismissed. The lawsuit, filed on June 8, 2021, in federal court in Houson, alleged that three of the largest American steelmakers formed a cartel and conspired to cause […]
Stelco Holdings Inc. posted record annual results in 2021 but warned – unlike other North American steelmakers – that the good times would not roll into this year. “We certainly benefited from exceptional price levels for much of the year,” Stelco Executive Chairman and CEO Alan Kestenbaum said. “In 2022, however, we expect to see […]
Jim Frias, Nucor’s long-time Chief Financial Officer, will retire on June 11. Steve Laxton, Nucor’s Vice President of Business Development and Strategic Planning, has been named to succeed him. The two will work together for the next few months on a seamless transition of the CFO responsibilities. Frias joined Nucor in 1991 as controller of Nucor Building Systems-Indiana. […]
Distributors who sell galvanized steel products to the construction and HVAC sectors see Cleveland-Cliffs Inc.’s announcement of a price increase this week as a positive sign the market’s slide may be nearing a bottom. The Cleveland-based steelmaker notified customers this week that it is shutting down a blast furnace and will raise prices for April […]
North Star BlueScope contributed substantially to record earnings reported yesterday by BlueScope Steel Ltd., its Australian parent. Sales for the first half of the global company’s 2022 fiscal year totaled $9.42 billion ($6.77 billion U.S.), netting earnings before interest and taxes of about $2.2 billion ($1.58 billion U.S.). For its North Star BlueScope operation in […]
Cleveland-Cliffs Inc. will indefinitely idle the No. 4 blast furnace at its Indiana Harbor steelmaking campus in northwest Indiana. The Cleveland-based steelmaker also announced that it was raising prices for April orders of carbon hot-rolled, cold-rolled and coated flat-rolled steel by at least $50 per ton ($2.50 per cwt). Cliffs will transfer hot metal production […]
U.S. Steel Corp. is beginning a search for a new chief financial officer after the resignation this week of Senior Vice President and CFO Christine S. Breves, who will continue to serve as Executive Vice President-Business Transformation while the company seeks her permanent replacement. “Christie’s deep knowledge of the industry, leadership and superb insight have […]
The Ontario government will contribute $500 million ($393 million U.S.) towards ArcelorMittal Dofasco’s $1.8 billion clean tech project to decrease its carbon intensity in steelmaking. The Hamilton-based steelmaker – a subsidiary of multinational ArcelorMittal SA – is working towards decreasing its greenhouse gas emissions by replacing its coal-fed coke ovens and blast furnaces with hydrogen-enabled […]
Ternium plans to invest $1 billion to expand the operations of its Pesquería flat steel facility in Nuevo Leon, Mexico. The news came during the steelmaker’s fourth-quarter conference call on Wednesday, Feb. 16, when the Latin American steel group’s chief executive officer, Máximo Vedoya, confirmed the company was in the final stage of studying an […]
Cleveland-Cliffs Inc. might shut a blast furnace this year, the company’s top executive said. “When we make a move, we make a move. … You might see a blast furnace going down for good still in 2022,” Cliffs Chairman, President and CEO Lourenco Goncalves said during a fireside chat at the Tampa Steel Conference this […]
Ternium reported net earnings of $1.136 billion in the fourth quarter 2021, down from $1.366 billion in the prior quarter, but a 31.4% boost from $865 million in the fourth quarter of 2020. The steelmaker achieved record profitability for the full year ended Dec. 31, 2021, with earnings totaling $4.367 billion, more than a five-fold […]
Cleveland-Cliffs Inc. could join other steel producers in adding electric-arc furnace (EAF) capacity, the company’s top executive said. The Cleveland-based steelmaker is considering that because the cost of relining a blast furnace – and investing in the supply chains needed to feed it – are roughly the same as those for of building a new EAF. […]
Cleveland-Cliffs Inc. posted a near-record profit in the fourth quarter and predicted that the good times would continue to roll into 2022 thanks to fixed-price contracts resetting at higher numbers. That prediction comes largely because automakers, which typically buy steel on contract terms, were forced to limit production in 2021 because of the global chip […]
Algoma Steel Group swung to a profit in its fiscal 2022 third quarter thanks to steel prices rising faster than raw material and energy costs. The Sault Ste. Marie, Ontario-based sheet and plate producer also said that construction was underway for its transition to electric-arc furnace (EAF) steelmaking. All told, the company recorded net income […]
ArcelorMittal recorded earnings of $4.05 billion in fourth-quarter 2021, besting the same year-ago quarter by more than threefold, despite lower shipment volumes, due to sharply higher steel prices. For the year, global earnings for the Luxembourg-based miner and steelmaker reached $14.97 billion, up from a loss of $733 million in 2020 despite a 9.0% decrease in […]
Cleveland-Cliffs Inc. is expected to take an approximately 80-90 day planned outage on the No. 5 blast furnace at its Cleveland Works starting in mid to late March, according to market participants. The outage is expected to last until roughly mid-June. It is not expected to impact customers because the Cleveland-based steelmaker can stock slabs […]
U.S. Steel Corp. has officially broken ground on the expansion of its Big River Steel electric-arc furnace (EAF) sheet mill in Osceola, Ark. The ceremony was attended by U.S. Steel President and CEO David Burritt as well as local and state officials. The project features an endless casting and rolling facility – the first of […]
Cleveland-Cliffs’ Ashland Works, once the lifeblood of four-generations of residents in the Kentucky community, is now a pile of rubble. The steel mill had operated for the better part of 100 years on the Ohio River. Its Amanda blast furnace was decomissioned in 2015. And the entire mill was permanently closed in 2019, shortly before Cleveland-Cliffs acquired […]
Steel Dynamics Inc. (SDI) has melted, cast and rolled the first coil at its new steel mill in Sinton, Texas. Employees of the Fort Wayne, Ind.-based steelmaker celebrated the occasion on social media platforms such as LinkedIn. The first coil both melted and rolled at Sinton was produced on Wednesday. SDI had previously been running […]
Nucor has closed its $400 million deal for a majority stake in California Steel Industries (CSI). “We are excited to officially welcome our CSI teammates to the broader Nucor family,” said Rex Query, Nucor’s Executive Vice President of Sheet and Tubular Products. “This joint venture gives us a strong presence in the Western region and grows our ability to produce […]
NLMK USA posted the best results on record in its fourth-quarter earnings, driven by historically high steel prices despite normalizing demand. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – reported earnings of $373 million in Q4, up 5% sequentially and more than tripling the results seen during fourth-quarter 2020. Though U.S. sales […]
Allegheny Technologies Inc. (ATI) swung to a net loss of $29.8 million in the fourth quarter of 2021 after posting a profit of $48.7 million in the prior quarter. The result was nonethless an improvement compared to the net loss of $1.121 billion posted by the Pittsburgh-based specialty materials producer in the fourth quarter of […]
Majestic Steel USA Inc. has hired Sean Madigan as Vice President of Sales, Manufacturing. Madigan joins Majestic from Nucor, where he served as the Sales and Marketing Manager for Nucor Steel Arkansas. Madigan’s experience with Nucor was integral to the startup of the company’s new coating line, and he will continue to be a critical part of the […]