Nippon Steel & Sumitomo Metal Corp. is considering selling its shares of I/N Tek and I/N Kote, rolling and galvanizing plants held in a 50-50 joint venture with ArcelorMittal, to Cleveland-Cliffs. Cliffs acquired ArcelorMittal’s shares of the two plants in New Carlisle, Ind., in a deal for the company’s U.S. assets last month. Nippon Steel […]
The 2020 pandemic has caused more disruption to the global energy sector than any other event in recent history, says the International Energy Agency in its newest World Energy Outlook. “Whether this upheaval ultimately helps or hinders efforts to accelerate clean energy transitions and reach international energy and climate goals will depend on how governments […]
The Cleveland-Cliffs/ArcelorMittal merger may throw a curve at the Steelmageddon theory, said Bank of America steel analyst Timna Tanners during Wednesday’s Steel Market Update Community Chat Webinar. The Cliffs/AM combination includes two mills that are more than 100 years old and another that is 50 years old. A move by Cliffs to permanently close some older blast […]
Steel Market Update is pleased to announce that we will re-start our SMU Community Chat Webinar series on Wednesday, Oct. 7, at 11 a.m. ET. Our speaker will be Timna Tanners, Metals and Mining Analyst at Bank of America and the owner of the “Steelmageddon” terminology. Joining Timna will be John Packard, President & CEO […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Market Outlook In less than a year Cleveland-Cliffs has transformed themselves from a Great Lakes-based iron ore miner to the largest fully integrated flat rolled steel producer in the USA. Cliffs has done this by acquiring AK Steel earlier this year and now they […]
On Thursday, Steel Market Update produced an article on lead times with the headline, “Steel Mill Lead Times: Mixed Messages.” The lead times being discussed in the article come from our proprietary survey, which is produced every other week. The lead times are based on the average from the manufacturing companies and steel service centers […]
On Thursday, Steel Market Update produced an article on lead times with the headline, “Steel Mill Lead Times: Mixed Messages.” The lead times being discussed in the article come from our proprietary survey, which is produced every other week. The lead times are based on the average from the manufacturing companies and steel service centers […]
Steel Market Update is pleased to announce that we will re-start our SMU Community Chat Webinar series on Wednesday, Oct. 7, at 11 a.m. ET. Our speaker will be Timna Tanners, Metals and Mining Analyst at Bank of America and the owner of the “Steelmageddon” terminology. Joining Timna will be John Packard, President & CEO […]
Steel Market Update is pleased to announce that we will re-start our SMU Community Chat Webinar series on Wednesday, Oct. 7, at 11 a.m. ET. Our speaker will be Timna Tanners, Metals and Mining Analyst at Bank of America and the owner of the “Steelmageddon” terminology. Joining Timna will be John Packard, President & CEO […]
With steel mills currently having extended mill lead times, steel buyers need to be cognizant of their inventories. If one has two months of inventory and the mills are running seven-week lead times on your products, then you need to be concerned should lead times move out even further. If you are an active buyer […]
With steel mills currently having extended mill lead times, steel buyers need to be cognizant of their inventories. If one has two months of inventory and the mills are running seven-week lead times on your products, then you need to be concerned should lead times move out even further. If you are an active buyer […]
Following on the heels of plate price increases earlier this week, the mills have announced another $50 increase on flat rolled. On Wednesday, Nucor’s Sheet Mill Group notified customers that it is increasing base prices on new orders of hot rolled, cold rolled and galvanized products by a minimum of $50 per ton, effective immediately. […]
Recovery, fundamental, opportunity, strategic, exciting. These are the five words steel executives used during AIST’s Virtual Town Hall Forum Wednesday to describe the current state of steel. In the aftermath of an unprecedented upheaval for the economy and the industry caused by the COVID-19 crisis, executives from Big River Steel, Cleveland-Cliffs, Nucor, Steel Dynamics and […]
Following on the heels of plate price increases announced this week, the mills have begun raising prices on flat rolled as well. Sources tell Steel Market Update that ArcelorMittal USA has informed customers of new minimum base prices of $650 per ton for hot rolled, and $850 per ton for cold rolled and coated products, […]
An explosion at ArcelorMittal Dofasco’s Machine Shop complex on Thursday afternoon destroyed a stress relieving furnace near the welding shop. The explosion was heard by the neighboring areas, but there was no offsite impact or serious injuries to Dofasco team members, the company said. Said spokesperson Marie Verdun in a statement to SMU: “We experienced […]
Mill lead times are extended, price increase announcements are being made (with ArcelorMittal USA putting a minimum base price on hot rolled out there of $650 per ton and cold rolled and coated at $850 per ton) and mills are holding the line on spot negotiations. Momentum is clearly on the side of the steel […]
Cleveland-Cliffs’ purchase of ArcelorMittal USA took many steel buyers by surprise this week. Initial reactions from some Steel Market Update readers ranged from “a major development” to “business as usual.” Here are some of their comments: “Quite surprised by this development. Initial reaction is this gives them an incredibly strong position with automotive. Not sure […]
ArcelorMittal’s divestment of U.S. assets to Cleveland-Cliffs completes the company’s $2 billion asset portfolio optimization and strategically repositions its North American platform. “This transaction is a unique opportunity for ArcelorMittal to unlock significant value for shareholders while retaining exposure to the North American economy through our high-quality NAFTA assets alongside a participation in what will […]
Cleveland-Cliffs is about to become the largest flat-rolled steel producer in North America. The company announced Monday that it will acquire the operations of ArcelorMittal USA and its subsidiaries for a purchase price of approximately $1.4 billion in equity and cash. The transaction includes 78.2 million shares of Cleveland-Cliffs common stock valued at $500 million, […]
Cleveland-Cliffs is about to become the largest flat-rolled steel producer in North America. The company announced Monday that it will acquire all of the operations of ArcelorMittal USA and its subsidiaries for a purchase price of approximately $1.4 billion. The deal is expected to close in the fourth quarter of 2020. The ArcelorMittal assets include […]
All the integrated steel mills in the United States will soon be controlled by U.S. companies. Cleveland-Cliffs is buying ArcelorMittal USA assets…well, most of the U.S. assets. They did not acquire the ArcelorMittal/Nippon Steel Calvert steel mill located just outside of Mobile, Ala., and they did not purchase the Dofasco plant located in Hamilton, Ontario, […]
Safety protocols and measures were deployed at AM/NS Calvert as Hurricane Sally made its way across the Gulf Coast this week. ArcelorMittal anticipates a two-day outage as result of difficult conditions in the communities surrounding the facility. “Our thoughts and prayers go out to our workforce, their families and communities that may be impacted by […]
We can all agree steel prices are on an upward trajectory right now. How high they will go, and for how long, is another matter. SMU’s check of the market on Monday and Tuesday puts the benchmark price for hot rolled steel at $580 per ton, up about $40 in the past week. U.S. Steel, […]
Mills raised plate prices by an additional $40-50 per ton ($2-2.50/cwt) on Monday and Tuesday, the second increase in the past five weeks and the fourth round of increases since May. Plate prices have lagged the increases in flat rolled as plate demand is more dependent on the infrastructure, commercial construction and energy markets, which […]
ArcelorMittal Global Research and Development in East Chicago was awarded two High-Performance Computing for Manufacturing Program (HPC4Mfg) grants from the Department of Energy. The grants are part of $3.3 million in federal funding for 11 manufacturing and materials projects focused on solving technical challenges in manufacturing and materials development in the U.S. “These awards from […]
Following on a similar move by the plate mills earlier in the week, flat rolled mills announced price changes Wednesday and Thursday ranging from $40 to $60 per ton. Nucor’s Sheet Mill Group notified customers today, Aug. 27, that it has increased base prices on new orders of hot rolled, cold rolled and galvanized steel […]
Many steel buyers have been anticipating a price increase, and the plate mills were the first to make a move. ArcelorMittal USA, Nucor and SSAB all announced changes to their plate prices, but not in the typical lock-step fashion. Nucor informed customers on Friday that it was setting a minimum base price of $28/cwt ($560 […]
Tomorrow we finally go LIVE! We will open the 2020 SMU Steel Summit Conference officially at 10 AM ET. This being an unusual year, we came up with an unusual opening, and one that I think you will not want to miss. Some quick facts – we are around 870 registrations as of Sunday, Aug. […]
Today we finally go LIVE! The platform is now open. There is content beginning at 9 AM this morning. We will open the 2020 SMU Steel Summit Conference officially at 10 AM ET. This being an unusual year, we came up with an unusual opening, and one that I think you will not want to […]
ArcelorMittal announce plans to build an electric arc furnace steelmaking facility at AM/NS Calvert. When completed the facility will have the capability of producing 1.5 million metric tons of steel slabs for Calvert’s hot strip mill as well as producing a wide variety of steel grades for end-users. “An electric arc furnace at Calvert makes […]