US Steel does not currently have any plans to bring back recently idled blast furnaces as it awaits an improvement in market conditions. The Pittsburgh-based steelmaker in September indefinitely idled the No. 3 Edgar Thomson blast furnace at its Mon Valley Works in western Pennsylvania and also the No. 8 BF at its Gary Works […]
US Steel Corp. recorded sharply lower profits in the third quarter of 2022 both sequentially and versus the same quarter last year, driven by lower steel prices and higher input costs. Despite the lower earnings, the Pittsburgh-based steelmaker remains on pace for its second-best financial year in the company’s history thanks to stronger margins in the […]
Galvanized prices continue to drop, as discussed during this month’s call of the Sheet Metal/Air Handling Council of the Heating, Air-conditioning & Refrigeration Distributors International (HARDI). Prices have been steadily dropping for the past six months despite stable demand. A few highlights from the call include the differential between hot-rollled and cold-rolled coil being in […]
Maintenance costs and increasing shipments to the automotive sector were major areas of discussion on Cleveland-Cliffs Inc.’s quarterly conference call with analysts on Tuesday, Oct. 25. With major maintenance projects now complete and shipments starting to increase to auto customers, Cliffs is confident it can return to quarterly shipment levels of close to four million tons. […]
The strong performance of SSAB Americas was a bright spot in Swedish parent company SSAB’s third quarter earnings report as the company’s European segment was impacted by weaker demand and low shipments. SSAB Americas posted Q3 operating profit of SEK 3,036 million (US$276.65 million) — a 61% improvement from the same quarter of 2021. The […]
Cleveland-Cliffs Inc. expects a continuation of the trend it saw in the third quarter of increasing shipments to the automotive sector. This should support steel pricing going forward, the steelmaker said in its Q3 earnings report released on Tuesday, Oct. 25. “Shipments to our automotive clients significantly improved in Q3, achieving a level among the highest in […]
Flat steel and tubular producer JSW Steel (USA) Inc. saw lower operating results in the quarter ended Sept. 30, with plate and pipe production and plate sales the only areas showing signs of on-year growth. According to Indian parent company JSW Steel Ltd.’s fiscal second quarter 2023 results, production and sales of slab and hot-rolled […]
Nucor Corp.’s $650 million expansion project at Nucor Steel Gallatin in Ghent, Ky., will not reach its nameplate capacity of 3 million tons per year by the end of the year, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Oct. 20. “The ramp-up at Nucor Steel […]
Although operating rates at its steel mills declined slightly from the second to third quarter, Steel Dynamics Inc. continues to demonstrate higher utilization rates than the US industry as a whole. The company’s overall Q3 utilization rate was 93%, down two percentage points from the 95% rate achieved in Q2, SDI chairman, president, and CEO Mark […]
Nucor Corp.’s new $1.35 billion plate mill in Brandenburg, Ky., remains on track to start up late in the fourth quarter of this year, with “meaningful production” to occur in the first quarter of 2023, Leon Topalian, Nucor’s chair, president, and CEO said on an earnings conference call with analysts on Thursday, Oct. 20. The […]
Steel Dynamics Inc. plans to announce where its new aluminum flat-rolled mill will be located within the next few weeks. Site selection is wrapping up, and the purchase of equipment packages and major mill components has been completed over the past few weeks, SDI chairman, president, and CEO Mark Millett said on the company’s third-quarter […]
Nucor Corp. experienced another quarter of strong earnings despite sequential declines in average sales price per ton and total tons shipped in the third quarter ended Sept. 30, the company said in its latest earnings report on Thursday, Oct. 20. Decreased steel mills segment earnings drove the sequential decline in quarterly earnings, the company said. The […]
A strong performance from its steel fabrication operations offset lower earnings within its flat rolled steel business, resulting in another strong quarter for Steel Dynamics Inc. The Fort Wayne, Ind.-based steelmaker and recycler reported net income of $914 million on sales of $5.65 billion in the third quarter ended Sept. 30. While sales were 11% […]
NLMK USA saw a considerable decline in third-quarter and year-to-date sales due to high inventories and a slowdown in customer activity because of falling steel prices. The US flat-rolled steel company — made up of NLMK Indiana, NLMK Pennsylvania, and the Sharon Coating galvanizing facility in Pennsylvania — posted preliminary sales of 300,000 metric tons […]
ArcelorMittal has broken ground on its $1.8 billion CAD ($1.3 billion USD) project to decrease the carbon intensity of its steelmaking. The ground-breaking ceremony comes just about a year after the Hamilton, Ontario-based steelmaker announced the initial federal subsidy granted for the investment. ArcelorMittal Dofasco, a subsidiary of multinational ArcelorMittal SA, is working towards decreasing […]
A new labor pact between US Steel Corp. and the United Steelworkers (USW) union remains elusive, though some progress seems to have been made during the latest round of bargaining last week. The two sides, however, remain miles apart when it comes to major sticking points like wages, health care, retirement, and pensions, a USW […]
Commercial Metals Co. posted solid results for its fiscal fourth quarter ended Aug. 31, helping make the company’s fiscal year 2022 the best financial performance in its 107-year history. CMC’s North American segment saw strong demand for it finished long products during the quarter, as well as meaningful increases in downstream bid volumes. Destocking activity […]
US Steel has indefinitely idled the tin mill at its Gary Works in northwest Indiana, a company spokeswoman confirmed in an email to Steel Market Update on Thursday, Oct. 13. The move could be a prolonged one, upwards of six months, according to an unconfirmed report. The Pittsburgh-based steelmaker had temporarily idled Gary’s No. 5 tin […]
Cleveland-Cliffs Inc. and the United Steelworkers (USW) union announced they have agreed to a new labor deal after USW members ratified the terms of a new, four-year collective agreement. The USW-represented employees — roughly 12,0000 across 13 Cliffs steelmaking facilities in Ohio, Pennsylvania, Indiana, Illinois, West Virginia, and Minnesota — voted “overwhelmingly” in favor of […]
Service center behemoth Reliance Steel & Aluminum Co. will have a new leader come the start of 2023. Current CEO James D. Hoffman will step down from his position at the end of this year, allowing current company president Karla Lewis to step up and serve as both president and CEO, effective Jan. 1, 2023. […]
US Steel Corp. began construction on its $150 million direct-reduced-grade iron pellet plant in Keewatin, Minn., on Thursday, Oct. 5. Minnesota Governor Tim Walz joined US Steel’s President and CEO David Burritt, and other leadership members to celebrate the company’s project and tout its “commitment to produce products that are mined, melted and made in […]
ArcelorMittal is investing in energy storage. The Luxembourg-based global steel manufacturer announced on Oct. 4 a $17.5 million dollar investment in Form Energy Inc. Founded in 2017, Form Energy is a Somerville, Mass.-based company with employees in the San Francisco Bay area and Pittsburgh. The manufacturer is developing an iron-air battery that will be able […]
US Steel’s Big River Steel Works in Osceola, Ark., will be able to further utilize solar energy as early as 2024, allowing the company to reduce its environmental footprint even more. The Entergy Arkansas Driver Solar Project has been approved by the Arkansas Public Service Commission. The project will be located on 2,100 acres adjacent […]
Steel Dynamics Inc. (SDI) has completed its acquisition of Mexican ferrous and nonferrous scrap recycler Roca Acero SA de CV. The Fort Wayne, Ind.-based EAF steelmaker did not disclose the purchase price but said the deal was paid for in cash. “Combined with our existing metals recycling facilities in Mexico, the addition of Roca significantly […]
The United Steelworkers (USW) union has rejected US Steel’s latest labor proposal as tensions boil over and the two sides seem nowhere near to reaching a new agreement. Union representatives called the Pittsburgh-based steelmaker’s latest proposal “a smack in the face” in a text sent to members on Sept. 29. Negotiations are now a month […]
Cleveland-Cliffs Inc. and the United Steelworkers (USW) union announced they have agreed to a new labor deal after members ratified the terms of a new, four-year collective agreement, the company and union said on Friday, Sept. 30. The USW-represented employees at Cliffs mining and pelletizing locations in northern Minnesota and in the Upper Peninsula of […]
Worthington Industries announced it will be splitting off its steel business and creating two separate, publicly traded businesses. Worthington’s Steel Processing business segment will become the independent Worthington Steel, with an aim to be a processor with expanded offerings in electrical steel laminations and automotive lightweighting solutions. Worthington’s current chief operating officer, Geoff Gilmore, will serve as the […]
Worthington Industries reported sharply lower profits in its fiscal 2023 first quarter results ended Aug. 31, 2022, despite a boost in sales. The Columbus, Ohio-based manufacturer and service center said the drop resulted largely from inventory holding losses at its steel processing division, which negatively impacted results by an estimated $48.6 million. All told, Worthington […]
Demand for galvanized sheet is strong or softening, depending on where you’re located, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. And with pricing bouncing along somewhat steadily in recent weeks, most members are not expecting any big swings in galvanized pricing in the coming months. In […]
Nucor Corp. announced Wednesday plans to build two new galvanizing lines, with specific details for one line to be constructed at the Nucor Steel Berkeley sheet mill in Huger, S.C. The $425 million investment will create more than 50 full-time jobs, with an expected start-up date of mid-2025. Nucor said this expansion will provide more […]