Category: Steel Product Producers

Olympic Steel’s earnings jumped in the fourth quarter, even as the company dealt with "significant" price volatility in hot rolled for full-year 2023.

Alan Kestenbaum, the CEO of Stelco, said the company is actively evaluating ways to grow the company, including both organic and inorganic opportunities.

Ryerson swung to a net profit in the fourth quarter, though revenue declined from the same period last year.

North American auto assemblies recovered in January after a usual seasonal slowdown at year-end, according to LMC Automotive data. The result was driven by improved production across the region vs. December’s output.

Canadian steelmaker Stelco swung to a loss in the fourth quarter as revenue declined due to decreased shipping volume and average selling prices.

Falling steel prices at present are not a symptom of demand but of imports arriving into the US and to some parts of Mexico, Ternium’s CEO Maximo Vedoya said this week.

A United Auto Workers (UAW) local has reached a tentative agreement with Ford, avoiding a strike at the automaker’s Kentucky Truck Plant (KTP).

Nucor Corp. announced plans to build a new rebar micro mill in the Pacific Northwest.

Latin American steelmaker Ternium posted a strong uptick in earnings in its fourth quarter, and sees increasing steel demand growth in Mexico.

The Italian government says it will appoint commissioners with specific steel-sector expertise in the coming days to assume control of the Taranto works, which is majority owned by ArcelorMittal.

Domestic production of raw steel moved higher again last week, improving for the third consecutive week, according to the most recent data from the American Iron and Steel Institute (AISI).

Australia's BlueScope Steel has begun making plans to potentially add cold rolling and coating capabilities in the US.

Leadership of the United Steelworkers (USW) and U.S. Steel met on Friday to discuss the steelmaker’s pending sale to Nippon Steel Corp. (NSC).

A coalition of climate and industrial organizations has launched a 'Race to Green Steel' campaign.

Approximately 9,000 United Auto Workers (UAW) members at Ford’s Kentucky Truck Plant said they will strike on Friday, Feb.. 23, if local contract issues are not resolved.

Friedman Industries posted lower earnings in its fiscal third quarter but was upbeat on the next quarter due to the effect of increased hot-rolled coil prices.

Algoma Steel has restarted its blast furnace and resumed steelmaking at its mill in Sault Ste. Marie, Ontario.

Reliance Inc. – formerly Reliance Steel & Aluminum Co. – introduced its “new company identity” that emphasized its “evolution to more than steel,” the company said in its fourth-quarter and full-year earnings report.

Cleveland-Cliffs Inc. announced on Thursday, Feb. 15, that it will indefinitely idle tinplate production at its mill in Weirton, W.Va.

Reliance has entered into an agreement to purchase Houston-based American Alloy Steel Inc. for an undisclosed sum.

Prices for galvanized products have been falling for more than a month, and market participants expect this trend to continue in the near term.

The latest statistics from the Air Conditioning, Heating, and Refrigeration Institute (AHRI) show that December shipments of heating and cooling equipment in the US inched higher from the previous month but declined from last year’s levels.

Last week, steel consumers prevailed in a rare victory over US petitioners in trade cases on tin mill steel products. The US International Trade Commission (ITC) voted 4—0 that Cleveland-Cliffs, the sole remaining domestic producer of tin mill products (used to make containers such as “tin cans”) was neither injured nor threatened with injury by imports of competing products from Canada, China, and Germany. Imports from South Korea were found to be “negligible,” and the investigation on Korean imports was terminated. 

ArcelorMittal indicated that a sale of U.S. Steel to Nippon Steel could lead to it taking full control of AM/NS Calvert, its joint venture sheet mill in Alabama. "Typically, in such situations, when there is a selling partner, they sell it to the other partner in the joint venture, right. So I could imagine such a situation would develop,” Mittal said.

Russel Metals has invested a lot in recent years, and it’s not done yet.

South Korean integrated steelmaker Posco has started building a 2.5-million-metric-ton-per-year (Mt/y) electric-arc furnace (EAF) at its Gwangyang works, a key stage in the company’s transition to becoming a green steel producer.

Algoma Steel Group Inc. suffered another incident at its steel mill in Sault Ste. Marie, Ontario, this week.

ArcelorMittal swung to a loss in the fourth quarter largely because of costs associated with a deadly coal mining disaster last year in Kazakhstan. The Luxembourg-based steelmaker sold its Kazakhstan operations in December and no longer owns and operates coal mines as a result of the move, according to comments released along with earnings data on Thursday.

Algoma Steel reported a wider loss in its fiscal third quarter amid lingering impact from the United Auto Workers (UAW) strike and “heavy seasonal maintenance.” Additionally, the Canadian steelmaker said it has completed repairs at it blast furnace and “restored partial coke-making capabilities” after a previously reported incident on Jan. 20.

The recession many predicted did not materialize in 2023, leading industry experts in several key end-user markets for steel cautiously optimistic for 2024.