Ternium Mexico continues to ramp up its new hot strip mill outside of Monterrey while also eyeing potential expansions on both sides of the Rio Grande, the company’s top executive said. “We still have a lot of things to do in Mexico. But also in the States, our facility is running at 100% capacity – so we […]
Nucor has idled its Castrip® mill in Crawfordsville, Ind., and consolidated its remaining Castrip® business at its mill in Blytheville, Ark., a company spokeswoman confirmed. The Indiana mill was idled in 2020, and the Arkansas Castrip® operations “will continue to operate on a limited basis as we conclude our commitments to our customers,” she said. […]
At least two U.S. plate mills – SSAB Americas and Evraz North America – have followed Nucor in raising plate prices. SSAB has increased prices by $85 per ton (Canadian $105 per ton) for commercial, non-quenched-and-tempered (Q&T) product and by $170 per ton (C$215 per ton) for Q&T material. “These increases are to be applied to […]
Nucor might be wrapping up an approximately $4-billion expansion campaign, but it has no intentions of stopping there, the company’s top executive said. “We’re going to be a growth company. … And we’ve got the balance sheet to continue to invest,” President and CEO Leon Topalian said. Topalian declined to specify where the company might […]
Cleveland-Cliffs Inc. plans to expand into the scrap market – and is creating a new division for that purpose, the company’s top executive said. The scrap division – Cleveland-Cliffs Services – will be spearheaded by Keith Koci, Cliff’s chief financial officer. More details about the venture will be made available in early September, Cliffs Chairman, President and […]
Veteran metals and mining analyst Timna Tanners will join boutique investment firm Wolfe Research LLC as a managing director. Tanners gained fame and notoriety as an equity research analyst at Bank of America (BoA) for her Steelmageddon® hypothesis – which posited that the collision of older integrated capacity and new electric arc furnace (EAF) capacity would […]
Steel Market Update will not be updating sheet and plate prices during our Steel Summit conference in the week of Aug. 23. The SMU staff will be busy with the conference, and many of the usual data providers will be in attendance at the event in Atlanta. SMU will resume its weekly price updates the […]
It’s not wise to call an inflection point based on one week of data. But I’m going to do it anyway. Because while SMU might have just one week of somewhat bearish survey data, there are plenty of other data points out there to say with some confidence that we’re at or near a peak […]
Nucor – the largest steelmaker in the U.S. – in a leading move announced that it was increasing plate prices along with the opening of its October order book. The price hike is $85-165 per ton ($4.25-8.25/cwt) depending on the product. The increase – announced on Friday, Aug. 20 – marks at least the fourth consecutive month […]
Latin American steelmaker Ternium and Brazilian iron ore miner Vale have signed an agreement to work together to lower carbon emissions. Potential joint investments include an iron ore briquetting plant near Ternium Brasil, the company’s steel mill in Rio de Janeiro, and pig iron made from alternate raw materials such as biomass. “Vale is a […]
Swedish steelmaker SSAB said it has produced the world’s first-fossil free steel and delivered a trial order to automaker Volvo. “It’s possible to … significantly reduce the global carbon footprint of the steel industry. We hope that this will inspire others to also want to speed up the green transition,” SSAB President and CEO Martin Lindqvist […]
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 […]