Nucor Q3 profit falls sharply on lower steel prices, further drop seen in Q4
Nucor’s profits dropped precipitously in the third quarter on lower prices in its steel mills segment as the company expects a continued earnings slide for Q4’24.
Nucor’s profits dropped precipitously in the third quarter on lower prices in its steel mills segment as the company expects a continued earnings slide for Q4’24.
The Canadian government announced a remission process for businesses for recently announced tariffs on Chinese steel and aluminum products and electric vehicles .
While up over the week prior, domestic raw steel mill production remains near one of the lowest rates recorded this year.
Sweden’s SSAB has been awarded €128 million by the European Commission for the steelmaker’s efforts at decarbonization.
Nucor is holding its hot-rolled coil consumer spot price at $720/short ton this week.
When a mapmaker constructs a map, it’s always to the contours of the land. Or sea. That is, the mapmaker doesn’t say, “Look, these rocks really don’t belong here, so I’m not going to include them in the harbor map.” Uncharted rocks, sink ships (along with loose lips).
China’s burgeoning exports are causing major angst all over the world. In the US, the increases are spawning calls for more restrictions on China, some of which might work a bit, but will likely cause more harm than good for the world at large.
Nucor Corp. has commissioned SMS group to upgrade its Tuscaloosa, Ala., plate mill.
The US International Trade Commission (ITC) has decided to conduct full sunset reviews of 23-year-old anti-dumping and countervailing duties (AD/CVD) on hot-rolled (HR) steel imports.
US rig counts continue to hover near multi-year lows, a trend observed since July. Canadian activity remains strong, just a few rigs shy of a seven-month high.
Zekelman Industries has announced a joint venture with Maverick Pipe, expanding its offerings of US-made strut channel, PVC conduit, and PVC fence products.
Global scrap prices increased in Asia and the US in October, although we believe downside risks remain for prices in the short term, particularly outside the US market.
On Friday, the US International Trade Commission (ITC) voted to continue the trade case investigation of corrosion-resistant (CORE) steel imports from 10 trading partners.
The price spread between US-produced cold-rolled (CR) coil and offshore products was negligibly wider in the week ended Oct. 18, on a landed basis.
Aloca reports strong results Alcoa‘s performance improved in Q3 due to reduced costs and higher alumina prices, the Pittsburgh-based company said in its Q3 financial results. The report coincided with an announcement on the future of Alcoa San Ciprián operations, in the Galicia region of Spain – a strategic agreement with IGNIS EQT, a Madrid-based […]
The price spread between hot-rolled coil (HRC) and prime scrap narrowed marginally in October, according to SMU’s most recent pricing data.
We had an October surprise here at SMU on Wednesday. I was working from the CRU office in Pittsburgh, and the internet connection briefly went out. As luck would have it, that happened smack in the middle of a live Community Chat webinar.
Fortunately, my colleague David Schollaert stepped in, Zekelman Industries CEO Barry Zekelman rolled with the punches – and the show went on.
Could there be any more October surprises in store for us and for the steel market?
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year.
Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
After a relatively stable and boring September, CME hot-rolled coil (HRC) futures have been on the move lower thus far in October. Since Sept. 30, the November and December futures have declined $63 and $65, respectively, with the curve’s contango steepening.
The volume of finished steel entering the US market declined in August from July, according to SMU’s analysis of data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Referred to as ‘apparent steel supply,’ we calculate this monthly rate by combining domestic steel mill shipments and finished US steel imports and deducting total US steel exports.
Scrap prices ticked up in October outside of Chicago and Detroit, scrap sources told SMU.
US hot-rolled (HR) coil prices slipped again this past week, mirroring movement in offshore markets. This kept domestic tags marginally higher than imports on a landed basis.
Domestic steel champion Barry Zekelman joined SMU to discuss the latest issues impacting the US steel market.
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices.
The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]
Prices, demand, inventories, evolving market events… What are buyers and sellers of steel talking about this week?
Last week, US mills entered the scrap market, albeit later in the month than usual. Now we know why. They were trying to buy sideways (whatever that means anymore).
We just wrapped up another Steel 101 workshop, easily the most hands-on industry workshop on steelmaking and market fundamentals, in this humble opinion. Last week on Tuesday and Wednesday, SMU’s Steel 101 was held in Starkville, Miss.
Steel sheet prices mostly edged lower for a second week, while plate prices slipped for the third consecutive week.