Steel Mills
NLMK USA Lifts Sheet $50/ton, Aims for $875/ton HRC
Written by Michael Cowden
February 2, 2023
NLMK USA has joined Cleveland-Cliffs Inc. in raising sheet prices by at least $50 per ton ($2.50 per ton), effective immediately.
The steelmaker is also seeking a base price of $875 per ton for hot-rolled coil, $25 per ton more than the $850 per ton Cleveland-Cliffs is aiming for.
“Orders received and not yet confirmed are subject to this increase,” NLMK USA said in a letter to customers on Thursday, Feb. 2.
Cliffs is one of the largest steelmakers in the US. While NLMK USA is much smaller, it is an important player in the spot market.
NLMK USA operates an electric-arc furnace (EAF) steel mill in Portage, Ind., a hot strip mill and cold-reduction mill in Farrell, Pa., and a galvanizing facility in Sharon, Pa. The Portage mill has a capacity of 800,000 tons per year.
By Michael Cowden, michael@steelmarketupdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
Cliffs steadfast in commitment to Middletown decarb project
Cleveland-Cliffs Inc. on Monday reiterated its commitment to a major decarbonization project at its Middletown Works in Ohio, despite an earlier report suggesting otherwise.
Nucor expects lower steel prices to drive Q3 earnings decline
Nucor blamed lower steel prices for weaker third-quarter results in earnings guidance released on Tuesday.
SDI guides toward lower Q3 earnings on weaker flat-rolled steel prices
Steel Dynamics Inc. (SDI) expects lower third-quarter earnings on the heels of “meaningfully lower” prices at its flat-rolled steel operations. The Fort Wayne, Ind.-based steelmaker expects Q3’24 earnings of $1.94 to $1.98 per diluted share, according to figures released on Monday. That’s down from $2.72 per share in Q2’24 and down from $3.47 per share in Q3’23.
Stelco shareholders OK $2.5B sale to Cliffs
Stelco shareholders voted overwhelmingly on Monday to OK the $2.5-billion sale of the Canadian flat-rolled steelmaker to Cleveland-Cliffs. Indeed, 99.97% of those who cast ballots voted to approve the deal, according the Hamilton, Ontario-based steelmaker.
White House may delay decision on USS-Nippon deal until after election: report
The White House decision on blocking Nippon Steel’s play for Pittsburgh-based U.S. Steel might be pushed back until after the upcoming presidential election, according to a report in the Washington Post.