Steel Mills
Cleveland-Cliffs Announces $75/ton Sheet Price Hike
Written by Michael Cowden
August 24, 2022
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $75 per ton ($3.75 per cwt).
The move is effectively immediately and applies to equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Wednesday, Aug. 24.
It comes after domestic competitor Nucor Corp. announced a price hike of $50 per ton in early August and after reports of certain domestic mills more recently lowering spot prices.
SMU’s hot-rolled coil price stands at $770 per ton, down $30 per ton from last week and marking the lowest prices for HRC since late November 2020.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.
Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.
Cleveland-Cliffs open to asset sales
Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.
As Q1 loss balloons, Cliffs pledges to cut costs, streamline operations
Cleveland-Cliffs Inc. gushed red ink in the first quarter, and pledged to stem the bleeding by idling inefficient, “loss-making operations” and increasing focus on its core automotive business.
Cliffs plans to idle three mills, cut 950 jobs on ‘insufficient demand and pricing’
Cleveland-Cliffs plans to indefinitely idle its steel mill in Riverdale, Ill., as well as mills in Conshohocken, Pa., and Steelton, Pa. The Cleveland-based steelmaker said all three facilities would be idled on or around June 30. Approximately 950 jobs will be impacted, the company said.