Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Reliance Inc. said a faster-than-expected decline in carbon steel prices offset higher shipments in the second quarter.
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Global steel output eased 2% in June following May’s 14-month high, according to World Steel Association’s (worldsteel) latest release.
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.
Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.
Cleveland-Cliffs is starting a new electrical distribution transformer production plant in Weirton, W.Va.
ArcelorMittal Mexico reached an agreement with the local mining union on Thursday, July 18, to end the 55-day blockade of its steelmaking and mining facilities in Lazaro Cardenas, Michoacán. While a large majority of Section 271 of the Sindicato Nacional de Mineros voted to accept the proposal, a group of unknown size continues to protest illegally and has even turned to violence, according to the company.
The recently announced acquisition of Stelco by Cleveland-Cliffs (Cliffs), priced at nearly three times book value, provides a great price for Stelco shareholders. And various synergies will likely leave Cliffs with tremendous runway for further growth in this deal. Cliffs expects to close this deal in 2024 Q4 upon government approval. This approval is expected but not a given.
Steel Dynamics Inc. executives provided further insight into operations at the company’s Sinton, Texas, flat-rolled steel mill on a second-quarter earnings conference call on Thursday morning. Despite a series of start-up woes, the company recently commissioned two new coating lines there, and the mill continues to ramp up production. The execs were also bullish on […]
A labor judge in Mexico City has ruled that the strike of a local mining union is illegal at ArcelorMittal Mexico’s Lazaro Cardenas mill and Las Truchas mine in Michoacán state, Mexico.
Steel Dynamics Inc.’s (SDI’s) earnings slid in the second quarter, but the company's top executive believes steel tags are set to rise.
Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]
New England’s All-Steel Fabricating announced the launch of its new road plate rental service.
Flat Rolled = 60.9 Shipping Days of Supply Plate = 59 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply remained high at the end of June at 60.9 shipping days of supply, according to adjusted SMU data. This translates to 3.05 months of supply in June. At the end of May, […]
Reliance Inc. has reached an agreement to buy certain assets of Ferragon Corp.'s FerrouSouth division, a toll processing operation based in Iuka, Miss.
Cleveland-Cliffs Inc. has agreed to purchase Canada’s Stelco Holdings Inc. in a deal valued at $2.5 billion (CA$3.4 billion).
The local mining union has rejected a proposal to end the labor strike at ArcelorMittal Mexico’s Lazaro Cardenas mill and Las Truchas mine in Michoacán, Mexico.
Longs producer and metal recycler CMC plans to open a new rebar fabrication plant in Akron, Ohio.
Steel Warehouse plans to expand in Jefferson City, Tenn., with an investment of ~$20 million.
Nucor has kept its consumer spot price (CSP) for hot-rolled (HR) coil flat this week.
Radius Recycling continued to bleed red in its most recent quarterly report as it negotiated persistently challenging conditions in the recycled metals market.
Cornerstone Building Brands agreed to buy Mueller Supply Co. for $475 million, according to a Form 8-K filing with the US Securities and Exchange Commission (SEC) on July 1.
Cornerstone Building Brands is set to buy Mueller Supply Co., a manufacturer of residential metal roofing and components and steel buildings in Texas and the Southwest.
Looking out over the American economy, Triple-S Steel Holdings CEO Gary Stein believes what is required doesn’t fundamentally have to do with government policy. “Rather, it’s a mind shift.”
Novolipetsk Steel’s (NLMK) mill in Lipetsk, Russia, was the target of a raid by Ukrainian drones on Sunday, according to a Reuters report.
Domestic raw steel production inched up again last week to reach a four-week high, according to the latest release by the American Iron and Steel Institute (AISI).