Steel Mills
Cliffs Joins Nucor, Sheet Up $100/ton and Seeks $1,000/ton HRC
Written by David Schollaert
February 21, 2023
Cleveland-Cliffs didn’t take long to join Nucor in increasing spot prices for steel sheet by at least another $100 per ton ($5 per cwt).
The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $1,000 per ton for hot-rolled coil (HRC).
Cliffs said the increase was effective immediately and applied equally to all new orders of hot-rolled, cold-rolled and coated products in a press release dated Tuesday, Feb. 21. It did not, however, provide target base prices for cold-rolled and coated material.
The move comes just about a week after Cliffs announced a $50-per-ton price hike and a target HRC price of $900 per ton on Feb. 13.
Like Nucor, this is Cliffs’ third price hike notice for the month, now up $200 per ton since its initial increase on Feb. 2.
By David Schollaert, david@steelmarketupdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Mills
Nucor sees sequentially lower Q3 profits across all three business segments
Nucor's third-quarter earnings will be down quarter-over-quarter, but still higher than a year earlier.
Hyundai still on for Louisiana steel mill despite US raid at Georgia battery plant
Hyundai has reaffirmed its commitment to build a steel plant in Louisiana following a US government immigration raid at its battery facility in Georgia.
Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.
Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.
AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.