Cleveland-Cliffs plans to restart the No. 6 blast furnace at its steel mill in Cleveland, Ohio, a company spokeswoman said. Output from the No. 6 furnace will help to replace lost production from the steelmaker taking down for maintenance the No. 3 furnace at its Middletown, Ohio, mill, she said. “We are not planning to […]
Olympic Steel’s chief executive officer is bullish on steel demand in the months ahead despite the risks posed by higher prices. That optimism stems from the Biden administration indicating that it plans to spend big on infrastructure and from the prospect of the U.S. getting a better handle on the Covid-19 crisis, Olympic Steel CEO […]
JSW Steel operations in the U.S. contributed little to company earnings results in the third quarter of FY 2021. JSW Steel Ohio sold 10,892 metric tons during the quarter. Revenue from operations was $5.48 million resulting in an operating EBITDA loss of $21.26 million. The mill was idled early in the second quarter and did […]
It might be comforting to have 2020 in the rear-view mirror, but 2021 could have a few tricks up its sleeves, an ArcelorMittal USA analyst said. The good news: The U.S. should see apparent steel consumption increase 6% in 2021 after it fell 16% in 2020, according to Ping Liang, senior analyst-strategic marketing, at ArcelorMittal […]
California Steel Industries (CSI) has opened its April flat-rolled order book, and it has done so at sharply higher prices, according to some market participants. “California Steel Industries reserves the right to review any previously quoted requirements that have not been placed, acknowledged or confirmed in writing,” the West Coast slab converter said in a […]
Flat-rolled steel prices have room to rise despite being at record levels, and any correction might not come until well into the second quarter. That was the takeaway from a conference call this morning with members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI). “I don’t remember a market like this. Maybe at […]
When will steel prices plateau? There seem to be two schools of thought on the subject. Many predict prices will peak in March/April, according to Steel Market Update’s surveys of the market. Most members of the Heating, Air Conditioning & Refrigeration Distributors International say they don’t see market prices changing direction before mid-summer. HARDI is […]
“If you’ve tried to buy steel in the last six months, it’s a very frustrating climate,” said one member of the Heating, Air Conditioning & Refrigeration Distributors International during their monthly conference call this morning. HARDI is a trade group representing wholesalers who supply galvanized and other products to the construction/HVAC market. Demand is strong […]
The good news still outweighs the bad news in the construction/HVAC market, report wholesalers of galvanized steel products. During their monthly conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) said demand is strong across the country and has not been diminished by the record high steel prices, at […]
Steel buyers are resigned to paying record-high steel prices, if that’s what it takes to get the material they need to keep business moving. In their monthly conference call today, members of the Heating, Air Conditioning & Refrigeration Distributors International reported that demand for HVAC and construction products has seen little slowing, though they are […]
Wholesalers who sell galvanized steel products to the construction and HVAC markets are skeptical of analysts’ predictions of a big price correction in the next few months. Judging by the persistently strong inquiries from their customers, most believe the experts underestimated steel demand as prices were on the way up and may do the same […]
Forecasts of weakness in commercial construction have not played out as analysts expected, at least not yet, contend members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI). Robust demand for HVAC and other galvanized steel products has shown no signs of abating, said members of the wholesale trade group during their monthly conference call […]
The pandemic, and its economic ramifications, is putting some Americans in dire need of a basic life requirement—food. Cleveland-Cliffs is stepping up to help, making commitments for over $1 million in cash contributions to food distribution organizations in more than 35 communities across North America. “We sadly recognize that, throughout the United States and Canada, […]
Reliance Steel & Aluminum Co. has promoted Karla R. Lewis to the role of president and given her a seat on the company’s board of directors. Both moves were effective on Jan. 15 and were part of Reliance’s executive succession plan, the company said. “Karla has been at the center of Reliance’s extremely well executed […]
U.S. Steel has closed its $774 million deal for the remaining stake in electric-arc furnace steelmaker (EAF) Big River Steel. “Taking a page from the Big River Steel playbook, we are closing on this world competitive green steel asset purchase under budget and ahead of schedule,” said U.S. Steel President and Chief Executive Officer David […]
Nucor Corporation announced that Craig Feldman, Executive Vice President of Raw Materials, will retire in June after a 35-year career with Nucor and the David J. Joseph Company. Feldman began his career in 1986 as a brokerage representative at DDJ progressing within the company to District Manager of the Salt Lake City brokerage office, Commercial […]
The U.S. steel industry has enough capacity to meet demand even if the Biden administration passes a big infrastructure bill, said the top executive of the nation’s biggest steelmaker. The United States “desperately needs” an infrastructure package worth “more than $1 trillion,” and Nucor hopes such a bill will be passed in the early days […]
Despite market challenges related to COVID-19, Commercial Metals Company reported earnings of $63.9 million on net sales of $1.4 billion for the first quarter of FY 2021. CMC is encouraged by stabilizing backlogs and a renewed enthusiasm by clients to move forward with projects. “Market uncertainty continues to persist,” said Chairman, President and CEO Barbara […]
Ryerson Holding Corporation has appointed James Claussen as executive vice president and chief financial officer, effective Jan. 11. Claussen joined Ryerson in 2002 and has held several senior management and leadership positions including CFO of Ryerson’s North-West Region and general manager of corporate development. He was named president of Central Steel & Wire Co. following […]
Most new U.S. flat-rolled electric-arc furnace steelmaking capacity won’t start up until the second half of this year, which could have big implications for spot hot-rolled coil prices. The back-ended nature of the capacity add means the market might sustain hot-rolled coil prices of $1,000 per ton or more longer than many buyers believe, industry sources […]
Big River Steel is running the new, second line at its steel mill in Osceola, Ark., at close to 90% of its rated capacity. “Big River Steel expected and has had another record startup in terms of its second furnace and caster,” said a company spokesperson in an email to Steel Market Update. The company […]
Esmark Steel Group has a new chief executive officer as of Jan. 1. Roberto M. Alvarez has been appointed CEO after serving as executive vice president and a member of the Esmark Board of Directors. “We believe that Roberto’s years of experience, not only with Esmark but also within the broader steel industry, position him […]
NLMK USA and striking workers at its operations in western Pennsylvania appear no closer to a labor accord than they were more than four months ago. And the two sides remain at loggerheads despite near-record hot-rolled coil prices and despite slab being available following the reset of the Section 232 quota on Brazilian semi-finished goods. […]
JSW Steel USA has begun to recall workers at its idled sheet mill in Mingo Junction, Ohio, as well as at its idled plate and pipe mills in Baytown, Texas, the company’s top executive said. “We still intend to start up both facilities in March,” JSW Steel USA CEO Mark Bush told Steel Market Update […]
Residents in Hamilton, Ontario, were startled by explosions and reddish-brown smoke emanating from ArcelorMittal Dofasco on Christmas day. At around 11:10 a.m., a reaction between water and liquid iron ore occurred during the slag casting process at the No. 4 blast furnace, creating a series of eruptions and air emissions. There were no injuries from […]
ArcelorMittal North America will invest $18.5 million (CAD $24 million) to add capability to ArcelorMittal Dofasco’s No. 5 Hot-Dipped Galvanizing Line. The investment will allow Dofasco to add Aluminum Silicon (Alusi®) to its patented Usibor® Press Hardenable Steel for use in automotive structural and safety components. “The addition of Alusi® Coated Usibor® capacity at ArcelorMittal […]
ArcelorMittal and Nippon Steel Corp. have committed to building an electric arc furnace at AM/NS Calvert, reducing the mill’s reliance on imported slabs. The companies signed a definitive agreement on Monday to construct the 1.5 million MT (1.65 million ton) EAF at a cost of $775 million. Construction will begin in 2021 with initial production […]
The Nucor and Duferco joint venture has officially ended. The financial closing papers were signed on Dec. 21 marking the end of a 12-year partnership between the Italian firm and Nucor. Said Antonio Gozzi, Duferco Italia Holding president, “These have been 12 remarkable years of productive collaboration with the first U.S. steel producer, years in […]
U.S. Steel is optimistic about its financial outlook for 2021. The addition of a strong performer to their portfolio with the acquisition of Big River Steel and improved demand and higher prices in the fourth quarter bode well for the new year. Positive EBITDA is expected in the flat rolled segment for the fourth quarter, […]
Steel Dynamics announced leadership appointments for its new Sinton Mill, Columbus Flat Roll Steel Division and a new position for SDI’s flat roll steel metallics strategy. Dennis Black will become the General Manager of the Southwest-Sinton Flat Roll Division, effective Feb. 1, 2021. Black will be responsible for operations at the new Sinton Texas Flat […]