Ternium announced today the purchase of 100 percent of Thyssenkrupp AG’s Brazilian steel mill CSA, Cia Siderúrgica do Atlantico SA. The sale is based on a September 30, 2016 valuation of EUR 1.5 billion (US$1.86 billion) that is subject to agreed adjustments at closing. Ternium expects to disburse EUR 1.26 billion ($1.33 billion) for the […]
The following analysis of the steel markets in China is from Beijing Metal Import & Export Co.,Ltd and is being reproduced by Steel Market Update with permission. We edited the original copy to assist our readers in understanding what the group is trying to relay to us. Here is what they had to say (edited […]
North Star Bluescope Steel reported underlying EBITDA in the first half of FY 2017 of $180.2 million, an increase of 178 percent from 1H FY 2016 . Sales revenue was US$ 598.7 million. The mill operated at 100 percent capacity in the first half and benefited from lower conversion costs, particularly in utilities. Shipments for […]
January service center shipments were exceptional. There are times when we wish we weren’t so hung up on three month moving averages and this is one of them. Daily shipments increased by 29.9 percent from December. Since 2009 on average, January has increased 8.1 percent hence our enthusiasm for the latest data. Carbon steel shipments […]
The Metals Service Center Institute (MSCI) called on the Trump administration to create a strategy that will evaluate trade violations impacting the entire industrial metals supply chain. MSCI president and CEO Robert Weidner said trade enforcement measures must protect not only the mills but also distributors, fabricators and processors in the supply chain. MSCI has […]
The Metal Service Center Institute (MSCI) released shipment and inventories data for the steel service centers located in the United States. They reported higher shipment rates coupled with lower flat rolled inventories (higher overall for all products) which is very supportive for prices to tighten over the next 30 days. U.S. steel service centers (all […]
US Steel announced today that it will withdraw “without prejudice” its trade secrets claim from the Section 337 complaint it filed with the U.S. International Trade Commission against China. US Steel will continue to pursue its claims of antitrust and false designation. The company released the following statement: “We remain committed in our efforts to […]
Essar Steel Algoma, under protection by the Companies’ Creditors Arrangement Act since November 2015, held its own in production and sales in January. January production surpassed 232,000 tons making it the highest single month production since September 2014. Improved selling prices and increased shipments brought in revenue of CAD $153 million in January for an […]
Total Canadian steel shipments for all products in January were 411,800 net tons, an increase of 42.0 percent from the month before and an increase of 5.7 percent from January 2016. Total steel inventories at the end of the month stood at 1,178,200 tons, up 0.6 percent from last month but down 5.8 percent from […]
Reliance Steel & Aluminum reported sales of $2.06 billion in fourth quarter, up 1.7 percent from fourth quarter 2015 and down 5.7 percent from Q3 2016. Tons sold at 1,365,000 were down 1.1 percent from Q4 2015 and down 5.6 percent from third quarter. Average selling price per ton sold was $1,500, essentially the same […]
SSAB Americas posted strong sales and shipments in fourth quarter 1016. The segment, which includes the mills located in Mobile, Alabama and Montpelier, Iowa, shipped 502,000 tonnes in Q4, up 19 percent from the previous quarter and 15 percent from Q4 2015. Sales totaled SEK 2,825 million ($318 million), an increase from third quarter and […]
It has been four weeks since the last HARDI galvanized steel conference call. The call provides a forum for the HARDI HVAC wholesalers and other associated HARDI members to discuss trends affecting galvanized steel prices. Over the past four weeks market prices have eased a bit but many of the factors that drive prices are […]
The following analysis of the steel markets in China is from Beijing Metal Import & Export Co.,Ltd and is being reproduced by Steel Market Update with permission. We edited the original copy to assist our readers in understanding what the group is trying to relay to us. Here is what they had to say (edited […]
The following article was prompted by a report coming out of a consulting group working for Greenpeace. SMU understands they have a political agenda but we wanted to provide our readers with what was being said and then some commentary at the end from one of our trading friends located in Asia who works with […]
The following article is from one of our close iron ore & steel trading friends located in Asia: The market has changed or is in turmoil, if you want to call it that, here in SE Asia and China continues to out price themselves whereas the China domestic indicators lead to a different scenario. Ore […]
JSW Steel has presented a bid to acquire Bhushan Steel for approximately $3.75 billion and gain a 55 percent majority stake. The deal includes taking over Bhushan Steel’s debt which is estimated at $6.68 billion. Bhushan Steel defaulted on its interest payments in August 2014 and has been working with State Bank of India and […]
ArcelorMittal NAFTA segment results declined in fourth quarter 2016. Steel shipments decreased by 6.6 percent to 5 million tonnes from third quarter driven by an 8.5 percent decrease in flat volumes due to destocking in the United States. NAFTA sales were down 11.1 percent from the prior quarter to $3.8 billion due to lower average […]
ArcelorMittal said it expects global apparent steel consumption to grow between 0.5 and 1.5 percent in 2017, compared to 1.0 percent growth last year. Underlying demand is expected to pick up in Europe supported by the automotive market, but apparent demand growth in the region is forecast at a modest 0.5-1.5 percent compared to 2 […]
The US Steel Granite City hot strip mill is back in action as promised. US Steel has called 225 employees back to work to restart the facility’s idled hot mill. For the present, only the hot mill will be restarted which reheats steel slabs, sourced from other US Steel mills, to process them into coil. […]
USW Local 2251 at Essar Steel Algoma has called a strike vote for Tuesday, February 28. The union says it has no choice after withdrawing a complaint with the Ontario Labour Relations Board and accepting that the collective agreement contract expired on July 31, 2016. The union is now subject to the provisions of Local […]
Essar Steel Algoma announced on Tuesday that it has received an extension to its Debtor-in-Possession financing facility (DIP). The Ontario Superior Court of Justice approve the amendment and extension on January 31, extending the DIP to March 31 with the option of a further thirty day extension. Stay of proceedings has also been extended to […]
The following analysis of the steel markets in China is from Beijing Metal Import & Export Co.,Ltd and is being reproduced by Steel Market Update with permission: Please be informed that we are back in our office on Feb 03. Very sorry we didn’t update on the China steel market for more than 2 weeks […]
NLMK USA has restarted its #2 hot-dip galvanizing line at the Sharon Coating facility in Pennsylvania in response to increased domestic demand. The #2 line had been idled since 2002 due to weak demand in the U.S. galvanized steel market. The line has a capacity of approximately 226,000 metric tonnes per year (249,118 tons) and […]
One of the theories we hold at Steel Market Update is as cycles ebb and flow so do the flat rolled steel spot prices service centers charge their customers. When markets are weak, distributors lower steel prices in order to move off older high-priced inventories and to generate cash. There comes a point when so […]
In the last week there have been four statements released regarding the restructuring of Essar Steel Algoma. The first began last weekend with an appeal by former parent company Essar Global to be readmitted to the bidding process for Algoma. Essar Global criticized the Sales and Investment Solicitation Process (SISP) noting that KPS Capital dropped […]
February 1, 2017 (Osceola, Arkansas) – Big River Steel today announced that it has established a new production record in terms of tons of steel produced by a SMS group supplied flat-rolled mini mill during the first full month of operation. With over 63,000 tons of hot rolled steel produced in January, Big River Steel’s […]
US Steel said it is prepared to provide steel for the pipeline projects recently approved by the Trump administration. “The American manufacturing base on steel is fully prepared to supply what is needed for the pipelines and for the general infrastructure projects that are certainly going to come,” US Steel CEO Mario told CNBC in […]
A war of words is underway between Essar Steel Algoma secured creditors and former parent company Essar Global Fund. In a letter to the CCAA monitor Essar Global asserted that with the restructuring efforts still not resolved, the Sale and Investment Solicatation Process should be reopened to allow Essar to present its interest in acquiring […]
US Steel CEO Mario Longhi has been in the limelight recently due to his meeting with President Donald Trump at the White House. During US Steel’s earnings call, he was asked to shed light on some of the trade and manufacturing issues that were discussed. Longhi was asked what kind of insight the President is […]
Nucor Corporation plans to help the new administration bring manufacturing back to America. It is off to a good start by posting solid earnings results for fourth quarter 2016. Nucor announced consolidated net earnings of $159.6 million for fourth quarter 2016 compared to $305.4 million in third quarter and a loss of $187.5 million a […]