Worthington Industries, Inc., reported net sales for the fourth quarter of fiscal 2021 totaling $978.3 million, a 60% increase over the comparable quarter in the prior year. The increase was driven by overall volume improvements in both Steel Processing and Pressure Cylinders and higher average direct selling prices in Steel Processing, the company said. “We […]
Steel Dynamics Inc. (SDI) is making repairs after an unplanned outage at an electric-arc furnace (EAF) at its flat-rolled steel mill in Columbus, Miss., according the company’s top executive. The outage, which occurred last weekend, is expected to result in approximately 10 days of lost production, or about 25,000-30,000 tons of hot metal, SDI President […]
California Steel Industries (CSI) has opened its flat rolled order book for September. The West Coast slab converter also has increased prices by approximately $200 per ton ($10/cwt), according to market participants. “The purpose of this letter is to inform you that CSI’s September flat rolled order book is now open,” the company said in […]
SSAB Americas aims to increase plate prices by another $50 per ton ($2.50 per cwt) – just days after lifting tags by $100 per ton. The latest increase is effective immediately on all non-contract orders, and it means SSAB’s prices are up $150 per ton within a span of only three days. The latest increase […]
The Ashland Works steel mill is coming down after operating for the better part of 100 years on the Ohio River. Cleveland-Cliffs Inc. confirms that it will demolish the idled Kentucky mill that it acquired from AK Steel in 2019. Although there were initial discussions about restarting the mill to produce pig iron, ultimately the […]
USS-POSCO Industries has officially changed its name to USS-UPI, LLC. The West Coast subsidiary of Pittsburgh-based U.S. Steel said the change means its email domain is switching from ussposco.com to ussupi.com. “This transition period will occur over the next few months,” the company said in a letter to customers on Friday, June 18. USS-UPI also […]
Algoma Steel recouped its losses from Q3 FY 2021 to report net income of $91.5 million ($114 million CAD) for the fourth quarter of its fiscal year. Third quarter’s loss totaled $59 million ($73.5 million CAD); net income of $15.2 million ($19 million CAD) was reported in Q4 2020. In a report issued June 17, […]
Evraz North America aims to resume steelmaking operations at its mill in Pueblo, Colo., the week of June 21, a company spokesman said. Rolling operations are likely to restart shortly thereafter, he said. An explosion at the Pueblo steel mill in late May disrupted production and resulted in eight people being injured, three critically. Seven […]
Commercial Metals Company posted record earnings of $130 million on net sales of $1.8 billion in the third quarter of FY 2021. Results were the best the company has achieved in its 106-year history. “CMC achieved exceptional results during the third quarter,” said Chairman, President and CEO Barbara Smith. “Demand for our products was robust […]
It is a good time to be a steel producer. Both Steel Dynamics and Nucor are expecting record earnings for the second quarter of 2021 supported by strong demand and unprecedented steel prices. And U.S. Steel expects second quarter adjusted EBITDA more than double that in the first. SDI expects earnings to be in the range […]
Cleveland-Cliffs increased its second-quarter and full-year 2021 guidance in an announcement on Tuesday. Second-quarter adjusted EBITDA is projected at $1.3 billion and full-year 2021 at $5 billion. The increase is based on current contracts and assumes that the U.S. HRC price index will average $1,176 per net ton for the remainder of the year. The […]
SMU caught up with Ternium CEO Máximo Vedoya about the Latin American steelmaker’s plans for its new, $1.1-billion hot strip mill in in Pesquería, just outside of Monterrey, Mexico. The new mill – also known as #4 Pesqueria – sports capacity of 4.4 million tons per year. It rolled its first coils in May and Vedoya […]
The Tenaris melt shop in Koppel, Pa., is fired up and underway after a $15-million, year-long upgrade. It will soon supply steel bars for the company’s seamless pipe mills in the U.S. and Canada. The facility is Tenaris’ first U.S. melt shop and was part of the 2020 acquisition of TMK IPSCO. The upgrade expanded […]
Worthington Industries has acquired certain assets of Shiloh Industries’ U.S BlankLight® business for $105 million. The deal expands Worthington’s capacity and capability with the addition of three facilities, located in Ohio and Michigan, to the company’s laser-welded products joint venture, TWB Company LLC. A fourth facility in Kentucky will operate under Worthington’s Steel Processing business, expanding […]
U.S. Steel wants to make Big River Steel the leader in non-grain-oriented electrical steels (NGOES). To that end, the Pittsburgh-based integrated steelmaker will invest $450 million at Big River’s steel mill in Osceola, Ark., to target the growing demand from the electric vehicle market. Funded entirely from cash generated at Big River, the NGOES expansion […]
United Steelworkers at ArcelorMittal Mines and Infrastructure Canada have ended their strike and ratified a new four-year labor contract with the company. “We are happy to turn the page on this conflict. The past few weeks have been a time to pause and start anew. We look forward to welcoming back our employees, and I […]
Steelmaker Cleveland-Cliffs marked sixth months of continued operation and production of hot-briquetted iron (HBI) at its direct reduction plant in Toledo, Ohio, with a ribbon-cutting celebration. In attendance for the June 9 on-site event hosted by Cliffs’ Chairman, President and CEO Lourenco Goncalves were Ohio Governor Mike DeWine, Rep. Marcy Kaptur (D, Ohio), and Toledo […]
ArcelorMittal completed its first XCarb™ innovation fund investment, investing $10 million in renewable energy technology company Heliogen to “unlock the power of sunlight to replace fossil fuels.” Heliogen’s technology harnesses solar energy by using a multi-acre field of mirrors as a magnifying glass to concentrate and capture sunlight. The sunlight can then be converted into […]
JSW Steel (USA) and JSW Ohio are accusing Nucor, U.S. Steel and Cleveland Cliffs of conspiring to boycott and deny critical semi-finished steel slab to the company. A lawsuit filed on June 8 alleges that the three steel giants have formed a cartel that has cost JSW millions of dollars in lost profit. According to […]
Nucor will purchase Cornerstone Building Brand’s insulated metal panels (IMP) business for a cash price of $1 billion dollars. The purchase is expected to close later this year, pending regulatory approval. The transaction includes seven manufacturing facilities located throughout North America that will complement Nucor Buildings Group and the company’s existing IMP business, TrueCore, the […]
U.S. Steel has agreed to sell its Transtar LLC railroad subsidiary to an affiliate of Fortress Transportation and Infrastructure Investors LLC (FTAI) for $640 million. The Pittsburgh-based steelmaker said it expects the deal to close in the third quarter of this year pending customary closing conditions and certain regulatory approvals. Money from the sale will […]
ArcelorMittal Mines and Infrastructure Canada have reached tentative agreement with the United Steelworkers on a new labor contract following government-mediated negotiations. If ratified, the four-year collective labor agreement will cover 2,500 members in five union locals working at ArcelorMittal mining operations in northern Quebec. Workers launched a strike on May 10 after voting to reject a […]
Canadian steel producer Stelco is getting into the electric vehicle battery recycling business. The company announced it will enter into a joint venture with Primobious to build a facility in North America that will recover and recycle materials from EV batteries. Primobious is a 50-50 joint venture of Neometals Ltd and SMS Group, formed to […]
ArcelorMittal Mexico plans to start up its new hot strip mill in Lázaro Cárdenas in Mexico’s Michoacán state in the fourth quarter of this year, a company spokeswoman said. The hot strip mill cost $1 billion and is expected to have annual capacity of 2.75 million tons per year (tpy), according to an ArcelorMittal press […]
An explosion over the weekend at Evraz North America’s steel mill in Pueblo, Colo., injured eight people, three of them critically, a union official told Steel Market Update. The resulting damage will disrupt production at the mill given that its electric arc furnace (EAF) feeds three downstream operations, some of which do not have an […]
Cleveland-Cliffs is ramping up the No. 5 blast furnace at its steel mill in Cleveland, Ohio, after a minor incident earlier in the week, according to market participants. A blowout on a tuyere resulted in limited damage, including melted wiring, and led to the furnace being down for several days, a source familiar with the […]
The U.S. steel industry stands to benefit in a big way should the government put a price on carbon emissions, according to a study by CRU, Steel Market Update’s parent company. CRU examined the potential impact of a standard fee on carbon emissions and an equivalent border carbon adjustment (BCA) and found that such policies could […]
Friedman Industries, a manufacturer and processor of steel products, will add a new facility on the Steel Dynamics Sinton, Texas, flat roll steel mill campus. Friedman plans to build a 70,000-square-foot building on 25 acres leased from SDI under a 99-year agreement. Red Bud Industries has been selected to install stretcher leveler cut-to-length lines capable […]
U.S. Steel has completed a 25-day maintenance outage on the No. 1 blast furnace at its Mon Valley Works in western Pennsylvania, a company spokeswoman said. The outage was part of the steelmaker’s normal maintenance program. The downtime was used to apply shotcrete–a sprayed concrete–and other standard upkeep, sources have said. The Pittsburgh-based steelmaker said on its first-quarter earnings […]
Nucor CEO and President Leon Topalian will serve as the next chairman of the American Iron and Steel Institute, announced the AISI Board of Directors on Tuesday. Topalian will serve a two-year term at the head of the industry trade group, taking over the role from John Brett, CEO of ArcelorMittal North America. “Leon Topalian […]