Steel Mills

Essar Steel Algoma Finds New Iron Ore Supply
Written by Sandy Williams
October 14, 2015
Essar Steel Algoma announced it has secured an alternate, interim iron ore supply and is withdrawing its motion for a Temporary Restraining Order against Cliffs Natural Resources. Essar will continue to pursue resolution of the matter of breach of contract through the court system. Cliffs Natural Resources, as of Oct. 5, canceled its 3 million tonne iron ore supply agreement with Essar Algoma claiming breach of contract.
“We are focusing on the things we can control. We were able to source iron ore and we have taken these steps to assure our customers of continued supply. We will address the matter of Cliff’s breach of contract in due course,” said Essar Steel Algoma CEO Kalyan Ghosh.
Key Banc analyst Philip Gibbs does not see this as “a game-changing announcement” for Cliffs, but added in a Key Banc report that it “clearly puts the NA iron ore pellet supply-demand further in the flux zone.”
Gibbs expects Essar’s new arrangement will result in Cliffs lowering its iron pellet shipment guide for the year (currently at 19 million tonnes).
“The ‘interim’ agreement underscores the availability/supply overhang of iron ore pellets within the North American market on the account of weak blast furnace operating rates, with Essar potentially able to secure pellets from other miners like X [US Steel],” wrote Gibbs.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.

Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.

USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.

SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.

POSCO inks MoU with Hyundai on Louisiana EAF mill
POSCO has signed a Memorandum of Understanding (MoU) with Hyundai Motor Group that includes an equity investment in Hyundai’s previously announced EAF mill set to be built in Louisiana.