Approximately 950 jobs could be lost at US Steel’s Granite City Works near St. Louis once the mill stops making steel, a company spokeswoman confirmed. The Pittsburgh-based steelmaker currently employs approximately 1,500 people at the mill. There would be an estimated 550 employees when the shift to pig iron production happens in 2024. “There is […]
The union representing Stelco’s Lake Erie Works in Nanticoke, Ontario, said labor talks would continue past the expiration of the current contract on Thursday. United Steelworkers (USW) Local 8782 said that the terms of the old contract, which expires on June 30, would remain in effect as negotiations continued. “Members are required to continue to […]
A second United Steelworkers union local has voted to authorize a strike at Canadian flat-rolled steelmaker Stelco. USW Local 8782, which represents the company’s steel mill in Nanticoke, Ontario, said 99.1% of its members voted on Monday in favor of the strike mandate. The moves comes after USW Local 1005, which represents Stelco’s Hamilton Works, earlier […]
US Steel plans to stop making steel at its Granite City Works near St. Louis in the second half of 2024, a company spokeswoman told Steel Market Update on Tuesday. The Pittsburgh-based steelmaker expects that the mill’s blast furnaces will switch over to pig iron production as part of a deal with SunCoke Energy Inc., […]
Steel Dynamics Inc. (SDI) announced today the creation of a joint venture with Aymium, a producer of renewable biocarbon products. Operating under the name SDI Biocarbon Solutions, LLC, SDI will hold a 55% stake and Aymium owns the remaining 45%. The company plans to create a biocarbon production facility to supply SDI’s electric arc furnace […]
Nucor Corp. completed its $3 billion acquisition of C.H.I. Overhead Doors from KKR & Co. Inc. C.H.I. is a manufacturer of residential and commercial overhead and rolling doors, also known as garage doors. It serves US and Canadian markets. The deal expands the Charlotte, N.C.-based steelmaker’s long-term strategy to expand its manufacturing model to provide […]
Business is booming for global metals plant technology and equipment provider SMS group Inc. amid growing demand for decarbonization and recycling technologies. Order intake during 2021 for the Düsseldorf, Germany-based company was at its highest level in ten years at €3.5 billion. This year that number is expected to be comparable, with the company expecting […]
Canadian flat-rolled steelmakers Stelco and Algoma face looming summer contract expirations with the United Steelworkers (USW) union. That’s well ahead of US mills, whose contracts with the USW don’t expire until Sept. 1. Here is where things stand now: Stelco The most pressing deadline is at Hamilton, Ontario-based Stelco, whose five-year agreement with the USW […]
Worthington Industries reported sharply lower profits for both its fiscal 2022 fourth quarter and its full fiscal year ended May 31, 2021. The Columbus, Ohio-based manufacturer and service center said the drop resulted partly from inventory holding losses at its steel processing division. All told, Worthington reported net earnings of $80.3 million in its fiscal […]
An innovative and collaborative study to capture carbon emissions and inject them into concrete products for permanent storage will soon begin at US Steel’s Gary Works in northwest Indiana. The University of Illinois Urbana-Champaign’s Prairie Research Institute will lead the study after receiving a research reward of almost $3.5 million from the US Department of […]
Despite falling prices and declining lead times for galvanized sheet, overall demand is still generally strong and a good reason for optimism, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International on this month’s call of HARDI’s Sheet Metal/Air Handling Council. One HARDI member in the Rocky Mountain region noted that his company […]
SSAB and Shape Corp., have partnered to deliver fossil-free steel crash management and body structure systems to the US market, the steelmaker said. The Grand Haven, Mich.-based tier-one automotive supplier of lightweight body structures, will be testing SSAB’s HYBRIT steel – made from hydrogen-reduced sponge iron – for use in automotive applications. “We are excited […]
Evraz North America is idling production of large-diameter pipe at its Regina, Saskatchewan, mill due to market conditions, resulting in the layoff of hundreds of Canadian employees. “Although our overall business is strong, including demand for our other steel products, the large-diameter pipe market has been soft,” a company spokeswoman told SMU in an email on […]
US Steel Corp. expects its performance to be an all-time best for the second quarter, with all its business segments producing EBITDA similar to or better than the already strong first quarter. Second quarter EBITDA is anticipated to be approximately $1.6 billion, up from $1.337 billion in the first quarter. Adjusted net earnings per diluted […]
Strong demand is expected to continue benefiting Irving, Texas-based Commercial Metals Co. (CMC). The steelmaker posted strong results for its fiscal third quarter ended May 31, which president and CEO Barbara Smith attributed to strong operational execution and robust market conditions both in North America and Europe. The company’s fiscal Q3 net earnings of $312.4 […]
Steel Dynamics Inc. (SDI) expects its best second-quarter earnings to date for the three-month period ended June 30. Record results are projected despite lower average flat-rolled steel selling prices. The Fort Wayne, Ind.-based steelmaker expects earnings of $6.66-6.37 per diluted share in the second quarter, according to guidance figures released on Thursday, June 16. That’s […]
Nucor Corp. expects to post the most profitable quarter in its history, the company said, for its second-quarter ending July 2 earnings guidance. The Charlotte, N.C.-based steelmaker expects earnings of $8.75 to $8.85 per diluted share in the second quarter, according to figures released on Wednesday, June 15. That’s up from the previous record of […]
High steel prices continued to benefit Canadian flatrolled steelmaker Algoma Steel Group as it posted strong results for its fiscal 2022 fourth quarter and full year ended March 31. “Our strong results for the fiscal fourth quarter capped off an incredible year at Algoma, one that produced record revenues, profitability and cash flows. Relentless execution […]
Jessica T. Graziano will join US Steel Corp. as its new senior vice president and chief financial officer effective Aug. 8. Graziano comes to US Steel after spending eight years with United Rentals Inc., most recently serving as executive vice president and CFO. She also previously served as senior vice president, chief accounting officer, and […]
Nucor has agreed to acquire Summit Utility Structures LLC and a related company, Sovereign Steel Manufacturing LLC. They produce metal poles and other steel structures for utility infrastructure and highway signage, the steelmaker said. Charlotte, N.C.-based Nucor said the companies will become part of a new business unit, Nucor Towers & Structures, serving the utility, […]
Severstal is no longer shipping “anything” to the United States, a company spokeswoman said. The Russian steelmaker instead intends to “continue working with our partners who are not tied with obligations to US,” she said in an email to Steel Market Update. The comments come after the US Department of Treasury’s Office of Foreign Assets […]
Cleveland-Cliffs Inc. has changed how it supplies the automotive industry in response to chip and parts shortages that have thrown a wrench into automaker production forecasts, the company’s top executive said. “We no longer adopt their forecast as the final truth, like it was historically,” Cliffs chairman, president and CEO Lourenco Goncalves said. How did […]
SSAB AB has named Leena Craelius as chief financial officer. Craelius had held the position of acting CFO since Nov. 1, 2021, succeeding Håkan Folin, who joined mining and infrastructure equipment make Epiroc. Craelius will take up her new position immediately and will be based in Stockholm, the Swedish steelmaker said in a press release […]
Ryerson is adding a Midwestern tool steel processor to its extensive portfolio of companies. The metals service center group has acquired St. Louis-based Ford Tool Steels (FTS) for an undisclosed sum. FTS processes tool steels and alloys with cut-to-length sawing, plate sawing, and grinding and mill services. Ryerson believes the sawing and machining capabilities of […]
Integrated Canadian flat-rolled steelmaker Stelco Inc. has concluded a sale-leaseback transaction of the land on which it runs its operations in Hamilton, Ontario. Stelco, which is also based in Hamilton, is receiving Canadian $518 million ($409 million USD) from Slate Asset Management for the 800-acre parcel of land. Additionally, the steelmaker will lease back certain […]
SSAB and Alfa Laval have partnered to develop a heat exchanger engineered with fossil-free steel, the first of its kind. The goal is to roll out the first unit made with hydrogen-reduced steel by 2023, SSAB said. “We’re proud to welcome Alfa Laval as a partner and look forward to jointly exploring ways forward to […]
Steel Dynamics Inc. (SDI) sees a “myriad of opportunities” on the M&A front but disagreements over valuations have prevented some of those deals from moving forward, the company’s top executive said. “It’s a matter of determining what is a great strategic fit at a reasonable value. … People’s aspirations of value are a little steep […]
Nucor Corp.’s $3 billion acquisition of CHI Overhead Doors, its largest deal ever, represents a shift away from the company’s traditional roots as a steelmaker. “We absolutely want to pivot from being just a steelmaker to a manufacturing company,” Nucor president and CEO Leon Topalian said. That’s notable because Nucor is the largest steelmaker in the […]
Construction of a new pig iron caster has begun at US Steel’s Gary Works with start-up expected early next year. US Steel employees joined United Steelworkers leaders and others this week in Indiana to celebrate the $60 million investment. The company’s Minntac and Keetac Minnesota ore operations will feed the pig iron facility, which […]
Nucor has signed a definitive purchase agreement to acquire Steel Technologies LLC’s pickle line facility and associated equipment in Ghent, Ky., where the steelmaker also operates a sheet mill. Charlotte, N.C.-based Nucor said Steel Technologies would continue to own and operate slitting equipment at the Ghent location in a letter to customers dated Wednesday, May […]