A new $1.1 billion credit facility agreement is expected to improve AK Steel liquidity and strategic flexibility. AK Steel announced the it has entered into the 5-year revolving credit facility with a group of lenders led by Bank of America NA, JP Morgan Securities LLC and Wells Fargo Capital Finance. The new facility replaces an existing […]
Extreme cold temperatures resulted in lower earnings for Steel Dynamics in first quarter 2014. In earnings guidance released this week, Steel Dynamics said severe winter weather resulted in increased energy costs, transportation problems, reduced production and lower shipments. Earnings guidance was in the range of $0.13 to $0.17 per common share, a drop from $0.24 […]
Total service center carbon steel shipments in February declined by 225,000 tons but this was because shipping days declined by two to twenty. Tons per day (t / d) shipments rose from 158,500 tons in January to 161,600 in February. Intake was 162,820 t / d leading to a monthly surplus of 24,400 tons and […]
The Metal Service Center Institute (MSCI) released steel service center shipment and inventories for the month of February. The 20 day month was impacted by severe weather around the country and saw total steel shipments drop from 3,648,200 tons in January to 3,380,000 tons during February. Even so, the daily shipping rate rose to 169,000 […]
Canadian steel service center shipments for all steel products were reported at 448,500 net tons (NT) in February, down 9.4 percent over January figures and down 3.2 percent from February 2013 shipments. With 20 shipping days in February, daily shipments are calculated to have been 22,400 tons per day, down from 22,500 tons per day […]
HARDI steel conference call members were of the opinion it is too early to tell if the just announced price increases will stick. Steel Market Update (SMU) participated in the monthly HARDI galvanized steel conference call this morning. The wholesalers, service centers and manufacturing companies on the call felt the price announcements were “good” for […]
Nucor says weather and imports affected steel sales for first quarter 2014. Nucor revised its forecast for first quarter results downward from its guidance in fourth quarter 2013. Nucor expects a $0.53 decrease per diluted share in the first quarter ending April 5, 2014 as compared to fourth quarter 2013 earnings. Results are expected to […]
Severstal NA announced the appointment of Mr. Anupam Sengupta as Chief Information Officer. As CIO, Sengupta will be report to Chief Financial Officer Olga Petrova and be responsible for the technological direction of the company. “We are pleased to have Anupam join our team. He will work within the organization to understand and evaluate how […]
ArcelorMittal USA is building bridges, or at least starring in a supporting role. All three of the ArcelorMittal USA mills—Burns Harbor, Coatesville and Conshohocke—are supplying high performance plate steel to replace the Tappan Zee Bridge in New York. The project is one the largest contracts in New York history and the largest transportation infrastructure project […]
Takashi Imura, General Manager US Flat Rolled Division for Metal One, announced that with the purchase of the ThyssenKrupp Steel USA steel mill in Calvert, Alabama by Nippon Steel & Sumitomo Corporation and ArcelorMittal the new company: AM/NS Calvert has nominated Metal One to sell their flat rolled steel products. Metal One has been involved […]
Steel Market Update has been aware for awhile that at least one, and probably more than one, domestic steel mill has been trying to convince the rest of the industry to support dumping suits on coated products. This would most likely include galvanized and Galvalume steels. The countries being mentioned include China, India, Taiwan and […]
The rumor mill has been buzzing for a number of months about the potential for flat rolled steel dumping suits on galvanized and Galvalume steels. The focus of attention seems to be on China, India, Taiwan and South Korea as being the major offenders. However, Steel Market Update, which has a long background in coated […]
Severstal Dearborn is seeking a “technical correction” to its current air permit from the Michigan Department of Environmental Quality. The revision to the permit, according to statement by Severstal, is based on stringent testing and will reflect more accurate emission levels than were recorded in the 2006 and 2007 estimates. “The permit Severstal is seeking […]
There are situations at two mills which are causing sleepless nights for some flat rolled steel buyers. AK Steel is helping tighten the Midwest market and keeping prices from plunging perhaps further than they may have otherwise. As one of our steel sources put it to Steel Market Update today, “…the further reduction of melt […]
There are situations at two mills which are causing sleepless nights for some flat rolled steel buyers. AK Steel, through the loss of their Ashland blast furnace, is helping tighten the Midwest market and keeping steel prices from plunging perhaps further than they may have otherwise. As one of our steel sources put it to […]
Nucor Chairman, President and CEO John Ferriola and Louisiana Governor Bobby Jindal dedicated the completed Nucor Louisiana facility in St. James Parish on Monday. The $750 million DRI plant began production in December 2013 and is Phase 1 of a potential five phase $3.4 billion project. Construction of the plant began in March 2011 at a ground […]
AK Steel lost their Ashland, Kentucky blast furnace on February 22nd. The furnace, which is called Amanda, is rated at 6,000 net tons per day according to AIST data. According to customers of AK Steel, the company found a crack in the bottom of the furnace and the expected repairs are expected to take three […]
The sale of ThyssenKrupp USA to 50/50 joint venture partners ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation is finally complete. The $1.5 billion acquisition of the Calvert, Ala., hot rolled, cold rolled and coating and finishing mill has met all regulatory approvals allowing ThyssenKrupp a sigh of relief and AM & NSSMC the opportunity […]
The table below provides a quick look at the status of important commodity inputs used in the steel making or coating process (zinc and aluminum are used to make galvanized and Galvalume, etc.):
ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation (NSSMC) announced the new name for the “world’s most modern steel finishing facility”—the former ThyssenKrupp mill in Alabama—will be AM/NS Calvert. The announcement was made during a private employee-only reception held at facility on Thursday. “The name is AM/NS Calvert. AM and NS need no explanation. And […]
US Steel Canada announced that 30-year Stelco and US Steel veteran Kevin Wong will take over as plant manager at US Steel Lake Erie Works in Nanticoke. Wong’s current position as plant manager at US Steel Hamilton Works will be eliminated. Wong will replace American manager David Armstrong II who will move to the Gary, […]
The sale of ThyssenKrupp USA to 50/50 joint venture partners ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation is finally complete. The $1.5 billion acquisition of the Calvert, Ala., hot rolled, cold rolled and coating and finishing mill has met all regulatory approvals allowing ThyssenKrupp a sigh of relief and AM & NSSMC the opportunity […]
ArcelorMittal and Nippon Steel & Sumitomo Metal Corp (NSSMC) sent a letter to Calvert customers on Thursday assuring them of a seamless transition for the Alabama facility. The existing Calvert sales team will be integrated into the ArcelorMittal USA sales and marketing organization. Customers will be able to work with their current customer representative while […]
Olympic Steel reported a net loss of $1.4 million for the fourth quarter 2013. Net sales for the quarter were $290.5 million, nearly even with Q4 2012 sales of $291.7 million Full year results showed an increase in net income to $7.6 million. Full year sales declined 8.7 percent to $1.3 billion in 2013, shy […]
US Steel says it will lay off workers at its Lorain Tubular Operations. The number of affected employees and timeline has not yet been announced. The statement from US Steel regarding the layoffs is as follows: “We continually review and analyze business conditions and the impact they have on our customers. As a result of […]
AK Steel has lost their Ashland, Kentucky blast furnace. The furnace, which is called Amanda, is rated at 6,000 net tons per day according to AIST data. According to customers of AK Steel, the company found a crack in the bottom of the furnace and the expected repairs are expected to take three weeks. When […]
Australian company BlueScope Steel announced EBIT of AUD$48.7 million ($44 million) for its Hot Rolled Products North America segment for the first half of FY 2014 ending December 31, 2013. EBIT increased 48 percent from the same period in FY 2013. The segment includes a 50 percent interest in US-based North Star BlueScope Steel Ltd […]
The US is experiencing a revolution in the oil and gas markets. The spot price of natural gas delivered to the Henry Hub in Louisiana has risen by 50 percent since January 10th and was $6.55 per million British thermal units (MMBtu) on Wednesday, February 19. This is the highest spot price in over five […]
A stronger performance is expected in all end-markets for 2014 said Reliance Steel & Aluminum in the company’s recent conference call. The following are some comments by Chief Executive Officer and Chairman of the Board David Hannah and Gregg Mollins, President and Chief Operating Officer on the steel market and industry. Regarding pricing Gregg Mollins […]
Total service center carbon steel shipments jumped by 662,100 tons in January which was a smaller start-of-year bounce than either 2012 or 2013. January tons per day shipments increased by 24,000 to 158,500 tons. In January 2012 and 2013, tons per day shipments increased by 35,000 and 38,000 tons, respectively. Intake was 167,100 tons, leading […]