Two separate developments suggest that the Biden administration may have concerns that more tariffs would damage the US economy by harming consumers. First, we saw the president suspend action to impose additional tariffs on solar cells and modules from four countries in the face of an antidumping “circumvention” proceeding. Circumvention determines whether operations in third […]
Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO—as well as the newly elected AISI chairman—and Kevin Dempsey, AISI president and CEO, discussed issues ranging from Section 232 tariffs and hydrogen in steelmaking, to steel imports from Mexico, along with a host of other topics on Tuesday at the American Iron and Steel Institute (AISI) General Meeting press […]
Lourenco Goncalves, chairman, president, and CEO of Cleveland-Cliffs, has been elected as chairman of the American Iron and Steel Institute (AISI), the institute said on Monday. The election for the two-year term by AISI’s board of directors took place at the AISI General Meeting at the InterContinental Hotel-The Wharf in Washington, D.C. “Lourenco is a dynamic leader in […]
Cleveland-Cliffs is preparing to lay off approximately 300 workers at its Weirton, W.Va., tin mill operations in June due to “dumped and subsidized imports,” according to a press release from Sen. Joe Manchin (D-W.Va.). The Cleveland-based steelmaker invested more than $50 million over two years in the Weirton plant to increase production. Census data indicates that […]
Executives from leading US steel companies sat down to discuss some of the challenges ahead of what appears to be a very bright future for the industry at AISTech 2023’s Town Hall Forum in Detroit on Wednesday, May 10. Panelists included Traci L. Forrester, Cleveland-Cliffs’ EVP, environmental and sustainability; Richard L. Fruehauf, SVP – chief […]
Cleveland-Cliffs has successfully completed a hydrogen (H2) injection trial at its Middletown Works blast furnace in Ohio. “This groundbreaking introduction of hydrogen gas as an iron-reducing agent in the blast furnace is the first-ever use of this carbon friendly technology in the Americas region,” the Cleveland-based steelmaker said in a statement on Monday. Cliffs noted […]
Cleveland-Cliffs said Friday its employees represented by the International Association of Machinists and Aerospace Workers (IAM) Local 1943 at its Middletown Works in Ohio have ratified a new four-year labor agreement. The Cleveland-based steelmaker said the agreement is effective on May 15, and covers approximately 2,100 hourly employees. A tentative labor deal was reached in […]
Cleveland-Cliffs has progressed in its attempt to secure iron ore mineral leases at its land near Nashwauk, Minn. An agreement has been reached with the Minnesota Department of Natural Resources (DNR) and is up for review by the Minnesota Executive Council on May 25, Lourenco Goncalves, Cliffs’ chairman, president, and CEO, said in a statement […]
Metallurgical coke producer SunCoke Energy Q1 net earnings were hit by a “lower export coke contribution margin.” Beyond the earnings results, SunCoke reported an extension of its coke agreement with Cleveland-Cliffs. “Last week we announced the extension of our Indiana Harbor coke agreement with Cleveland Cliffs through September 2035,” Katherine Gates, president of SunCoke Energy, said […]
The Great Lakes Clean Hydrogen Coalition (GLCH) has officially submitted its full application for federal funding to create a $2-billion clean hydrogen hub in the Midwest. GLCH’s plan is to develop a hub to serve Ohio, Michigan, and portions of Pennsylvania and Indiana to help industries in the region decarbonize. Cleveland-Cliffs already has plans to […]
Cleveland-Cliffs is planning a blast-furnace reline at its Burns Harbor operations in northwest Indiana in 2025, a company executive said. Discussing capital expenditures on a Q1 earnings conference call with investors on Tuesday, Cliffs EVP and CFO Celso Goncalves said the company expected cap-ex ~$700 million in 2023-24. “Now when you get to 2025 and […]
US plate producers are seeking to have the suspension agreement on Russian plate imports tossed and to be replaced with antidumping duties (AD). Nucor, Cleveland-Cliffs, and SSAB have asked the US Department of Commerce to terminate the AD suspension agreement on carbon steel plate from Russia. The producers say that the agreement is no longer […]
Cleveland-Cliffs Inc. has reached a tentative labor agreement with Local 1943 of the International Association of Machinists and Aerospace Workers (IAM) at its Middletown Works in Ohio. Pending ratification by the union, the new four-year contract will be effective on May 15 and will cover 2,100 hourly employees. “The new labor agreement with our valued […]
The prime scrap and metallic shortage in the US will continue over the next few years, according to Cleveland-Cliffs’ top executive. “Our conviction that this country’s prime scrap and metallic shortage will continue to tighten over the coming years is at the core of our strategy,” Cliffs’ chairman, president, and CEO Lourenco Goncalves said during […]
As you make your travel plans for this summer, don’t forget about this year’s Steel Summit Conference in Atlanta. The event will again be held at the Georgia International Convention Center, a world-class conference facility adjacent to the Hartsfield-Jackson Atlanta International Airport—think low airfares and easy access. So mark your calendar for Monday-Wednesday, Aug. 21-23. The […]
Cleveland-Cliffs swung to a loss in Q1 vs. a year earlier, but the loss narrowed from the previous quarter. The Cleveland-based steelmaker posted a net loss of $57 million attributable to shareholders in the quarter ended March 31, compared with net income of $801 million in the year-earlier period on revenues that slid 11% to […]
I sometimes think of Steel Market Update as an early-warning system for big market moves, and our most recent survey data clearly points to a market inflection. Take these three slides from our latest steel market survey. SMU Steel Market Survey Highlights For starters, nearly half of respondents to our latest survey think lead times […]
Cleveland-Cliffs said Friday it has closed its previously announced offering of $750 million in unsecured guaranteed notes. The Cleveland-based steelmaker made the announcement on April 11 for the notes due in 2030, which were priced at 6.75% annual coupon and issued at par. The company said it intends to use the net proceeds from the […]
Cleveland-Cliffs is set to offer $750 million in unsecured guaranteed notes due in 2030. “The offering is expected to close on April 14, 2023, subject to the satisfaction of customary closing conditions,” Cliffs said in a statement on Tuesday, April 11. The Cleveland-based steelmaker said the offering is exempt from the registration requirements of the Securities […]
Hot-rolled coil (HRC) imports remain attractive, even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while domestic tags continue to inch higher, they remain well behind the targeted base price of $1,300 per ton ($65 per cwt) for HRC issued by Cleveland-Cliffs back on April 3. The price […]
Does anyone think the “new normal” will be normal? In fact, has anyone even mentioned the word “normal” since 2020? I haven’t consulted the Merriam-Webster, but by this point they might’ve changed the definition. Black Swans. Mini-Swans. Bracket-busters. Good old fashioned Force Majeure. There is no shortage of terms to show that unexpected big changes […]
Cleveland-Cliffs Inc. this week provided an early look into its first-quarter earnings – which the company will disclose in full detail on April 23. Q1 steel shipments, revenues, and adjusted EBITDA are all expected to be higher than the prior quarter, the steelmaker said in a news release. At the same time, despite higher shipments, […]
What should we make of Cleveland-Cliffs’ price increase, and will it stick? We’ve asked some of you to weigh in on that, and we’ll publish your feedback on Thursday. Here is some initial reaction I’ve received in the meantime. Some market contacts stress that a spot price increase from a company not heavily involved in the […]
Sheet prices moved slightly higher as domestic steelmakers held to previously announced price increases and as Cleveland-Cliffs rolled out another round of price hikes. Cliffs had been inching prices above $1,200 per ton ($60 per cwt) before the price hike was announced, some sources noted. It’s not clear whether other producers will follow Cliffs’ move. […]
After working in the steel industry for nearly six years, I’m comfortable with my knowledge about flat-rolled products. I do enjoy talking about the market and furthering my steel education any chance I get. Back in October 2022, I attended the Steel 101 training in Corpus Christi, Texas. It was nice to chat with metallurgists […]
The appeal for imports of hot-rolled coil (HRC) remains strong even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while we haven’t seen an official mill pricing notice in nearly three weeks, domestic tags continue to inch higher towards the targeted base price of $1,200 per ton […]
Chevrolet recently announced it was retiring the sixth-generation Camaro. An iconic muscle car that first went on sale in late 1966 for the 1967 model year, it had already gone through a few changes. Recall that in 1967 a gallon of gas cost around 35 cents in the USA. That’s for those who can recall […]
SMU’s hot-rolled coil price posted its smallest week-over-week (WoW) price gain since mid-January. Some sources said the market might be at or near a peak. But others said it might be taking a break ahead of domestic mills rolling out another round of price hikes. Our average hot-rolled coil price stands at $1,145 per ton ($57.25 […]
The General Motors Co. (GM) recently recognized its top suppliers at its annual Supplier of the Year event in San Antonio, Texas. The Supplier of the Year award honors outstanding international suppliers who exceed GM’s requirements. Among the award winners were steelmakers Cleveland-Cliffs Inc., Nucor Corp., and Companhia Siderurgica Nacional (CSN). “We are thrilled to […]
We haven’t had a price increase since March 13, the Monday after Silicon Valley Bank collapsed. It’s entirely possible we’ll get another round of price hikes should mills decide the market will support it or should they want to reverse any bearish sentiment before it gains traction. It’s also possible that we won’t see another […]