U.S. Steel earnings were in line with expectations for the third quarter. U.S. Steel reported net earnings of $291 million compared to $214 million in the second quarter and earnings of $147 million in Q3 2017. Net sales rose 14.8 percent year-over-year to $3.7 billion. Adjusted EBITDA of $526 million improved by $169 million compared […]
ArcelorMittal Group third-quarter net income dropped by nearly half to $0.9 billion from $1.9 billion in the second quarter and declined 25 percent from $1.2 billion a year ago. EBITDA fell 11.2 percent from the second quarter to $1.7 billion due primarily to lower steel shipments and high inflation rates in Argentina, the company said […]
Steelmaker SSAB plans to invest up to $100 million in its operations near Mobile, Ala. Improvements to the mill, to take place from 2019 to 2021, will increase the potential capacity for high-strength steel production by 130,000 metric tons per year, the company said. The investment aims to increase production capacity for high-strength, value-added steels, […]
Reliance Steel & Aluminum Co. has promoted James D. Hoffman, currently Executive Vice President and Chief Operating Officer, to succeed Gregg J. Mollins as President and Chief Executive Officer, effective Jan. 1. Hoffman joined the Reliance leadership team in 2008 as Senior Vice President Operations and was promoted to Executive Vice President and Chief Operating […]
Metalforming companies are expecting business conditions to slow slightly during the next three months as new orders decline, according to the October 2018 Precision Metalforming Association survey. Average daily shipping levels also decreased in October with 23 percent of firms forecasting a decrease in orders compared to 15 percent last month. Only 2 percent of […]
AK Steel reported its best third quarter in 10 years with net income of $67.2 million and a 39 percent year-over-year jump in adjusted EBITDA to $160.8 million. Steady shipment levels and higher steel selling prices and shipments more than offset higher costs for certain raw materials, transportation and supplies, including graphite electrodes, said the […]
Reliance Steel & Aluminum reported its second highest quarterly net sales in the company’s history. Third-quarter net sales jumped 21.4 percent year-over-year to $2.97 billion, down just 0.5 percent from the record set in the second quarter at $2.99 billion. Reliance net income for the quarter of $148.2 million was impacted by a $36.8 million […]
Contentious issues continue to stymie negotiations between United Steelworkers and ArcelorMittal. Although progress has been made toward a new labor agreement, USW officials say the union remains at odds with the company over a number of proposals including those regarding profit sharing and pensions. “Our union is dedicated to seeing this process through to the […]
Joint partners ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. have been approved by creditors to acquire Essar Steel India Limited (ESIL) for an upfront payment of 42,000 crore rupees and investment of 8,000 crore rupees to improve operations (about $5.7 billion and $1.1 billion in U.S. dollars). ESIL, an integrated flat steel producer, is […]
Reliance Steel & Aluminum Co. is now the sole owner of Acero Prime and its affiliate Acero Prime Servicios, a toll processor with four locations in Mexico. Reliance was the majority owner but purchased the remaining 40 percent interest from joint venture partner U.S. Steel. Terms of the transaction were not disclosed. “Acquiring the remaining […]
SSAB Americas and Nucor both announced a $40 per ton increase in the price of plate products this week. SSAB Americas informed customers on Monday, Oct. 22, that it is increasing transaction prices on plate products by a minimum of $40 per ton, effective immediately for all non-contract orders acknowledged for shipment the week of […]
The United Steelworkers and ArcelorMittal USA still have not signed a collective bargaining agreement despite the USW coming to terms with U.S. Steel and Cleveland Cliffs. Union members at ArcelorMittal USA have been working under an extended contract since Sept. 1. The following statement was issued by John Brett, president and CEO, ArcelorMittal USA: On Friday, […]
Ternium USA Inc. will invest $14.7 million to expand and upgrade its facility at The Port of Caddo-Bossier in Shreveport, La. Ternium will overhaul its galvanizing line and complete other capital upgrades to optimize plant operations and logistics. Upgrading the galvanizing line will yield an additional 42,000 metric tons per year of coated products. “In […]
ArcelorMittal Dofasco will receive up to $38 million from the Canadian government towards a $156 million modernization project at its Hamilton facility. The money is part of a C$250 million (U.S. $191 million) fund set up to provide support to steel, aluminum and manufacturing companies impacted by tariffs resulting from the Section 232 measures imposed […]
Pittsburgh, PA, October 18, 2018 – Allegheny Technologies Incorporated (NYSE: ATI) announced today it has signed an agreement to provide carbon steel hot-rolling conversion services for NLMK USA at ATI’s world-class Hot-Rolling and Processing Facility, or HRPF, located in Brackenridge, PA. Slab shipments to ATI will begin immediately and increase to anticipated production levels in […]
A strong economy and equally strong steel demand propelled Nucor Corp. earnings growth in the third quarter. Nucor reported earnings of $676.7 million in the third quarter, which included a non-cash impairment charge of $110.0 million related to its natural gas well assets. In comparison, second quarter net earnings were $683.2 and third quarter 2017 […]
Steel Dynamics announced record financial results for third-quarter 2018. Sales for the quarter totaled $3.2 billion for a net income of $398 million compared to prior-year third-quarter sales of $2.4 billion and net income of $153 million. “Our third-quarter 2018 income from operations of $532 million and adjusted EBITDA of $626 million were both record […]
This afternoon, Steel Market Update spoke with James Banker, Jr., Executive Vice President of NLMK USA, about two topics. First, the slab conversion agreement between NLMK USA and Allegheny Technologies Inc. Second, we spoke about NLMK not following the $40 per ton price increase announced by the other domestic steel mills. We will discuss both […]
Details are beginning to leak about the tentative four-year labor contract between the USW and U.S. Steel. Workers will get a 14 percent raise spread across a four-year period, according to Reuters sources. That will be biggest pay raise the steelworkers have seen in several years. No increase was included in the last contract and […]
United Steelworkers at U.S. Steel have reached a tentative agreement on a four-year labor contract with the mill, avoiding a potential strike. USW officials said the contract will allow workers and management to move forward in a way “that allows us to share in the company’s success.” “The company came to the bargaining table this […]
NLMK USA sales slipped 8.0 percent in the third quarter to 590,000 metric tons as customers waited to see if steel prices would decline after reaching a high in July. Sales were up 4 percent from third-quarter 2017, driven by a stronger U.S. economy and steel demand. Sales in the first nine months of the […]
Negotiations between United Steelworkers and ArcelorMittal have stalled on demands for deep concessions that workers consider unfair and unnecessary. USW members agreed to not take a wage increase during the last three-year contract and have had a total wage increase of 4.5 percent since 2012, despite inflation increasing 8 percent. Other industries have seen wages […]
ArcelorMittal announced a binding offer from Liberty House Group for the purchase of ArcelorMittal Ostrava (Czech Republic), ArcelorMittal Galati (Romania), ArcelorMittal Skopje (Macedonia) and ArcelorMittal Piombino (Italy). The transaction is part of a divestment package agreed to by ArcelorMittal with the European Commission for the €1.8 billion acquisition of Italian steel mill Ilva. The ArcelorMittal […]
AK Steel has received an award of up to $1.2 million from the U.S. Department of Energy (DOE) to help fund its research into low-density steels, which could ultimately be used in automotive structural applications. AK Steel will work on a three-year project in collaboration with DOE, Oak Ridge National Laboratory and the Colorado School […]
Samuel, Son & Co., Limited, has promoted Colin Osborne to the position of president and chief operating officer. He will assume leadership responsibility for Samuel’s operations, manufacturing, purchasing and commercial activities, along with oversight of the company’s corporate functions. Samuel is a leading metals distributor and industrial products manufacturer based near Toronto. It is the […]
No one was injured as a result of a small fire at a conveyor belt at ArcelorMittal Cleveland, which was was brought under control by the Cleveland Fire Department on Thursday. The company said it does not expect the incident to affect production at the mill. Firefighters used foam to extinguish flames that persisted for […]
On Wednesday of this week, Nucor’s Sheet Mill Group announced a $40 per ton ($2.00/cwt) price hike on flat rolled steel products produced by the mill. The price hike affects only spot tons and not contract orders, which tend to be tied to a flat rolled steel price index. In an Oct. 10 letter to […]
On the heels of the price hike announced by Nucor yesterday, the other major sheet mills followed suit today raising spot prices on flat rolled steel products by $40 per net ton. Customers were notified of the increase by ArcelorMittal USA, U.S. Steel, California Steel Industries and USS-POSCO Industries. California Steel Industries told customers it […]
Labor negotiations at ArcelorMittal have slowed after making some progress last week. A United Steelworkers update said the union will hold firm against company demands for concessions from members or retirees. The USW negotiating committee at U.S. Steel also reported some progress during discussions last week. Talks are expected to continue this week in Pittsburgh […]
Liberty Steel Products Holdings is now the majority owner of Mississippi Steel Processing (MSP), located on the campus of Steel Dynamics’ Columbus, Miss., flat roll mill. MSP will continue offering a complete array of toll steel processing services in the Southeast and surrounding markets and looks to build on its position as an independent steel […]