Steel Dynamics’ President and CEO Mark Millett expects “transformational change” from SDI’s new electric arc furnace mill nearing completion in Sinton, Texas. “We are not simply adding flat rolled steel production capacity. We have a differentiated product offering, a unique regional supply chain solution, a significant geographic lead time advantage and offer a sustainable alternative […]
Algoma Steel’s initial public offering (IPO) is around the corner following shareholder approval of a deal between the Canadian steelmaker and Legato Merger Corp., a special purpose acquisition company (SPAC) The merger between the New York-based SPAC and privately held Sault Ste. Marie, Ontario-based Algoma is expected to close this week, an Algoma spokeswoman said. […]
Steel Dynamics Inc. (SDI) posted yet another new quarterly profit record on record-high flat-rolled steel prices. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker thinks that the record times could roll into the fourth quarter as well. “Domestic steel demand remains solid in our automotive, construction, and industrial end markets. We believe this […]
Nucor Corp. has taken a planned outage at is direct-reduced iron (DRI) plant in Trinidad. “As it’s planned, we do not anticipate any impact on production,” a spokeswoman for the Charlotte, N.C.-based steelmaker said. Nucor did not specify when the Trinidad outage started or how long it might last. The issue will probably be discussed […]
Sajjan Jindal, managing director of Indian steelmaker JSW Steel Ltd., has been elected chairman of the World Steel Association. Jindal’s term runs through 2022. He replaces past World Steel Association Chairman Yu Yong, president of Chinese steelmaker HBIS Group. “Governments and policy makers have come to realize that in order to rebuild their economies, they […]
Steel Dynamics Inc. (SDI) has agreed to acquire a minority equity interest in New Process Steel – its largest flat roll customer – growing the steelmaker’s holdings in manufacturing and distribution. Terms of the transaction were not disclosed. “We have enjoyed a strong customer relationship with New Process since our founding,” SDI Chairman and CEO Mark […]
Commercial Metals Company (CMC) posted record-breaking earnings from continuing operations of $152.3 million on net sales of $2.0 billion in the fourth quarter of FY 2021, exceeding the previous record posted the prior quarter by more than $22 million. For the full year, CMC’s earnings from continuing operations totaled $412.9 million, the best results in […]
NLMK USA’s sales surged in the third quarter on record domestic prices and strong demand, Russian parent company NLMK Group said. The solid showing in the U.S. helped to offset slowing demand in Russia and elsewhere as well as a protracted outage at the company’s mill in Lipetsk. “The U.S. became the growth leader, with […]
A BP joint venture has brought $285 million in private money to the table to fund Evraz North America’s goal of creating the first steel mill to run almost entirely on solar energy. Officially known as Bighorn Solar, the project will provide energy infrastructure for the Chicago-based steelmaker’s electric arc furnace (EAF) mill in Pueblo, […]
Swedish steelmaker SSAB AB has appointed Leena Craelius as acting chief financial officer. In the planned transition effective Nov. 1, she succeeds Hakan Folin who is stepping down to become finance chief at Epiroc AB. Craelius, who has been with SSAB since 2005, is currently vice president of finance, controlling and IT at SSAB Europe. […]
As “the next precious metal,” prime scrap is a growth opportunity and a logical fit for Cleveland-Cliffs, which announced Monday that it plans to acquire Detroit-based Ferrous Processing and Trading Co. (FPT). The $775-million deal, Cliffs’ first foray into scrap, comes as no big surprise to most market observers. Cleveland-Cliffs is the largest producer of […]
Kloeckner Metals Corp. will hold a groundbreaking ceremony next week for its second location in Mexico. The new, 84,000-square-foot facility will be in the central Mexican city of Querétaro and is expected to open in the spring of 2022, the Roswell, Ga.-based service center said. “Through this strategic investment we will be able to further […]
Cleveland-Cliffs Inc. has agreed to acquire Midwestern scrap recycler Ferrous Processing and Trading Co. (FPT) for $775 million. The deal means the Cleveland-based steelmaker has secured its own reserves of prime scrap, which Cliffs Chairman, President and CEO Lourenco Goncalves has previously characterized as a “precious metal.” FPT recorded earnings before interest, taxes, depreciation and amortization […]
Olympic Steel Inc.’s sale of its Detroit location to Venture Steel and its subsequent acquisition of Shaw Stainless & Alloys marked the latest step in a years’ long effort to pivot from roots in Midwestern carbon flat-rolled steel markets, the company’s top executive said. The Cleveland-based service center – while by no means exiting the region – […]
Nucor Corp. is expanding its Fastener Division with the acquisition of a coil processing facility in Shelbyville, Ind. The latest asset will complement upgrades planned at the company’s engineered bar mill in Nebraska, allowing the steelmaker to expand its sales to the automotive market. Nucor Fastener is a division of the Charlotte, N.C.-based steelmaker that makes cap […]
JSW Steel USA has restarted the electric arc furnace (EAF) at its sheet mill in Mingo Junction, Ohio, after a minor burn through late last month. The EAF resumed melting on Wednesday, a day ahead of the expected schedule, JSW Steel USA CEO Mark Bush told Steel Market Update on Thursday. The burn through happened on […]
Commercial Metals Co. (CMC) has found a buyer for the land in Rancho Cucamonga, Calif., that was the site of its former Steel California and Rebar Etiwanda operations. The steelmaker hopes to get $300 million from the sale, which is still subject to customary closing conditions. The company’s Steel California operations ceased in December 2020, […]
Reliance Steel & Aluminum Co. completed the acquisition of Merfish United, a master distributor of tubular building products, from One Equity Partners, a middle market private equity firm, effective Oct. 1. “We are excited to welcome Merfish United to the Reliance Family of Companies and to broaden our focus on adjacent business opportunities beyond traditional metals […]
In the latest salvo in the emerging battle for green steel dominance, Nucor has launched Econiq, a new line of net-zero carbon steel products. “Building the green economy and the necessary infrastructure requires clean, advanced steel products. By introducing Econiq, Nucor is providing confidence for steel consumers to know they are purchasing the lowest greenhouse gas […]
Cleveland-Cliffs Inc. has a new three-year labor agreement with United Auto Workers (UAW) Local 3044, which represents approximately 350 workers at the steelmaker’s Rockport Works near Rockport, Ind. The new contract is retroactively effective from Oct. 1, 2021, through Sept. 30, 2024. “Our union workforce is at the core of not just what we do […]
The David J. Joseph Co. (DJJ) has acquired two recycling operations that are expected to increase its capacity by 10%, parent company Nucor Corp. said. DJJ’s deals – terms of which were not disclosed – will support the Charlotte, N.C.-based steelmaker’s growth strategy and increase its ability to secure scrap for its electric arc furnace (EAF) […]
Mexican flat-rolled steelmaker Altos Hornos de México (AHMSA) is taking a planned, two-week outage on its hot strip mill, a company spokesman said. The outage is underway. Because it was planned, customers should not be impacted, he said. AHMSA’s hot strip mill has annual capacity of 2.8 million tons per year, according to the Association […]
JSW Steel USA’s electric arc furnace (EAF) sheet mill in Mingo Junction, Ohio, has experienced a “minor furnace burn through,” the company’s top executive said. But the impact on customers is expected to be limited, JSW Steel USA CEO Mark Bush told Steel Market Update. The burn through happened on Sunday, Sept. 26, and repairs are […]
Worthington Industries Inc. reported net sales for the first quarter of fiscal 2022 totaling $1.1 billion, up 58% from $702.9 million in the year-ago quarter. The increase was driven primarily by higher average direct selling prices in Steel Processing and by higher overall volume improvements, the company said. “We again delivered record adjusted earnings per […]
Worthington Industries Inc. has agreed to buy Tempel Steel Company, a manufacturer of precision motor and transformer laminations for the electrical steel market, for roughly $255 million. The move by the Columbus-based steel processor will boost its position in the growing electric vehicle (EV) landscape, the company said. Tempel Steel, headquartered in Chicago and founded […]
U.S. Steel’s Midwest Plant is back up and running after operations were temporarily halted because of discolored wastewater, a company spokeswoman said. The Portage, Ind., finishing operation – part of U.S. Steel’s Gary Works in northwest Indiana – had been down for about a day, the spokeswoman told SMU on Wednesday afternoon. Midwest Plant typically discharges treated […]
U.S. Steel has temporarily halted operations at its Midwest Plant because of discolored wastewater discharged from its Portage, Ind., finishing facility. “The Midwest Plant was shut down as a precaution, and we continue to coordinate with agencies to collect additional samples to monitor the situation,” a company spokeswoman said in an email to Steel Market […]
Evraz North America (NA) has followed other domestic mills in raising prices for steel plate. The increases are effective immediately for all new orders, the Chicago-based steelmaker, a subsidiary of London-based Evraz Plc, said in a letter to customers dated Monday, Sept. 27. Evraz NA is increasing transactions by at least $80 per ton ($4 […]
(Editor’s note: This article corrects an earlier version that inaccurately reported the company is planning a new EAF. The plan is for a new paint line.) BlueScope Steel Ltd. is looking to build a new facility in the eastern U.S., the company said during its recent investor webcast. Mark Vassella, CEO of Melbourne, Australia-based steelmaker, […]
(Editor’s note: This article corrects an earlier version that inaccurately reported the company is planning a new EAF, rather than just a paint line.) BlueScope Steel Ltd. is looking to build a new facility in the eastern U.S., the company said during its recent investor webcast. Mark Vassella, CEO of Melbourne, Australia-based steelmaker, said the […]