Steel Products Prices North America
Cliffs Announces Plans for HBI Plant in Toledo
Written by Sandy Williams
June 15, 2017
Cliffs Natural Resources announced today that it has selected Toledo, Ohio, to be the site of its first hot briquetted iron production plant. Midrex Technologies will design, engineer and procure equipment for the new plant, which will produce at least 1.6 million tons of HBI per year.
The project is expected to cost approximately $700 million and will begin construction in early 2018. First commercial tonnage of HBI is anticipated in mid-2020. The Toledo sight has several advantages for Cliffs, including access to affordable gas and multiple rail carriers.
“Today’s announcement marks a very important strategic milestone for Cliffs as we begin to implement our plans to be the sole producer of high-quality HBI for the EAF steel market in the Great Lakes region,: said Lourenco Goncalves, chairman, president and chief executive officer. “We look forward to the strong margin and earnings potential this new product will generate for Cliffs shareholders.”
Cliffs received approximately $30 million in grants and other financial incentives from the state of Ohio to locate in Toledo.
Goncalves had hopes of establishing a DRI facility in the Iron Range in Minnesota, possibly at the former Essar Steel Minnesota site. The sale of the Nashwauk facility to Bedrock industries spoiled those plans.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
Nucor lifts HR coil to $820/ton
Nucor has increased its consumer spot price (CSP) for hot-rolled (HR) coil for a fourth consecutive week.
Nucor pushes HR spot price to $790/ton
Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $790 per short ton (st) on Monday, Feb. 10 – a $15/st bump vs. last week. The Charlotte, N.C.-based company has raised its weekly CSP by $40/st over the past three weeks after maintaining tags at $750/st since Nov. 12, according to SMU’s […]
ArcelorMittal Dofasco increases spot sheet prices
ArcelorMittal Dofasco is raising spot sheet prices by CA$100 per ton (US$70/ton). The Hamilton, Ontario-based flat rolled steelmaker told customers the increase is effective immediately for all new orders. It did not specify to what level this brings its base prices but noted its right to re-quote previous but unconfirmed orders. “We will continue to […]
Nucor raises HR spot price to $775/ton
Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $775 per short ton (st) on Monday, Feb. 3. The $15/st week-on-week (w/w) rise marks the first back-to-back increases in the steelmaker’s weekly CSP since last August, according to SMU’s mill price announcement calendar. Nucor’s joint-venture subsidiary California Steel Industries (CSI) is also up […]
Nucor raises HR spot price to $760/ton
Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $760 per short ton (st) on Monday, Jan. 21. The $10/st week-on-week (w/w) rise marks the first increase in the CSP since Nov. 12. According to SMU’s mill price announcement calendar, the Charlotte, N.C.-based steelmaker held the weekly price at $750/st for 11 […]