ArcelorMittal submitted its first proposal to the USW negotiating committee on Monday. According to USW, the three-year keeps wages as is, cuts benefits, raises health premiums and makes changes to retirement contributions. The USW posted the following changes proposed by the Company in an update to members: The company has proposed a three-year contract with […]
Contract negotiations are currently underway between the United Steel Workers and steel companies US Steel and ArcelorMittal. The companies each met with USW bargaining committee members in Pittsburgh to begin working out details of new three-year contracts to replace the current ones expiring Sept. 1. USW Committee members are expecting the first proposal from ArcelorMittal […]
Indiana Harbor West is not on the cutting block according to ArcelorMittal USA CEO Andrew Harshaw. In response to media reports that an asset rationalization may occur involving the Chicago area mill, Harshaw said, “What I want to assure you is that we have no intention of reducing our blast furnace capacity in the United […]
Not too hot (prices aren’t rising at a breakneck pace – or at all for that matter), not too cold (and they aren’t dropping either – at least not yet), just about right (Goldilocks pricing). Of course this perspective will vary depending on your view of the market and your ability to pass through the […]
Normally, when the market is starting to heat up and the first of the domestic steel mills announces a price increase, it is matter of a day or two before the others either follow the lead or make a new announcement at a level higher or lower than the first announcement made. The April and […]
ArcelorMittal responded Monday to rumors of a potential closure of Indiana Harbor West in East Chicago. Key Banc reported that sources indicated “ArcelorMittal USA is taking steps to reduce its sheet hot end and finishing capabilities via the closure of Indiana Harbor West.” A spokesperson at ArcelorMittal USA, in an email to Steel Market Update, […]
I am scheduled to be in Two Harbors, Minnesota on July 27th. I anticipate touring an iron ore mine prior to boarding the M/V James R Barker along with Interlake Steamship Company Vice President, Brendan O’Conner. Once the vessel self loads approximately 58,000 tons of iron ore pellets we will move across Lake Superior, through […]
Steel Market Update queried U.S. domestic steel mills to hear what they have to say on the recently passed trade legislation. One of the executives who responded was Jim Baske, chief executive officer, ArcelorMittal North American Flat Rolled who said, “The steel industry in the United States faces significant competitive challenges from dumped and subsidized […]
Contract negotiations have kicked off between the United Steelworkers and US Steel Corp. USW officials and US Steel representatives met in Pittsburgh to begin ironing out the details of a new three year contract to replace the current one due to expire Sept. 1. The talks come at a time when the steel industry is […]
The four year contract between USW local 1196 and Allegheny Technologies expired at 11:59 on June 30, 2015 but an agreement has been reached, for now, to keep the plant operational under terms of the previous contract. ATI and USW officials say there are still a number of significant issues to be resolved before a […]
The domestic steel mills are determined to keep pricing momentum on their side as US Steel became the first mill to announce a new round of price increases on flat rolled products. The US Steel announcement, which was made via the use of an internal memo to their sales group leaked to the industry, advises […]
ArcelorMittal USA warns that low capacity utilization of hot strip mills cannot continue. “It is not sustainable to operate multiple HSMs at low utilization rates when the same volume of steel could be produced by few HSMs at higher utilization rates,” writes CEO Andrew Harshaw, in the ArcelorMittal USA blog Raw. Harshaw notes record levels […]
Chevy is taking on the aluminum Ford F-150 with a series of ads sure to tickle consumers and annoy Ford marketers. The new ads for the Chevy Silverado poke fun at the F-150 while lauding the benefits of steel construction. The ads which are currently running in social media, point out the disadvantages of aluminum. […]
Mexican steelmakers are feeling the pressure from unfairly traded steel. In a joint statement on last week, Altos Hornos de Mexico (AHMSA), De Acero, Tubacero and ArcelorMittal accused Russia, China and Turkey of dumping steel at prices below production costs. In a full page newspaper ad, the steel companies urged President Enrique Pena Nieto to […]
A little more than a week ago, Steel Market Update spoke at a Bank of America Merrill Lynch dinner in Chicago. In the audience were a couple of scrap companies who told us the mills in the Chicago area (ArcelorMittal in particular) have come back into the market to buy scrap after a lengthy absence […]
The Department of Commerce said Wednesday that it will proceed on AD/CVD investigations of imports of corrosion-resistant steel products from China, India, Italy, Korea, and Taiwan. A petition to investigate the products was filed on June 3, 2015 by US Steel, Nucor, ArcelorMittal USA, AK Steel, Steel Dynamics, and California Steel Industries. The products covered […]
Steel Market Update reported in the Tuesday issue of our newsletter that negotiations have started between the USW (United Steelworkers Union) and ArcelorMittal. The issue was raised at the Bank of America Merrill Lynch dinner where SMU publisher, John Packard, spoke last night. We have been anticipating that the posturing by the union and AM, […]
Steel Market Update has been asked if the domestic steel mills have made any moves to restart idled blast furnaces in order to increase production due to dumping suits, price increases and the anticipated stronger order book. People also want to know if ArcelorMittal and US Steel are building slab inventories in order to have […]
The USW negotiating committee for workers at ArcelorMittal USA met in Pittsburgh this week to begin working on new contracts. The current three year contracts will expire at 11:59 pm. EST, September 1, 2015. The master Basic Labor Contract covers employees at 12 ArcelorMittal USA facilities; three additional sites have contracts that will expire concurrent […]
Steel Market Update was analyzing data from our last flat rolled market survey just as the domestic mills began announcing price increases. We thought our readers might be interested in looking at the data with us and then guess as to whether the new price increases will “stick” or falter over time. In our opinion, […]
An executive with a large service center group penned us some thoughts about the market (prior to the SSAB plate price increase) on Wednesday of this past week. “I was surprised at the June import-rate figures, with the forecast/possibility of 3+ million tons. It doesn’t seem like imports are falling as fast as expected for […]
Nucor became the first domestic steel mill to announce a second round of flat rolled steel price increases. The Nucor announcement, which was for a $20 per ton price increase, affected hot rolled, cold rolled and galvanized products produced by their mills. This is the second price increase on flat rolled products since the end […]
Earlier this week, World Steel Dynamics and their friends at AMM, hosted their Steel Success Strategies conference in New York City. Over the past 40 years the conference has become a magnet for those associated with the steel industry from around the world. Not everyone can afford to attend the conference which runs about $2300 […]
One of the key items Steel Market Update watches is the spread between world hot rolled export pricing and the HRC spot price average here in the United States. The following calculation is used by Steel Market Update in order to identify the spread between world hot rolled export prices as determined by SteelBenchmarker and domestic […]
The steel world (which is not as large as it used to be) is in New York City this week to attend (lobby call) the Steel Success Strategies Conference hosted by World Steel Dynamics and their AMM partners. It is the one place (other than SMU Steel Summit Conference – hint, hint) where one can […]
According to Investopedia, a subsidy is “a benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy is usually given to remove some type of burden and is often considered to be in the interest of the public.” The example accompanying the definition […]
The “not if but when” question has been settled as the long awaited trade case filing on galvanized steel finally occurred on Wednesday. Six domestic steel mills submitted a petition to the Department of Commerce asking for the imposition of anti-dumping and countervailing duties on certain corrosion-resistant steel products from China, the Republic of Korea, […]
Steel Market Update will have a number of articles in today’s issue of our newsletter about the corrosion resistant trade cases filed yesterday by six U.S. steel mills. We will discuss what has to be proved, the timetable that a case goes through at both the Department of Commerce (DOC) and the International Trade Commission […]
Steel Market Update has written numerous articles about the corrosion resistant trade case filed by six domestic steel mills against five foreign countries. The petition which called for anti-dumping and countervailing duty action will now go through the proper channels at the US Department of Commerce (anti-dumping) and the International Trade Commission (countervailing duty). There […]
I was pleased to hear from a number of our readers who had used the search function at the top right hand side of our website in order to find old articles that we had written on the subject of dumping suits and the process that the suit has to go through. I used the […]