Reliance Steel & Aluminum Co. has promoted James D. Hoffman, currently Executive Vice President and Chief Operating Officer, to succeed Gregg J. Mollins as President and Chief Executive Officer, effective Jan. 1. Hoffman joined the Reliance leadership team in 2008 as Senior Vice President Operations and was promoted to Executive Vice President and Chief Operating […]
AK Steel reported its best third quarter in 10 years with net income of $67.2 million and a 39 percent year-over-year jump in adjusted EBITDA to $160.8 million. Steady shipment levels and higher steel selling prices and shipments more than offset higher costs for certain raw materials, transportation and supplies, including graphite electrodes, said the […]
Reliance Steel & Aluminum reported its second highest quarterly net sales in the company’s history. Third-quarter net sales jumped 21.4 percent year-over-year to $2.97 billion, down just 0.5 percent from the record set in the second quarter at $2.99 billion. Reliance net income for the quarter of $148.2 million was impacted by a $36.8 million […]
Contentious issues continue to stymie negotiations between United Steelworkers and ArcelorMittal. Although progress has been made toward a new labor agreement, USW officials say the union remains at odds with the company over a number of proposals including those regarding profit sharing and pensions. “Our union is dedicated to seeing this process through to the […]
Joint partners ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. have been approved by creditors to acquire Essar Steel India Limited (ESIL) for an upfront payment of 42,000 crore rupees and investment of 8,000 crore rupees to improve operations (about $5.7 billion and $1.1 billion in U.S. dollars). ESIL, an integrated flat steel producer, is […]
Reliance Steel & Aluminum Co. is now the sole owner of Acero Prime and its affiliate Acero Prime Servicios, a toll processor with four locations in Mexico. Reliance was the majority owner but purchased the remaining 40 percent interest from joint venture partner U.S. Steel. Terms of the transaction were not disclosed. “Acquiring the remaining […]
SSAB Americas and Nucor both announced a $40 per ton increase in the price of plate products this week. SSAB Americas informed customers on Monday, Oct. 22, that it is increasing transaction prices on plate products by a minimum of $40 per ton, effective immediately for all non-contract orders acknowledged for shipment the week of […]
The United Steelworkers and ArcelorMittal USA still have not signed a collective bargaining agreement despite the USW coming to terms with U.S. Steel and Cleveland Cliffs. Union members at ArcelorMittal USA have been working under an extended contract since Sept. 1. The following statement was issued by John Brett, president and CEO, ArcelorMittal USA: On Friday, […]
Ternium USA Inc. will invest $14.7 million to expand and upgrade its facility at The Port of Caddo-Bossier in Shreveport, La. Ternium will overhaul its galvanizing line and complete other capital upgrades to optimize plant operations and logistics. Upgrading the galvanizing line will yield an additional 42,000 metric tons per year of coated products. “In […]
ArcelorMittal Dofasco will receive up to $38 million from the Canadian government towards a $156 million modernization project at its Hamilton facility. The money is part of a C$250 million (U.S. $191 million) fund set up to provide support to steel, aluminum and manufacturing companies impacted by tariffs resulting from the Section 232 measures imposed […]
Pittsburgh, PA, October 18, 2018 – Allegheny Technologies Incorporated (NYSE: ATI) announced today it has signed an agreement to provide carbon steel hot-rolling conversion services for NLMK USA at ATI’s world-class Hot-Rolling and Processing Facility, or HRPF, located in Brackenridge, PA. Slab shipments to ATI will begin immediately and increase to anticipated production levels in […]
A strong economy and equally strong steel demand propelled Nucor Corp. earnings growth in the third quarter. Nucor reported earnings of $676.7 million in the third quarter, which included a non-cash impairment charge of $110.0 million related to its natural gas well assets. In comparison, second quarter net earnings were $683.2 and third quarter 2017 […]
Steel Dynamics announced record financial results for third-quarter 2018. Sales for the quarter totaled $3.2 billion for a net income of $398 million compared to prior-year third-quarter sales of $2.4 billion and net income of $153 million. “Our third-quarter 2018 income from operations of $532 million and adjusted EBITDA of $626 million were both record […]
This afternoon, Steel Market Update spoke with James Banker, Jr., Executive Vice President of NLMK USA, about two topics. First, the slab conversion agreement between NLMK USA and Allegheny Technologies Inc. Second, we spoke about NLMK not following the $40 per ton price increase announced by the other domestic steel mills. We will discuss both […]
Details are beginning to leak about the tentative four-year labor contract between the USW and U.S. Steel. Workers will get a 14 percent raise spread across a four-year period, according to Reuters sources. That will be biggest pay raise the steelworkers have seen in several years. No increase was included in the last contract and […]
United Steelworkers at U.S. Steel have reached a tentative agreement on a four-year labor contract with the mill, avoiding a potential strike. USW officials said the contract will allow workers and management to move forward in a way “that allows us to share in the company’s success.” “The company came to the bargaining table this […]
NLMK USA sales slipped 8.0 percent in the third quarter to 590,000 metric tons as customers waited to see if steel prices would decline after reaching a high in July. Sales were up 4 percent from third-quarter 2017, driven by a stronger U.S. economy and steel demand. Sales in the first nine months of the […]
Negotiations between United Steelworkers and ArcelorMittal have stalled on demands for deep concessions that workers consider unfair and unnecessary. USW members agreed to not take a wage increase during the last three-year contract and have had a total wage increase of 4.5 percent since 2012, despite inflation increasing 8 percent. Other industries have seen wages […]
ArcelorMittal announced a binding offer from Liberty House Group for the purchase of ArcelorMittal Ostrava (Czech Republic), ArcelorMittal Galati (Romania), ArcelorMittal Skopje (Macedonia) and ArcelorMittal Piombino (Italy). The transaction is part of a divestment package agreed to by ArcelorMittal with the European Commission for the €1.8 billion acquisition of Italian steel mill Ilva. The ArcelorMittal […]
AK Steel has received an award of up to $1.2 million from the U.S. Department of Energy (DOE) to help fund its research into low-density steels, which could ultimately be used in automotive structural applications. AK Steel will work on a three-year project in collaboration with DOE, Oak Ridge National Laboratory and the Colorado School […]
No one was injured as a result of a small fire at a conveyor belt at ArcelorMittal Cleveland, which was was brought under control by the Cleveland Fire Department on Thursday. The company said it does not expect the incident to affect production at the mill. Firefighters used foam to extinguish flames that persisted for […]
On Wednesday of this week, Nucor’s Sheet Mill Group announced a $40 per ton ($2.00/cwt) price hike on flat rolled steel products produced by the mill. The price hike affects only spot tons and not contract orders, which tend to be tied to a flat rolled steel price index. In an Oct. 10 letter to […]
On the heels of the price hike announced by Nucor yesterday, the other major sheet mills followed suit today raising spot prices on flat rolled steel products by $40 per net ton. Customers were notified of the increase by ArcelorMittal USA, U.S. Steel, California Steel Industries and USS-POSCO Industries. California Steel Industries told customers it […]
Labor negotiations at ArcelorMittal have slowed after making some progress last week. A United Steelworkers update said the union will hold firm against company demands for concessions from members or retirees. The USW negotiating committee at U.S. Steel also reported some progress during discussions last week. Talks are expected to continue this week in Pittsburgh […]
U.S. Section 232 tariffs have cost Canada’s Essar Steel Algoma about $55 million from June through August, according to Brian Denega, court appointed monitor overseeing the Algoma restructuring. In addition, the company is required to post a tariff surety bond with U.S. Customs and Border Protection in the amount of $5.25 million. “The U.S. Customs […]
United Steelworkers say there is progress in labor negotiations with ArcelorMittal and U.S. Steel, but significant differences remain between the union and management. Said the USW-ArcelorMittal committee in its negotiation update on Oct. 4: “Again, our committee still has a lot of work to do on the issues that remain before we can present a […]
So far, I have found the CRU North American Steel Conference in Chicago today to be filled with some excellent speakers and topics. There has been a considerable amount of support for the policies of President Trump, especially with Section 232 tariffs and the handling of trade negotiations with China, Mexico and Canada. Perhaps panelist […]
Olympic Steel’s Michael Siegal will step down from his role as Chief Executive Officer at the end of the year and transition to Executive Chairman of the Board. Richard Marabito, currently Chief Financial Officer, will assume the role of CEO effect Jan. 1, 2019. Siegal has served as Olympic CEO since 1984. “It has been […]
Ryerson Holding Corp., a processor and distributor of industrial metals, gave upbeat guidance for third-quarter results. The company expects revenue to increase in the third quarter in the range of $1.23 billion to $1.24 billion compared to $1.057 billion in the second quarter and $864 million in third-quarter 2017. Net income is anticipated to be […]
Two U.S. Steel executives will swap duties as part of an executive development process that exposes leadership to varying roles within the company. Effective Oct. 1, Scott D. Buckiso, currently serving as Senior Vice President – European Solutions and President, U. S. Steel Košice, will become Senior Vice President – Automotive Solutions. James E. Bruno, […]