BNSF Railway is thinking of a master plan. The Class I freight railroad announced on Oct. 1 its plans to invest more than $1.5 billion into a master-planned inland facility in Southern California. Named Barstow International Gateway, BNSF’s new hub location will be approximately 135 miles northeast from the Ports of Long Beach and Los […]
On the heels of a lengthy arbitration period, union negotiators and the major rail companies have settled on a tentative labor agreement to further avoid a strike. A statement made on Sept. 15 by the US Department of Labor noted, “Moments ago, following 20 consecutive hours of negotiations at the Department of Labor, rail companies […]
The American Iron and Steel Institute (AISI) called on Congress to intervene in the ongoing nationwide rail negotiations to ensure a successful resolution is reached. In a Sept. 14 letter on behalf of the American steel producers AISI represents, Kevin Dempsey, the association’s president and CEO expressed concerns about “the state of ongoing labor negotiations in […]
The long, hot summer of labor unrest that I’d feared early this year didn’t materialize. But that doesn’t mean we’re out the woods yet. The United Steelworkers union and Cleveland-Cliffs Inc. have agreed to a new labor pact. In Canada, meanwhile, the USW has ratified agreements with both Algoma and Stelco. But the union and […]
A potential nationwide rail strike could wreak havoc on the steel industry, association executives warned, negatively impacting the shipment of finished and semi-finished steel products as well as steelmaking raw materials. “Our supply chains are stressed and any disruption in freight rail service will hurt our economy by adding costs and delays to a rail […]
Nucor Corp. is urging buyers to be prepared in case of a strike by railroad workers. The Charlotte, N.C.-based steemaker warned in a Sept. 13 letter to customers that a Sept. 16 rail walkout is possible and provided some details around the situation. A Presidential Emergency Board was established to help the Class I railroads […]
East coast ports are currently battling crippling congestion, a problem that will likely not wane as we approach peak cargo season. To avoid west coast congestion, many importers have diverted shipments eastward. Unfortunately, the same challenges followed. As excess containers stack up, the port of New York and New Jersey has resolved to implement a […]
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 […]
Producer prices fell in July, stunning a 27-month growth run. Last month the headline index declined by 3.1%, seasonally adjusted, driven by a plunge in energy prices that slowed the pace of inflation, the US Labor Department reported. July’s producer price index (PPI), a measure of the prices received for final-demand products, fell 0.5% from […]
This will be my last article prior to the SMU Steel Summit Conference which begins on Monday morning of this coming week. We are now six days away from the start of the conference. As you can imagine, this is a hectic time for the SMU and CRU events teams. Some of the event’s staff […]
This will be my last article prior to the SMU Steel Summit Conference which begins on Monday morning of this coming week. We are now six days away from the start of the conference. As you can imagine, this is a hectic time for the SMU and CRU events teams. Some of the event’s staff […]
We had a big development this week with London-listed Russian steelmaker Evraz Plc announcing plans to sell its North American operations. A move like this has been rumored for some time. We’ve heard versions of it going back to Russia’s full-scale invasion of Ukraine in late February. Still, it was something of a shock to […]
Chicago-based Evraz North America is encouraged by its Russian parent company’s decision to divest its North American assets. The steelmaker said the move would provide increased certainty for its North American operations and employees. Evraz plc’s announcement of a sale “strengthens our long-term stability and will allow us to continue to lead in the markets where we […]
Russia’s Evraz plc has put its North American operations up for sale. Evraz North America (Evraz NA) operates two electric arc furnace facilities, four rolling mills, eight tube mills, and 17 scrap recycling facilities. It has annual steelmaking capacity of 2.3 million tons and a finished steel capacity of 3.5 million tons per year, including […]
Eariler this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, price increase announcements, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be included […]
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. […]
While Evraz plc’s earnings results in the first half of the year were negatively impacted by geopolitical tensions and resulting operational challenges, the company’s North American operations recorded a solid performance. The Russian steelmaker made no mention of Russian forces invading Ukraine in February in its H1 financial results, citing only “geopolitical tensions, mounting economic […]
Producer prices rose moderately in June, maintaining a sustained 27-month growth run. Last month the headline index grew by just 3.3%, seasonally adjusted, but was up 23.4% compared to the same year-ago period, the US Labor Department reported. The wholesale level was hit hard by inflation as well in June. The producer price index (PPI), […]
I’ve been writing a lot lately about steel prices going down. It’s hard at a certain point to find a new way to write about the same thing. So let’s talk about logistics, heat waves, and electricity for a little bit. First, I want to draw your attention to our Community Chat earlier this week […]
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 […]
Mercury Resources CEO Anton Posner will be the featured speaker on the next SMU Community Chat webinar on Wednesday, July 13, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about the global supply chain, why it’s still snarled and how […]
Mercury Resources CEO Anton Posner will be the featured speaker on the next SMU Community Chat webinar on Wednesday, July 13, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about the global supply chain, why it’s still snarled and how […]
Mercury Resources CEO Anton Posner will be the featured speaker on the next SMU Community Chat webinar on Wednesday, July 13, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about the global supply chain, why it’s still snarled and […]
Is this a case of the summer doldrums or something more serious? That might be a more important question to answer than where the bottom is and when we might hit it. But first let’s start with a recap of where prices landed this week. SMU’s hot-rolled coil price is now at $955 per ton ($47.75 […]
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 […]
SMU on Monday and Tuesday canvassed steel buyers on a variety of subjects ranging from future steel prices and new capacity to demand and supply chain issues. As we did earlier this month, we are sharing the comments we received in each buyers’ own words rather than summarizing them in ours. Want to have your voice […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, June 8 The CRUspi plummeted again month-on-month in June by over 12.3%, which is a larger drop than in May. This makes it the third-largest percentage point drop on record and the second largest in terms of total points. The supply shock caused by […]
Flack Global Metals (FGM) will open a new metals service center near the port of Houston in the fourth quarter of this year, the company announced Tuesday. “FGM Houston” will be located on the campus of North Shore Steel and is FGM’s first physical location. The 60,000-square-foot facility will service flat-rolled steel, aluminum, and stainless […]
The 2022 SMU Steel Summit Conference is only 13 weeks away, and we are looking forward to providing a quality program filled with knowledgeable and interesting speakers. We know your time is valuable, so we have gone the extra mile to provide an environment that will allow you to gather intelligence about the marketplace and to […]
The 2022 SMU Steel Summit Conference is only 13 weeks away, and we are looking forward to providing a quality program filled with knowledgeable and interesting speakers. We know your time is valuable, so we have gone the extra mile to provide an environment that will allow you to gather intelligence about the marketplace while also […]