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 […]
We have passed through 700 registered attendees for this year’s SMU Virtual Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. We will be the largest steel conference (live or virtual) in North America this calendar year. Those who have seen our platform are excited. […]
We have passed through 700 registered attendees for this year’s SMU Virtual Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. We will be the largest steel conference (live or virtual) in North America this calendar year. Those who have seen our platform are excited. […]
Four days to go… This will be our 10th SMU Steel Summit Conference. Over those 10 years the SMU team (and now CRU team) has built the most successful steel conference outside of mainland China. This year’s conference will be either the second or third most attended event we have had since the beginning. I don’t think we […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor. The U.S. Midwest sheet market was somewhat mixed this week as prices for both HR and HDG coil fell w/w, while CR coil rose by $3 /s.ton. The price of HR coil fell $5 /s.ton w/w and is at its lowest level since the prior […]
In the SMU Community Chat webinar last week, Paul Terry of CRU and John Packard of Steel Market Update gave a live demo of the virtual event platform that will be the SMU Steel Summit 2020 Virtual Conference. If you missed the webinar, you can watch the live demo here. We explain networking, agenda, exhibition and […]
In the SMU Community Chat webinar last week, Paul Terry of CRU and John Packard of Steel Market Update gave a live demo of the virtual event platform that will be the SMU Steel Summit 2020 Virtual Conference. If you missed the webinar, you can watch the live demo here. We explain networking, agenda, exhibition and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On an earnings call last week, Aditya Mittal, president and CFO of ArcelorMittal, the single largest steel producer in the world, stated that “Section 232 has been successful because it has spurred a lot of investment in the […]
ArcelorMittal is laying off 877 union and salaried workers at Indiana Harbor in addition to the 454 at ArcelorMittal Cleveland. The layoffs took effect on Saturday and will continue for the next two weeks until completed. In an amended letter to the Indiana Department of Workforce Development, ArcelorMittal said, “Due to additional and unforeseen deterioration […]
Learning to do more with less during the COVID crisis is bringing structural changes to ArcelorMittal, said Aditya Mittal, president and CFO of the world’s largest integrated steel and mining company, during today’s second-quarter report to analysts and investors. Without offering specifics about which assets will be affected in pursuit of cost savings, Mittal said […]
By CRU Analyst Iris Speelmanns, from CRU’s Steelmaking Raw Materials Monitor The following is excerpted from CRU’s weekly report on steel supply disruptions and restarts. Several weeks after national lockdowns were eased, activity in steel-consuming sectors continues to resume and mills are restarting or ramping up production in some regions. Outside China, the spread of […]
A mass layoff of 454 workers at ArcelorMittal Cleveland is slated to begin on Aug. 1. A WARN notice was sent to the Ohio Department of Job and Family Services on July 27 informing the state of the impending layoffs, which will include hourly represented as well as certain salaried employees. Said ArcelorMittal in their […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
Investigations are under way into the cause of an accident at ArcelorMittal’s Indiana Harbor mill in East Chicago, Ind., that claimed the life of a 71-year-old worker who was struck by a coil tractor on Tuesday. ArcelorMittal offered condolences to the family of George Salinas of Gary, Ind. “We are deeply troubled by today’s incident […]
U.S. Steel plans to restart the No. 8 blast furnace at Gary Works on Aug. 1 in response to improved demand from automotive and other sectors. The 1.2-million-ton furnace was idled in April. “Gary Works is restoring this capacity to satisfy the very strong demand we are seeing from key contract customers with the reemergence […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of financial market trading experience and has been active in the ferrous futures space for eight years. David earned an MBA from the University of Chicago Booth School of Business with concentrations in economics, statistics and analytical finance. […]