AK Steel announced a $30 per ton price increase on spot flat rolled steel products earlier today. The full announcement published on the company website is as follows: West Chester, OH, November 07, 2013—AK Steel (NYSE: AKS) said today that it will increase current spot market base prices for all carbon flat-rolled steel products by […]
Released short after the AK Steel announcement, in a letter to their customers Severstal North America (SNA) increase minimum spot flat rolled steel base prices by $20 per ton. The $20 per ton assessment is based on the difference between the company’s October 1, 2013 announcement and what was announced today. The letter begins as […]
ArcelorMittal reported a net loss of $193 million in the third quarter. Sales of $19.6 billion were down from $19.7 in the second quarter and $20.2 billion in the third quarter of 2012. EBITDA of $1.7 billion was reported for the quarter, 24 percent higher than the same quarter in 2012 and well above analyst […]
CHICAGO, IL – November 6, 2013 SMS Mill Services Michigan, LLC (SMS) is pleased to announce that it has been awarded a steel slab conditioning services agreement with Severstal North America (SNA) at its Dearborn, Michigan operation. With engineering already in process, SMS will provide infrastructure, equipment and personnel to fully scarf (skin), cut to […]
Latin American steel mill Ternium reported net sales of 2.14 billion on shipments of 2.3 million tons of steel and 930 thousand tons of iron ore. Steel shipments were up 4 percent from second quarter and 2 percent from third quarter 2012. Iron ore shipments were down 24 percent from second quarter but up 106 […]
Goldman Sachs steel analysts, in a letter to their clients seen by Steel Market Update, upgraded the steel sector as they feel, “…we see the sector heading to a sustainable recovery over the coming years…” They went on to tell their clients, “The supply-demand fundamentals for steel are starting to look more appealing, particularly for […]
Nucor Steel has filed an objection to the air quality permit issued to Big River Steel in an effort to block construction of the $1.1 billion mill. The challenge to the Arkansas Department of Environmental Quality decision will push back the ground breaking for the new steel mill to the first quarter of 2014. Big […]
CHARLOTTE, N.C., Nov. 5, 2013 /PRNewswire/ — Daniel R. DiMicco has announced that he is retiring from the Board of Directors of Nucor (NYSE: NUE) and from his position as Executive Chairman on December 31, 2013. In appreciation for his distinguished and exemplary service to Nucor as CEO, Chairman and Executive Chairman of the Company, […]
For the past couple of months Steel Market Update (SMU) has been writing about how supply constraints have helped keep flat rolled steel prices level to slightly rising. With the round of price increase announcements made at the beginning of the month of October, we have seen a new found resolve by almost all of […]
Olympic Steel announced net income of $1.3 million compared to $1.6 million in third quarter 2012. Net sales dropped 11.3 percent year-over-year to $304 million for the third quarter. Flat products sales were $248 million and tubular and pipe product sales totaled $55.5 million for the quarter, both down from the same period last year. […]
CHICAGO — The Association of Steel Distributors (ASD) recently honored James L. Wainscott, chairman, president and CEO of AK Steel, with the 2013 Captain of Industry award. The award, which was presented at the ASD Annual Fall Conference and is one of the highest honors in the steel industry, is presented to individuals who have […]
Olympic Steel announced net income of $1.3 million compared to $1.6 million in third quarter 2012. Net sales dropped 11.3 percent year-over-year to $304 million for the third quarter. Flat products sales were $248 million and tubular and pipe product sales totaled $55.5 million for the quarter, both down from the same period last year. […]
GlobeNet Metals and Flack Steel will merge to become one company with projected steel sales of approximately 275,000 tons per year. The combined entities will continue to sell steel under the GlobeNet Metals and Flack Steel brands. Ben Bucci, CEO of GlobeNet Metals which is headquartered in Phoenix, Arizona told Steel Market Update, “We started […]
Precoat Metals is purchasing the coil coating assets of the Steelscape Fairfield, AL facility. There are no immediate plans to reopen the plant as the company already has a facility located a few miles away in Hueytown, AL. The Steelscape facility consisted of a single paint line which was reported (by sources outside of Precoat) […]
AM Castle, a metals and plastics distributor, reported a net loss of $6.9 million for the third quarter 2013, compared to net income of $3.2 million in Q3 2012. Consolidated net sales were $253 million down from $304 million in 2012. Metal sales in the third quarter were $220 million, a drop of 19.2 percent […]
Altos Hornos de Mexico (AHMSA) reported a net loss of 520 million pesos ($40.3 million) in the third quarter of 2013, as compared to a net loss of $26.6 million in third quarter 2012. Sales were 9.475 million pesos ($735.2 million) on shipment of 886,524 tonnes of steel product, down from sales of $751.1 million […]
U.S. Steel CEO, Mario Longhi told analysts this afternoon that the company will close its Hamilton, Ontario, Canada blast furnace by the end of the year. The company advised they will also close two coke batteries at U.S. Steel Gary Works (#5 & #7). The coke batteries and rolling mills at Hamilton Works will not […]
US Steel reported a net loss of $1.79 billion for the third quarter due primarily to a non-cash goodwill impairment charge of $1.8 billion. Net loss for the quarter excluding the impairment charge totaled $20 million, compared to a net loss of$78 million the previous quarter, and profit of $44 million in Q3 2012. The […]
The European Steel Association (Eurofer) says the year-over-year decline in the European Union (EU) steel industry is beginning to lessen and should show positive growth in 2014, according to the Eurofer Economic and Steel Market Outlook 2013-2014. The SWIP (Steel Weighted Industrial Production) Index is expected to be down -1.1 percent in the third quarter […]
There were just too many “Breaking News” articles flying around the steel industry on Tuesday. By the end of the day the market was in a tizzy and my phone wouldn’t stop ringing (the phone part is good news – I like to both talk and listen). One breaking news article caught our attention because […]
Rene Obermann, chief executive of Deutsche Telekom AG, will replace Prof. Dr. Beatrice Weder di Mauro on the ThyssenKrupp Supervisory Board effective November 1, 2013. Economist Weder di Mauro resigned after being appointed to a European Commission group on fiscal development of the euro zone. Obermann was appointed to the Board by a local court […]
U.S. Steel will report their 3rd Quarter earnings this week. Prior to the announcement the company and its new CEO, Mario Longhi announced what many in the industry already knew – two asset purchases made in 2007 are not worth what the company paid for them. The result is USS is taking a non-cash goodwill […]
There has been great speculation and anticipation regarding the sale of the ThyssenKrupp Steel Americas steel mills since the parent company announced it was offering the plants for sale over one year ago. The Americas operations consist of the Calvert, Alabama facility as well as the CSA fully integrated slab mill with its two blast […]
SSAB Americas had sales of SEK 3,639 million ($575 million) in the third quarter of 2013 on shipments of 628 thousand tonnes (692,239 tons). Niche products accounted for 166 thousand tonnes (182,980 tons) or 26 percent of total shipments. In comparison, shipments were 16 percent higher year over year and 9 percent higher quarterly. Sales […]
AK Steel announced the election Mark G. Essig and Vicente Wright to its Board of Directors effective Nov. 1, 2013. Mark Essig is currently CEO of FKI Security group and has held several senior executive positions in the steel industry including executive vice president at AK Steel from 1991 to 1998. Vicente Wright served as […]
Commercial Metals Company reported earnings of $4.1 million on net sales of $1.7 billion for its FY 2013 fourth quarter (ending August 31, 2013). Net earnings included an asset impairment charge of $25.9 million related to its Australian operation. In comparison, CMC reported net earnings of $30.2 million in fourth quarter 2012. CMC net earnings […]
Reliance Steel & Aluminum increased sales 18.9 percent to $2.44 billion in the third quarter 2013 from $2.06 billion in third quarter 2012. Tons sold were up 31.3 percent year-over-year to 1.45 billion tons. Net income was $95.1 million, down 3.1 percent from $98.1 million in the third quarter of 2012 and up 17.4 percent from […]
Completion of the Essar Steel Minnesota taconite project has been delayed until late 2015 according company officials. The facility, begun in 2008, was originally slated for completion in 2013 and would increase annual production of taconite pellets from 4 million tonnes to 7 million tonnes. Essar Steel Minnesota CEO and President Madhu Vuupuluri said production […]
AK Steel has posted losses for the past four quarters and has added third quarter 2013 to that trend. The company reported a net loss of $31.7 million compared to a loss of $40.4 million the previous quarter and $60.9 million in third quarter 2012. Net sales were $1.33 billion on shipments of 1.24 million […]
Pencil them in as non-believers. During our monthly steel conference call held with HARDI wholesalers who distribute steel sheet and coil, we were advised that it is only a matter of time before steel prices begin to falter. One of the wholesalers told the group, “…Forty dollars per hundredweight – How many months out of […]