United Steelworkers Local 2724 – which represents technical, professional, and front-line supervisors – has ratified a labor agreement with Canadian flat-rolled steelmaker Algoma Steel. Local 2724 membership voted 59.9% in favor of the labor memorandum, resulting in a contract that renews on August 1. “I extend sincere thanks to the negotiating committees for their concerted […]
Algoma Steel Group Inc. has reached a tentative labor agreement with the United Steelworkers (USW) union local representing its salaried workers, both parties confirmed. USW Local 2724 – which represents technical, professional and front-line supervisors – will hold ratification votes on the tentative pact from July 21-25. The union said in an update to members […]
We’ve been covering the latest turn of the screw in contract talks between US and Canadian steelmakers and the United Steelworkers (USW) union. Some of you have asked us lately what the key dates and companies are. Below is a summary of where things stand – rhetoric and minutia aside – with USW and Canadian […]
A second local United Steelworkers (USW) chapter at Algoma Steel has voted to authorize a strike. Local 2274 held a vote on the matter late last week, and 95.1% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, is represented by two unions: […]
The local United Steelworkers (USW) chapter representing hourly workers at Algoma Steel has voted nearly unanimously to authorize a strike. Local 2251 held a vote on the matter on Monday, July 4, and 99% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, […]
Contract talks covering more than 22,000 dock workers at 29 West Coast ports will continue past the expiration of a current agreement on July 1 at 5 p.m. PST. That’s according to a joint statement released on Friday afternoon ahead of that deadline by the International Longshore & Warehouse Union (ILWU) and the Pacific Maritime […]
The rally was fun while it lasted, but new capacity delayed in large part because of Covid has arrived or soon will, popular analyst Timna Tanners said. And it will coincide with some demand weakness. The result: “steelmageddon” (aka “sheet storm”) might have been delayed. But it has finally arrived, she said. “Here we are with capacity starting […]
The union representing Stelco’s Lake Erie Works in Nanticoke, Ontario, said labor talks would continue past the expiration of the current contract on Thursday. United Steelworkers (USW) Local 8782 said that the terms of the old contract, which expires on June 30, would remain in effect as negotiations continued. “Members are required to continue to […]
It’s going to be a long, hot summer. I was thinking we might start to see the “summer doldrums” ahead of the long Independence Day weekend. Instead we’ve gotten a barrage of news on prices, US Steel and labor contract talks. Let’s start with prices. Our average hot-rolled coil price fell below $1,000 per ton […]
A second United Steelworkers union local has voted to authorize a strike at Canadian flat-rolled steelmaker Stelco. USW Local 8782, which represents the company’s steel mill in Nanticoke, Ontario, said 99.1% of its members voted on Monday in favor of the strike mandate. The moves comes after USW Local 1005, which represents Stelco’s Hamilton Works, earlier […]
I mentioned in my last Final Thoughts that you should keep your eyes open for potential catalysts for higher prices even amid all the signs that tags probably have nowhere to go but lower. It turned out we found one hiding in plain sight. It’s contract talk season in the US, with labor pacts between […]
Canadian flat-rolled steelmakers Stelco and Algoma face looming summer contract expirations with the United Steelworkers (USW) union. That’s well ahead of US mills, whose contracts with the USW don’t expire until Sept. 1. Here is where things stand now: Stelco The most pressing deadline is at Hamilton, Ontario-based Stelco, whose five-year agreement with the USW […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
High steel prices continued to benefit Canadian flatrolled steelmaker Algoma Steel Group as it posted strong results for its fiscal 2022 fourth quarter and full year ended March 31. “Our strong results for the fiscal fourth quarter capped off an incredible year at Algoma, one that produced record revenues, profitability and cash flows. Relentless execution […]
Michael McQuade, Algoma Steel’s chief executive officer, will retire on June 1. Michael Garcia has been named to succeed him. McQuade will continue to serve on the company’s board of directors, where Garcia will also join concurrent with his appointment as CEO, the company said. “Mike McQuade has provided exemplary leadership through this transition period, […]
Algoma Steel Group Inc. expects modestly lower shipments and production volumes in its fiscal fourth quarter because of supply chain bottlenecks and the ongoing impact of the Covid-19 pandemic. The Sault Ste. Marie, Ontario-based steelmaker forecasts shipments of 540,000-550,000 tons in the fourth quarter and adjusted EBITDA of CAD $310 million to $320 million (USD […]
Ford, Toyota and Honda continued to see production disruptions at various factories due to ongoing protests by anti-vaxxers blocking the Ambassador Bridge, the busiest international border crossing in North America. The auto industry has struggled to get parts over the U.S.-Canada border as the protest by truck drivers at the bridge had entered its fifth […]
Cleveland-Cliffs Inc. could join other steel producers in adding electric-arc furnace (EAF) capacity, the company’s top executive said. The Cleveland-based steelmaker is considering that because the cost of relining a blast furnace – and investing in the supply chains needed to feed it – are roughly the same as those for of building a new EAF. […]
Algoma Steel Group swung to a profit in its fiscal 2022 third quarter thanks to steel prices rising faster than raw material and energy costs. The Sault Ste. Marie, Ontario-based sheet and plate producer also said that construction was underway for its transition to electric-arc furnace (EAF) steelmaking. All told, the company recorded net income […]
Algoma Steel Group Inc. has awarded GE Gas Power (GE) the contract to upgrade its natural gas combined cycle power plant to support the power requirements of the steelmaker’s new electric arc furnace (EAF). The Sault Ste. Marie, Ontario-based steelmaker said the upgrade, which includes the installation of two gas turbine packages, is expected to […]
For those of you who participate in our bi-weekly steel market analysis questionnaires, or if you are a Premium level member, the results from the last few weeks would suggest service centers are at a point where they will support new price increases by the domestic steel mills. We collect data from manufacturing companies and […]
Algoma Steel Group Inc. said it expects its third-quarter fiscal 2022 financial results to align with its previous guidance despite lower-than-expected steel shipments for the quarter. The Sault Ste. Marie, Ontario-based steelmaker shipped roughly 550,000 net tons of steel in the third quarter of fiscal 2022 ended Dec. 30, 2021, below prior guidance of 590,000 […]
BlueScope Steel has closed its $240 million deal for ferrous scrap recycler MetalX. With the transaction complete, MetalX will operate under the name BlueScope Recycling and Materials. BlueScope announced the deal in early November and closed it on Dec. 17, according to a statement released earlier this week. MetalX is the leading scrap supplier to […]
Algoma Steel Group Inc. has picked Danieli & C. Officine Meccaniche S.p.A (Danieli) as the technology provider for their new electric arc (EAF) steelmaking facility set for operation in early 2024. The Sault Ste. Marie, Ontario-based steelmaker said that Danieli’s systems were the best choice for their new mill as they transition away from basic […]
Algoma Steel Inc. has secured Canadian $220 million (U.S. $172 million) in funding from the Canada Infrastructure Bank (CIB) to help pay for its conversion to electric-arc furnace (EAF) steelmaking. The Sault Ste. Marie, Ontario-based steelmaker said the government money would pay for equipment for the project, which carries a total price tag of approximately […]
Nucor has increased plate prices by $40 per ton ($2 per cwt) with the opening of its January order book. The price hike – announced on Monday, Nov. 29 and effective immediately – is equal across all plate products. The Charlotte, N.C.-based steelmaker’s price increase is also notable because it is $10 per ton less than the […]
Algoma Steel Inc. has increased plate prices for U.S. customers by at least $50 per ton ($2.50 per cwt). The move is effective immediately for new spot orders. The increase is $60 per ton CAD for customers in Canada. The Sault Ste. Marie, Ontario-based flat rolled steelmaker said the price hike applied equally to as-rolled […]
Earnings season is (mostly) done and dusted, so I’d like to turn your attention to another season: M&A announcement season. Bankers like to get deals done before Christmas. And I think there is a decent chance that any deals in the pipeline now are announced in the next month or so. Also, while spot prices […]
Algoma Steel posted record profits in its fiscal second quarter, and the Canadian flat-rolled steelmaker expects money to continue to pour in as high spot prices roll into 2022 contracts. The Sault Ste Marie, Ontario-based company also thinks that the traditional relationship between sheet and plate prices will be restored as infrastructure spending increases demand for […]