ArcelorMittal’s earnings increased sequentially in the second quarter of 2023, but fell on-year, with recent acquisitions in Brazil, Texas, and Mexico contributing to underlying performance. The Luxembourg-based steelmaker posted net income of $1.86 billion in Q2’23, up 70% from $1.1 billion in the prior quarter, but down 59% from $4.49 billion a year earlier on […]
Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped. The Scottsdale, Ariz.-based service center behemoth shipped 1.484 million tons in Q2, 1.2 million of which were carbon steel products. Overall shipments were down 2.4% sequentially, with carbon shipments declining 2.1%. Compared to the same quarter last […]
U.S. Steel has temporarily idled the No. 3 blast furnace at its steel mill in Košice, Slovakia, for annual maintenance.
Nucor’s growth strategy goal “is not simply about being the biggest steel company,” Nucor chair, president and CEO Leon Topalian said. “As we evaluate and pursue new, ‘expand beyond’ platforms, we’re focused on opportunities that leverage our core capability as an efficient industrial manufacturer and are aligned with steel-intensive mega-trends or themes,” Topalian said. He […]
Cleveland-Cliffs swung to a profit in the second quarter after losing money in the first.
Nucor has completed slightly more than 50% of a $10-billion capital expenditures plan to grow its core steelmaking operations, Leon Topalian, company chair, president, and CEO, said in a second-quarter earnings conference call with investors. Here is an update regarding several of the Charlotte, N.C.-based steelmaker’s projects. Nucor Steel Gallatin (Sheet and Tube) Topalian said the […]
A stable market and steady lead times have led to decent demand, but companies are still keeping a close eye on where the market is headed, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the July 25 meeting of its Sheet Metal/Air Handling Council. During June’s meeting, 36% of […]
Cleveland-Cliffs is now charging its automotive customers a premium for its lower-carbon steel. The steelmaker has recently introduced a surcharge of $40 per net ton ($44 per metric ton or $2 per cwt) to each ton of steel made with Cliffs’ hot-briquetted iron (HBI). They are calling it the “Cliffs H” surcharge, chairman, president and […]
Cleveland-Cliffs is pushing back the reline of the C blast furnace at its Burns Harbor steel mill in northwest Indiana, executives said on the company’s second quarter earnings call on Tuesday, July 25. The BF reline, originally planned for 2025, has been pushed to 2026, CFO and executive VP Celso Goncalves said on the call. […]
Nucor reported sequentially higher second quarter earnings but warned that results would be worse in the third quarter. “We expect earnings in the third quarter of 2023 to decrease compared to the second quarter of 2023,” the company said in comments released with Q2 earnings results on Monday, July 24. The Charlotte, N.C.-based steelmaker posted […]
Cleveland-Cliffs swung to a profit in the second quarter after losing money in the first. The Cleveland-based steelmaker and iron ore miner predicted that the good times would continue to roll into the second half on what is said was continued strength in automotive demand. “While the performance of our automotive clients continues to improve, […]
Dennis Leebow, the founder and former president and CEO of Cleveland-based, family-owned service center Majestic Steel USA, passed away on July 12, 2023, at the age of 72. Leebow was a graduate of the Ohio State University. He worked as a salesman at his grandfather’s company, Baldwin Steel, before embarking on his own adventure and […]
Fort Wayne, Ind.-based steelmaker Steel Dynamics Inc. is taking advantage of opportunities in the Mexican steel market and plans to continue doing so moving forward. Executives discussed some of those opportunities on the company’s second-quarter earnings conference call on Thursday, July 20. The location and capabilities of SDI’s newest flat-rolled steel mill in Sinton, Texas, […]
While a weak European market is hampering SSAB’s quarterly results, the US market is providing more stability for the Swedish steelmaker. SSAB Americas’ second-quarter performance, together with those of the company’s Special Steels segment, provided a bright spot for the company despite the woes in Europe. SSAB produces steel plate at its US operations in […]
The hot end of Steel Dynamics Inc.’s (SDI) Sinton, Texas, sheet mill is expected to be back up and running in the next few days. Executives made the announcement on the company’s second quarter earnings conference call with analysts on Thursday, July 20. On July 7, SDI announced an unplanned outage at the hot mill, […]
Steel Dynamics Inc. (SDI) posted lower year-over-year second quarter profits but said demand “remains solid” across the automotive, construction, industrial, and energy sectors. The Fort Wayne, Ind.-based steelmaker also predicted that steel prices might find support thanks to what it described as low customer inventories. “We remain confident that market conditions are in place for […]
Steel Dynamics Inc. (SDI) posted lower year-over-year second quarter profits but said demand “remains solid” across the automotive, construction, industrial, and energy sectors. The Fort Wayne, Ind.-based steelmaker also predicted that steel prices might find support thanks to what it described as low customer inventories. “We remain confident that market conditions are in place for […]
Commercial Metals Co. (CMC) has secured a permit giving it the go-ahead to begin construction of its new micro mill in West Virginia. The Irving, Texas-based longs and scrap producer said on July18 the West Virginia Department of Environmental Protection granted it the permit, allowing for the commencement of construction of its “fourth technologically advanced micro […]
Olympic Steel has made leadership changes relating to the company’s fabrication growth strategy. The Cleveland-based metals service center said in a press release Tuesday that Edward ‘Max’ Fitzgerald has joined the company in the newly created role of vice president – fabrication. Fitzgerald will focus on strengthening the company’s “fabrication-related commercial presence, facilitating operational standardization, and […]
Commercial Metals Co. (CMC) has secured a permit giving it the go-ahead to begin construction of its new micro mill in West Virginia.
U.S. Steel has announced environmental product declarations (EPDs) across three flat-rolled steel coil products melted at its Big River Steel Works in Osceola, Ark. The Pittsburgh-based steelmaker said Friday the offerings include hot-rolled, cold-rolled, and corrosion-resistant flat-rolled products from Big River Steel. “The EPDs provide quantifiable, independent, and audited environmental data on these core products,” […]
The ongoing drama with AHMSA continues, but the bankrupt Mexican steelmaker has finally put out an official statement. A spokesperson for the company has previously made statements to local media, but an official announcement has not been released by the company since April. On Wednesday, July 12, a statement was issued on the company’s Twitter […]
Steel Dynamics Inc. (SDI) last week announced a two- to four-week outage on the hot mill at its Sinton, Texas, flat-rolled mill. The company said on Friday, July 7, that the unplanned outage resulted from “caster shear equipment issues” that occurred on July 1, but that it will continue to operate the cold mill and coating lines. Steel Market Update has […]
Commercial Metals Co. (CMC) said on Monday that Barbara R. Smith, the company’s CEO and chairman, will retire as CEO effective Sept. 1, and will be replaced by Peter Matt, who will serve as CEO and president. The Irving, Texas-based longs producer and metal recycler said that Smith has been appointed as executive chairman, also effective […]
Steel Dynamics (SDI) announced a two- to four-week outage on the hot mill at its flat-rolled steel mill in Sinton, Texas. The Fort Wayne, Ind.-based steelmaker said it expected the hot mill to restart before July 30. The company said in a release on Friday, July 7, that the outage, which was unplanned, resulted from “caster shear equipment […]
Argentem Creek Partners is in negotiations with the Kickapoo Tribe of Texas for a sum of approximately $1 billion dollars to invest in troubled Mexican steelmaker Altos Hornos de México (AHMSA), according to media reports. The US-based investment fund requested an initial loan of around $200 million from the Kickapoo Tribe, with a pre-negotiated goal […]
Olympic Steel announced changes to the company’s leadership team on Friday. Michael Heenan has been named general manager for the Cleveland-based metals service center’s Gary, Ind., temper mill processing and distribution facility. Heenan joined the company in 2010 and most recently served as regional sales manager for Olympic’s Gary and Schaumburg and Bartlett, Ill., Specialty […]
Wabash, Ind.-based Metal Source has completed its acquisition of Bedford Recycling, which has locations in Bedford and Mitchell, Ind. “We’re excited to integrate the Bedford recycling facility and Mitchell recycling facility into our current Metal Source business model,” Colin Denihan, Metal Source president and chief commercial officer of parent company Gebhart Holdings, told SMU in […]
France’s labor inspectorate has told Luxembourg-headquartered ArcelorMittal to temporarily close the hot end of its Fos-sur-Mer steel works because insufficient protection measures are exposing employees to high levels of toxic products and dust. The order will lead to the shutdown of the entire site, local media reported. The plant has been the subject of several […]
A round of price increases announced by domestic mills in mid-June appears to have stabilized pricing for hot-rolled coil for the time being. Meanwhile, rumors of another round of price hikes ping-ponged around the market on Tuesday, with sources predicting another wave of hikes sometime between this week and mid-July. SMU’s average HRC prices stands […]