Steel Mills
Phase 2 of Algoma Plate Mill Upgrades Pushed to June 2023
Written by Michael Cowden
August 9, 2022
Algoma’s plate mill is up and running following the first phase of a modernization project that was completed in June.
The second phase of the expansion, initially expected to be finished by November 2022, has been moved to June 2023, a company spokeswoman told SMU on Tuesday, Aug. 9.
The reason: “to support our customers impacted by a longer-than-anticipated outage due to automation issues during the first phase,” she said.
Algoma had scheduled a one-month outage in its fiscal first quarter, which ended in June, to complete the first phase of upgrades. It took the steelmaker approximately six to eight weeks longer than expected to start up the mill following the outage, company executives said on an earnings conference call with analysts last week.
The protracted start-up resulted from problems with automation equipment installed as part of the upgrades. The result: Production and shipment volumes in both the first and second quarters of Algoma’s fiscal year are expected to be lower than in the same quarters last year, they said.
Algoma makes hot-rolled coil, cold-rolled coil, and plate. Company executives noted that the outage and delayed start-up of the plate mill would impact not only discrete plate volumes but also those of strip mill plate too.
SMU’s plate price averaged $1,735 per ton ($86.75 per cwt) when this article was filed, down 3.6% from $1,800 per ton a month earlier on the heels of a price decrease announced by Charlotte, N.C.-based Nucor Corp.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
SDI presses on with steel, aluminum investments
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC earnings slide, but still near top mark
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
SDI posts lower Q3 profit, sees better times in ’25
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Cliffs hosts fireside chat on industry, union, government collaboration
Cleveland-Cliffs’s Chairman, President, and CEO Lourenco Goncalves hosted a fireside chat with US Trade Representative Katherine Tai and Acting Secretary of Labor Julie Su on Friday at the company’s plate mill in Coatesville, Pa.
Nippon agrees to sell Calvert stake, if USS deal closes
ArcelorMittal is set to take full ownership of AM/NS Calvert if Nippon Steel finalizes its pending acquisition of U.S. Steel.