The “Buy America” plan for federally subsidized projects is problematic for two major U.S. steel mills owned by foreign companies. The push to use American sourced steel products in infrastructure projects is keeping NLMK USA and California Steel Industries (CSI) out of the running for bids on projects—a problem the companies are hoping to rectify […]
The terms Buy America and Buy American are not interchangeable. CSI Executive VP, Finance & Administration Brett Guge explains the difference: “The longstanding historical standard for direct government procurement is “Buy American,” which requires only that the steel products used in government projects must have been “substantially transformed” in the U.S. “Buy America,” on the […]
There has been a debate which goes back to the 1930’s regarding what “Buy American” means when it comes to steel products. The issue is whether those mills who do not make steel, such as NLMK USA (in their Pennsylvania plant) and California Steel Industries as well as the former ThyssenKrupp plant in Calvert, Alabama […]
More flat rolled steel mills have joined in and raised flat rolled steel prices over the past couple of days. On Friday, April 4th USS/POSCO sent a letter to their customers advising them that flat rolled steel base prices would rise by $30 per ton ($1.50/cwt) on all products. UPI opened their June order book […]
In our Thursday evening issue, we published an article regarding recent price increase announcements out of Nucor, California Steel Industries (CSI), and AK Steel. We incorrectly stated the increase out of CSI as $40.00/cwt for all products, when it was really a $40 per ton increase. We apologize for the error. The image below is […]
Yesterday (Wednesday the 19th) Nucor announced a price increase on their new orders and listed base prices of $33.00/cwt on hot rolled, $39.50/cwt on cold rolled, and $39.50/cwt on galvanized. These are the same levels that ArcelorMittal, NLMK USA, and Severstal announced earlier in the week. California Steel Industries (CSI) also announced an increase on […]
ThyssenKrupp AG finances are beginning to improve. Earnings before interest and tax (EBIT) more than doubled to €247 million ($338 million) in the first quarter FY 2013-2014 (ending Dec. 31, 2013). Net debt dropped to €4.6 billion ($6.3 billion) from €5 billion ($6.8 billion) the previous quarter. ThyssenKrupp’s gearing ratio (net debt to equity) was […]
SMU Price Momentum Indicator ended the month of December where it began, indicating higher flat rolled steel prices over the next 30 days. The domestic steel mills did not disappoint as they raised base price levels to $35.00/cwt on hot rolled and $40.50/cwt on cold rolled and coated (plus extras, FOB mill) for the mills […]
California Steel Industries (CSI) opened their February order book and became the first domestic mill to announce a new round of flat rolled price increases. In a letter to their customers dated December 13, 2013 the mill advised, “Due to changing market conditions, California Steel Industries is increasing transaction prices by a minimum of the […]
California Steel Industries (CSI) and U.S. Steel Posco (UPI) became the first domestic mills to raise flat rolled steel prices as they opened their order books for the month of January 2014. CSI was the first to release their letter informing their customers that “due to changing market conditions” the mill was increasing their transaction […]
AK Steel announced the election Mark G. Essig and Vicente Wright to its Board of Directors effective Nov. 1, 2013. Mark Essig is currently CEO of FKI Security group and has held several senior executive positions in the steel industry including executive vice president at AK Steel from 1991 to 1998. Vicente Wright served as […]
Ultra light gauge galvanized (thicknesses less than .015”) have traditionally been associated with foreign steel suppliers as opposed to domestic mills. The U.S. mills have, over time, relegated the ultra light gauge markets as ones of the least interest due to the amount of line time it takes to produce these products versus running a […]
Steel buyers are scratching their heads while steel mills begin to line up announcing identical $50 per ton price increases on all flat rolled products. AK Steel was the first to follow U.S. Steel when they put out a press release advising their customers of their intention to raise spot prices by a minimum of […]
U.S. Steel verbally began telling their U.S. customers of their intention of raising spot flat rolled prices by $50 per ton. Price increase letters were sent to their customers by Nucor and NLMK USA as they advised their customers of their intention of raising flat rolled spot prices by a minimum of $50 per ton. […]