Majestic Steel USA has acquired West Coast service center Merit Steel USA in a push to expand its presence in the region. The Cleveland-based service center said persistent supply chain constraints bolstered the case for growing its footprint west of the Rocky Mountains. Terms of the deal were not disclosed. “Merit has a strong reputation as a […]
U.S. Steel plans to take additional outages at its blast furnaces in the Midwest, the company confirmed. The Pittsburgh-based steelmaker will take an approximately seven-day outage on the B furnace at its Granite City Works outside of St. Louis beginning on Oct. 1, a company spokeswoman said. And U.S. Steel will also take a roughly […]
EXLTUBE has raised prices for all A53B products by $125 per ton ($6.25 per cwt) effective immediately. “This increase is due to escalating substrate costs, transportation costs and demand,” the North Kansas City, Mo.-based pipe and tube producer said in a letter to customers Wednesday, Aug. 18. Orders on the books prior to the increase […]
Allegheny Technologies Inc. (ATI) has sold its Flowform Products business to Consolidated Boring Inc. for $55 million in cash. Proceeds from the sale of Billerica, Mass.-based Flowform will be used to boost ATI’s liquidity and to strengthen its balance sheet, the company said. “While ATI Flowform is a strong performer with a great team serving […]
Schnitzer Steel Industries Inc. has resumed production at its Cascade Steel Rolling Mills in McMinnville, Ore., following a fire in late May that damaged the facility’s melt shop. The Portland, Ore.-based recycler, which also owns the Oregon mill, said the facility was accepting orders after restarting operations several weeks earlier than expected. “I am proud […]
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 […]
Just because all major U.S.-based steel mills have reported quarterly results doesn’t mean that earnings season is over. Results from mills based abroad are coming in. And those of you still paying attention to earnings might have noticed a change in tone between when Steel Dynamics kicked things off on July 19 and when Evraz […]
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. […]
General Motors has extended downtime at some auto assembly plants into September because of the ongoing semiconductor shortage. And the Detroit-based automaker said some of its truck plants would continue to see chip-related outages – a development that is notable because pickup trucks are among GM’s most profitable and in-demand vehicles. Here is where things stand now with GM: […]
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 […]
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 […]
JSW Steel (USA) Inc. has increased base prices for plate by at least $120 per ton ($6 per cwt). The U.S. subsidiary of India’s JSW Group said the price hike was effective immediately for all new, non-contract orders. “This increase applies to our as-rolled and normalized plate products. Our full published extras will also remain […]
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. […]
The United States and the European Union aim to resolve their differences around Section 232 tariffs on the EU by Nov. 1, an EU official said. “On the U.S. Section 232, both sides confirmed readiness to find a solution by 1 November,” the EU official told Steel Market Update (SMU). “In terms of progress, both […]
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 […]
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 […]
The Biden administration has resolved, at least in part, a potentially serious conflict over currency exchange rates with Vietnam. This could be a signal that other trade problems might also be resolved. Exchange rates matter to economists and businesses, and therefore to the rest of us, because a “weak” currency abroad will facilitate exports to countries […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
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. […]
Steel lobbying groups cheered a procedural move advancing a bipartisan infrastructure bill through the Senate. The 67-32 vote does not mean the bill has passed. But it clears a key hurdle on the way toward turning a potentially $1 trillion bill, including $550 billion on steel-intensive infrastructure, into law. Congress – both the House and the Senate – have […]
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 […]
Don’t forget to tune into the tomorrow’s Steel Market Update Community Chat webinar with Bernard Swiecki of the Center for Automotive Research (CAR). The webinar starts Wednesday, July 28, at 11 a.m. ET (10 a.m. CT). Swiecki serves as director of research at CAR as well as director of the Automotive Communities Partnership (ACP). He will speak […]
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 […]
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 […]