Nucor Corp. has increased its cost estimate for its new sheet steel mill in West Virginia by ~$400 million. The Charlotte, N.C.-based steelmaker said Feb. 23 that its board approved additional capital for the project. The company now expects a net cash outlay of ~$3.1 billion for the West Virginia electric-arc furnace (EAF) sheet mill, up from $2.7 billion when […]
Nucor Corp. said its Towers & Structures unit will build a new transmission tower production plant in Decatur, Ala. The Charlotte, N.C.-based steelmaker said the plant will be adjacent to the Nucor Steel Decatur sheet steel mill. It is expected to create 200 jobs. In December, the company announced plans to build two tower production plants […]
NLMK USA has announced new, higher base prices for steel sheet. The steelmaker said the higher prices were effectively immediately on all new spot orders and justified by “strong demand and extending lead times,” in a letter to customers on Wednesday, Feb. 22. NLMK USA said that its new minimum base price for hot-rolled coil was […]
Sheet prices are up again. By a lot. For the third time this month. And it’s not over yet! Nucor alone is up more since Thanksgiving ($310/per ton) than they were after the invasion of Ukraine ($275/ton), according to our price increase calendar. We had obvious drivers for the last two big rallies. The snapback […]
Sheet prices increased this week as another blitz of price hikes – this time $100 per ton ($5/cwt) – spurred the market higher. The latest announcements from the likes of Nucor, Cliffs, US Steel, and ArcelorMittal, all setting a new base price for hot band of $1,000 per ton, are yet to be reflected in […]
ArcelorMittal has followed three major domestic mills in increasing sheet prices by at least $100 per ton ($5 per cwt). Luxembourg-based ArcelorMittal, one of the world’s largest steelmakers, also said it was targeting a minimum base price of $1,000 per ton for hot-rolled coil (HRC) effective immediately. That echoes new HRC base prices announced earlier […]
US Steel has joined competitors Nucor and Cleveland-Cliffs in raising base prices for steel sheet by at least $100 per ton ($5 per cwt). The Pittsburgh-based steelmaker said the price hike was effective immediately for all new spot orders in a letter to top sales staff dated Tuesday, Feb. 21. The company said the increases […]
Cleveland-Cliffs didn’t take long to join Nucor in increasing spot prices for steel sheet by at least another $100 per ton ($5 per cwt). The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $1,000 per ton for hot-rolled coil (HRC). Cliffs said the increase was effective immediately and applied equally to all […]
Nucor Corp. is pushing its hot-rolled coil price up by at least another $100 per ton ($5 per cwt), its third sheet price hike in a matter of three weeks. The Charlotte, N.C.-based company, the largest steelmaker in the US, said the move was effective immediately for base prices on new orders. Nucor made the […]
Nucor Corp. will again keep plate prices unchanged with the opening of its April order book. The steelmaker has now repeatedly maintained its plate tags since its sharp price cut in late November when it lowered plate prices by $140 per ton ($7 per cwt). The Charlotte, N.C.-based steelmaker said the move was effective on […]
The “new normal,” we have heard that a whole lot since the pandemic took hold. Are we really seeing a paradigm shift? Or is it just a trendy phrase? But, first, let’s talk about price hikes. If three’s a crowd, then what’s five – a herd? The week got off to a quick start early […]
ArcelorMittal and NLMK USA have followed three major domestic steelmakers in increasing sheet prices by at least $50 per ton ($2.50 per cwt). Luxembourg-based ArcelorMittal said it was targeting a minimum base price of $900 per ton effective immediately, echoing moves first announced by Nucor and Cleveland-Cliffs. “The increase is applicable to all new spot […]
US Steel Corp. got in on the action and increased spot prices for carbon steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective immediately, the company said in a letter to customers dated Monday, Feb.13, and joining Nucor and Cleveland-Cliffs in their efforts to boost sheet tags. The latest price […]
Cleveland-Cliffs has joined Nucor in increasing spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $900 per ton for hot-rolled cold. Cliffs said the increase was effective immediately and applied equally to all new orders of hot-rolled, […]
Nucor Corp. is pushing hot-rolled coil price up by at least another $50 per ton ($2.50 per cwt), its second sheet price hike in ten days. The Charlotte, N.C.-based company, the largest steelmaker in the US, said the move was effective immediately for base prices on new orders. Nucor made the announcement in a letter to […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
US plate prices have been largely stable since the beginning of December after tags fell by $140 per ton following Nucor’s price cut notice at the end of November with the opening of it January order book. A move that caught many by surprise at the time. But since then, plate prices have varied by […]
Nucor Corp. has joined the push to increase sheet prices by at least another $50 per ton ($2.50 per cwt). The Charlotte, N.C.-based steelmaker, the largest in the US, said the move was effective immediately for base prices on new orders. The company made the announcement in a letter to customers dated Friday, Feb. 3. […]
The Steel Manufacturers Association (SMA) has announced the election of Ty Garrison as chairman. Garrison is senior vice president of operations at Irving, Texas-based Commercial Metals Co. (CMC). He leads operations and commercial teams in the US and Poland, along with supply chain and engineering functions. Garrison joined the CMC commercial team in 2000 and […]
Nucor Corp. shipped its first customer order from its new $1.7-billion plate mill in Brandenburg, Ky., on Jan. 25, Allen Behr, executive VP of plate and structural products, said on an earnings conference call with analysts on Thursday, Jan. 26. “We are sitting here today exactly where we wanted to be,” said Behr when addressing […]
Nucor Corp. will keep plate prices unchanged with the opening of its March order book. The steelmaker has now maintained its plate tags since its sharp price cut in late November. The Charlotte, N.C.-based steelmaker said the move was effective on Jan. 26, according to a letter to customers. Published adders and extras will continue to […]
I’ve written in my last two columns about various factors that indicate the price rally that began after Thanksgiving might be running out of steam. You know the list by now: low capacity utilization, lead times not pushing out in tandem with prices, and a consensus that prices will peak this month or next. All […]
Nucor Corp.’s ramp-up at its Gallatin operations are six months behind schedule, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Jan. 26. “We’re about six months behind where were wanted to be on the ramp-up,” Topalian said. “However, over the last few months that team has […]
Nucor Corp.’s fourth-quarter net earnings slid 44% from a year ago, but the company still reported the most profitable year in its history. The Charlotte, N.C.-based steelmaker posted net earnings of $1.26 billion in the quarter ended Dec. 31 vs. $2.25 billion in the same quarter of 2021 on net sales that dropped 16% to […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 445 people have already registered, which is more than total attendance last year. New companies are being added […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 430 people have already registered, which is more than total attendace last year. We expect that number to […]
Nucor Corp. has introduced its new sustainable, heavy-gauge steel plate “Elcyon.” The product will be made exclusively for the US offshore wind energy sector, and will be manufactured at Nucor’s new $1.7-billion ultramodern plate mill in Brandenburg, Ky. “By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]