Steelworkers at Stelco’s processing and finishing operations in Hamilton, Ontario, will be in a legal position to strike as of 12:01 am on Aug. 16, 2022. Leaders of the United Steelworkers Local 1005 said in the latest bargaining update that many issues remain unresolved with the Canadian steelmaker. “As the strike deadline rapidly approaches, we […]
Algoma’s plate mill is up and running following the first phase of a modernization project that was completed in June. The second phase of the expansion, initially expected to be finished by November 2022, has been moved to June 2023, a company spokeswoman told SMU on Tuesday, Aug. 9. The reason: “to support our customers […]
United Steelworkers Local 2251, the union representing Algoma Steel’s hourly employees, has declined to accept a revised labor offer presented by the Canadian flat-rolled steelmaker. The move comes ahead of a contract extension between Sault Ste. Marie, Ontario-based Algoma and Local 2251 expiring on Monday, Aug. 15 at 11:59 pm, both parties confirmed. The contract […]
The United Steelworkers (USW) local chapter representing Stelco’s steelmaking operations will be in a legal position to strike as of 12:01 a.m. on Sunday, Aug. 22. That’s according to a negotiation update sent to members of Local 8782, which represents the Canadian flat-rolled steelmaker’s Lake Erie Works in Nanticoke, Ontario. The union said it had […]
Service center chain Olympic Steel posted record quarterly sales and the second-most-profitable quarter in the company’s history during the second quarter. Both net income and sales were 27% higher year-on-year at $37.6 million and $709 million, respectively. “The continued strength of our three business segments in the second quarter drove another record-breaking performance for Olympic […]
Algoma Steel Group posted solid profits in its fiscal first quarter on rising steel prices, despite higher raw material costs for iron ore, scrap, alloys and natural gas. The Sault Ste. Marie, Ontario-based flat-rolled steelmaker also said the gains came despite a “significant” planned outage at its plate mill for a first phase of upgrades. […]
Klöckner & Co SE is fortifying its relationship with Nucor by investing in a new plate processing facility on the campus of Nucor’s new steel mill in Brandenburg, Kentucky. Anticipated to be a state-of-the-art facility, Nucor Steel Brandenburg will house an electric arc furnace that will produce heavy plate for infrastructure projects such as wind […]
While Evraz plc’s earnings results in the first half of the year were negatively impacted by geopolitical tensions and resulting operational challenges, the company’s North American operations recorded a solid performance. The Russian steelmaker made no mention of Russian forces invading Ukraine in February in its H1 financial results, citing only “geopolitical tensions, mounting economic […]
Ryerson expects “counter-cyclical business conditions” in the third quarter, with moderating demand and falling prices resulting in lower sequential sales and shipments. The Chicago-based service center made the comments in its second quarter earnings report after the market closed on Wednesday, August 3. For Q2, sales volumes of 524,000 tons were down 6% from the […]
Ternium executives provided an update on the company’s new Pesquería hot strip mill and plans for a greenfield electric-arc furnace in North America on the company’s second quarter earnings conference call on Wednesday, August 3. Weak demand and falling prices are impacting the company, but it remains positive on its plans moving forward. Updates on […]
While the rest of us are melting from the heat of the sun, Nucor announced it will build a new melt shop at its bar mill in Kingman, Ariz. The $100 million investment will create approximately 140 new full-time jobs and have the capacity to produce around 600,000 tons a year. Construction is expected to […]
As it reported strong second quarter results, Ternium said it expects falling steel prices and high raw materials costs to negatively impact the third quarter. The current “significant” declines in steel prices are due to the normalization of the global steel market after Russia’s invasion of Ukraine in February of this year. They are also the […]
Despite lower domestic coke sales in the second quarter, SunCoke Energy is seeing favorable export coke pricing and is increasing its earnings guidance for the year as a result. “Our domestic coke and logistics segments continued to perform well in the second quarter with the backdrop of strong commodity markets. Although our coke production was […]
United Steelworkers-represented workers at US Steel mills will be getting a hefty bonus for the steelmaker’s second quarter performance. USW employees working for US Steel will receive $30.72 per qualifying hour, which can be upwards of $14,000, for the quarter, according to the company. “Profit sharing is part of our contract with the USW to […]
Algoma Steel and United Steelworkers (USW) Local 2251 have agreed to extend labor contract talks for another 15 days, narrowly averting a strike. The Sault Ste. Marie, Ontario-based steelmaker confirmed that in a press release on Saturday. And USW Local 2251 president Mike Da Prat confirmed it as well in an exclusive interview with Steel […]
ArcelorMittal SA has agreed to buy Brazilian steelmaker Companhia Siderúrgica do Pecém (CSP) from Brazilian iron ore miner Vale SA and shareholders. The deal is worth $2.2 billion and is expected to be completed late this year. CSP is a joint venture between Vale, which holds a 50% stake in the company, and South Korean steelmakers […]
US Steel is trying to keep a stiff upper lip despite lower flat-rolled steel selling prices, continued supply chain problems, and an uneven economic outlook. “Let’s face it. There’s a lot of uncertainty. Some people say more uncertainty than ever before,” company president and CEO David Burritt said. “I’m not so sure that’s true. But […]
A local USW chapter representing Stelco Inc.’s Lake Erie Works in Nanticoke, Ontario, has rejected a tentative labor agreement with the Canadian flat-rolled steelmaker. USW Local 8782 said 52% of its members voted to reject a proposed new labor contract. USW Local 8782-08, responsible for Stelco’s pickling operations, narrowly approved a new deal. One member […]
US Steel recorded modestly lower profits in the second quarter of 2022 compared to the same quarter last year. But the Pittsburgh-based steelmaker remains optimistic about its long-term prospects thanks to the diverse end markets it serves. “We are bullish on US Steel’s future and confident in our ability to execute,” company president and CEO […]
Inflation and slowing demand are hampering ArcelorMittal’s short-term outlook, but the global steelmaker remains bullish on steel’s long-term prospects. As it released its second quarter results, the Luxembourg-based company said the period was “overshadowed by the outbreak of war in Ukraine,” where it maintains steel and mining operations. “Globally the conflict is impacting growth and […]
United Steelworkers Local 2724 – which represents technical, professional, and front-line supervisors – has ratified a labor agreement with Canadian flat-rolled steelmaker Algoma Steel. Local 2724 membership voted 59.9% in favor of the labor memorandum, resulting in a contract that renews on August 1. “I extend sincere thanks to the negotiating committees for their concerted […]
The United Steelworkers Local 1005—representing workers at Canadian flat-rolled steelmaker Stelco’s processing and finishing operations in Hamilton, Ontario—will soon be in a legal position to strike. The most recent bargaining update from Local 1005 said their negotiating committee has asked its government conciliation officer to file a “no board report,” putting the Local in a […]
Nucor Steel Gallatin has produced the first coil on its upgraded equipment after completion of the $650 million expansion project to lift the Ghent, Ky. mill’s annual capacity from 1.6 million tons to 3 million. The first quality coil – an 18-mm thick strip, a new product for the Gallatin plant—was produced on June 24, […]
Although pricing continues to fall, there is a sense of cautious optimism within the HVAC realm. During this month’s call with HARDI’s Sheet Metal/Air Handling Council, many members shared the same sentiment: prices and demand are dropping. But there are open orders that still need to be satisfied. An HVAC company in the West said […]
NLMK USA’s second quarter and first half sales dropped on a slowdown in demand and high inventories, according to data from its parent company NLMK Group – Russia’s largest steelmaker . The US segment’s sales of 370,000 metric tons (407,855 tons) were down 5% from the prior quarter and down 26% year-on-year. The lower sales […]
Stelco Holdings Inc. expects its second quarter earnings results to be notably higher sequentially and year-on-year but is warning that a weakening steel market will mean lower results for the second half of the year. In a preliminary earnings report, the Canadian flatrolled steelmaker said it expects its Q2 adjusted EBITDA to be Candian $460-470 […]
Backward physical integration comes to the aluminum rolling industry SDI’s decision to “jump the fence” and enter the aluminum rolling sector was, in and of itself, blockbuster news. However, the repercussions on the aluminum scrap market may be even more profound. CRU has argued for some time that the big aluminum rolling mills would eventually […]
Cleveland-Cliffs Inc. plans to have the No. 5 blast furnace at its Cleveland Works back up and running at full capacity in August, company executives said on a second quarter earnings conference call on Friday, July 22. Along with a furnace reline, the company took advantage of the downtime to perform other important repairs and […]
Swedish steelmaker SSAB expects the heavy plate market in North America to remain relatively stable, reporting solid demand across most of its customer segments. SSAB Americas, which is made up of steel and plate production at its 1.25-million-tons-per-year mill in Montpelier, Iowa, reported increased operating profits in the second quarter despite lower year-on-year shipments. This […]
Cleveland-Cliffs Inc. saw strong profit in the second quarter and double free cash flow versus the prior quarter while predicting that even better days were ahead thanks to fixed-price contracts resetting at higher numbers. That projection comes largely because automakers, which typically buy steel on contract terms, are seeing backlogs grow because of supply chain […]