Contributor: Ethan Bernard

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Final Thoughts

Scrap keeps on trucking, shutdown or not.

NLMK USA raising HR, CR $50/ton, coated at $150 above HR base

NLMK USA is aiming to increase base prices on all products, effective immediately.

HRC vs. prime spread widens again in November

The price spread between HRC and prime scrap has widened for a second month, based on SMU’s most recent pricing data.

ArcelorMittal exec upbeat on N. America

ArcelorMittal sees green shoots in North America despite tepid demand.

November scrap tags settle sideways, sources say

November ferrous scrap prices landed even with October as the market settled, sources told SMU.

SMU Scrap Survey: Sentiment Indices decline

SMU’s Current and Future Sentiment Indices for scrap decreased this month, based on the latest data from our ferrous scrap survey.

Scrap Market Chatter in November

A sampling of SMU scrap survey respondent answers from November.

Calvert ops support ArcelorMittal earnings in Q3 despite Mexican woes

Consolidation of its Calvert operation supported ArcelorMittal's North American operations in the third quarter, despite ongoing Section 232 tariffs and outages at facilities in Mexico.

Canadian Steel Producers Association cheers federal budget safeguards for steel

The Canadian Steel Producers Association (CSPA) applauded the passage of the Canadian federal budget, which includes several measures that aid their domestic steel industry.

USW taps Brown as next international president

The United Steelworkers (USW) union has named Roxanne Brown as its next international president.

Final Thoughts

Could 2026 be the year when tariffs headwinds clear?

USS to invest $75M in new line at Alabama tubular facility

U.S. Steel has announced a $75-million capital investment to install a new premium thread line at its Fairfield Tubular Operations in Alabama.

POSCO aims for at least 10% stake in Cliffs, over $700M investment: Report

South Korean steelmaker POSCO is set to take at least a 10% stake in Cleveland-Cliffs and invest over $700 million, according to a South Korean media report.

Gerdau's N. American earnings rise in Q3 due to fall in imports

Gerdau’s North American profits rose in the third quarter, boosted by a decline in imports due to Section 232 steel tariffs.

SMU Survey: Steel Buyers' Sentiment Indices increase

SMU’s Steel Buyers’ Sentiment Indices both rose this week, with Current Sentiment rebounding 14 points.

Final Thoughts

Sometimes an entire news cycle happens in one week.

Algoma's losses widen in Q3 as tariff troubles continue

Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.

Olympic reports lower Q3 profits after Ryerson merger announcement

Olympic Steel reported a decline in third-quarter earnings on Tuesday, as the company separately announced its merger with service center giant Ryerson.

M&A blockbuster as Ryerson, Olympic Steel announce merger

National service center chains Ryerson Holding Corp. and Olympic Steel Corp. have announced a merger between the two companies.

Saving US pig iron: NEMO Industries CEO Daniel Liss talks bringing back domestic production

NEMO Industries CEO talks cost and reasoning behind a $3-billion pig iron project in Louisiana.

Nucor profits jump, but company cautions on Q4 outlook

Nucor’s profits more than doubled in the third quarter year over year, but the company expects Q4’25 to be lower sequentially.

SDI announces proprietary low-carbon EDGE products

Steel Dynamics has announced lower-embodied-carbon steel products BIOEDGE and EDGE, and expects “immediate interest” from several markets for some of the offerings.

Final Thoughts

SMU digs into the vault to look back at an old survey, and to tell what exciting things are still to come.

Reliance profits dip amid trade policy headwinds

Reliance Inc. reported lower profits in the third quarter amid trade woes and abundant inventory in the market.

SDI execs tout progress on Mississippi biocarbon facility

SDI shipped the first product from its biocarbon facility in Columbus, Miss., in September as the project continues to accelerate.

SDI profits soar in Q3'25 amid 'record' steel shipments

Steel Dynamics Inc.’s third-quarter profits jumped year over year as the company saw “record” quarterly steel shipments

CMC Q4 profits rise on improved market conditions

CMC reported higher net earnings in its fiscal fourth quarter on "better market conditions" across its segments.

FabArc Steel Supply completes projects in Mississippi, Georgia

FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.

SMU Survey: Current Sentiment sinks to lowest level since May 2020

SMU’s Steel Buyers’ Sentiment Indices both fell this week, with Current Steel Buyers’ Sentiment notching the lowest reading since May 2020.

Busheling and shredded tags drop, widening HRC vs. prime scrap spread

US scrap prices fell on busheling and shredded in October, while HMS remained flat, market sources told SMU.