On the heels of the price hike announced by Nucor yesterday, the other major sheet mills followed suit today raising spot prices on flat rolled steel products by $40 per net ton. Customers were notified of the increase by ArcelorMittal USA, U.S. Steel, California Steel Industries and USS-POSCO Industries. California Steel Industries told customers it […]
Labor negotiations at ArcelorMittal have slowed after making some progress last week. A United Steelworkers update said the union will hold firm against company demands for concessions from members or retirees. The USW negotiating committee at U.S. Steel also reported some progress during discussions last week. Talks are expected to continue this week in Pittsburgh […]
U.S. Section 232 tariffs have cost Canada’s Essar Steel Algoma about $55 million from June through August, according to Brian Denega, court appointed monitor overseeing the Algoma restructuring. In addition, the company is required to post a tariff surety bond with U.S. Customs and Border Protection in the amount of $5.25 million. “The U.S. Customs […]
United Steelworkers say there is progress in labor negotiations with ArcelorMittal and U.S. Steel, but significant differences remain between the union and management. Said the USW-ArcelorMittal committee in its negotiation update on Oct. 4: “Again, our committee still has a lot of work to do on the issues that remain before we can present a […]
So far, I have found the CRU North American Steel Conference in Chicago today to be filled with some excellent speakers and topics. There has been a considerable amount of support for the policies of President Trump, especially with Section 232 tariffs and the handling of trade negotiations with China, Mexico and Canada. Perhaps panelist […]
Olympic Steel’s Michael Siegal will step down from his role as Chief Executive Officer at the end of the year and transition to Executive Chairman of the Board. Richard Marabito, currently Chief Financial Officer, will assume the role of CEO effect Jan. 1, 2019. Siegal has served as Olympic CEO since 1984. “It has been […]
Ryerson Holding Corp., a processor and distributor of industrial metals, gave upbeat guidance for third-quarter results. The company expects revenue to increase in the third quarter in the range of $1.23 billion to $1.24 billion compared to $1.057 billion in the second quarter and $864 million in third-quarter 2017. Net income is anticipated to be […]
Two U.S. Steel executives will swap duties as part of an executive development process that exposes leadership to varying roles within the company. Effective Oct. 1, Scott D. Buckiso, currently serving as Senior Vice President – European Solutions and President, U. S. Steel Košice, will become Senior Vice President – Automotive Solutions. James E. Bruno, […]
United Steelworkers at ArcelorMittal are preparing for a strike after failing to reach agreement with management over proposed concessions. “Although management certainly received the loud and clear message that we are united in solidarity and ready to fight for the fair contracts we have earned and deserve, the company continues to propose unfair and unnecessary […]
U.S. Steel seeks dismissal of a lawsuit which alleges that the much touted “Carnegie Way” was a “sham” based on “fabricated cost savings.” The plaintiffs’ suit against U.S. Steel alleges the company is guilty of deception, dissembling and fraud. A group of shareholders filed a class action suit for violations of the federal securities laws […]
United Steelworkers are edging closer to strikes at U.S. Steel and ArcelorMittal. Workers at both companies have voted overwhelmingly to authorize negotiators to call a strike after providing 48 hours notification. “Time is running out. From day one, U.S. Steel has built a series of proposals to try to split our union by throwing sparkles […]
Employees are back to work at Nucor’s Carolina facilities following the deluge by Hurricane Florence. “Normal operations have resumed at all Nucor plants in North and South Carolina,” said Katherine Miller, Director of Public Affairs and Corporate Communications at Nucor. “Last week, Nucor suspended operations at several facilities in the Carolinas in advance of Hurricane […]
Steel Dynamics is expecting third-quarter profitability to exceed second-quarter results, based on strong underlying demand and meaningful metal spread expansion. Average price for steel products is outpacing scrap costs for the quarter resulting in increased profitability for SDI’s sheet and long product steel operations. “Based on strong steel demand fundamentals and customer optimism, the company […]
Thirteen local unions representing United Steelworkers at ArcelorMittal voted unanimously to authorize the USW negotating committee to call a strike. The USW says the latest contract proposal is not fair to employees and contains too many concessionary demands that would wipe out any pay increases. “ArcelorMittal is trying to convince us that we should ignore […]
A molten steel spill at the AK Steel Ford River Rouge complex required containment by firefighters early Monday morning. “At about 2 a.m. today (Sept. 17), Dearborn Works experienced a small spill of iron from a rail car. There were no injuries and no impact to customers,” said a spokesperson for AK Steel. Dearborn Deputy […]
Nucor is expecting earnings to improve from second to third quarter at its sheet and plate mills, despite weather-related outages at some locations. Lower sequential earnings are forecast at its steel products segment. Decreased performance at Nucor’s scrap brokerage and processing operations and at the Louisiana DRI facility will result in lower earnings for the […]
Charlotte-based Nucor Corp. will suspend operations at its sheet mill in Berkeley, S.C., and its plate mill in Hertford, N.C., in anticipation of Hurricane Florence. Operations began shutting down on Wednesday and will restart after the storm passes, said Nucor spokesperson Katherine Miller. “At Nucor, safety is our top priority…. We are closely monitoring the […]
A second contract proposal by U.S. Steel to United Steelworkers has been met with disdain by the USW bargaining committee. U.S. Steel’s Sept. 12 proposal calls for a six-year term with wage increases of 4 percent the first year followed by 2 percent annually the following five years. Workers would receive a $4,000 ratification bonus […]
AK Steel co-hosted Steel Market Update’s first Steel 201: Introduction to Advanced High Strength & Other New Steels workshop this week at the $36 million AK Research and Innovation Center opened last year in Middletown, Ohio. The beautiful 135,000-square-foot facility made AK Steel’s commitment to R&D readily apparent to the 40+ students and staff assembled […]
Nucor Corp. announced plans to invest $650 million to expand the production capability at Nucor Steel Gallatin. The upgrade would increase the Kentucky flat rolled sheet mill’s capability to 3.0 million tons annually from its current level of 1.6 million tons. In addition, the maximum coil width would be increased to 73 inches. The facility […]
ArcelorMittal workers are contemplating a strike authorization after labor negotiations stalled last week. The USW complains that the company’s proposal does not measure up to the financial success that union workers helped ArcelorMittal achieve. “Rather than engaging in good faith negotiations for a fair contract, management continues to bring the same 2015 backward thinking proposals […]
A strike authorization vote by U.S. Steel union members has received overwhelming support at plants across the Midwest. “Every plant in Northwest Indiana that has voted has been unanimous. Not one member has said no (to a possible strike),” said Rick Bucher, assistant director of USW District 7 in a comment to the Chicago Tribune. […]
ArcelorMittal has moved closer to finalizing its acquisition of Italian mill Ilva Steel. The company announced on Thursday that it has reached a provisional labor agreement with Ilva’s trade union. The agreement includes a commitment to employ 10,700 workers through 2020 based on their existing employment contract, as well as another 2,000 that remain employed […]
Collective bargaining agreements for USW members at U.S. Steel and ArcelorMittal expired on Sept. 1. Workers at both companies will continue under an extended contract agreement while negotiations proceed. ArcelorMittal posted the following statement on their website: “ArcelorMittal appreciates the United Steelworkers’ willingness to continue working under current contracts while negotiations proceed. We believe this […]
Those hoping for the inside scoop on Nucor’s plans to purchase Big River Steel were left to speculate following comments by Nucor Chairman and CEO John Ferriola during Steel Market Update’s steel summit this week in Atlanta. Ferriola neither confirmed nor denied Nucor’s rumored interest in BRS, but his posture suggested it’s a possibility. Nucor […]
United Steelworkers have not reached a collective bargaining agreement with ArcelorMittal or U.S. Steel with just one day remaining before the current contracts expire. As union officials consider their options, including a possible strike, marches and rallies were planned for Thursday, Aug. 30, at ArcelorMittal and U.S. Steel locations to show union solidarity. “Steelworkers have made […]
The Nucor Sheet Mill Group and USS-POSCO Industries have notified customers of changes in their coating extras as a result of lower zinc prices. The announcements follow on a similar letter to customers from California Steel Industries (CSI) last week. Nucor’s Aug. 30 letter stated: “Consistent with our practice to monitor the cost of zinc, […]
United Steelworkers called the latest contract proposal from U.S. Steel an “insult.” The proposed seven-year labor agreement ties any future wage increases or economic adjustments to profit-sharing and bonus schemes, said the USW. “After our many sacrifices and diligent work to keep this company in operation through tough times, and the misery our members have […]
California Steel Industries was the first mill to announce a change to its coating extras this week. Steel Market Update’s comparison of the new rates with the previous rates that took effect one year ago, on Oct. 1, 2017, shows an average reduction of 14.1 percent, with no change in the width/thickness extras. Buyers of […]
The United Steelworkers (USW) has rejected a proposal by U.S. Steel that would provide variable bonuses instead of pay raises. “We made it clear to the company that wage increases must be part of our new agreement and that we aren’t interested in the types of variable bonuses schemes that the company has been proposing […]