Tag: Cleveland-Cliffs

Cleveland-Cliffs Inc. on Monday reiterated its commitment to a major decarbonization project at its Middletown Works in Ohio, despite an earlier report suggesting otherwise.

Cleveland-Cliffs aims to increase prices for hot-rolled (HR) coil to $750 per short ton (st) effective immediately. The move represents a price hike of $20/st from the Cleveland-based steelmaker's previously published price of $730/st.

Stelco shareholders voted overwhelmingly on Monday to OK the $2.5-billion sale of the Canadian flat-rolled steelmaker to Cleveland-Cliffs. Indeed, 99.97% of those who cast ballots voted to approve the deal, according the Hamilton, Ontario-based steelmaker.

It had been a relatively quiet and steady CME HRC futures market since the end of August. That was upended by Thursday’s news that instead of a two-week maintenance outage, Cleveland-Cliffs would hot idle the C-6 blast furnace at its Cleveland Works for an uncertain period of time. The CME October HRC contract, HRCV4, gained $22 per short ton (st) on the day to provisionally close at $744/st on Thursday. The first and second quarter futures strips of 2025 gained $25/st and $24/st to provisionally settle at $823/st and $829/st, respectively.

Cleveland-Cliffs plans to place the C-6 blast furnace at its Cleveland Works in Ohio on hot idle in October, according to sources familiar with the matter.

In a candid fireside chat with SMU Senior Analyst/Editor David Schollert, Stelco’s CEO Alan Kestenbaum opened up about Stelco’s pending sale to Cliffs, his business strategy, outlook for the industry, and plans for the future. The chat took place on Tuesday, Aug. 24, at the 2024 SMU Steel Summit in Atlanta.

Cleveland-Cliffs has named Michael Hrosik as senior vice president of commercial, effective immediately.

Cleveland-Cliffs aims to fetch $730 per short ton (st) for hot-rolled coil, up $30/st from its last published price. The steelmaker said the move was effectively immediately and “due to ongoing market developments” in a letter to customers on Wednesday, Aug. 21.

Fall is coming in North America, and with it, steel mills' regularly scheduled fall maintenance outages.

Union workers at Cleveland-Cliffs’ Dearborn Works have approved a new four-year labor agreement.

SMU’s sheet price was largely flat this week, an unusual sight for the better part of the past four months. The same trend was seen for tandem products and plate as well.

Cleveland-Cliffs announced on Friday that it would seek $670 per short ton (st) for hot-rolled (HR) coil. The steelmaker said the move was effectively immediately. It coincides with the opening of the company’s HR order book for September.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.

Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.

Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.

Cleveland-Cliffs is starting a new electrical distribution transformer production plant in Weirton, W.Va.

They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.

The recently announced acquisition of Stelco by Cleveland-Cliffs (Cliffs), priced at nearly three times book value, provides a great price for Stelco shareholders. And various synergies will likely leave Cliffs with tremendous runway for further growth in this deal. Cliffs expects to close this deal in 2024 Q4 upon government approval. This approval is expected but not a given.

Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]

Cleveland-Cliffs Inc. has agreed to purchase Canada’s Stelco Holdings Inc. in a deal valued at $2.5 billion (CA$3.4 billion).

Three steel trade groups and United Steelworkers (USW) union held an event on Capitol Hill urging action on strengthening legislation against unfair trade.

North America has one of the most robust steel scrap markets in the world. The continent has a long history of steel production, significant imports of steel and steel-containing products, and mature steel consumption. Due to this, the reservoir of scrap available to be recycled each year in the US and other North American markets is substantial and growing.

U.S. Steel and Nippon Steel explained their position on USS’ participation in US trade cases should their proposed nearly $15-billion merger deal go through. The companies hope to close the deal by the end of the year.

A press conference at a Cleveland-Cliffs mill in Ohio touched upon several topics, including the unfair trade practices of Mexico and China and Nippon Steel’s proposed acquisition of U.S. Steel.

Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.

The conventional wisdom is that sheet prices will trend down for the next few weeks (maybe the next two months) before rising again in August – around when lead times stretch into the busier fall months. We see that reflected in our survey results and in market chatter. And there are plenty of data points to choose from if you want to support of that position.

When it comes to steel decarbonization, we do not need to compromise our climate ambition to make the types of demanding steel products needed for our 21st-century economy. Nevertheless, many of the world’s highest-emitting steel producers and their allies would have you believe that one cannot be done without the other. They are wrong. They […]

ArcelorMittal plans to continue to invest and expand its operations in North America, a senior company executive said in an exclusive interview with SMU. “People were talking about our demise in North America or maybe our exit. And I want to emphasize that nothing could be further from the truth,” said Brad Davey, executive vice president and head of corporate development at the company.

The major steel-handling port in Burns Harbor, Ind., is getting substantial infrastructure upgrades.

The chatter about the June ferrous scrap market has been noticeably muted as we come off the Memorial Day weekend.