Steel Mills

Canada's ArcelorMittal Dofasco Follows Nucor, Raises Sheet Prices
Written by Michael Cowden
August 11, 2022
Canadian steelmaker ArcelorMittal Dofasco aims to increase spot market base prices for steel sheet by at least $65 per ton CAD (~$50 per ton USD).
The Hamilton, Ontario-based company said the price hike was effective immediately and applied equally to hot-rolled, cold-rolled and coated products.
“We reserve the right to re-quote any previously quoted offer that is not confirmed with either an ArcelorMittal Dofasco order acknowledgement or written acceptance by both parties,” the company said in a letter to customers dated Wednesday, Aug. 10.
Dofasco is a subsidiary of Luxembourg-based ArcelorMittal SA. Its price hike attempt follows a leading move by Charlotte, N.C.-based Nucor Corp., which aims to increase sheet prices by $50 per ton USD.
Other steelmakers have verbally supported the move even if they have not officially announced price hikes of their own in writing, market participants said. It remains unclear whether the increases will stick, some said.
Steel Market Update’s hot-rolled coil price stands at $820 per ton, up a modest $15 per ton from a week ago but down 45% from a recent peak of $1,480 per ton in late April.
By Michael Cowden, Michael@SteelMarketUpdate.com

Michael Cowden
Read more from Michael CowdenLatest in Steel Mills

Nucor’s Utermark to retire in June
Chad Utermark, executive vice president of new markets and innovation, plans to retire effective June 7.

Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.

Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.

Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.

Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.