Ternium’s second-quarter profits surged on higher steel prices and strong global demand. And the Latin American steelmaker predicted that the good times would roll into the third quarter too. “Realized steel prices in the third quarter are expected to continue increasing in all regions, partially offset by higher cost per ton due to higher raw material […]
Allegheny Technologies Inc. (ATI) continues to ramp up production at its hot rolling and processing facility (HRPF) in Brackenridge, Pa. The increased output comes following the end of a lengthy strike by the United Steelworkers (USW) union and thanks to a long-term slab toll rolling agreement with JSW Steel USA. “This multiyear agreement provides a […]
U.S. Steel plans to focus on organic growth – expanding its existing operations – rather than on mergers and acquisitions, company executives said. “Don’t be looking for us to add a bunch of capacity, look for us to build capability for profitable growth,” President and Chief Executive Officer David Burritt said during a conference call with analysts. […]
ArcelorMittal Dofasco plans to spend Canadian $1.77 billion ($1.41 billion U.S.) to install a new direct-reduced iron (DRI) plant and electric arc furnace (EAF) at its steel mill in Hamilton, Ontario. The subsidiary of multinational steelmaker ArcelorMittal SA said the project hinges on support from the Canadian government, which has agreed to contribute C$400 million […]
Former Big River Steel CEO David Stickler and former CFO Ari Levy have moved to different roles but remain affiliated with U.S. Steel, a company spokesman said. Stickler and Levy “are continuing their partnership with U.S. Steel as we jointly work on transformational projects of mutual interest,” the spokesman said. “The remaining management and operations […]
Steel Dynamics Inc. (SDI) has proposed a major investment at its Heartland Division flat-rolled steel processing operations in Terre Haute, Ind., company President and CEO Mark Millett told Steel Market Update. The cost of the planned expansion – a 390,000-square-foot addition that would increase the facility’s footprint by 50% – is estimated at $231 million and would include enhancements to […]
U.S. Steel returned to the black in the second quarter on a solid showing from its flat-rolled steel operations and an even stronger performance from Big River Steel. The second quarter was “exceptional,” and the Pittsburgh-based steelmaker expects to set new profitability records again in the third, company President and Chief Executive Officer David B. […]
In a trading update for Q2 2021, Evraz reported favorable market conditions and a 6.1% increase in sales over the first quarter. Although demand remained high in North America throughout the quarter amid a rapid economic recovery from the pandemic, fewer imports and relatively low levels of distributor inventory impacted overall sales in the region. […]
ArcelorMittal continues to forge ahead with major expansions at its North American operations on the heels of its best second-quarter profits since 2008. The multinational steelmaker recorded net income of $4 billion in the second quarter of 2021 after losing $559 million in the same quarter last year on sales that increased 76.2% to $19.3 […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
BlueScope expects to the join the parade of steelmakers reporting record earnings – thanks in large part to a strong showing from its U.S. operations. The Australian steelmaker anticipates reporting earnings before interest and taxes (EBIT) of approximately Australian $1.19 billion ($876.3 million) in the second half of its fiscal year – a new record. That […]
Last week our average price on hot rolled coil (HRC) was $1,850 per ton ($92.50/cwt). We are not far away from $2,000 per ton ($100.00/cwt). The idea of HRC at $100.00/cwt is so far out of my historical perspective. I go back to the late 1970s when HRC sold under $10.00/cwt…. Jeez. I saw an […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
One of the largest expansions in Nucor’s history – its $1.35 billion plate mill in Kentucky – is poised to come online at an opportune time should Congress pass a bipartisan infrastructure spending bill. The Charlotte, N.C.-based steelmaker anticipates the mill will be commissioned in late 2022 despite some delays in equipment deliveries, company executives said. And […]
Reliance Steel & Aluminum Co.’s sales soared to a record of $3.42 billion in the second quarter on shipments of 1.424 million tons. Sales were up 20.4% from the previous quarter and up 69.3% from the same period last year. The record-setting results for the largest service center in North America were due primarily to the […]
Cleveland-Cliffs Inc. reported the best quarterly results in the company’s history with net income of $795 million on revenues of $5.0 billion in the second quarter. That’s a huge turnaround from the pandemic-plagued quarter last year when the company lost $108 million on revenues of just $1.1 billion. “In the second quarter of 2021, we […]
NLMK USA joined the growing ranks of steelmakers posting massively higher second-quarter earnings on solid demand and record-high steel prices. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – recorded EBITDA of $213 million in the second quarter of 2021, up more than threefold from $65 million in the first quarter and an […]
Nucor set a new quarterly earnings record in the second quarter and expects to notch another in the third. The Charlotte, N.C.-based steelmaker – America’s largest – reported a profit of $1.51 billion in the second quarter of this year, up 60% from $942.2 million in the first quarter, and up nearly 14-fold from $108.9 million in the […]
Steel Dynamics Inc. (SDI) is still in growth mode and actively looking at M&A options But don’t expect another new mill on the scale of the electric-arc furnace (EAF) flat-rolled mill being built in Sinton, Texas, company executives said. The $1.9 billion Sinton mill, which will have annual capacity of three million tons per year, […]
SSAB Americas reported record profits on shipments totaling 494,000 metric tons in the second quarter, up 2% from the previous quarter and up 6% when compared to the same year-ago period. Demand for heavy plate remained strong across most consumer segments, the company said. Sharp increases in steel prices pushed revenues up 32% from the […]
At least two North American plate producers have announced price increases of $120-160 per ton ($6-8/cwt). Nucor – the largest steelmaker in the U.S. – in a leading move announced the increase along with the opening of its September order book for plate. The increase – announced on Tuesday, July 20 – marks at least the third […]
Steel Dynamics Inc. (SDI) doesn’t see a big steel price correction in the cards because of broader – and largely unrecognized – structural shifts underway in the U.S. steel market, company executives said. Industry experts have been focused on potential negatives such as new capacity, increased imports and the removal of trade barriers. They are missing […]
Nucor has agreed to buy racking and hollow structural section (HSS) manufacturer Hannibal Industries Inc. for $370 million. “Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel,” Nucor President and CEO Leon Topalian said. “This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes […]
Steel Dynamics Inc. (SDI) kicked off steel earnings season by posting record second-quarter sales and record profits on ballooning metal spreads. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker anticipates another record performance in the third quarter as well as strong demand into 2022. “We remain confident that macroeconomic and market conditions are […]
Cleveland-Cliffs Inc. has joined the ranks of North American steel mills planning steep cuts to greenhouse gas emissions over the next 10 years. The iron ore miner, pellet producer and flat-rolled steelmaker aims to cut greenhouse gas emissions by 25% by 2030 versus 2017 levels. The company said it would do so by using less […]
Evraz North America has broken ground on a new $500 million rail mill at its steelmaking complex in Pueblo, Colo. The expansion – expected to result in the most modern rail mill in North America – is slated to be completed in 2023, the company said. It will allow Evraz to make 300-foot rail segments that […]
Nucor plans to slash Scope 1 and Scope 2 greenhouse gas emissions at its steel mills by 35% by 2030. North America’s largest steelmaker also aims in the following years to be “net zero” when it comes to carbon emissions. “Our GHG intensity is less than one-third the world average, but we are committed to […]
United Steelworkers (USW) union members have ratified a new four-year labor agreement with Allegheny Technologies Inc. (ATI). The vote in favor of the new pact officially ends a strike that began on March 30, more than three months ago. “As we return to work, we need to maintain our solidarity and enforce our contract,” the […]
Big River Steel plans to take a week-long plant-wide maintenance outage in October at its mill in Osceola, Ark., a company spokeswoman confirmed. The planned outage, for normal preventative maintenance and mill reliability, is scheduled to start on Oct. 10, she said. The scheduled maintenance includes both electric-arc furnaces (EAFs)—with annual production capacity of 3.3 […]