The reshoring of US manufacturing, nonresidential construction, and semiconductor manufacturing are key areas where Reliance Steel & Aluminum Co. remains incredibly bullish. Speaking on the company’s third quarter earnings conference call with analysts on Thurs., Oct. 27, executives expressed their optimism for these markets. Reshoring/nearshoring is “legit,” and the company is “pumped up about it,” […]
US Steel does not currently have any plans to bring back recently idled blast furnaces as it awaits an improvement in market conditions. The Pittsburgh-based steelmaker in September indefinitely idled the No. 3 Edgar Thomson blast furnace at its Mon Valley Works in western Pennsylvania and also the No. 8 BF at its Gary Works […]
In a positive sign for the automotive market, General Motors Co. completed and shipped a large number of vehicles in the third quarter, effectively increasing its US dealer inventories. “As we’ve moved through the year, we’ve seen gradual improvement in the supply chain, including semiconductors,” chairwoman and CEO Mary Barra said on the company’s Q3 […]
Just weeks after a union representing rail workers across the nation rejected a proposed labor agreement, a second union has now also voted down the national tentative agreement, further reigniting the potential for a national railway strike. The Brotherhood of Railroad Signalmen (BRS) voted against ratification of the tentative agreement which was reached on Sept. […]
Somewhat better-than-expected demand helped service center behemoth Reliance Steel & Aluminum Co. achieve strong third-quarter sales. And despite macroeconomic uncertainty, inflation, continuing supply chain disruptions, and geopolitical issues, the Scottsdale, Ariz.-based company anticipates healthy demand trends to continue in the current quarter, according to its Q3 earnings report released on Thursday, Oct. 27. The company […]
Oil country tubular goods (OCTG) imports from four countries will now be subject to fresh antidumping and countervailing duties. The news comes after the US International Trade Commission’s (ITC) final ruling that the US industry is being harmed by OCTG imports from Argentina, Mexico, Russia, and South Korea that are being sold at less than […]
Engineered shapes producer McDonald Steel Corp. is adding plate processing capabilities to its portfolio via the acquisition of General Steel Corp. Mac Steel GSC Inc., a wholly-owned subsidiary of McDonald Steel, recently acquired the assets of General Steel, a Cleveland-based plate service center and processor, for an undisclosed sum. The addition of plate processing capabilities naturally […]
Maintenance costs and increasing shipments to the automotive sector were major areas of discussion on Cleveland-Cliffs Inc.’s quarterly conference call with analysts on Tuesday, Oct. 25. With major maintenance projects now complete and shipments starting to increase to auto customers, Cliffs is confident it can return to quarterly shipment levels of close to four million tons. […]
The strong performance of SSAB Americas was a bright spot in Swedish parent company SSAB’s third quarter earnings report as the company’s European segment was impacted by weaker demand and low shipments. SSAB Americas posted Q3 operating profit of SEK 3,036 million (US$276.65 million) — a 61% improvement from the same quarter of 2021. The […]
Cleveland-Cliffs Inc. expects a continuation of the trend it saw in the third quarter of increasing shipments to the automotive sector. This should support steel pricing going forward, the steelmaker said in its Q3 earnings report released on Tuesday, Oct. 25. “Shipments to our automotive clients significantly improved in Q3, achieving a level among the highest in […]
The Biden administration is pushing its Federal Buy Clean Initiative to reduce carbon emissions from American industry and to support the purchase of low-carbon, made-in-America construction materials. The administration last week lauded two domestic steelmakers for their commitments to lower emissions and for participating in the initiative. Cleveland-Cliffs is the first domestic steel producer to […]
Flat steel and tubular producer JSW Steel (USA) Inc. saw lower operating results in the quarter ended Sept. 30, with plate and pipe production and plate sales the only areas showing signs of on-year growth. According to Indian parent company JSW Steel Ltd.’s fiscal second quarter 2023 results, production and sales of slab and hot-rolled […]
Although operating rates at its steel mills declined slightly from the second to third quarter, Steel Dynamics Inc. continues to demonstrate higher utilization rates than the US industry as a whole. The company’s overall Q3 utilization rate was 93%, down two percentage points from the 95% rate achieved in Q2, SDI chairman, president, and CEO Mark […]
Steel Dynamics Inc. plans to announce where its new aluminum flat-rolled mill will be located within the next few weeks. Site selection is wrapping up, and the purchase of equipment packages and major mill components has been completed over the past few weeks, SDI chairman, president, and CEO Mark Millett said on the company’s third-quarter […]
A strong performance from its steel fabrication operations offset lower earnings within its flat rolled steel business, resulting in another strong quarter for Steel Dynamics Inc. The Fort Wayne, Ind.-based steelmaker and recycler reported net income of $914 million on sales of $5.65 billion in the third quarter ended Sept. 30. While sales were 11% […]
Steel service center NIM Group is adding a new processing line to its Norfolk Iron & Metal facility in Windsor, Colo. Installation of a new precision cut-to-length line from Red Bud Industries and a hydraulic cassette leveler from Braner USA will begin at the end of this year. Operations are slated to begin in the […]
A new railcar manufacturing facility will soon be built in Washington County, Md. Hitachi Rail announced plans for a $70 million factory to build all types of trains to meet growing demand in North America’s rail market. Construction of the facility’s building will use 1,050 tons of steel including joists, girders, and structural steel columns. […]
Investing further in its US operations, agricultural and heavy equipment manufacturer Deere & Co. is reshoring production of a certain cotton harvester model back from China. The steel end user is expanding its operations in Thibodaux, La., with a $29.8 million investment, according to a news release from Louisiana Governor John Bel Edwards. A new […]
NLMK USA saw a considerable decline in third-quarter and year-to-date sales due to high inventories and a slowdown in customer activity because of falling steel prices. The US flat-rolled steel company — made up of NLMK Indiana, NLMK Pennsylvania, and the Sharon Coating galvanizing facility in Pennsylvania — posted preliminary sales of 300,000 metric tons […]
The US and European Commission (EC) plan to accelerate global steel discussions in the coming weeks. US Trade Representative Katherine Tai and EC Executive Vice President Valdis Dombrovskis met last week in Washington to discuss ways to strengthen the trading and economic relationships between the two regions, Tai’s office said. Tai and Dombrovskis discussed the role […]
Friedman Industries is already seeing the benefits of its April acquisition of Plateplus Inc., but hedging losses continue to impact the company. The Longview, Texas-based steel processor and manufacturer said the fiscal 2023 first quarter ended June 30, 2022, was positively impacted by the acquisition, resulting in the second most profitable quarter in the company’s […]
Commercial Metals Co. posted solid results for its fiscal fourth quarter ended Aug. 31, helping make the company’s fiscal year 2022 the best financial performance in its 107-year history. CMC’s North American segment saw strong demand for it finished long products during the quarter, as well as meaningful increases in downstream bid volumes. Destocking activity […]
The US Department of Commerce has updated the antidumping duty rate on imports of carbon and alloy cut-to-length plate from South Korea’s Posco. Having looked at the one-year period ended April 30, 2021, Commerce set a final weighted-average dumping margin of 2.59% for POSCO, according to a Federal Register filing. The final rate was slightly […]
H2 Green Steel (H2GS) is partnering with Midrex Technologies for its new direct reduced iron (DRI) facility in northern Sweden. Using Midrex’s technology, H2GS’s 2.1-million-metric-tons-per-year facility will run on 100% green hydrogen. Paul Wurth, an SMS group company, will also provide technology and equipment for the first-of-its-kind DRI plant. “We started working together almost two […]
Independent hot-dip galvanizer and coil coater AZZ Inc. achieved record sales in the second quarter (ended Aug. 31) of its fiscal 2023 year. The quarter was the first to include results from Precoat Metals, whose acquisition was completed in May of this year. Total Q2 sales reached $406.7 million. This includes record sales of $165.8 […]
Flat-rolled steel processor JM Steel Corp. is expanding into Georgia with the acquisition of Five Star Roll Form LLC and Sun States Steel Corp. Financial terms of the deals were not disclosed. Five Star is a fabricator serving the trailer, garage door, roofing, and solar industries. Sun States Steel is a flat-rolled steel distributor. Both […]
Service center behemoth Reliance Steel & Aluminum Co. will have a new leader come the start of 2023. Current CEO James D. Hoffman will step down from his position at the end of this year, allowing current company president Karla Lewis to step up and serve as both president and CEO, effective Jan. 1, 2023. […]
Cleveland-Cliffs Inc. is disputing the US International Trade Commission’s recent decision to allow antidumping and countervailing duties on cold-rolled steel flat products from Brazil to expire. In July, the ITC completed five-year sunset reviews of the AD and CVDs on cold-rolled imports. While the agency decided that the duties should remain in place for China, […]
The US Department of Commerce has released preliminary dumping and subsidy margins in the latest administrative review of the duties on cold-rolled steel flat product imports from South Korea. In the antidumping duty review, which is looking at the one-year period ended Aug. 31, 2021, Commerce determined preliminary dumping margins of 0% for Hyundai Steel, […]
Supported by high finished steel and scrap prices, Schnitzer Steel Industries Inc. expects its results for full-year fiscal 2022 to be the second best in the company’s history. This week, the Portland, Ore.-based scrap recycler and long steel producer announced its preliminary results for the fourth quarter and fiscal year ended Aug. 31, 2022. Although […]