California Steel Industries, NLMK and Evraz have filed rebuttals to objections made by U.S. Steel, Nucor and AK Steel to their petitions requesting exclusions for steel slab imports necessary for production. The slab converters charge that domestic mills have misled Commerce in their objections, overstating the current availability of domestic slab and the capacity to […]
Those hoping for the inside scoop on Nucor’s plans to purchase Big River Steel were left to speculate following comments by Nucor Chairman and CEO John Ferriola during Steel Market Update’s steel summit this week in Atlanta. Ferriola neither confirmed nor denied Nucor’s rumored interest in BRS, but his posture suggested it’s a possibility. Nucor […]
The Nucor Sheet Mill Group and USS-POSCO Industries have notified customers of changes in their coating extras as a result of lower zinc prices. The announcements follow on a similar letter to customers from California Steel Industries (CSI) last week. Nucor’s Aug. 30 letter stated: “Consistent with our practice to monitor the cost of zinc, […]
California Steel Industries was the first mill to announce a change to its coating extras this week. Steel Market Update’s comparison of the new rates with the previous rates that took effect one year ago, on Oct. 1, 2017, shows an average reduction of 14.1 percent, with no change in the width/thickness extras. Buyers of […]
NLMK USA sales jumped 15 percent to 640,000 metric tons in second-quarter 2018. Revenue for the U.S. segment totaled $590 million, up 37 percent quarter-over-quarter and 35 percent year-over-year, due to rising demand and recent steel import restrictions. EBITDA for NLMK USA increased 90 percent quarter-over-quarter to $76 million supported by growing sales volume and […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: On Wednesday, during a Senate hearing on the Section 232 tariffs, Commerce Secretary Wilbur Ross offered some additional information on the volume of product exclusion requests he has received. As of June 20, there were […]
U.S. steelmakers filed trade cases this week on cold rolled and corrosion resistant (CORE) steels alleging that Korea and Taiwan are guilty of using the same circumvention tactics as the Chinese–namely sending hot rolled and cold rolled substrate to Vietnam. As many predicted, the Commerce Department’s recent Chinese circumvention ruling has set a precedent that […]
Marking a win for U.S. steelmakers, the Commerce Department on Monday officially slapped duties on corrosion-resistant steel (CORE) and certain cold rolled steel products imported from Vietnam that were produced from substrate originating in China. Commerce determined that even though the products underwent some processing in Vietnam, they should still be subject to the same […]
Marking a win for U.S. steelmakers, the Commerce Department on Monday officially slapped duties on corrosion-resistant steel (CORE) and certain cold rolled steel products imported from Vietnam that were produced from substrate originating in China. Commerce determined that even though the products underwent some processing in Vietnam, they should still be subject to the same […]
I spent most of today canvassing the flat rolled and plate steel markets. A portion of the results of my inquiries can be found in our pricing article (indexes) and Tim Triplett’s article entitled, “SMU Q&A: No Signs of a Price ‘Breakout’ Either Way.” Many steel buyers are confused by the lack of clarity in […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Product Exclusions—The Latest No objections to product exclusions had been posted on the regulations.gov website as of April 29. The BIS regulations require objections to be submitted to BIS within 30 days after a request has been posted. […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Product Exclusions—The Latest No objections to product exclusions had been posted on the regulations.gov website as of April 29. The BIS regulations require objections to be submitted to BIS within 30 days after a request has been posted. […]
For the ultimate prognosticators out there, individual tax returns were due today (April 17) by midnight. The IRS has had computer issues today and has extended the deadline to April 18 at midnight. The Metals Service Center Institute inventories and shipment article in tonight’s issue will be the last one Steel Market Update will produce. […]
Registrations for the 2018 SMU Steel Summit Conference have blasted through the 300 executives level and we continue to get multiple registrations daily. Here are some of the companies who registered on Monday of this week (those with an asterisk * denote more than one person registered from that company): Ryerson*, Nucor*, California Steel Industries, […]
Steel supply and pricing were the main topics discussed during the March 20 Heating, Air-conditioning, and Refrigeration Distributors International (HARDI) conference call. The Section 232 tariff on steel will go into effect on Friday, March 23, but HARDI members are already seeing an impact in the market. Steel prices are up $6/cwt since the last […]
NLMK USA told Steel Market Update this afternoon that if the 25 percent tariff on steel, and specifically on steel slabs, goes into effect, the future of their company and the people who work for it is in jeopardy long term. Steel Market Update spoke with Bob Miller, President of NLMK USA and Executive Vice […]
NLMK USA told Steel Market Update this afternoon that if the 25 percent tariff on steel, and specifically on steel slabs, goes into effect, the future of their company and the people who work for it is in jeopardy long term. Steel Market Update spoke with Bob Miller, President of NLMK USA and Executive Vice […]
California Steel Industries (CSI) is calling for President Trump to exclude semi-finished steel from the 25 percent tariff he is expected to impose on steel imports under Section 232. CSI is a “slab converter” mill, relying almost entirely on imported slab as feedstock to produce coil steel sheet and electrical resistance welded (ERW) pipe. Because steel […]
Last week, President Trump let it slip of his intention to place a 25 percent tariff on steel and a 10 percent tariff on aluminum coming from foreign sources, including our NAFTA partners. Over the weekend, countries around the world have pledged to respond to any tariffs on steel and aluminum with tariffs of their […]
The market is moving very quickly now as issues of supply begin to raise their ugly heads. The issues at California Steel Industries (CSI) have spooked the market and steel mills are abondoning the process of announcing price increases prior to raising prices. In reality, prices have already gone up $50 per ton from the […]
California Steel Industries (CSI) surprised customers with a whopping $120 per ton price increase on all its flat rolled products on Monday, the same day that its main West Coast competitor USS-POSCO (UPI) informed customers that its April order book is now closed. In its Feb. 26 letter to customers, CSI announced that it’s April […]
California Steel Industries (CSI) surprised customers with a whopping $120 per ton price increase on all its flat rolled products on Monday, the same day that its main West Coast competitor USS-POSCO (UPI) informed customers that its April order book is now closed. In its Feb. 26 letter to customers, CSI announced that it’s April […]
The SMU Steel Summit Conference is THE fastest growing steel conference in North America and THE one conference manufacturing, distribution, suppliers to the industry and steel mills want to attend. Details about the agenda, speakers, location and costs, as well as how to register, can be found on our website: www.SteelMarketUpdate.com/Events/Steel-Summit or you can contact […]
When the pressure begins, and the cooking surface gets “hot,” that is when you have to be at your best, most nimble and anticipate problems. USS/POSCO announced new prices late yesterday. We have not heard from California Steel Industries (CSI) on what they are going to do regarding pricing. We have heard from their customers […]
Last week ended with a bang. Steel Market Update received an invitation to participate in a press conference as Department of Commerce Secretary Wilbur Ross told the world that the DOC had found that imports of foreign steel negatively impact the steel and aluminum industries, which are necessary in the United States for national security […]
It is not enough to know a steel mill’s base price. When doing a comparison of galvanized transaction pricing, a steel buyer must understand the extras being added to the base price as well as freight and other considerations that could impact the total delivered cost to your facility. During our Steel 101 workshop we […]
Responding to strong demand in the New Year and the market’s apparent acceptance of higher price tags, the major mills have announced another round of price increases on plate and flat rolled products. For most mills, this is the fourth increase they’ve announced in the past three months. On Monday, Nucor’s Plate Mill Group announced […]
The Nucor Sheet Mill Group informed customers on Friday of this past week, that it is raising base prices on new orders by a minimum of $30 per ton on hot rolled, cold rolled and galvanized products. Nucor’s latest hike follows a $40 per ton increase the steelmaker announced on flat rolled spot prices early […]
The Nucor Sheet Mill Group informed customers today, Friday, that it is raising base prices on new orders by a minimum of $30 per ton on hot rolled, cold rolled and galvanized products. Nucor’s latest hike follows a $40 per ton increase the steelmaker announced on flat rolled spot prices early this month. On Thursday, […]
West Coast steel mills California Steel Industries (CSI) and USS-POSCO Industries (UPI) announced further flat roll price increases yesterday, Jan. 24. Today, ArcelorMittal USA began advising their flat rolled customers of a change in their minimum base price levels on hot rolled, cold rolled and coated steels. CSI told customers that due to changing market […]