In an email to their customers earlier today, ArcelorMittal USA became the first mill to announce new base price minimums on flat rolled steel with the opening of their July order book. The new steel price minimums set by AM are as follows: Hot Rolled = $610 per ton ($30.50/cwt)Cold Rolled = $800 per ton […]
In case there is some confusion, flat rolled steel prices are moving higher and, with today’s announcement by ArcelorMittal it is only a matter of time before benchmark hot rolled breaches $600 per ton and cold rolled and coated breach $800 per ton (base plus extras). It has been a very difficult market to gauge […]
The move by ArcelorMittal USA today was anticipated and the price levels noted in their increase email to their customers are in line with expectations. I expect the rest of the mills will follow along within $10-$20 per ton of the levels suggested by AMUSA. Some of the mills may wait for scrap prices to […]
The United Steelworkers revealed highlights on Friday of its tentative contract with ArcelorMittal USA. The settlement followed eight months of negotiations while union members continued to work under the terms of the previous expired contract. The new contract does not include a pay raise but does maintain the no premium status for health care benefits […]
On April 29, 2016, the Department of Commerce initiated an antidumping duty (AD) investigation of imports of certain carbon and alloy steel cut-to-length plate (CTL plate) from Austria, Belgium, Brazil, China, France, Germany, Italy, Japan, Korea, South Africa, Taiwan, and Turkey, and countervailing duty (CVD) investigations of imports of CTL plate from Brazil, China, and […]
Cliffs Natural Resources first quarter earnings were stronger than expected by many analysts. The company posted net income of $117 million compared to a net loss of $762 million a year ago. Lourenco Goncalves, Cliffs’ Chairman, President and Chief Executive Officer, said, “Cliffs’ first-quarter results clearly demonstrate how far we have come on our turnaround. […]
Updated April 28, 2016 – The United Steelworkers announced Wednesday that they have a tentative agreement contract agreement with ArcelorMittal USA. “After almost a year of difficult bargaining that continued eight months past the expiration of our previous contract, our committee’s hard work and dedication have resulted in a tentative agreement with ArcelorMittal,” said USW […]
On Friday, US Steel announced a $60 per ton flat rolled steel price increase. This was the first US Steel announcement done in public in some time. The increase came in the form of a letter emailed to their customers. U.S. Steel did not provide minimum base price guidelines in their announcement although minimum price […]
I will be doing an article in Sunday evening’s newsletter about the AISI capacity utilization numbers. The AISI produces their “estimate” of steel production and the percentage of capacity utilization based on 50 percent (or fewer) of the mills reporting production data. I have considered not publishing the data at all because, in my opinion, […]
You will be hearing and seeing much more about whether China should be allowed to have “market economy” status. While I don’t pretend to be an expert on the subject, I am learning that as a market economy any trade suits against China would have to be conducted differently than what is currently being done […]
A week ago Steel Market Update reported that three domestic steel mills would file an antidumping suit against a number of foreign countries who have been exporting cut-to-length (CTL) plate to the United States. On Friday the three mills identified in our earlier reporting filed their petition. A trade petition against 12 countries was filed […]
Still no contract agreement for USW workers at ArcelorMittal who continue to work under terms of the previous labor contract that expired on September 1, 2015. In a text message update on March 18 the USW said the Committee was still bargaining over a few remaining important issues committee and that “unfair ArcelorMittal demands still […]
German steel giant and elevator manufacturer Thyssenkrupp is back in steel industry news again. The company will take full ownership of Companhia Siderúrgica do Atlantico (CSA) from Brazilian mining company Vale SA. Vale owns 27 percent of CSA and plans to sell it to Thyssenkrupp AG for a “symbolic price” while remaining sole supplier of […]
According to ArcelorMittal USA comments made during the Association of Steel Distributors meeting over the weekend which SMU attended, a trade case on steel plate imports will be filed within the next few weeks. ArcelorMittal along with Nucor and SSAB have been working on the documentation for an extended period of time and our understanding […]
ArcelorMittal has idled the hot strip mill at Indiana Harbor East Chicago but will not lay off the 300 affected workers. United Steelworkers District 7 Director Mike Millsap said the union is working to re-assign workers to East Chicago, Burns Harbor or Riverdale. ArcelorMittal spokeswoman Mary Beth Holdford said the company “expects to optimize our […]
Tata Steel’s exit from the United Kingdom may be a precursor to a merger with Thyssenkrupp. Wall Street Journal reports Tata and Thyssenkrupp have been in high-level talks for more than a year about combining their European steel operations. Whether the two companies are considering a buyout or forming a joint venture is unclear at […]
ArcelorMittal announced it will sell its LaPlace and Vinton Long Carbon steel facilities to an affiliate of Black Diamond Capital Management. The LaPlace Louisiana mini-mill includes an electric arc furnace, ladle metallurgy station, two four-strand continuous billet casters, and a fifteen-stand Danieli medium section mill. The LaPlace facility, along with a rolling mill in Harriman, […]
Earlier this week Nucor Plate Group and SSAB announced price increases on plate products (with SSAB also including hot rolled coil) of $40 per ton. Over the past few months we have seen the plate mills lead the charge with sheet mills following close behind. This week was no different. Three mills announced flat rolled […]
ArcelorMittal has offered its Trinidad steel mill to the government of Trinidad & Tobago for price of $1.00, according to Ramumar Narinesingh, vice-president of The Steel Workers Union (SWUTT). The one dollar price comes with $1.3 billion of debt, however, and the question of whether it would be a good or bad investment for the […]
ArcelorMittal and the Mexican Mining and Metal Workers Union have reached an agreement to end a strike at the company’s Lazaro Cardenas steel mills. In negotiations mediated by the Labor Ministry, ArcelorMittal agreed to relocate 125 workers following the recent closure of a coke plant and pay severance to 81 others, and to extend for […]
The Great Lakes 2016 shipping season commenced on March 2 with a load of iron ore for ArcelorMittal Cleveland. The tug/barge Dorothy Ann/Pathfinder loaded 14,600 tons of iron ore at the Cleveland Bulk Terminal to deliver to ArcelorMittal on the Cuyahoga River. The barge was about 4,600 tons shy of a full load due to […]
Steelworkers at ArcelorMittal in Trinidad and Tobago were fired one day after winning a wage dispute in the Industrial Court. ArcelorMittal said it is closing the Point Lisas plant and workers would receive one-month’s salary and payment for any unused vacation time. In November 2015, 480 workers were laid off for six weeks and then […]
Mill lead times, especially on cold rolled and coated products, continue to be a concern as buyers navigate/negotiate pricing and deliveries on future orders. The longer the lead time the more steel that is needed in the pipeline at both manufacturing companies and distributors. The longer lead times provide ammunition to the domestic steel mills […]
The following is a reprint of an article by Dr. Mark J. Perry in response to the Wall Street Journal article about the duties imposed on imports of cold-rolled steel from China that SMU publisher John Packard was quoted in. Dr. Perry is a Scholar at The American Enterprise Institute and Professor of Finance and […]
More than 3,000 workers at ArcelorMittal steel mill Lazaro Cardenas in Michoacan, Mexico went on what has been classified as an illegal strike on March 4 to protest job cuts and idled operations. Workers marched in a protest rally and placed red and black flags at the doors of the steel company to announce the […]
A quick note to our Premium level and free trial subscribers: We have just published the results from this week’s flat rolled steel market trends analysis (survey) on our website. It is available to you once you have signed into the www.SteelMarketUpdate.com website. The power point presentation can be found under the analysis tab. A […]
There has been some confusion in the marketplace as many mills were waiting for Nucor and SDI to come out with new price announcements after SSAB and ArcelorMittal led the way earlier this week. On Tuesday, NLMK USA representatives began verbally informing their customers that their spot prices on hot rolled, cold rolled and galvanized […]
Reaction to the US Department of Commerce (DOC) preliminary duties on cold-rolled steel has been mixed, depending on what side of the antidumping determination the commentators are on. In the UK, the steel sector is readying itself for further onslaught of Chinese exports while its own steel exports to the U.S. are assigned dumping margins […]
Spot flat rolled steel prices were adjusted higher by Steel Market Update based on the data being collected out of our ongoing flat rolled steel survey as well as through direct contact with steel buyers. We found a tight cluster of hot rolled offers in the $400 to $410 range. Our average increased due to […]
SSAB, which is known primarily as a plate supplier, announced a $30 per ton price increase on plate and hot rolled coil in the United States and a $40 per ton price increase on hot rolled. The SSAB increases were sent via an emailed letter to their customers. The letter began, “Please be advised that […]