Mill shipments of steel products rose in June by 1.7%, following an increase of 1.9% the month prior. Apparent supply jumped 6.0% in June after a 1.3% increase in May. June’s gains were the fourth in as many months after February’s double-digit contraction. This analysis is based on steel mill shipment data from the American […]
Steel Market Update is pleased to share this Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices accelerated into midsummer, showing no signs of slowing down. The index and subcategories for final demand have fully recovered from the COVID-driven collapse and have overtaken pre-pandemic […]
Just because all major U.S.-based steel mills have reported quarterly results doesn’t mean that earnings season is over. Results from mills based abroad are coming in. And those of you still paying attention to earnings might have noticed a change in tone between when Steel Dynamics kicked things off on July 19 and when Evraz […]
Steel prices can’t go up forever and could correct downward from their historic highs later this year, steelmaker Evraz said. “Steel prices look unsustainable at current levels and there is a possibility of a gradual price decline in the coming months,” the company said in outlook commentary released with earnings data on Thursday, Aug. 5. […]
U.S. Steel plans to focus on organic growth – expanding its existing operations – rather than on mergers and acquisitions, company executives said. “Don’t be looking for us to add a bunch of capacity, look for us to build capability for profitable growth,” President and Chief Executive Officer David Burritt said during a conference call with analysts. […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
ArcelorMittal continues to forge ahead with major expansions at its North American operations on the heels of its best second-quarter profits since 2008. The multinational steelmaker recorded net income of $4 billion in the second quarter of 2021 after losing $559 million in the same quarter last year on sales that increased 76.2% to $19.3 […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
BlueScope expects to the join the parade of steelmakers reporting record earnings – thanks in large part to a strong showing from its U.S. operations. The Australian steelmaker anticipates reporting earnings before interest and taxes (EBIT) of approximately Australian $1.19 billion ($876.3 million) in the second half of its fiscal year – a new record. That […]
Hyundai Steel has made what is probably its last offer for imported plate for 2021 delivery to Gulf Coast ports, according to market participants. And there might be only one more offering to West Coast ports, sources said. Plate made by the South Korean steelmaker is being offered to Houston and New Orleans – the primary Gulf Coast […]
One of the largest expansions in Nucor’s history – its $1.35 billion plate mill in Kentucky – is poised to come online at an opportune time should Congress pass a bipartisan infrastructure spending bill. The Charlotte, N.C.-based steelmaker anticipates the mill will be commissioned in late 2022 despite some delays in equipment deliveries, company executives said. And […]
NLMK USA joined the growing ranks of steelmakers posting massively higher second-quarter earnings on solid demand and record-high steel prices. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – recorded EBITDA of $213 million in the second quarter of 2021, up more than threefold from $65 million in the first quarter and an […]
Nucor set a new quarterly earnings record in the second quarter and expects to notch another in the third. The Charlotte, N.C.-based steelmaker – America’s largest – reported a profit of $1.51 billion in the second quarter of this year, up 60% from $942.2 million in the first quarter, and up nearly 14-fold from $108.9 million in the […]
Steel Dynamics Inc. (SDI) is still in growth mode and actively looking at M&A options But don’t expect another new mill on the scale of the electric-arc furnace (EAF) flat-rolled mill being built in Sinton, Texas, company executives said. The $1.9 billion Sinton mill, which will have annual capacity of three million tons per year, […]
At least two North American plate producers have announced price increases of $120-160 per ton ($6-8/cwt). Nucor – the largest steelmaker in the U.S. – in a leading move announced the increase along with the opening of its September order book for plate. The increase – announced on Tuesday, July 20 – marks at least the third […]
Steel Dynamics Inc. (SDI) kicked off steel earnings season by posting record second-quarter sales and record profits on ballooning metal spreads. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker anticipates another record performance in the third quarter as well as strong demand into 2022. “We remain confident that macroeconomic and market conditions are […]
Producer prices continue to rise into the summer months showing no signs of slowing down. The index and subcategories for final demand have not only recovered from the collapse seen at the onset of COVID-19 but have now surpassed pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price […]
So much for the summer doldrums. After a brief pause following Independence Day (and Canada Day), sheet prices have resumed their sharp upward trajectory. Hot-rolled coil prices are now over $1,800 per ton ($90 per cwt) while cold-rolled and galvanized base prices are above $2,000 per ton ($100 per cwt). If this pace of gains […]
NLMK USA sales surged in the second quarter on strong demand and increased slab supplies from its parent company in Russia. The U.S. subsidiary of Lipetsk, Russia-based NLMK Group recorded flat-rolled steel sales volumes of 502,000 metric tonnes in the first quarter. That’s up 17% from 431,000 tonnes in the first quarter and up 52% […]
I’ve heard more than a few times now that we should keep a close eye out for falling steel prices because, “Look what happened in lumber.” In case you’ve been under a rock (or tree), lumber prices fell more than 40% in June, their biggest monthly drop on record, according to CNBC and others. What […]
The Dodge Momentum Index has fallen for the first time this year – and after six consecutive months of gains – on uneven demand and higher costs. The index now stands at 165.8, down 5% from a revised May number of 175.1, according to Hamilton, N.J.-based Dodge Data & Analytics. “Uncertain demand for some building […]
Canada has launched an antidumping trade case against oil country tubular goods (OCTG) from Austria. The investigation by the Canada Border Services Agency (CBSA) – initiated on Wednesday, July 7 – stems from a complaint filed by Tenaris SA’s Canadian subsidiaries. “The CBSA will investigate whether the imports are being dumped and will make a preliminary decision […]
SMU found no evidence of a summer lull in our latest check of the market. Sheet prices were flat or up in a post-holiday period that in prior years has seen them slip. Hot-rolled coil and cold-rolled coil prices were unchanged. Galvanized and Galvalume prices were up $25 per ton and $50 per ton, respectively. […]
SMU found no evidence of a summer lull in our latest check of the market. Sheet prices were flat or up in a post-holiday period that in prior years has seen them slip. Hot-rolled coil and cold-rolled coil prices were unchanged. Galvanized and Galvalume prices were up $25 per ton and $50 per ton, respectively. […]
Algoma Steel is slated to receive as much as C$420 million ($340 million U.S.) from the Canadian government to help pay for its switch from integrated steelmaking to electric-arc furnace (EAF) production. The amount will be distributed over four years and is aimed at making the Sault Ste. Marie, Ontario-based flat-rolled steelmaker one of the […]
Allegheny Technologies Inc. (ATI) and United Steelworkers (USW) union negotiators have reached a tentative four-year labor agreement, according to both the union and the company. The deal, if ratified by rank-and-file union members, would end a strike that began on March 30 – more than three months ago. The new contract – backdated to March […]
Steel Dynamics Inc. (SDI) is in the process of starting up the coating lines at its new steel mill in Sinton, Texas, a company spokesman confirmed. The paint line at Sinton has been threaded, and painting is expected to begin in approximately two weeks, he said. The mill’s galvanizing line, meanwhile, is slated to start […]
You’ll have to wait until the fourth quarter if you’re looking for flat rolled from California Steel Industries (CSI). The West Coast slab converter announced that it had closed its September order book on Thursday, July 1 – just a week after it opened the month and increased prices by $200 per ton ($10 per […]