Written by: Sandy Williams ArcelorMittal is permanently closing six finishing lines and a coke plant at its Liege facility in Belgium. A seventh line will be maintained only as a repairing line. The company announced in October 2011 that it would permanently idle its liquid phase at Liege due to over-capacity in Northern Europe. Liege […]
The issue of excessive discounting against CRU and other index-based issues raised by ArcelorMittal in their price increase announcement are ones which Steel Market Update has been researching and which we began raising in our last steel market survey. During conversations with service centers, steel mills and end users we were catching frustrations with the […]
ArcelorMittal raised flat rolled spot prices on Wednesday and in the process took a shot at the rest of the industry (and perhaps themselves?) when they identified, “The market manipulation and discounting of the CRU has had a dampening effect on industry spot prices.” They then used the most recent index benchmark plus $45 to […]
As Steel Market Update (SMU) checked with various market sources after the AK Steel price announcement we found most of the industry expecting the other domestic steel mills to follow the AK Steel pricing lead. At the same time, most buyers expect the net result to be an end to the current slide in pricing […]
Written by: Sandy Williams ArcelorMittal Lázaro Cárdenas, Mexico recently launched production of specialized slabs for use in pipelines that transport sour gas. Lázaro Cárdenas is known as a leading producer of high quality, value added steel. In order to increase its share of the growing market for API (American Petroleum Institute) pipes, best technological practices […]
SMU has been asked about the status of the negotiations regarding the sale of the ThyssenKrupp Steel Americas assets. This includes ThyssenKrupp Steel USA and their sister facility in Brazil which produces slabs – CSA. We understand the due diligence process continues and a number of mills have been through both facilities. Based on SMU […]
Written by: Sandy Williams ArcelorMittal announced Wednesday that it will offer common stock and mandatorily convertible subordinated notes (MCNs) for an expected amount of $3.5 billion in an effort to reduce indebtedness. The company expects the sale of stock and notes, along with other initiatives, to enable ArcelorMittal to reduce its current debt to $17 […]
Written by: Sandy Williams ArcelorMittal will sell a 15 percent interest in ArcelorMittal Mines Canada to a consortium led by POSCO and China Steel Corporation for $1.1 billion. The deal will be completed over the first and second quarters of 2013. “We are committed to growing ArcelorMittal’s mining business,” said Peter Kukielski, Chief Executive of […]