Steel Mills
U.S. Steel Finalizes Full Ownership of UPI
Written by Sandy Williams
February 28, 2020
U.S. Steel is now 100 percent owner of USS-POSCO Industries as of Feb. 29, 2020. The purchase of the remaining shares of the company from its Korean partner represents the best opportunity for UPI to continue operating effectively and serve its customers, said U.S. Steel in a press release.
UPI is headquartered in Pittsburg, Calif., and produces cold-rolled sheets, galvanized sheets and tin mill products from hot bands provided by U.S. Steel. Annual production capability is 1.5 million tons.
USS-POSCO Industries was formed in 1986 as a 50/50 joint venture with Korean steel company Pohang Iron and Steel. Since that time, a number of investments were made to modernize equipment and expand product offerings.
U.S. steel plans to operate UPI in the near term as a separate entity.
In other news, UPI was among the mills that announced a $40 per ton increase in the base price of hot rolled P&O, cold rolled and galvanized steel products, effective last Thursday on new orders.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nippon won’t import slabs to US if U.S. Steel deal goes through
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
AISI: Raw steel production falls to 5-week low
Domestic raw steel mill production slipped to a five-week low last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Weekly production is now at the third-lowest level recorded this year.
Nucor maintains HR price at $750/ton
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was unchanged week on week (w/w) at $750 per short ton (st) on Monday, Nov. 18.
Mexican court orders sale of officially bankrupt AHMSA
After failing to reach agreements with its creditors, Altos Hornos de México (AHMSA) has been formally declared bankrupt by a Mexican bankruptcy court.
AISI: Raw steel production edges back up
Domestic raw steel production recovered last week, after slipping the week prior, according to the latest American Iron and Steel Institute (AISI) data. Weekly production remains at some of the lowest levels recorded this year.