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).
Two veteran investment bankers joined SMU's Community Chat on Wednesday, July 10, to talk consolidation and M&A in the metals industry.
Flood-level waters have prompted the US Army Corps of Engineers (USACE) to close locks on the Mississippi River.
Antidumping and countervailing duties (AD/CVDs), in place for more than twenty years on imports of hot-rolled (HR) steel from six countries, are up for their fourth sunset review.
U.S. Steel and Nippon Steel explained their position on USS’ participation in US trade cases should their proposed nearly $15-billion merger deal go through. The companies hope to close the deal by the end of the year.
A press conference at a Cleveland-Cliffs mill in Ohio touched upon several topics, including the unfair trade practices of Mexico and China and Nippon Steel’s proposed acquisition of U.S. Steel.
US sheet prices continue to fall, with SMU’s average hot-rolled (HR) coil price now at $670 per short ton (st). Prices for cold-rolled and coated products are now in the mid/high $900s/st. As I noted in my last Final thoughts, the consensus among our readers is that prices will bottom out in July. And that makes intuitive sense. Lead times in mid/late July should be stretching into the typically busier fall months. The question then is where prices bottom.
U.S. Steel has guided to lower second-quarter earnings both sequentially and on-year in "dynamic" spot price market.
U.S. Steel has shut down battery No.15 at its Clairton coke works in Pennsylvania for good, broadcaster CBS reported. The closure is part of an agreement with the local Allegheny County health department after the authority fined the company $2.2 million earlier this year for air emission violations at the plant, and $1.8 million two years ago […]
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 […]
When it comes to steel decarbonization, we do not need to compromise our climate ambition to make the types of demanding steel products needed for our 21st-century economy. Nevertheless, many of the world’s highest-emitting steel producers and their allies would have you believe that one cannot be done without the other. They are wrong. They […]
When you step out of the airport in Phoenix in June, the heat tends to focus your mind. I was in town to attend the Steel Manufacturers Association/Metals Service Center Institute (MSCI) annual meeting in Scottsdale, Ariz. The desert locale with palm trees, swimming pools, and the obligatory high-powered air conditioning was fitting for 2024. Between the presidential election and the geopolitical situation, things have definitely been heating up.
U.S. Steel Chief Commercial Officer Kenneth Jaycox has decided to leave the company, a company spokeswoman confirmed on Tuesday. Jaycox will transition his responsibilities to Jim Bruno from now through the end of June. Effective July 1, Bruno will be in charge of the Pittsburgh-based steelmaker’s commercial operations, she said. Bruno, who joined U.S. Steel […]
Nucor will increase galvanized and galvannealed coating extras effective July 6, 2024.
As the US slides further into protectionism as the solution for our trade problems, a solution that will put us in a position to succeed in the growing economic battle with China is yet to be discovered. The tariffs on China, which President Biden doubled down on, are not working—at least if the goal to out-compete China and other growing economies. China is not our only problem. But it is our No. 1 challenge right now, in geopolitics, potential hostilities, and economics. EVs are a sign of this challenge.
We’re just a few months away from SMU’s Steel Summit 2024 – North America’s premier flat-rolled steel conference.
The major steel-handling port in Burns Harbor, Ind., is getting substantial infrastructure upgrades.
U.S. Steel and Nippon Steel Corp. (NSC) said they have received all regulatory approvals outside of the US for the proposed sale of USS to the Japanese steelmaker.
Prices for galvanized products have fallen from last month, and many market participants expect tags to continue their descent or at best remain flat in the month ahead.
Cleveland-Cliffs is potentially eyeing a buy of NLMK USA’s Midwest assets, according to a report in Bloomberg.
Nucor’s Consumer Spot Price (CSP), a legitimate mill offer price, is a potential disruptor to North American steel sheet commercial and procurement strategies. We will dive into the details of what we think the CSP is and why we believe it is a potential disruption to how the North American sheet market operates.
U.S. Steel has celebrated the launch and “operational readiness” of its direct reduced (DR)-grade pellet production facility in Minnesota.
Here’s something I didn’t expect to see this week: SMU’s Current Buyers’ Sentiment Index dropped to its lowest point since August 2020.
U.S. Steel’s board of directors has published a letter accusing Cleveland-Cliffs of a campaign of “misinformation” intended to “derail the transaction” of Japan’s Nippon Steel Corp. (NSC) to buy the Pittsburgh-based steelmaker. However, Cliffs has clapped back, with a release rebutting USS’ allegations.
Cleveland-Cliffs’ Lourenco Goncalves thinks trade measures announced by the US government on Tuesday against China were just the opening salvo in a series of trade actions. Case in point: The Biden administration targeted China’s “unfair” trade policies with additional tariffs on an array of Chinese-made goods - including steel, aluminum, and EVs.
Wolfe Research Managing Director Timna Tanners cautioned clients about the darkening clouds of a brewing steel sheet storm in the company's Basic Materials Weekly Webcast on Monday. “This one we’ve been talking about for a while, and we feel like the theme is coalescing here,” she said.
The Inflation Reduction Act (IRA) appropriated more than $4 billion to the General Services Administration (GSA) and Federal Highways Administration (FHWA) for “Buy Clean” programs. The statute makes clear that GSA and FHWA purchases under these programs are limited to those with “substantially lower” emissions. There is no ambiguity in that requirement. The Environmental Protection Agency (EPA) has defined “substantially lower” to mean products with the lowest 20% of embodied emissions when compared to similar materials.
A vote on Friday by the International Trade Commission (ITC) ensures that antidumping duties on certain steel sheet imports from Japan will continue for the mid-term.
Three vocal Republican senators are demanding that President Joe Biden block the sale of U.S. Steel to Japan’s Nippon Steel.