U.S. Steel dropped a bombshell on Sunday, announcing that it started a formal process to review multiple unsolicited offers for the company. Cleveland-Cliffs followed with an explosive announcement of its own just hours later: that it had offered to buy U.S. Steel and that the board of the Pittsburgh-based steelmaker had rejected its offer as "unreasonable."
Canada's Algoma Steel Inc. reported better than expected results for its fiscal 2024 first quarter.
Republic Steel said it will indefinitely idle operations at its Canton, Ohio, and Lackawanna, N.Y., mills due to challenging business conditions.
Longs producer and metal recycler Gerdau reported lower second-quarter production and shipments due to several mill outages.
U.S. Steel has announced a collaboration with Google Cloud to build applications using Google Cloud’s generative artificial intelligence (gen AI) technology.
While Canadian integrated steelmaker Stelco remains committed to decarbonization its steelmaking operations, it has no plans to convert to electric-arc furnace (EAF) steelmaking, nor to buy an EAF steelmaker anytime soon.
Nucor Corp. announced it will be providing steel to help build a new solar project in Kentucky. In addition, the steelmaker has agreed to purchase power from the project.
An article published on July 30 said that U.S. Steel appeared to be getting out of the tinplate business. That was incorrect. U.S. Steel remains in the tinplate business. It continues to process orders from existing customers and to accept orders from new customers.
Latin American steelmaker Ternium remains optimistic that positive trends in the Mexican market will help it to continue increasing its market share.
While Ternium is expecting an increase in shipments in the current quarter, a decrease in earnings is also anticipated due to lower international steel prices and higher unit costs.
Ryerson said it expected demand to weaken in the near term after it reported a slump in second-quarter earnings. The Chicago-based service center group reported net income of $38 million in Q2’23, down 81% from $196 million a year earlier on revenue that fell 23% to $1.34 billion. “Shifting consumer spending patterns, higher interest rates, […]
Mexican steelmaker Altos Hornos de México (AHMSA) said there could be an “indefinite” delay to the restart of production because of a blockade by activists. The company said its steel plants in Monclova, Coahuila state, were blockaded by activists of the Sindicato Nacional Minero (National Mining Union), which represents AHMSA’s striking workers, according to a […]
Nucor has received its final federal permit to begin construction on its sheet mill in Mason County, W.Va. The Charlotte, N.C.-based steelmaker said it received the permit on Friday from the US Army Corps of Engineers to start work on the ~$3.1-billion project. Construction is set to begin immediately and expected to last approximately two years, Nucor […]
Steel prices and shipment volumes will probably be lower in the third quarter than they were in the second, U.S. Steel executives said.
Indian steelmaker JSW Steel reported improved performance at its JSW Steel USA operations in the first quarter of its 2024 fiscal year. Recall that JSW operates a sheet and slab mill in Mingo Junction, Ohio, and a plate and pipe mill in Baytown, Texas. The Mingo mill makes slabs not only for internal consumption but also for sale to […]
U.S. Steel recorded lower profits in Q2’23 compared to Q2’22 on the heels of a drop in steel prices and a dip in shipments. The Pittsburgh-based steelmaker reported net income of $477 million in Q2’23, down 51% from $978 million in Q2’22 on sales that fell 20% to $5.01 billion over the same period. The […]
ArcelorMittal’s earnings increased sequentially in the second quarter of 2023, but fell on-year, with recent acquisitions in Brazil, Texas, and Mexico contributing to underlying performance. The Luxembourg-based steelmaker posted net income of $1.86 billion in Q2’23, up 70% from $1.1 billion in the prior quarter, but down 59% from $4.49 billion a year earlier on […]
Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped. The Scottsdale, Ariz.-based service center behemoth shipped 1.484 million tons in Q2, 1.2 million of which were carbon steel products. Overall shipments were down 2.4% sequentially, with carbon shipments declining 2.1%. Compared to the same quarter last […]
U.S. Steel has temporarily idled the No. 3 blast furnace at its steel mill in Košice, Slovakia, for annual maintenance.
Nucor’s growth strategy goal “is not simply about being the biggest steel company,” Nucor chair, president and CEO Leon Topalian said. “As we evaluate and pursue new, ‘expand beyond’ platforms, we’re focused on opportunities that leverage our core capability as an efficient industrial manufacturer and are aligned with steel-intensive mega-trends or themes,” Topalian said. He […]
Cleveland-Cliffs swung to a profit in the second quarter after losing money in the first.
Nucor has completed slightly more than 50% of a $10-billion capital expenditures plan to grow its core steelmaking operations, Leon Topalian, company chair, president, and CEO, said in a second-quarter earnings conference call with investors. Here is an update regarding several of the Charlotte, N.C.-based steelmaker’s projects. Nucor Steel Gallatin (Sheet and Tube) Topalian said the […]
A stable market and steady lead times have led to decent demand, but companies are still keeping a close eye on where the market is headed, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the July 25 meeting of its Sheet Metal/Air Handling Council. During June’s meeting, 36% of […]
Cleveland-Cliffs is now charging its automotive customers a premium for its lower-carbon steel. The steelmaker has recently introduced a surcharge of $40 per net ton ($44 per metric ton or $2 per cwt) to each ton of steel made with Cliffs’ hot-briquetted iron (HBI). They are calling it the “Cliffs H” surcharge, chairman, president and […]
Cleveland-Cliffs is pushing back the reline of the C blast furnace at its Burns Harbor steel mill in northwest Indiana, executives said on the company’s second quarter earnings call on Tuesday, July 25. The BF reline, originally planned for 2025, has been pushed to 2026, CFO and executive VP Celso Goncalves said on the call. […]
Nucor reported sequentially higher second quarter earnings but warned that results would be worse in the third quarter. “We expect earnings in the third quarter of 2023 to decrease compared to the second quarter of 2023,” the company said in comments released with Q2 earnings results on Monday, July 24. The Charlotte, N.C.-based steelmaker posted […]
Cleveland-Cliffs swung to a profit in the second quarter after losing money in the first. The Cleveland-based steelmaker and iron ore miner predicted that the good times would continue to roll into the second half on what is said was continued strength in automotive demand. “While the performance of our automotive clients continues to improve, […]
Dennis Leebow, the founder and former president and CEO of Cleveland-based, family-owned service center Majestic Steel USA, passed away on July 12, 2023, at the age of 72. Leebow was a graduate of the Ohio State University. He worked as a salesman at his grandfather’s company, Baldwin Steel, before embarking on his own adventure and […]
Fort Wayne, Ind.-based steelmaker Steel Dynamics Inc. is taking advantage of opportunities in the Mexican steel market and plans to continue doing so moving forward. Executives discussed some of those opportunities on the company’s second-quarter earnings conference call on Thursday, July 20. The location and capabilities of SDI’s newest flat-rolled steel mill in Sinton, Texas, […]
While a weak European market is hampering SSAB’s quarterly results, the US market is providing more stability for the Swedish steelmaker. SSAB Americas’ second-quarter performance, together with those of the company’s Special Steels segment, provided a bright spot for the company despite the woes in Europe. SSAB produces steel plate at its US operations in […]