Nucor Corp. is expanding its Fastener Division with the acquisition of a coil processing facility in Shelbyville, Ind. The latest asset will complement upgrades planned at the company’s engineered bar mill in Nebraska, allowing the steelmaker to expand its sales to the automotive market. Nucor Fastener is a division of the Charlotte, N.C.-based steelmaker that makes cap […]
JSW Steel USA has restarted the electric arc furnace (EAF) at its sheet mill in Mingo Junction, Ohio, after a minor burn through late last month. The EAF resumed melting on Wednesday, a day ahead of the expected schedule, JSW Steel USA CEO Mark Bush told Steel Market Update on Thursday. The burn through happened on […]
Usinas Siderúrgicas de Minas Gerais S.A. (USIMINAS) will take a lengthy, unplanned outage – 90-150 days – at the No. 2 blast furnace at its Ipatinga Plant in Brazil’s Minas Gerais state. The Brazilian steelmaker said it would minimize the impact on customers in part by buying slabs on the open market to make up […]
Commercial Metals Co. (CMC) has found a buyer for the land in Rancho Cucamonga, Calif., that was the site of its former Steel California and Rebar Etiwanda operations. The steelmaker hopes to get $300 million from the sale, which is still subject to customary closing conditions. The company’s Steel California operations ceased in December 2020, […]
Reliance Steel & Aluminum Co. completed the acquisition of Merfish United, a master distributor of tubular building products, from One Equity Partners, a middle market private equity firm, effective Oct. 1. “We are excited to welcome Merfish United to the Reliance Family of Companies and to broaden our focus on adjacent business opportunities beyond traditional metals […]
In the latest salvo in the emerging battle for green steel dominance, Nucor has launched Econiq, a new line of net-zero carbon steel products. “Building the green economy and the necessary infrastructure requires clean, advanced steel products. By introducing Econiq, Nucor is providing confidence for steel consumers to know they are purchasing the lowest greenhouse gas […]
Cleveland-Cliffs Inc. has a new three-year labor agreement with United Auto Workers (UAW) Local 3044, which represents approximately 350 workers at the steelmaker’s Rockport Works near Rockport, Ind. The new contract is retroactively effective from Oct. 1, 2021, through Sept. 30, 2024. “Our union workforce is at the core of not just what we do […]
The David J. Joseph Co. (DJJ) has acquired two recycling operations that are expected to increase its capacity by 10%, parent company Nucor Corp. said. DJJ’s deals – terms of which were not disclosed – will support the Charlotte, N.C.-based steelmaker’s growth strategy and increase its ability to secure scrap for its electric arc furnace (EAF) […]
Mexican flat-rolled steelmaker Altos Hornos de México (AHMSA) is taking a planned, two-week outage on its hot strip mill, a company spokesman said. The outage is underway. Because it was planned, customers should not be impacted, he said. AHMSA’s hot strip mill has annual capacity of 2.8 million tons per year, according to the Association […]
JSW Steel USA’s electric arc furnace (EAF) sheet mill in Mingo Junction, Ohio, has experienced a “minor furnace burn through,” the company’s top executive said. But the impact on customers is expected to be limited, JSW Steel USA CEO Mark Bush told Steel Market Update. The burn through happened on Sunday, Sept. 26, and repairs are […]
Worthington Industries Inc. reported net sales for the first quarter of fiscal 2022 totaling $1.1 billion, up 58% from $702.9 million in the year-ago quarter. The increase was driven primarily by higher average direct selling prices in Steel Processing and by higher overall volume improvements, the company said. “We again delivered record adjusted earnings per […]
Worthington Industries Inc. has agreed to buy Tempel Steel Company, a manufacturer of precision motor and transformer laminations for the electrical steel market, for roughly $255 million. The move by the Columbus-based steel processor will boost its position in the growing electric vehicle (EV) landscape, the company said. Tempel Steel, headquartered in Chicago and founded […]
U.S. Steel’s Midwest Plant is back up and running after operations were temporarily halted because of discolored wastewater, a company spokeswoman said. The Portage, Ind., finishing operation – part of U.S. Steel’s Gary Works in northwest Indiana – had been down for about a day, the spokeswoman told SMU on Wednesday afternoon. Midwest Plant typically discharges treated […]
U.S. Steel has temporarily halted operations at its Midwest Plant because of discolored wastewater discharged from its Portage, Ind., finishing facility. “The Midwest Plant was shut down as a precaution, and we continue to coordinate with agencies to collect additional samples to monitor the situation,” a company spokeswoman said in an email to Steel Market […]
Evraz North America (NA) has followed other domestic mills in raising prices for steel plate. The increases are effective immediately for all new orders, the Chicago-based steelmaker, a subsidiary of London-based Evraz Plc, said in a letter to customers dated Monday, Sept. 27. Evraz NA is increasing transactions by at least $80 per ton ($4 […]
(Editor’s note: This article corrects an earlier version that inaccurately reported the company is planning a new EAF. The plan is for a new paint line.) BlueScope Steel Ltd. is looking to build a new facility in the eastern U.S., the company said during its recent investor webcast. Mark Vassella, CEO of Melbourne, Australia-based steelmaker, […]
(Editor’s note: This article corrects an earlier version that inaccurately reported the company is planning a new EAF, rather than just a paint line.) BlueScope Steel Ltd. is looking to build a new facility in the eastern U.S., the company said during its recent investor webcast. Mark Vassella, CEO of Melbourne, Australia-based steelmaker, said the […]
North Star BlueScope intends to take a 10-day outage in November at its flat-rolled steel mill in Delta, Ohio, according to SMU sources. The scheduled outage planned for the first week of November will be the final step to tie the new electric arc furnace and caster into the existing mill. The downtime is expected […]
Nucor, in a leading move, announced that it was increasing plate prices along with the opening of its November order book. The price hike is $80 per ton ($4/cwt) for A36 plate and normalized product, and it is $200 per ton ($10/cwt) for quenched-and-tempered material. The increase – announced on Wednesday, Sept. 22 – marks at […]
Much like when seasons change, wholesalers of galvanized steel products sense a whiff of something different in the atmosphere, brought to U.S. shores along with thousands of tons of low-priced imports. “The import market has opened people’s eyes. With that type of a price spread – coupled with auto steel still being impacted by the […]
Nucor plans to build a new, $100 million melt shop at one of its bar mills in the western United States. The melt shop is expected to have capacity of 600,000 tons per year and is slated to start up in 2024, the Charlotte, N.C.-based steelmaker said. It is also anticipated to create 140 new, full-time […]
Nucor has enough raw material to supply its planned $2.7 billion, 3-million tpy sheet mill, but is exploring new technologies that might help it further reduce carbon emissions. The Charlotte, N.C.-based steelmaker is eyeing a range of options – including increased use of shredded scrap in its sheet mills’ electric-arc furnaces (EAFs), “green” pig iron […]
Nucor plans to build a new, $2.7 billion electric-arc furnace (EAF) sheet mill with annual capacity of three million tons per year in either Ohio, Pennsylvania or West Virginia. The facility is aimed at customers in the Midwest and Northeast as well as at the automotive industry, the Charlotte, N.C.-based steelmaker said. “These important markets […]
Olympic Steel Inc. has sold its Detroit operations to Canadian flat-rolled metal processor and distributor Venture Steel Inc. for $58.4 million in cash. The Cleveland-based service center said the final sale price would be higher once working capital adjustments were taken into account. The deal will allow Olympic to reduce debt, give it more flexibility […]
NLMK USA has again sued the U.S. government over Section 232 and wants at least $130 million awarded to it for tariffs it claims were “wrongfully extracted” by the Commerce Department. The steelmaker and slab converter – a subsidiary of Russia’s Novolipetsk Steel – also claims that “secret,” undocumented and “off-record” meetings and communications between Commerce and […]
By CRU Analysts Kevin Bai and Zhenzhen Jiang, from CRU’s Steelmaking Raw Materials Monitor (Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com.) China’s steel production control measures have been heatedly discussed in the past few months. With the […]
U.S. Steel plans to build a new, $3 billion minimill with capacity of three million tons per year in the United States. The new mill will sport two electric-arc furnaces (EAFs) as well as “differentiated” steelmaking and finishing technology, the company said in a press release on Thursday, Sept. 16. Construction is expected to begin […]
Nucor predicts that its third quarter earnings will be the highest in its history – surpassing a previous highwater market set in the second quarter. The Charlotte, N.C.-based steelmaker forecast third quarter earnings of $7.30-7.40 per diluted share, up from $5.04 per diluted share int the second quarter in guidance released on Thursday. And the […]
U.S. Steel expects its third-quarter earnings to be one for the record books, exceeding even the record-breaking results of the prior quarter. The news comes as both Nucor and Steel Dynamics Inc. (SDI), two of the Pittsburgh-based steelmaker’s domestic competitors, also predicted record-setting third-quarter earnings this week. U.S. Steel forecasts third-quarter earnings of roughly $2 […]
Steel Dynamics Inc. (SDI) forecasts a new quarterly record in the third quarter of 2021 when it comes to steel operations’ profitability, according to guidance issued Wednesday. The gains versus second-quarter results come thanks to strong steel demand and significant metal spread expansion, the electric-arc furnace (EAF) steelmaker said. “Third-quarter 2021 steel shipments are expected to be […]