Contributor: Michael Cowden

The United Steelworkers (USW) accused U.S. Steel of “dragging their feet” in labor contract negotiations on Friday. The USW said in a text to members that it delivered a proposed labor contract to U.S. Steel on Oct. 30 and that the company asked to meet with union negotiators the following Thursday and Friday. “When we met (Thursday), they gave us no response on wages or the majority of the outstanding items,” the USW said, adding that U.S. Steel’s lead negotiator unexpectedly left the bargaining table on Friday.

Cleveland-Cliffs and the United Steelworkers (USW) announced on Friday that they had reached a tentative deal for a new, four-year labor pact. The Cleveland-based steelmaker said the agreement covered approximately 12,000 USW members in Indiana, Ohio, Pennsylvania, Minnesota, and Michigan. The company noted that the deal included workers not only at its steel plants but also its mining operations—in other words, all of its USW labor contracts up for renewal. “Our USW-represented employees do work that is essential to Cleveland-Cliffs and to our country. These agreements recognize their contributions and give us the stability we need to invest, compete and continue strengthening American steelmaking," Cliffs Chairman and CEO Lourenco Goncalves said in a statement.

Republicans got shellacked in the midterms on Tuesday. Equities got shellacked on Wall St. on Thursday. And steel prices continued upward as if nothing had happened. I asked a couple of weeks ago whether the supply squeeze we’re seeing now is more intense than what we saw in 2021. It’s becoming increasingly clear that it is by most metrics, with the notable exception of price. Don’t believe me? Read our exclusive interview with Worthington Steel President and CEO Geoff Gilmore. If you take away just one quote, this is it: "I’ve been in the business for 28 years, and this is the toughest market that I’ve encountered," Gilmore told SMU.

Sheet prices soared this week as market participants increasingly predict that the strong market characterizing 2026 will stretch well into 2027. And with extremely limited spot availability, mills that have spot tons to sell are charging a significant premium, they said. The result: Sheet prices saw their highest week-over-week gains since March 2025, according to SMU's pricing records. That's when President Trump shocked the market by expanding Section 232 tariffs to cover traditional US allies such as Canada, Mexico, and the EU.

The United Steelworkers (USW) union and U.S. Steel remain at loggerheads on key issues more than two months after the original deadline for negotiating a new contract passed. “We are not here to bargain concessions,” the USW said in a text to union members on Friday afternoon. The USW’s text on Friday afternoon came after the union said U.S. Steel had presented a proposed labor contract that contained “nothing new on wages (their proposal is just too low)”.

National Material Company has completed its acquisition of Arlington Metals Corp., the companies said in a joint press release. National Materials, a service center based in East Chicago, Ind., said the acquisition of Arlington Metals, a Franklin Park, Ill.-based toll processor, will allow it to serve customers across a broader range of markets and metals. "Arlington Metals is a great fit for us," said Blake Johnson, president of National Material.

In-person labor contract negotiations resumed this week between the United Steelworkers (USW) union, U.S. Steel, and Cleveland-Cliffs, the union said. The USW said it presented its latest counterproposal to U.S. Steel on Wednesday. “All of our big issues remain on the table, including wages, health care, retirement, safety, capital investments, successorship, and greater transparency around profit sharing,” the USW said in a text to members on Wednesday.

Sheet and plate prices continued to press higher this week as the current supply squeeze shows no signs of letting up even as contract season winds down and lead times tip into 2027. The historic rally marks a sharp reversal from last year, when the consensus was that prices would drift lower on uneven demand and new capacity. Steel buyers said it remains difficult to find a domestic mill with spot availability in a market that some said is tighter than in 2021, even if prices haven't spiraled as high as they did then. SMU's price assessment for spot hot-rolled (HR) coil stands at...

Nucor's net earnings more than doubled in the third quarter of this year compared to the same quarter last year on higher steel prices and sales volumes. The strong showing was supported by "robust demand across key end markets," company Chair and CEO Leon Topalian said in a statement released with Q3'26 earnings data after the close of markets on Monday. The Charlotte, N.C.-based steelmaker reported net earnings of $1.32 billion in Q3'26, more than double earnings of $607 million in Q3'25 on sales that rose 32% to $11.25 billion in the same comparison.

"Now, the problem is no longer the price. The problem is having access to steel." That would have made a good lead. But I can’t take credit for it. Those (very quotable) words are from Cleveland-Cliffs Chairman and CEO Lourenco Goncalves during the steelmaker’s quarterly earnings conference call on Monday. For a while, I thought the shortages we'd been hearing about might be mostly a problem for small- and mid-sized buyers. But we’re seeing even some of the biggest steel buyers talking openly about supply problems.

Reliance Inc. posted a third-quarter profit more than double that of a year ago on record quarterly sales. The stellar result came thanks to higher steel prices and a jump in tons sold. A government contract for the US border wall with Mexico drove a significant portion of those gains, the company said. And the Phoenix-based service center chain, North America’s largest, predicted that profits would continue to surge in the fourth quarter despite concerns about steel availability and geopolitical instability.

The United Steelworkers (USW) union will resume in-person bargaining with U.S. Steel on Monday. The move comes after the USW said it received an updated contract proposal from the Pittsburgh-based steelmaker on Tuesday. “While we had meaningful discussion with the company, there is still much work to be done,” the USW said in a text to members on Wednesday. “The rest of this week, we will be working on a counter and looking to get answers about some of the proposals USS made,” the union added.

Alro Steel has opened a new, 245,000-square foot facility in Oviedo, Fla., a suburb of Orlando, Fla. The Jackson, Mich.-based service center said the new location would allow it to better serve the Orlando market. The company said the new facility will allow its original location in Orlando, established in 1982, to focus on plate processing. The Oviedo location “significantly increases Alro’s local inventory and processing capacity, providing customers with greater product availability, expanded processing options, and faster shipments,” Alro said in a press release posted earlier this week.

Sheet and plate prices continue to push higher as mills charge a premium for what little spot tonnage remains for 2026, market participants said. SMU’s price assessment for hot-rolled (HR) coil now stands at $1,290 per short ton (st) on average, up $10/st week over week. HR price gains averaged $5/st w/w throughout July and August, with no changes in prices some weeks and gains of at most $15/st w/w. In September and October to date, in contrast, prices have increased every week—with the average gain at $11.25/st w/w and w/w gains as high as $20/st. Prices for cold-rolled and coated products continued to increase as well. SMU's price assessment for cold-rolled (CR) coil clocked in at...

Steel Dynamics Inc. (SDI) posted sharply higher third quarter profits on the back of higher steel prices, record steel shipments, and "historically low" import volumes. The Fort Wayne, Ind.-based steelmaker said it also benefited from low customer inventories, long mill lead times, and low scrap prices. It wasn’t just a story of US trade policy suppressing imports. Demand was strong across a range of end markets, among them energy, non-residential construction, and automotive, the company said.

Cleveland-Cliffs recorded its first profitable quarter since 2024 on higher steel prices, increased sales volumes, and trade policies supportive of US mills. The Cleveland-based steelmaker swung to a profit of $152 million in Q3’2026 compared to a loss of $251 million in the same quarter last year on revenue that rose 18.5% to $5.6 billion over the same period. Prior to Q3’2026, Cliffs had not posted a profit since Q2’24, when it recorded a profit of $2 million.

On the face of it, nothing much changed in the US steel market this week. Lead times continue to extend. Inventories remain lean. And mills can pretty much name their price. Sheet lead times, which extend well into December, remain at the highest levels we’ve seen since 2021. Plate lead times, meanwhile, set a new record. At 11 weeks on average, they’re higher than anything we’ve recorded – including during the boom year of ’21.

Lead times for sheet and plate continued to extend amid a domestic supply squeeze, according to the latest SMU steel market survey data. Average lead times stretch into mid- or late December, and those at some mills now extend into 2027. Lead times for all sheet products except Galvalume stand at their highest point since the post-covid demand snapback in 2021. Lead times for plate are now even higher than their 2021 peak.

US sheet and plate prices continued to march higher this week as a market squeeze that’s been in place for months now showed no signs of letting up. Market participants, some mostly focused on 2027 contract negotiations, said that it was increasingly difficult to even get a quote for spot tonnage from domestic mills, which firmly retain their grip on pricing power. SMU’s hot-rolled (HR) coil price stands at...

Ken Simonson, chief economist for the Associated General Contractors of America (AGC), will join SMU for a Community Chat webinar on Wednesday, Oct. 28, at 11 a.m. ET. What will we talk about? On the one hand, a steel-intensive data center boom continues to outstrip even the most bullish steel-demand forecasts. On the other hand, some more traditional construction markets are struggling. What happens if the data boom falters?

Domestic mills shipped roughly the same amount of steel in August as they did in July, according to the latest figures from the American Iron and Steel Institute (AISI). US mills shipped 8,220,544 short tons (st) in August, up marginally from 8,219,549 in July, AISI said. But while the month-over-month (m/m) comparison was roughly flat, year-over-year (y/y) comparisons point to a significant increase in domestic shipments.

Every month, SMU polls scrap market participants on a variety of topics—including prices, business conditions, and what they think the future holds. We received the data and comments below last week, before the October market had entirely settled. And as it turns out, survey respondents mostly got it right. Broadly speaking, all survey respondents said demand was stable (56%) or improving (44%). None reported a decline in demand. We haven't seen this many people reporting improving demand since February.

If you’re a Seinfeld fan, you probably remember the classic episode about “The Soup Nazi.” I think there might be some parallels between that clip and the tone of 2027 contract negotiations between domestic mills and steel buyers.

Nucor plans to invest $105 million to expand production at its utility towers and structures plant in Crawfordsville, Ind.

SMU’s latest steel market survey is out, and it paints a picture of a market we’re all familiar with now: long lead times, mills firmly in control of pricing, and an expectation that US sheet prices will remain stronger for longer, despite increased interest in imports.

U.S. Steel on Wednesday proposed a new, five-year labor contract to the United Steelworkers (USW) union – one that would run from Sept. 1, 2026, to Sept. 1, 2031, but the USW called the offer a "disappointment."

Sheet and plate prices continued to inch higher on a combination of scarce spot tons, long lead times, lean inventories, and stable demand.

A one-month extension of the terms of the current four-year contracts between the USW and the two steelmakers (which was initially set to lapse on Sept. 1) expires on Oct. 1.

Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.

The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.