Cleveland-Cliffs has officially closed on its acquisition of AK Steel Holding Corporation, integrating the value-added steelmaker with Cliff’s iron ore operations. The combined company will be led by Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves. “This is a new era for Cleveland-Cliffs as a producer of differentiated, high quality iron ore, metallics and steel in […]
When the media began reporting on the COVID-19 (coronavirus) a few weeks back, Majestic Steel sprang into action. This morning Steel Market Update spoke with Todd Leebow, CEO of Majestic Steel in Cleveland, Ohio, about how his company is dealing with the risks associated with the virus. As soon as the risk of the virus […]
EVRAZ North America was hit by a cyberattack on March 4 that disrupted information technology systems at facilities in the U.S. and Canada, impacting production. An EVRAZ spokesperson said that there was “no indication of any breach of confidential or personal customer or employee information,” in the ransomware attack. Patrick Waldron, a spokesperson for EVRAZ […]
“Beyond seasonally subdued,” is how Ryerson Holding CEO Eddie Lehner described demand in the fourth quarter of 2019. Ryerson shipped 541,000 tons last quarter, down 6.2 percent year-over-year and 9.5 percent lower than in the third quarter. Revenue decreased 17.1 percent to $961.5 million compared to Q4 2018 and net income was $26.4 million. Average […]
AK Steel could be in danger of mill closures, said soon-to-be CEO Lourenco Goncalves, if stronger protection is not provided against electrical steel imports. In a warning to members of the Congressional Steel Caucus, Goncalves said the AK Steel mills in Butler, Pa., and Zanesville, Ohio, are unprofitable because of a loophole in the Section […]
ArcelorMittal has big plans for AM/NS Calvert. Lakshmi Mittal, chairman of ArcelorMittal, hinted at a multi-billion dollar investment in Alabama during a press conference with President Donald Trump in India last week. Mittal thanked Trump for his involvement in the U.S. steel industry, calling the Section 232 tariffs a “big lesson for the rest of […]
Nucor-JFE Steel Mexico began production at its continuous galvanizing line in Silao, Guanajuato, this week. The facility will produce hot-dip galvanized sheet steel for the automotive market. With an annual production capacity of 400,000 tons, Nucor-JFE Steel can produce sheet thickness from 0.4 mm to 2.6 mm and widths of 800 mm to 1,850 mm. […]
Steel Dynamics has agreed to acquire 100 percent of the equity interest of ferrous and nonferrous scrap metal recycler Zimmer, S.A. de C.V. The Monterrey, Mexico, operations will support raw material procurement for Steel Dynamics’ new Texas flat rolled mill. Zimmer operations consist of six scrap processing facilities located near scrap-rich industrial areas in Central […]
NLMK USA has filed a complaint with the U.S. Court of International Trade alleging that NLMK’s requests for steel slab exclusions from Section 232 of the Trade Expansion Act have been wrongfully denied. The Indiana and Pennsylvania mills use imported steel slab to process into finished products. The 250-255 mm thick slab (nominally “10 inch”) […]
U.S. Steel is now 100 percent owner of USS-POSCO Industries as of Feb. 29, 2020. The purchase of the remaining shares of the company from its Korean partner represents the best opportunity for UPI to continue operating effectively and serve its customers, said U.S. Steel in a press release. UPI is headquartered in Pittsburg, Calif., […]
Canadian pipe and tube company Nova Steel is returning to the U.S. with a $70 million investment in Delta, Ohio. Nova plans to construct two new tube mills in northwest Ohio in proximity to North Star BlueScope. The 250,000-square-foot facility will produce hollow structural sections and standard pipe. “We are very excited to be back […]
North Star BlueScope reported weaker earnings in the first half of FY 2020 due to softer prices and margin spreads and normal seasonality. Sales revenue of $592 million was down 32 percent from the first half of 2019. Weaker hot rolled coil prices were partly offset by lower raw material costs. Shipments for the half […]
A fire at ArcelorMittal Indiana Harbor East on Friday resulted in the evacuation of workers from the hot strip mill. An ArcelorMittal spokesperson said the fire broke out at the 80-inch HSM #3 Coiler late Friday afternoon, Feb. 21. There were no injuries or explosions as a result of the fire. “The two other coilers […]
Olympic Steel missed its mark during a challenging year. The company reported net income of $3.9 million for 2019, down from $33.8 million in 2018. Net sales fell 8.3 percent year-over-year to $1.6 billion. Fourth-quarter sales slid 29 percent from a year ago to $320 million. The company posted a net loss of $890,000 in […]
Reliance Steel & Aluminum announced a slew of records for its performance in 2019 and an increase in net income for the fourth quarter of 2019. “We challenged ourselves to drive continuous improvements in our business in 2019 and we are extremely pleased with the outcome of our performance,” said President and CEO Jim Hoffman. […]
“Transformational” is what Cleveland-Cliffs CEO Lourenco Goncalves called the acquisition of AK Steel in remarks during the Q4 2019 earnings call Thursday. “With the acquisition of AK Steel, Cleveland-Cliffs becomes the most relevant supplier of steel to the automotive industry in the United States, fully integrated from iron ore in the ground to auto parts […]
Canadian steel producer Stelco Holdings cited challenging market conditions and an “unprecedented” drop in steel prices for its fourth-quarter loss. Stelco reported a net loss of $27 million for the quarter on sales of $435 million, down from $648 millon in the prior-year quarter, due to lower steel prices and shipping volumes. Full year net […]
While America’s integrated steel producers are investing millions in R&D to reduce harmful emissions from their steelmaking process, the nation’s minimill steel producers have already claimed the high ground for environmental stewardship. Integrated mills and their blast furnaces heat iron ore and coking coal at high temperatures to produce high-quality virgin pig iron and steel. […]
While business activity remains fairly strong in February, distributors of galvanized products to the HVAC industry are waiting and watching for some indication of which way steel prices will move. Steel Market Update is, too. SMU has moved its Price Momentum Indicator to Neutral until the market establishes a clear direction. Steel prices have softened […]
Worthington Industries plans to close its manufacturing plant in Wooster, Ohio, this spring. The oil and gas equipment manufacturing operations will be consolidated into Worthington’s facility in Bremen, Ohio. “We believe the consolidation of our manufacturing footprint in the East will enable us to better serve our customers and accelerate transformation efforts already under way […]
NLMK USA saw sales decrease 14 percent to 470,000 metric tons during the fourth quarter of 2019. Revenue from the segment dropped 18 percent quarter-over-quarter to $322 million. Declines were attributed to softer demand and lower steel prices. NLMK Group noted weaker demand in energy, automotive and machinery segments and a 4 percent drop in […]
U.S. Steel Corp. has made additional cuts to staff at its Indiana operations as part of its operating and organizational improvements. Amanda Malkowski, spokeswoman for U.S. Steel, said recent cuts affect non-union employees. Said Malkowski in a statement: “In line with the enhanced operating model and organizational structure announced in October 2019, U.S. Steel has […]
ArcelorMittal posted a net loss of $1.9 billion for the fourth quarter of 2019. In comparison, the global steelmaker posted a loss of $539 million in Q3 and a net profit of $1.19 billion in Q4 2018. For the entire year 2019, ArcelorMittal posted a net loss of $2.5 billion compared to net income of […]
U.S. Steel reported a net loss of $680 million for the fourth quarter of 2019 and a loss of $642 million for the year, but counts the quarter a success by exceeding its previously lowered Q4 expectations. The steelmaker sees last year as one of notable strategic progress. Sales for the year totaled $12.9 billion, […]
Nucor beat analysts’ estimates for the fourth quarter, reporting net earnings of $107.8 million due to an unexpected surge in sales during December. “Stronger than expected steel mill segment performance in December was the primary driver for higher actual fourth-quarter earnings than we indicated in our mid-December quantitative guidance,” said Leon Topalian, Nucor’s new president […]
SSAB Americas posted a loss of $23 million (-222 million SEK) for the fourth quarter of 2019 due to lower realized steel prices and maintenance costs associated with a planned outage in Mobile, Ala. Heavy plate demand was good in the first half of the year, but weakened in the fourth quarter due to inventory […]
Canadian steel producer Stelco will return Alan Kestenbaum to the position of chief executive officer, effective Feb. 21. Current CEO David Cheney will step down and return to his previous role at Bedrock Industries. Kestenbaum served as Stelco’s CEO from the closing of the company’s initial public offering in November 2017 until February 2019 and […]
A fire at the AK Steel Mansfield facility reportedly caused serious burns to a female employee who was working near the ladle in the melt shop. Mansfield Fire Department received a call at 5:12 pm regarding an explosion and fire at the plant. By the time firefighters arrived the fire was under control by AK […]
JSW Steel USA reported dismal results for the third quarter of 2020, but the company expects losses will be reduced substantially in the fourth quarter. JSW Steel – Baytown produced 70,479 metric tons of plate and 14,669 MT of pipes during the third quarter of 2020, reported JSW Steel India. The plate mill operated at […]
Michelle Pearson-Casey has returned to Olympic Steel as Vice-President-Corporate Communications & Marketing after a five-year hiatus. Pearson-Casey joined Olympic Steel in 1999 and left her role as Director-Human Resources in 2015 to pursue opportunities in consumer packaged goods and as a communications and change management consultant supporting global organizations. She brings nearly 20 years of […]