AK Steel announced that it will permanently close its Ashland Works facility in Kentucky by the end of 2019. The blast furnace and hot end operations were idled in 2015, but AK Steel continued to operate a single hot-dip galvanizing coating line. Ashland’s 330,000 tons of loaded production will be transferred to other units in […]
Nucor Corp. surpassed expectations for 2018, reporting net earnings of $2.36 billion for the full year compared to $1.32 billion in 2017. Net sales jumped 24 percent to $25.07 billion due to a 5 percent increase in tons shipped and an 18 percent jump in the average sales price per ton. Nucor shipped 27.9 million […]
The big news for AK Steel this week was the closing of Ashland Works, but the company also posted remarkable financial results for full-year 2018. Sales in 2018 increased 12 percent to $6,818.2 million, generating net income of $186.0 million, a 25 percent increase from 2017. Increased sales were driven by higher carbon steel pricing […]
U.S. Steel has launched a dedicated website to keep residents near its Clairton Coke Plant advised of repair updates following a fire at the plant Dec. 24 that released harmful air emissions, but residents and environmentalists are calling for the idling of the plant until repairs are completed. A fire caused significant damage to the […]
Steel Dynamics is excited about its recently announced plans for a new steel mill in the Southwest. After an outstanding year, breaking records for shipments, sales, net income and cash flow, CEO Mark Millett is looking forward to filling a steel void in the southwestern U.S. and Mexico. Steel Dynamics hopes to announce a site […]
The electric arc furnace and caster at JSW Ohio are slowly producing more slabs after the re-start of the furnace back on Dec. 14, 2018. The furnace is running just about every day at this point, according to SMU sources. However, it is being limited to just a few heats. The mill’s goal is to […]
NLMK USA sales improved 2.0 percent year-over-year in 2018 to 2.28 million metric tons. Results were driven by increased sales of hot-rolled steel and galvanized flats in the U.S. Sales slumped during the fourth quarter as customers put purchases on hold in expectation of lower steel prices. Sales slid 15 percent from the third quarter […]
Steel Dynamics has announced additions and changes to its senior leadership team. Two new positions have been created to support SDI’s presence in the Southwest and Mexico. Miquel Alvarez will join Steel Dynamics in the new position of Senior Vice President, Southwest and Mexico. He will be responsible for the comprehensive business development and partnerships […]
U.S. tariffs on steel imports from Canada continue to put pressure on Canadian producers while goverment officials seek an ending to the trade measures. Algoma Steel, which recently emerged from bankruptcy protection, is one of the vulnerable steel producers affected by Section 232. The second largest mill in Canada is expected to receive up to […]
Residents near U.S. Steel’s Clairton plant were told to limit outdoor activities on Wednesday due to sulfur dioxide emissions following a December fire at the Pennsylvania coke works. “We have been closely monitoring this issue since we were first notified of the fire on December 24th. While the plant has substituted natural gas for coke […]
Nucor Corp. announced on Monday that it is scouting the Midwest for a suitable location to build a $1.35 billion EAF mill that is capable of producing 1.2 million tons of steel plate products annually. Nucor expects site selection to be completed in 2019 and construction to begin as soon as permits are secured. The […]
Olympic Steel announced the acquisition of McCullough Industries, a manufacturer of self-dumping hoppers for industrial applications. The all-cash purchase closed on Jan. 2. McCullough and Wright branded containers are recognized nationally for their durability and performance, the company claims. Constructed from carbon and stainless steel, the hoppers are produced in a variety of configurations. Easily […]
ArcelorMittal announced it will take over as managing partner for Hibbing Taconite effective Aug. 12. The iron ore mine and pellet processing facility began production in 1976 and is currently managed by Cleveland Cliffs. The operation is jointly owned by ArcelorMittal, Cleveland Cliffs and U.S. Steel, holding shares of 62.4 percent, 23 percent and 14.7 […]
Worthington Industries reported net sales of $958.2 million for its fiscal 2019 second quarter ended Nov. 30, a 10 percent increase over the same quarter in fiscal 2018. However, its quarterly earnings were not as strong. Operating income totaled $35.9 million, a decrease of $16.2 million from the prior-year quarter. “I am pleased with the […]
In guidance on Tuesday, Steel Dynamics, Inc., (SDI) reported its expectations for record annual earnings in 2018 despite challenges in the fourth quarter. The company expects fourth-quarter earnings in the range of $1.11 to $1.15 per diluted share. Earnings were impacted by several factors: the $14 million cost of a planned maintenance outage at the company’s […]
There is a “new domestic” steel minimill capable of producing 1.5 million tons per year of steel from scrap. On Friday, JSW USA restarted the electric arc furnace at the JSW Ohio steel plant at Mingo Junction and cast their first domestically produced slab. “The last month has been incredibly butt hard work,” said JSW […]
Over this weekend, Steel Market Update had two conversations with JSW USA President & CEO John Hritz. On Saturday, we spoke about the successful start-up of the electric arc furnace at their JSW Ohio steel mill in Mingo Junction. On Sunday, we spoke in more detail about JSW USA and the company goal of being […]
In fourth-quarter guidance on Friday, Nucor reported that it expects strong steel demand and favorable pricing to continue in 2019. Nucor benefitted from strong economic conditions in the United States throughout 2018, which were positively impacted by tax and regulatory reform. Additionally, broad-based tariffs imposed under Section 232 provided a tailwind that contributed to Nucor’s […]
GFG Alliance’s purchase of Keystone Consolidated Industries this week was the latest move by British industrialist Sanjeev Gupta to become a leading producer of both long and flat steel products in the United States. GFG Alliance has been buying up steel, aluminum and energy assets around the world. On Monday, its Liberty Steel USA division […]
On Sunday, the HARDI galvanized steel council met to discuss what has been happening in the industry that is impacting their relationship with their steel suppliers. John Packard, President & CEO of Steel Market Update, along with Josh Spoores, Senior Analyst for CRU, discussed the status of steel prices and the forecast for 2019. The […]
Canada’s Algoma Steel Inc. has finally fully emerged from Companies’ Creditors Arrangement Act (CCAA) protection after three long years. The company announced on Friday that it had successfully acquired all the remaining assets of Essar Steel Algoma and is ready to tackle the market as a financially stable entity. “When we take a look around […]
Nucor is increasing its presence in Mexico with the acquisition of Corporacion POK, a fully integrated precision castings company with a facility in Guadalajara. “Our company has had a presence in Mexico for more than a decade. We know the market and the customers there. This acquisition supports Nucor’s strategy in Mexico, which is focused […]
United Steelworkers have ratified a new four-year contract with ArcelorMittal three months after their last contract expired. The new labor agreement raises wages by about 14 percent over the next four years while improving benefits, retirement provisions and contract language. The agreement covers roughly 15,000 hourly workers at 14 facilities in Illinois, Indiana, Ohio, Pennsylvania […]
Steel Dynamics made big news on Monday, announcing it will construct a new $1.8 billion electric arc furnace flat roll steel mill in the United States. The mill will have an annual production capacity of approximately 3 million tons and the capability to produce the latest in advanced high-strength steels. The facility will include value-added […]
Nucor has selected Austria’s Andritz Group to supply the new hot dip galvanizing line at its Hickman, Ark., mill. The new line, announced by Nucor in May, will have an annual capacity of approximately 455,000 metric tons and is designed to produce high-strength steel grades, mainly for the automotive industry. Start-up is scheduled for the […]
Nucor’s $650 million investment to expand the production capability of its Ghent, Ky., mill will transform the former Gallatin Steel plant into an ultra-modern “quality strip production” plant or QSP, claims Danieli, the Italian company that will design and install the new mill equipment. The project will nearly double the annual production capability of Nucor […]
Despite paying CAD $39 million in tariffs on 24 percent of its shipments, Canadian steel producer Stelco turned in a stellar performance in third-quarter 2018. Stelco reported third-quarter revenue of $619 million, 84 percent higher than a year ago due to a 43 percent increase in steel shipping volumes and a 24 percent increase in […]
United Steelworkers voted overwhelmingly to ratify a new four-year contract with U.S. Steel. Workers will receive a 14 percent raise over the life of the contract, while keeping affordable health care coverage and gaining stronger retirement benefits. “In 2015, workers recognized that the steel industry was struggling and agreed to make sacrifices so that U.S. […]
Imagine being told to create a steel mill out of an empty field in Arkansas. How would you even begin? That was the challenge presented to Lenore Trammell, Chief Compliance Officer at Big River Steel. Moving from Detroit to the rural South, Trammell plunged herself into securing construction contracts and building a team that could […]
Olympic Steel executives reported record results in the third-quarter and hopes for more of the same next year, with the possible support of a new federal infrastructure bill. “Based on the results of this week’s election, we are optimistic our nation’s pro-growth agenda remains on track and that the industrial sector’s recovery will continue to […]