Final Thoughts
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Final thoughts
Written by Brett Linton & Ethan Bernard
May 16, 2024
SMU had the pleasure of attending the American Iron and Steel Institute’s (AISI’s) annual general meeting in Washington this week. It was a slow week in our nation’s capital, so we were able to take a leisurely stroll around the National Mall and take in the sights.
Just kidding. In fact, the meeting coincided with significant trade actions announced by the Biden administration. It included, among other things, additional tariffs on Chinese steel and aluminum.
However, beyond tariffs and trade talk, the meeting also included exciting “green” developments. Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO, and currently chairman of AISI, talked about hydrogen. “Coal fueled the first industrial revolution, and hydrogen will fuel the second industrial revolution,” he said at a press conference at the event.
Earlier this year, Cliffs completed a hydrogen injection trial at its Indiana Harbor No. 7 blast furnace in East Chicago, Ind.
Already the cleanest steel industry in the world, from hydrogen to carbon capture, to EAF steelmaking, the prospect of Net Zero is getting closer, and steel is getting greener.
So in the spirit of decarbonization, and to give the US industry a little pat on the back, we thought this week we’d focus our crossword lens on the issue of sustainability. And, for the record, we’d just like to note that no trees were harmed in the production of this puzzle. Enjoy!
This week in steel history
The Transcontinental Railroad was completed in 1869 as the final rail was placed in Promontory Point, Utah, on May 10. Previously a four- to six-month voyage by wagon, the railroad allowed passengers to cross the US in just seven days. Tickets started at $65 (nearly $1,500 today). More than 1,700 miles of track were laid, consisting of timber for railroad beams and iron and steel for tracks and spikes. The demand for steel for railroad tracks, bridges, and other infrastructure spurred the growth of the steel industry. This led to innovations in steelmaking processes and the establishment of steel mills across the country.
Crossword
Click here to attempt this week’s sustainability crossword.
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Brett Linton
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Ethan Bernard
Read more from Ethan BernardLatest in Final Thoughts
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Final thoughts
Sheet prices didn’t roar back after Labor Day. But steel market news sure came out of the gate strong (or maybe chaotically is the better way to put it). First, the nearly $15-billion proposed sale of U.S. Steel to Nippon Steel exploded into the news. And when I say exploded, I mean that all sides seem to be escalating things now.
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Final thoughts
Welcome back from Labor Day, from Steel Summit, and from whatever fun you might have had over the long weekend. Personally, I enjoyed camping with friends and family near Starved Rock. No one starved, there were no major injuries, and we enjoyed the many splendors of Mystical Fire. (Speaking of which, does that have industrial uses? But I digress.)
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Final thoughts
I want to say a huge ‘thank you’ from all of us at SMU to all of you (more than 1,500!) who attended Steel Summit this year. We appreciate you taking time out of busy schedules to join us – whether that was up on stage, submitting thoughtful questions, or catching up over a drink and bite to eat. Also, a bit shoutout to everyone at SMU and at CRU who made this event possible. It’s no understatement to say that we have a fantastic team.
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Final thoughts
Day one and two of SMU's Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.
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Final thoughts
The big show is just about here. SMU Steel Summit will be getting underway on Monday. Where does the networking begin? I’d say at the airport. So don’t forget your business cards. And it can't hurt to wear a company golf shirt.