Steel Prices
USS increases sheet prices $30/ton
Written by Michael Cowden
October 24, 2024
U.S. Steel aims to increase spot prices for all new orders of flat-rolled steel by at least $30 per short ton (st), according to an internal letter dated Thursday, Oct. 24.
The Pittsburgh-based steelmaker said the price hike was effectively immediately and also applied to material from Big River Steel, its EAF sheet mill in Osceola, Ark.
“Please communicate the details of this increase to our customers as soon as possible,” James Bruno, SVP of business development and president of U.S. Steel’s mill in Kosice, Slovakia, said in the letter.
U.S. Steel’s price hike comes after Nucor, ones of its competitors, kept its prices flat this week at $720/st. The Charlotte, N.C.-based steelmaker had cut them by $10/st a week earlier. Nucor will next update its prices on Monday.
U.S. Steel has not announced a price increase since October 2023, when it tried to raise sheet prices by $100/st, according to SMU’s price announcement calendar. That was before Nippon Steel announced its planned acquisition of the company in December of last year.
Michael Cowden
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