The United Steelworkers (USW) union has rejected US Steel’s latest labor proposal as tensions boil over and the two sides seem nowhere near to reaching a new agreement. Union representatives called the Pittsburgh-based steelmaker’s latest proposal “a smack in the face” in a text sent to members on Sept. 29. Negotiations are now a month […]
Rock Trading Advisors President David Feldstein will be the featured speaker on the next SMU Community Chat webinar on Wednesday, Oct. 12, at 11 a.m. ET. The live webinar is free for anyone to attend. A recording will be available for SMU members. You can register for the webinar here. We’ll discuss the last three years in the […]
Sheet prices are flattish, with hot-rolled coil averaging approximately $750-800 per ton ($37.50-40 per cwt) for the last month. Should we start talking about mini-cycles within a new, higher normal? Or should we assume that prices will continue to resume their downward trek until we see the typical rebound in Q1 of the New Year? […]
Tensions continue to escalate between US Steel and the United Steelworkers (USW) union as the two sides remain far apart on reaching a new labor agreement. On Sept. 26, the Pittsburgh-based steelmaker went so far as to file an unfair labor practice complaint with the National Labor Relations Board against the USW. “We have continued […]
US Steel has decided to indefinitely idle the No. 3 blast furnace at its Mon Valley Works in western Pennsylvania following a roughly month-long maintenance outage. “We expect planned maintenance on BF 3 to be completed and the furnace to be available for use this week. However, the furnace will remain down until market conditions […]
We’ve seen a wave of mill idlings and outages this fall. But steel buyer reaction to date has been subdued. The yawn now in response to all those tons coming out of the market stands in stark contrast to the almost hysterical reaction to downtime at even the smallest producers in early 2021. Remember the […]
The United Steelworkers union and US Steel traded blows as bargaining talks on a new labor deal continued well past the Sept. 1 expiration of a prior agreement. The USW said in an update to its members on Sept. 22 that the Pittsburgh-based steelmaker had failed to invest in its union-represented facilities as promised. The union also […]
Well, I guess it’s the official outage and idling season. In the month of September alone we’ve confirmed a half dozen or more maintenance outages (some pulled forward) and temporary idlings. Why? It sure looks like some steelmakers are trying to deal with declining demand and uncertain market conditions. The hope? Somewhat of a stopgap measure […]
Steel Market Update is pleased to share this new, Premium content — an index comparing lead time and demand data — with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Apparent demand for flat-rolled steel in the US saw its sharpest decline since our early July reading when the index fell seven […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
US Steel Corp.’s month-long maintenance outage on the No. 3 blast furnace at Mon Valley Works near Pittsburgh is expected to be completed on Saturday, Sept. 24, a company spokeswoman confirmed to SMU. Once complete, the blast furnace is expected to remain idle for the next month or so in response to declining demand and […]
NLMK USA has planned a roughly month-long outage for upgrades to its electric-arc furnace (EAF) sheet mill in Portage, Ind. The work is scheduled for October and November and will be focused on enhancements to the plant’s melt shop and hot strip mill, a company spokesman said. NLMK USA in emails to customers specified the […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
It’s contract negotiation season, and let’s just say that this year is a lot different than the last two years. Mills had pricing power in contract talks in 2020 and in 2021. This year, buyers feel like they have more leverage—and they’re not being shy about pressing mills for lower prices. On the one hand, […]
Has the US steel market reached another downward inflection point? I ask because our survey data has turned a little bearish following an upsurge in sentiment that, in retrospect, might have crested not long after Steel Summit. It wouldn’t be the first time that we saw post-conference euphoria in late August fizzle out in September. Last […]
A group of European steel companies and nongovernmental agencies, members of the Austrian non-profit organization ResponsibleSteel, have come together to create international standards for greenhouse gas emissions as the industry works to decarbonize across the supply chain. The ResponsibleSteel International Standard V2.0 will allow steel companies to clearly show how they are driving down GHG […]
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 […]
United States Steel Corporation has idled the No. 8 blast furnace at its Gary Works in Indiana due to market conditions and high import levels. A spokeswoman confirmed the idling began on Sept. 7. “We continue to monitor market conditions and plan to bring the furnace back online when business conditions allow,” she told SMU. […]
US Steel Corp. expects its performance to be substantially lower sequentially for its third quarter ending Sept. 30. The Pittsburgh-based steelmaker anticipates adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $825 million in Q3, according to earnings guidance figures released on Thursday, Sept. 15. That’s down nearly 50% from second quarter EBITDA […]
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 […]
Ratification votes on the new labor deal between Cleveland-Cliffs Inc. and the United Steelworkers (USW) are to begin Oct. 12, a union representative told Steel Market Update. The two sides agreed to a new, tentative four-year contract nearly three weeks ago. The new deal is effective Sept. 1 but does not go into effect unless a […]
Sheet and plate prices continued to drift sideways this week as steel mills attempt to hold the line despite weak signals from the scrap market. Mills are more unified in trying to hold the line around $800 per ton ($40 per cwt) on hot-rolled coil following deep discounting ahead of announced price increases last month. […]
US apparent steel supply recovered 2% in July to 9.23 million net tons, according to the latest US Department of Commerce and American Iron and Steel Institute data. July supply levels are 2% below the average monthly rate across the past year of 9.41 million tons. Recall that supply reached a six-year high last September at 9.92 million […]
US steel exports declined 7% from June to July, now at a five-month low of 742,000 net tons according to the latest US Commerce Department data. Just one month prior, we saw the third-highest monthly export rate seen in the past four years at 800,000 tons. On a 12-month moving average basis (12MMA), annual steel […]
Cleveland-Cliffs Inc. has reached a tentative agreement with the United Steelworkers (USW) on a new, 47-month labor contract for its mining and pelletizing operations, the company said on Friday, Sept. 9. The new deal is effective Oct. 1 but does not go into effect unless a majority of the 2,000 union members represented under the […]
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 […]
US Steel has begun a 60-day planned outage on the No. 2 blast furnace at its steel mill in Košice, Slovakia. The Pittsburgh-based steelmaker operates three blast furnaces at the mill: No. 1, No. 2, and No. 3. The outage on No. 2. began on Sunday, Sept. 4. The No. 1 and No. 3 furnaces remain […]
US Steel has temporarily idled the No. 5 tin line at its Gary Works in northwest Indiana. The Pittsburgh-based steelmaker indicated that the move was necessary because of weaker demand and increased import volumes. “The company’s other tin operations continue to operate in line with customer demand. We expect to bring number 5 tin line back […]