Steel Mills

U.S. Steel Announces $50/ton Sheet Price Increase
Written by Michael Cowden
June 14, 2023
U.S. Steel aims to increase base prices on spot orders of flat-rolled steel by at least $50 per ton ($2.50 per cwt.)
The move is effective immediately and applies to “all open quotations and/or negotiations where an agreement is yet to be concluded,” the Pittsburgh-based steelmaker said in a letter to it sales executives on Wednesday, June 14.
The increase applies not only to material from U.S. Steel but also to product from its USS-UPI subsidiary in California and its Big River Steel subsidiary in Arkansas.
U.S. Steel’s sheet price hike is the first since Cleveland-Cliffs announced one of $100 per ton – and a target price of $1,300 per ton for hot-rolled coil – on April 3.
U.S. Steel did not list a target price for coil in this increase.
SMU’s hot-rolled coil price stands at $930 per ton, down nearly 20% from a 2023 peak of $1,160 per ton mid-April and marking the lowest point for HRC prices since late February.
Initial reaction to the increase was mixed.
Some market participants questioned whether the move would reverse a trend of falling prices and shorter lead times that has been in place for most of the second quarter. They noted that U.S. Steel was primarily focused on contract-driven automotive business and might have comparatively little exposure or influence over the spot market. Another theory was that the increase might be timed to entice buyers who have been on the sidelines to jump back into the market to restock.
It was not immediately clear whether other mills would follow U.S. Steel’s attempted leading move.
SMU has updated its price-increase calendar to reflect U.S. Steel’s announcement. Please find it here.
By Michael Cowden, michael@steelmarketupdate.com

Michael Cowden
Read more from Michael CowdenLatest in Steel Mills

Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.

Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.

USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.

SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.

POSCO inks MoU with Hyundai on Louisiana EAF mill
POSCO has signed a Memorandum of Understanding (MoU) with Hyundai Motor Group that includes an equity investment in Hyundai’s previously announced EAF mill set to be built in Louisiana.