North Star BlueScope is commissioning a new melt shop at its flat-rolled steel mill in Delta, Ohio, with the first heat expected this month. And equipment installation for a ladle metallurgy furnace is “substantially complete” as well, North Star’s parent company – Australian steelmaker BlueScope – said in documents released with earnings data on Monday, Aug. […]
BlueScope Steel Ltd. posted record earnings in its 2021 fiscal year thanks to strong demand and record metal spreads. All told, the Australian steelmaker – the parent company of Delta, Ohio-based North Star BlueScope – recorded net profit of Australian $1.19 billion ($870 million U.S.) in its fiscal year ended June 30, 2021, up more […]
Steel prices will go higher and stay stronger, predicted company executives during Stelco’s second-quarter 2021 earnings call on Wednesday. The Hamilton, Ontario-based flat-rolled steelmaker was rather bullish on the prospect of steel prices and their general direction through 2022 and beyond. As the company claimed “industry-leading profit margins” and record-setting quarterly results due to a favorable pricing […]
Integrated steelmaker U.S. Steel is taking the No. 6 blast furnace at its Gary Works steel mill offline for 38 days beginning at the end of next month, a company spokesperson confirmed to Steel Market Update. The planned maintenance outage at its Indiana facility is scheduled for Sept. 30 and should run through Nov. 9. […]
Willbanks Metals is upgrading the plate processing capabilities at its Fort Worth, Texas, facility with a new heavy gauge cut-to-length line and stretcher leveler. The new line, from Red Bud Industries, “is an exciting addition giving our current and future customers the flattest plate product in the market,” said Ryan Letz, Willbanks’ co-owner and CCO. The […]
Canadian flat-rolled steelmaker Stelco announced “industry-leading profit margins” and record-setting quarterly results for the second straight quarter in Q2 2021. The integrated steelmaker’s second-quarter adjusted net income was $380 million Canadian ($303.5 million U.S.) versus C$10 million ($7.99 million) in the year-ago quarter on revenue that soared 123% to C$918 million ($733.2 million). “We are […]
Lapham-Hickey Steel Corp. has acquired Rebel Steel, a service center specializing in slitting of cold-rolled and coated steels based in Nashville, Tenn. “The acquisition of Rebel Steel is an exciting addition to our existing footprint. Having brick and mortar with rail access in the Nashville area will allow us to competitively service the Tennessee and […]
Nucor has completed its previously announced acquisition of Cornerstone Building Brands’ insulated metal panels (IMP) business. The $1 billion deal expands the steelmaker’s reach into the construction market. The Nucor management team is in place and the CENTRIA and Metl-Span brands acquired from Cornerstone Building Brands are now a part of the newly created Insulated […]
Klöckner & Co. SE posted its best quarterly results since its stock launch more than 15 years ago. The company attributed its record-setting second-quarter results to the surge in steel prices, a 60% increase in sales and a strong performance from its digital operations. The Duisburg, Germany-based service center, which has significant operations in the […]
Toronto-based Russel Metals, Canada’s second largest metals distributor, posted its best second-quarter earnings ever off strong market conditions, the company said. Driven by rising demand and constrained supply chains, pre-tax earnings totaled $178 million, up 38% from Q1 on sales of $1.07 billion. That compares to EBITDA of $32 million on sales of $588 million in […]
Olympic Steel reported record sales and the most profitable quarter in company history. The achievement in the service center’s second quarter was bolstered by exceptional market conditions and historically high metal prices, the company said. Driven by higher pricing, Olympic set a sales record for the second consecutive quarter, posting net sales of $556 million […]
Olympic Steel announced record financial results for the quarter ended Sept. 30. “Our third-quarter performance was the strongest quarter in company history. And in fact, it was better than all but three full years in Olympic Steel’s history. Net sales totaled $668 million. Net income was $44.5 million and adjusted EBITDA was $70.5 million, all […]
Steel prices can’t go up forever and could correct downward from their historic highs later this year, steelmaker Evraz said. “Steel prices look unsustainable at current levels and there is a possibility of a gradual price decline in the coming months,” the company said in outlook commentary released with earnings data on Thursday, Aug. 5. […]
Cleveland-Cliffs Inc. has reached agreement on a new three-year labor agreement with United Auto Workers (UAW) Local 600, which represents 1,000 workers at the steelmaker’s Dearborn Works near Detroit. The new contract is retroactively effective from Aug. 1, 2021, through July 31, 2024. “We are extremely pleased to continue our commitment to good-paying middle-class union […]
Ryerson recorded its best quarterly profits since 2008 in the second quarter and expects the good times to continue into the third. “We’re not declaring an end to cyclicality in our industry, but noting strong secular growth underpinnings that have been supressed for a long time,” Ryerson President and CEO Eddie Lehner said during a […]
Steel tube producer Tenaris saw global sales jump 29% sequentially to $1.53 billion in the second quarter of 2021, pushing results up 17% year-over-year. A 21% increase in volumes was aided by a 6% increase in selling prices. Sales surged by 37% in North America, supported by a continued recovery in energy drilling activity and […]
Reliance Steel & Aluminum Co. has agreed to purchase Merfish United, adding a master distributor of tubular building products to the service center’s already extensive portfolio of companies. Terms of the deal, which is expected to close within 60 days, were not disclosed. Reliance will acquire Merfish from One Equity Partners, a middle market private […]
Ternium thinks that North American steel prices might move lower later this year but that they will bottom at a new, higher level than in previous cycles, the company’s top executive said. “Prices are probably going to begin a downtrend at some point during the second half. But I don’t expect this to be a […]
Ternium’s second-quarter profits surged on higher steel prices and strong global demand. And the Latin American steelmaker predicted that the good times would roll into the third quarter too. “Realized steel prices in the third quarter are expected to continue increasing in all regions, partially offset by higher cost per ton due to higher raw material […]
Allegheny Technologies Inc. (ATI) continues to ramp up production at its hot rolling and processing facility (HRPF) in Brackenridge, Pa. The increased output comes following the end of a lengthy strike by the United Steelworkers (USW) union and thanks to a long-term slab toll rolling agreement with JSW Steel USA. “This multiyear agreement provides a […]
U.S. Steel plans to focus on organic growth – expanding its existing operations – rather than on mergers and acquisitions, company executives said. “Don’t be looking for us to add a bunch of capacity, look for us to build capability for profitable growth,” President and Chief Executive Officer David Burritt said during a conference call with analysts. […]
ArcelorMittal Dofasco plans to spend Canadian $1.77 billion ($1.41 billion U.S.) to install a new direct-reduced iron (DRI) plant and electric arc furnace (EAF) at its steel mill in Hamilton, Ontario. The subsidiary of multinational steelmaker ArcelorMittal SA said the project hinges on support from the Canadian government, which has agreed to contribute C$400 million […]
Former Big River Steel CEO David Stickler and former CFO Ari Levy have moved to different roles but remain affiliated with U.S. Steel, a company spokesman said. Stickler and Levy “are continuing their partnership with U.S. Steel as we jointly work on transformational projects of mutual interest,” the spokesman said. “The remaining management and operations […]
Steel Dynamics Inc. (SDI) has proposed a major investment at its Heartland Division flat-rolled steel processing operations in Terre Haute, Ind., company President and CEO Mark Millett told Steel Market Update. The cost of the planned expansion – a 390,000-square-foot addition that would increase the facility’s footprint by 50% – is estimated at $231 million and would include enhancements to […]
U.S. Steel returned to the black in the second quarter on a solid showing from its flat-rolled steel operations and an even stronger performance from Big River Steel. The second quarter was “exceptional,” and the Pittsburgh-based steelmaker expects to set new profitability records again in the third, company President and Chief Executive Officer David B. […]
In a trading update for Q2 2021, Evraz reported favorable market conditions and a 6.1% increase in sales over the first quarter. Although demand remained high in North America throughout the quarter amid a rapid economic recovery from the pandemic, fewer imports and relatively low levels of distributor inventory impacted overall sales in the region. […]
ArcelorMittal continues to forge ahead with major expansions at its North American operations on the heels of its best second-quarter profits since 2008. The multinational steelmaker recorded net income of $4 billion in the second quarter of 2021 after losing $559 million in the same quarter last year on sales that increased 76.2% to $19.3 […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
BlueScope expects to the join the parade of steelmakers reporting record earnings – thanks in large part to a strong showing from its U.S. operations. The Australian steelmaker anticipates reporting earnings before interest and taxes (EBIT) of approximately Australian $1.19 billion ($876.3 million) in the second half of its fiscal year – a new record. That […]
Last week our average price on hot rolled coil (HRC) was $1,850 per ton ($92.50/cwt). We are not far away from $2,000 per ton ($100.00/cwt). The idea of HRC at $100.00/cwt is so far out of my historical perspective. I go back to the late 1970s when HRC sold under $10.00/cwt…. Jeez. I saw an […]