Tag: Stelco

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

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.

The spread between hot-rolled coil (HRC) and prime scrap prices  narrowed for the third consecutive month, hitting a level not seen since 2020, according to SMU’s most recent pricing data.

There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!

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).

Flat-rolled steel prices have been largely falling since the beginning of the year. Even after a slight bump in early April when mills tried to halt the downtrend, the decrease resumed.

Now that June has arrived, the official countdown until SMU’s Steel Summit 2024 – North America’s premier flat-rolled steel conference – has begun. If you haven’t already registered, don’t delay. More than 700 attendees from more than 300 companies have already registered to be in Atlanta this August. In short, it’s poised to be another […]

We’re just a few months away from SMU’s Steel Summit 2024 – North America’s premier flat-rolled steel conference.

Stelco reported a positive start to 2024 in its first-quarter earnings report on Thursday. And with steady demand and a stable market, the Canadian flat-rolled steelmaker is optimistic for the remainder of the year.

Domestic prices have been sliding since the beginning of the year, and I don’t see any obvious reasons why the slide might stop this week. But let’s put the timing of a bottom aside for a minute. The question among some of you seems to be whether we’ll see another price spike, or at least a “dead-cat bounce,” before the typical summer doldrums kick in.

Alan Kestenbaum, the CEO of Stelco, said the company is actively evaluating ways to grow the company, including both organic and inorganic opportunities.

Canada will soon require steel imports to report “country of melt and pour” information.

Canadian steelmaker Stelco swung to a loss in the fourth quarter as revenue declined due to decreased shipping volume and average selling prices.

SMU’s Jan. 24 Community Chat, featuring CRU's Principal Analyst Erik Hedborg, provided viewers with an update on the current state of the global iron ore market.

Canadian flat-rolled steelmaker Stelco recorded a drop in third quarter profits on lower steel prices and sales volumes. The Hamilton, Ontario-based company predicted that volumes would be lower still in the fourth quarter. But it also said that financial results would improve next year on higher prices and longer lead times.

You could make a case that Nov. 1 was April Fool’s Day for steel – or at least for the widespread rumor that Cliffs would announce a $10-billion deal for U.S. Steel on that date. I’m not going to endorse any precise date or price tag. But I’d be surprised if a deal – or […]

The St. Lawrence Seaway is shut down after members of Canada’s Unifor union went on strike against the St. Lawrence Seaway Management Corp. (SLSMC) this past weekend.

ArcelorMittal and Stelco joined last week’s move by domestic mills to push sheet prices higher.

We’ve been busier than usual lately covering two major events (in addition to our pricing and data services) – the potential sale of U.S. Steel and the United Auto Workers (UAW) union strike. Let’s review some possible developments in each. U.S. Steel Sale – Back in the Headlines We learned last week that Stelco had […]

Canadian steelmaker Stelco Holdings Inc. is now in the mix to purchase U.S. Steel, according to an article in Bloomberg on Thursday, which cited people familiar with the matter.

While Canadian integrated steelmaker Stelco remains committed to decarbonization its steelmaking operations, it has no plans to convert to electric-arc furnace (EAF) steelmaking, nor to buy an EAF steelmaker anytime soon.

Canadian steelmaker Stelco reported lower results in the second quarter year over year on decreased average selling price per net ton and lower shipping volume, but earnings improved sequentially on higher average selling prices.

We are counting down the days until SMU’s Steel Summit Conference on Monday-Wednesday, Aug. 21-23, in Atlanta. It’s only a little over two months away. Approximately 755 people have already registered. Our discounted room blocks are almost gone. Register here. The event will again be held at the Georgia International Convention Center, a massive conference center in close […]

Canadian flat-rolled steelmaker Stelco swung to a loss in the first quarter on lower selling prices and increased costs. The Hamilton, Ontario-based steelmaker said that increased shipments weren’t enough to offset those headwinds. It predicted better times in the second quarter. “Prices in the second quarter have improved to more favorable levels, lead-times have normalized, […]

As you make your travel plans for this summer, don’t forget about this year’s Steel Summit Conference in Atlanta. The event will again be held at the Georgia International Convention Center, a world-class conference facility adjacent to the Hartsfield-Jackson Atlanta International Airport—think low airfares and easy access. So mark your calendar for Monday-Wednesday, Aug. 21-23. The […]

Canadian flat-rolled steelmaker Stelco Holdings Inc. recorded sharply lower fourth-quarter profits. The culprit: the “triple whammy” of declining steel prices, shorter lead times, and higher costs, company chairman and CEO Alan Kestenbaum said. “Now, however, we are seeing a reversal of all of these factors with rising steel prices … lengthening lead times, and input […]

More North American steel producers are joining in the attempt to increase prices for steel sheet products. NLMK USA said in a Dec. 1 letter to customers that “due to increased order placement and extending lead times,” its base prices will increase by a minimum of $60 per ton ($3 per cwt) for spot orders. […]

Stelco Holdings Inc. intends to increase spot prices for carbon steel sheet by at least CAD $80 per ton (USD $60 per ton or $4 per cwt). The move is effective immediately, the company said in a letter to customers on Tuesday, Nov. 29, and applies equally to all new orders of hot-rolled, cold-rolled, and […]