Nucor has idled its Castrip® mill in Crawfordsville, Ind., and consolidated its remaining Castrip® business at its mill in Blytheville, Ark., a company spokeswoman confirmed. The Indiana mill was idled in 2020, and the Arkansas Castrip® operations “will continue to operate on a limited basis as we conclude our commitments to our customers,” she said. […]
Steel Dynamics’ top executive said he remains very optimistic about the market’s outlook, especially for the balance of 2021, but expects the trend to carry well into 2022. “I’m really bullish,” said Mark Millett, SDI’s president and CEO, during a fireside chat at SMU’s 2021 Steel Summit on Tuesday in Atlanta. “We’re booking for December […]
Cleveland-Cliffs reported that its COVID vaccination incentive program worked. In July, the steelmaker launched a voluntary bonus program, in collaboration with its labor unions, to achieve a higher vaccine adoption rate across the business. The company says it reached a total vaccination rate of 75%, or nearly 19,000 employees out of its 25,000 workforce, by […]
Nucor might be wrapping up an approximately $4-billion expansion campaign, but it has no intentions of stopping there, the company’s top executive said. “We’re going to be a growth company. … And we’ve got the balance sheet to continue to invest,” President and CEO Leon Topalian said. Topalian declined to specify where the company might […]
Cleveland-Cliffs Inc. plans to expand into the scrap market – and is creating a new division for that purpose, the company’s top executive said. The scrap division – Cleveland-Cliffs Services – will be spearheaded by Keith Koci, Cliff’s chief financial officer. More details about the venture will be made available in early September, Cliffs Chairman, President and […]
Algoma Steel Inc. reported strong results for its fiscal first quarter ended June 30, setting the stage for its parent company, Algoma Steel Group Inc., to become a public company later in 2021. Algoma reported net income of $214 million Canadian ($166.6 million U.S.), nearly double its earnings in the prior quarter. The Ontario-based steelmaker attributed […]
Latin American steelmaker Ternium and Brazilian iron ore miner Vale have signed an agreement to work together to lower carbon emissions. Potential joint investments include an iron ore briquetting plant near Ternium Brasil, the company’s steel mill in Rio de Janeiro, and pig iron made from alternate raw materials such as biomass. “Vale is a […]
Swedish steelmaker SSAB said it has produced the world’s first-fossil free steel and delivered a trial order to automaker Volvo. “It’s possible to … significantly reduce the global carbon footprint of the steel industry. We hope that this will inspire others to also want to speed up the green transition,” SSAB President and CEO Martin Lindqvist […]
Majestic Steel USA has acquired West Coast service center Merit Steel USA in a push to expand its presence in the region. The Cleveland-based service center said persistent supply chain constraints bolstered the case for growing its footprint west of the Rocky Mountains. Terms of the deal were not disclosed. “Merit has a strong reputation as a […]
U.S. Steel plans to take additional outages at its blast furnaces in the Midwest, the company confirmed. The Pittsburgh-based steelmaker will take an approximately seven-day outage on the B furnace at its Granite City Works outside of St. Louis beginning on Oct. 1, a company spokeswoman said. And U.S. Steel will also take a roughly […]
Allegheny Technologies Inc. (ATI) has sold its Flowform Products business to Consolidated Boring Inc. for $55 million in cash. Proceeds from the sale of Billerica, Mass.-based Flowform will be used to boost ATI’s liquidity and to strengthen its balance sheet, the company said. “While ATI Flowform is a strong performer with a great team serving […]
Schnitzer Steel Industries Inc. has resumed production at its Cascade Steel Rolling Mills in McMinnville, Ore., following a fire in late May that damaged the facility’s melt shop. The Portland, Ore.-based recycler, which also owns the Oregon mill, said the facility was accepting orders after restarting operations several weeks earlier than expected. “I am proud […]
North Star BlueScope is commissioning a new melt shop at its flat-rolled steel mill in Delta, Ohio, with the first heat expected this month. And equipment installation for a ladle metallurgy furnace is “substantially complete” as well, North Star’s parent company – Australian steelmaker BlueScope – said in documents released with earnings data on Monday, Aug. […]
BlueScope Steel Ltd. posted record earnings in its 2021 fiscal year thanks to strong demand and record metal spreads. All told, the Australian steelmaker – the parent company of Delta, Ohio-based North Star BlueScope – recorded net profit of Australian $1.19 billion ($870 million U.S.) in its fiscal year ended June 30, 2021, up more […]
Steel prices will go higher and stay stronger, predicted company executives during Stelco’s second-quarter 2021 earnings call on Wednesday. The Hamilton, Ontario-based flat-rolled steelmaker was rather bullish on the prospect of steel prices and their general direction through 2022 and beyond. As the company claimed “industry-leading profit margins” and record-setting quarterly results due to a favorable pricing […]
Integrated steelmaker U.S. Steel is taking the No. 6 blast furnace at its Gary Works steel mill offline for 38 days beginning at the end of next month, a company spokesperson confirmed to Steel Market Update. The planned maintenance outage at its Indiana facility is scheduled for Sept. 30 and should run through Nov. 9. […]
Canadian flat-rolled steelmaker Stelco announced “industry-leading profit margins” and record-setting quarterly results for the second straight quarter in Q2 2021. The integrated steelmaker’s second-quarter adjusted net income was $380 million Canadian ($303.5 million U.S.) versus C$10 million ($7.99 million) in the year-ago quarter on revenue that soared 123% to C$918 million ($733.2 million). “We are […]
Nucor has completed its previously announced acquisition of Cornerstone Building Brands’ insulated metal panels (IMP) business. The $1 billion deal expands the steelmaker’s reach into the construction market. The Nucor management team is in place and the CENTRIA and Metl-Span brands acquired from Cornerstone Building Brands are now a part of the newly created Insulated […]
Olympic Steel reported record sales and the most profitable quarter in company history. The achievement in the service center’s second quarter was bolstered by exceptional market conditions and historically high metal prices, the company said. Driven by higher pricing, Olympic set a sales record for the second consecutive quarter, posting net sales of $556 million […]
Olympic Steel announced record financial results for the quarter ended Sept. 30. “Our third-quarter performance was the strongest quarter in company history. And in fact, it was better than all but three full years in Olympic Steel’s history. Net sales totaled $668 million. Net income was $44.5 million and adjusted EBITDA was $70.5 million, all […]
Steel prices can’t go up forever and could correct downward from their historic highs later this year, steelmaker Evraz said. “Steel prices look unsustainable at current levels and there is a possibility of a gradual price decline in the coming months,” the company said in outlook commentary released with earnings data on Thursday, Aug. 5. […]
Cleveland-Cliffs Inc. has reached agreement on a new three-year labor agreement with United Auto Workers (UAW) Local 600, which represents 1,000 workers at the steelmaker’s Dearborn Works near Detroit. The new contract is retroactively effective from Aug. 1, 2021, through July 31, 2024. “We are extremely pleased to continue our commitment to good-paying middle-class union […]
Ryerson recorded its best quarterly profits since 2008 in the second quarter and expects the good times to continue into the third. “We’re not declaring an end to cyclicality in our industry, but noting strong secular growth underpinnings that have been supressed for a long time,” Ryerson President and CEO Eddie Lehner said during a […]
Steel tube producer Tenaris saw global sales jump 29% sequentially to $1.53 billion in the second quarter of 2021, pushing results up 17% year-over-year. A 21% increase in volumes was aided by a 6% increase in selling prices. Sales surged by 37% in North America, supported by a continued recovery in energy drilling activity and […]
Reliance Steel & Aluminum Co. has agreed to purchase Merfish United, adding a master distributor of tubular building products to the service center’s already extensive portfolio of companies. Terms of the deal, which is expected to close within 60 days, were not disclosed. Reliance will acquire Merfish from One Equity Partners, a middle market private […]
Ternium thinks that North American steel prices might move lower later this year but that they will bottom at a new, higher level than in previous cycles, the company’s top executive said. “Prices are probably going to begin a downtrend at some point during the second half. But I don’t expect this to be a […]
Ternium’s second-quarter profits surged on higher steel prices and strong global demand. And the Latin American steelmaker predicted that the good times would roll into the third quarter too. “Realized steel prices in the third quarter are expected to continue increasing in all regions, partially offset by higher cost per ton due to higher raw material […]
Allegheny Technologies Inc. (ATI) continues to ramp up production at its hot rolling and processing facility (HRPF) in Brackenridge, Pa. The increased output comes following the end of a lengthy strike by the United Steelworkers (USW) union and thanks to a long-term slab toll rolling agreement with JSW Steel USA. “This multiyear agreement provides a […]
U.S. Steel plans to focus on organic growth – expanding its existing operations – rather than on mergers and acquisitions, company executives said. “Don’t be looking for us to add a bunch of capacity, look for us to build capability for profitable growth,” President and Chief Executive Officer David Burritt said during a conference call with analysts. […]
ArcelorMittal Dofasco plans to spend Canadian $1.77 billion ($1.41 billion U.S.) to install a new direct-reduced iron (DRI) plant and electric arc furnace (EAF) at its steel mill in Hamilton, Ontario. The subsidiary of multinational steelmaker ArcelorMittal SA said the project hinges on support from the Canadian government, which has agreed to contribute C$400 million […]