Features
SMU Week In Review: April 7 - 11
Written by Stephanie Ritenbaugh
April 11, 2025
Well, it’s been another chaotic week on the trade front, with harsh tariffs announced, market upheaval, and then a pause on a range of trading partners. But there is news out there beyond trade. Let’s take a look at some highlights from the past week.
In the latest twist in the story of U.S. Steel’s fate, investment firm Ancora Holdings dropped its plan to take control of the iconic Pittsburgh steelmaker. Ancora cited Nippon Steel’s proposed bid for USS “gaining momentum.”
The move came after President Trump on Monday ordered the Committee on Foreign Investment in the United States (CFIUS) to conduct a new review of the US Steel-Nippon Steel deal. But, the review doesn’t mean a sale is in the bag. Trump said he is still against selling USS to a Japanese company.
US ferrous scrap prices declined in April for all the grades tracked by SMU amid tariff uncertainty. Looking forward, it appears that the export market is headed lower from early April levels, according to one scrap source contacted by SMU. This means there could be incentive for US exporters to offer shredded scrap into the domestic again in May at lower prices than April.
With 25% tariffs imposed on Canadian steel imports, companies like Sault Ste. Marie, Ontario-based Algoma Steel have to weigh whether to absorb those costs or pass them on to buyers. For the time being, Algoma is choosing the former. “You can assume we’re eating a big part of that tariff,” said Michael Garcia, CEO. “I’m not going to say it’s 100%, but we’re eating a part of it.”
Garcia discussed this, Algoma’s imminent transition to EAF production, and the increased risks of trade with the United States during SMU’s monthly Community Chat.
Domestic hot-rolled (HR) coil prices declined this week for a third straight week. Most offshore markets bucked the trend and gained ground. Once again, uncertainty around tariffs caused US prices to slip as buyers moved to the sidelines. It’s unclear to date whether the 90-day pause on the more extreme “reciprocal” tariffs, announced by President Trump on Wednesday, would see buyers return to the market.
Stephanie Ritenbaugh
Read more from Stephanie RitenbaughLatest in Features
Rig counts decline again in US and Canada
Oil and gas drilling activity eased for the third consecutive week in both the US and Canada this week, according to Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.
Trump signs executive order aimed at making US shipbuilding ‘great again’
President Trump on Wednesday signed an executive order meant to breathe new life into American shipbuilding and curb Chinese dominance in the sector.
Apparent steel supply contracts in February
The amount of finished steel that entered the US market in February receded from January’s peak, according to our analysis of Department of Commerce and American Iron and Steel Institute (AISI) data.
Final Thoughts
The Trump tariff drama continues.