US Steel Corp. and the United Steelworkers (USW) union announced on Tuesday they have agreed to a new labor pact after USW members ratified the terms of a new, four-year collective agreement. The USW-represented employees — roughly 11,0000 across 13 US Steel flat-rolled, iron ore mining, and tubular operations — voted “overwhelmingly” in favor of […]
The trend is your friend these days in US HRC futures. They posted another strong week of gains on the back of a massive upswing in the index last week. While widely expected to be higher—we supposed a $40-per-ton increase was being priced into the cards in our last comment on Dec. 9—this still managed […]
Nucor Corp. has partnered with Boulder, Colo.-based startup Electra to develop “carbon-free” iron. The goal is to further reduce greenhouse gas emission in Nucor’s steelmaking operations. “Just as Nucor changed the face of the steel industry 53 years ago with our first electric arc furnace, successfully developing and scaling up a zero-carbon iron product is the […]
Prices of steelmaking raw materials moved in differing directions over the last 30 days, as they did the month prior, according to Steel Market Update’s latest analysis. Through the latest data available as of Nov. 16, pig iron and aluminum increased 7% in the last month, coking coal prices rose 6%, and zinc prices increased 4%. […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Prices of steelmaking raw material moved in differing directions over the last 30 days, according to Steel Market Update’s latest analysis. Through the latest data available as of Oct. 27, coking coal prices increased 15% over the last month, aluminum prices rose 8%, and zinc prices increased 2%. Pig iron prices remained stable. Busheling scrap […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Galvanized prices continue to drop, as discussed during this month’s call of the Sheet Metal/Air Handling Council of the Heating, Air-conditioning & Refrigeration Distributors International (HARDI). Prices have been steadily dropping for the past six months despite stable demand. A few highlights from the call include the differential between hot-rollled and cold-rolled coil being in […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor Global scrap prices stay subdued while those of ore-based metallics have found some support. Overall metallics demand continues to be hampered by the steel market weakness, a trend which may sustain through the short term, particularly in Europe. The CRU metallics price […]
Green iron startup company Electra has raised $85 million to support its production of low-temperature iron (LTI). The process will utilize commercial and low-grade ores and zero-carbon electricity. The Boulder, Colo.- based company focuses on iron refining without a green premium and is backed by various organizations, including the Bill Gates-founded Breakthrough Energy Ventures, Amazon, […]
US Steel Corp. began construction on its $150 million direct-reduced-grade iron pellet plant in Keewatin, Minn., on Thursday, Oct. 5. Minnesota Governor Tim Walz joined US Steel’s President and CEO David Burritt, and other leadership members to celebrate the company’s project and tout its “commitment to produce products that are mined, melted and made in […]
Prices for each of the steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days, further declining from the record-high levels seen in March and April. Through the latest data available as of Sept. 21, zinc prices decreased 12% in the last month, busheling scrap and aluminum prices fell 7%, pig […]
SSAB is expanding its decarbonization efforts. The Swedish steel company recently announced its partnership with equipment manufacturer Oshkosh Corp. Oshkosh will receive fossil-free steel from SSAB to manufacture environmentally-friendly vehicles. “We are very happy to welcome Oshkosh Corp. into our partner group to be the first in the US to prototype fossil-free steel in commercial and […]
Since this is my first time officially tackling Final Thoughts, I figured what better time than now to take a few moments and formally introduce myself. Even though you’ve been reading Premium and Executive content that I’ve authored here for SMU for a little over two years, my experience in the metals and mining industry—primarily […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Cleveland-Cliffs Inc. and the United Steelworkers (USW) union continue to work toward a new labor contract for employees at the company’s iron ore mines. A prior contract between the Cleveland-based steelmaker and workers at its mining and pelletizing operations is set to expire on Oct. 1. That contract is separate from one with its USW-represented […]
The global steel decarbonization challenge is immense but uneven, argued Philip Bell, Steel Manufacturers Association’s (SMA) president, during a 2022 SMU Steel Summit Conference panel addressing the challenges and opportunities a new carbon frontier poses on the domestic steel industry. “One of the most important things to emphasize from a US steelmaker perspective is that […]
Prices for five of the seven steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days, further declining from the record levels seen in March and April. Through the latest data available as of August 31, pig iron prices decreased 38% in the last month, busheling scrap prices fell 14%, aluminum […]
Cleveland-Cliffs Inc. has reached a tentative agreement with the United Steelworkers (USW) on a new, four-year labor contract, the company and the union said on Saturday, Aug. 27. The agreement is pending ratification by the USW local union members, who are likely to vote in the coming days on the pact negotiated by the bargaining […]
Algoma Steel Group posted solid profits in its fiscal first quarter on rising steel prices, despite higher raw material costs for iron ore, scrap, alloys and natural gas. The Sault Ste. Marie, Ontario-based flat-rolled steelmaker also said the gains came despite a “significant” planned outage at its plate mill for a first phase of upgrades. […]
Algoma Steel and United Steelworkers (USW) Local 2251 have agreed to extend labor contract talks for another 15 days, narrowly averting a strike. The Sault Ste. Marie, Ontario-based steelmaker confirmed that in a press release on Saturday. And USW Local 2251 president Mike Da Prat confirmed it as well in an exclusive interview with Steel […]
ArcelorMittal SA has agreed to buy Brazilian steelmaker Companhia Siderúrgica do Pecém (CSP) from Brazilian iron ore miner Vale SA and shareholders. The deal is worth $2.2 billion and is expected to be completed late this year. CSP is a joint venture between Vale, which holds a 50% stake in the company, and South Korean steelmakers […]
Prices for all seven of the steelmaking raw materials tracked in this SMU analysis declined over the last 30 days, receding further from record-high levels seen in March and April. Through the latest data available as of July 27, coking coal prices decreased 56% compared to one month prior, pig iron and busheling scrap prices […]
Steel made by US electric arc furnace (EAF) producers emits 75% less carbon than steel produced by traditional blast furnace-based production. That’s according to an independent study conducted by Steel Market Update parent company CRU Group for the Steel Manufacturers Association (SMA). The results of that study were released today. Washington, D.C.-based SMA represents the […]
Leaders of the American steel industry gathered with members of the Congressional Steel Caucus on Wednesday in Washington, to discuss the state of the industry and how Congress can continue to support this critically important sector of the economy. Topics of discussion at the Caucus hearing included building and supporting critical supply chains and domestic manufacturing, […]
The United Steelworkers (USW) and United States Steel Corp. got underway with master contract bargaining talks this week, and they got straight down to business, according an update sent to union members. The USW struck a hopeful tone in early talks with Cliffs. The tone in an update on bargaining with USS was more business-like. The notice […]
The United Steelworkers (USW) and Cleveland-Cliffs Inc. both seem eager to get a new labor pact done quickly, with potentially few hurdles along the way, statements by both parties indicate. The USW provided members with an upbeat report following an initial round of master contract bargaining with the Cleveland-based steelmaker. Meetings were held in Pittsburgh […]
The United Steelworkers (USW) is preparing to start master contract bargaining with US Steel in the first half of July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh and which will likely begin next week, a union spokesman told Steel […]
The United Steelworkers (USW) is preparing to start master contract bargaining with Cleveland-Cliffs Inc. in mid-July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh. The USW’s current labor pact with the Cleveland-based steelmaker expires on Sept. 1. Talks will focus […]
The rally was fun while it lasted, but new capacity delayed in large part because of Covid has arrived or soon will, popular analyst Timna Tanners said. And it will coincide with some demand weakness. The result: “steelmageddon” (aka “sheet storm”) might have been delayed. But it has finally arrived, she said. “Here we are with capacity starting […]