Owen Industries, a service center, processor and fabricator of steel sheet and plate based in Carter Lake, Iowa, has acquired the assets of Omaha Steel, a steel foundry in Wahoo, Neb. The acquisition includes a newly built foundry facility that gives Owen Industries the opportunity to expand its offerings into the design and production of […]
Canada’s Russel Metals reported “an exceptionally strong third quarter built on the back of a really strong Q2.” Company executives on Friday’s earnings call pointed to the various moves the company has made in the past two years to position it to take advantage of the prevailing market conditions. Most recent was this week’s announcement […]
Canadian distributor Russel Metals has expanded its U.S. footprint by agreeing to acquire Arkansas-based service center Boyd Metals. The deal, valued at $110 million, includes all five of Boyd’s facilities. Boyd’s operations in Arkansas, Missouri, Oklahoma, and Texas deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial […]
BlueScope Steel plans to acquire U.S. ferrous scrap recycler MetalX LLC for $240 million. MetalX is the leading scrap supplier to North Star BlueScope, the Australian steelmaker’s electric arc furnace (EAF) sheet mill in Delta, Ohio. The deal is expected to close by the end of December, BlueScope said in a press release. MetalX operates […]
United Steelworkers (USW) members at ArcelorMittal’s tube plant in Shelby, Ohio, have been on strike since midnight on Sunday, according to local media reports. That’s when a four-year labor contract between the Luxembourg-based steelmaker and USW Local 3057 expired. Sticking points in contract talks include time off over holidays as well as pension and health […]
The management team at Ryerson reported solid third-quarter results on Thursday and expressed optimism about underlying demand in the fourth quarter and into next year. “The pricing environment is still healthy and strong underpinned by good demand – demand deferred, not denied – and we see that continuing into 2022,” Ryerson President and CEO Eddie […]
Steel tube producer Tenaris saw global sales jump 15% sequentially to $1.75 billion in the third quarter of 2021, with sales 73% above the same year-ago quarter. The successive increase in Q3 was driven by an 8% increase in volumes, aided by a 6% increase in selling prices. Sales surged by 28% in North America to […]
Klöckner & Co. SE posted record results in the third quarter, outperforming a previous record in the second. The company also delivered its highest quarterly operating income since its IPO in 2006. Klöckner credited the unparalleled third-quarter results to “considerably higher” selling prices. The Duisburg, Germany-based service center, which has significant operations in the U.S., […]
JSW Steel (USA) Inc. has launched the second phase of a $260 million project aimed at refurbishing its plate mill in Baytown, Texas. The upgrades will allow the Baytown mill to better compete in on- and offshore wind tower, agriculture, construction and storage tank markets as well as in other sectors for which surface finish […]
U.S. Steel has resumed production at its Big River Steel electric arc furnace (EAF) sheet mill in Osceola, Ark., following a two-week maintenance outage last month, a company spokeswoman said. The outage had commenced on Oct. 10. SMU has updated its EAF status table to reflect the change. Big River Steel has annual capacity of […]
Ternium reported net earnings of $1.37 billion in the third quarter of 2021, up from $1.16 billion in the the prior quarter and following a loss of $21 million in the third quarter of 2020. The gains resulted from higher steel prices and strong global demand. Shipments were 3.1 million tons in the third quarter, largely unchanged […]
U.S. Steel has completed or has nearly completed two blast furnace outages, a company spokeswoman confirmed. But furnaces that have been idled will remain so, the Pittsburgh-based steelmaker’s top executive said. U.S. Steel has completed an approximately one-week outage on the B blast furnace at its Granite City Works outside of St. Louis, the spokeswoman […]
Algoma Steel Group Inc. and Triple M Metal LP have formed a joint venture – ATM Metals Inc. – to source prime scrap and other iron units for the Canadian flat-rolled steelmaker. The tie up between Triple M, one of North America’s largest private scrap recyclers, and Sault Ste. Marie, Ontario-based Algoma comes as the latter is […]
With record third-quarter earnings of $2 billion in the bank, U.S. Steel President and CEO David Burritt offered a bullish outlook for the steel industry and his company in 2022. Highlights of the company’s earnings call on Friday included an update on the steelmaker’s progress in finding a site for its new electric arc furnace […]
United States Steel Corp. today reported third-quarter 2021 net earnings of $2.0 billion on sales totaling $5.964 billion. That’s a huge jump from the net loss of $234 million on sales of $2.34 billion in the same quarter last year. “We continue setting records, including record net earnings, record EBITDA, record EBITDA margin, record liquidity, […]
This year’s third quarter was the best quarter on record for Reliance Steel & Aluminum Co., the nation’s largest service center organization. Reliance reported gross profit of $1.21 billion on sales of $3.85 billion in Q3. “Our resilient business model, favorable metal pricing trends and excellent execution combined to produce another quarter of record-setting financial […]
Evraz steel sales dropped in the third quarter as a strong showing from its North American operations only partially offset weaker demand as well as logistics and maintenance issues in Russia. The sales drop in Russia resulted in part from a slowdown in the local construction market. It also stemmed from bad weather and difficulty […]
Allegheny Technologies Inc. (ATI) reported profitability for the first time since Q1 2020, three months ahead of schedule, company executives said on Thursday’s earnings call. The third-quarter net income of $48.7 million – up 35% against second-quarter results – was fueled by an improving aerospace market and a post-strike accelerated recovery. ATI said that production […]
Distributors who sell galvanized steel products to the construction and HVAC sectors report a slight softening in demand at the same time that competition is firming up and prices are looking down. Market conditions overall are still favorable, reported members of the Heating, Air-Conditioning & Refrigeration Distributors International during HARDI’s monthly conference call today, but […]
Swedish steelmaker SSAB posted record earnings again in the third quarter thanks in part to sharply higher plate prices in North America. But while North American demand is expected to remain strong in the fourth quarter, that in Europe is anticipated to soften because of the automotive chip shortage – which has dented vehicle production on […]
Mexican flat-rolled steelmaker Altos Hornos de México (AHMSA) has restarted its hot strip mill after a planned two-week outage, a company spokesman said. The mill has been up and running since last week, he said. The company confirmed the outage at the beginning of October. AHMSA’s hot strip mill has annual capacity of 2.8 million […]
Cleveland-Cliffs Inc. has restarted the No. 7 blast furnace at its Indiana Harbor steel mill in northwest Indiana following a reline. “We just concluded the repair of Indiana Harbor No. 7. … We finished 24 hours ahead of schedule,” company Chairman, President and CEO Lourenco Gonvalves said during a conference call with analysts on Friday, […]
Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters. The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter […]
Nucor Corp. plans to take a 25-day outage at its Gallatin sheet mill in Ghent., Ky., for final equipment installation for a hot-rolled capacity expansion there. The outage will begin on Nov. 23. Once it is completed, the new electric-arc furnace (EAF) and related equipment will be commissioned, company executives said during an earnings conference […]
NLMK USA posted record third-quarter earnings supported by strong downstream demand and historically high steel prices. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – reported EBITDA of $354 million in the third quarter, a 66% surge from the previous high mark of $213 million in the second quarter and a big jump […]
Nucor Corp. smashed its quarterly earnings record in the third quarter with profits on par with those for the entire year of 2018 – another good year for steel. And the Charlotte, N.C.-based steelmaker, North America’s largest, thinks the string of record profits – the prior record was the second quarter of this year – […]
ThyssenKrupp Materials Services plans to build a greenfield service center on the campus of Steel Dynamics Inc.’s new steel mill in Sinton, Texas. The new location is part of a nearly $82 million (€70 million) North American expansion plan launched by the service center and distribution wing of the Essen, Germany-based steel company. Approximately $33 […]
Algoma Steel shares began trading on the Nasdaq Stock Exchange and the Toronto Stock Exchange (TSX) on Wednesday under the ticker symbol “ASTL.” The development follows an initial public offering (IPO) made possible by a merger between the Canadian flat-rolled steelmaker and New York-based Legato, a special purpose acquisition company (SPAC). The deal resulted in […]
Steel Dynamics’ President and CEO Mark Millett expects “transformational change” from SDI’s new electric arc furnace mill nearing completion in Sinton, Texas. “We are not simply adding flat rolled steel production capacity. We have a differentiated product offering, a unique regional supply chain solution, a significant geographic lead time advantage and offer a sustainable alternative […]
Algoma Steel’s initial public offering (IPO) is around the corner following shareholder approval of a deal between the Canadian steelmaker and Legato Merger Corp., a special purpose acquisition company (SPAC) The merger between the New York-based SPAC and privately held Sault Ste. Marie, Ontario-based Algoma is expected to close this week, an Algoma spokeswoman said. […]