Canadian steel producer Stelco Holdings will go public with the sale of at least $150 million in shares. The company filed for an initial public offering on Wednesday with security regulators in Canada. Stelco, the former U.S. Steel Canada, was acquired out of bankruptcy by Bedrock Industries in June. The restructuring relieved Stelco of $3 […]
U.S. Steel and Kobe Steel announced plans to expand the galvanizing line at their joint venture PRO-TEC Coating Co. in Leipsic, Ohio. Construction will begin in the fourth quarter on a new continuous galvanizing line in response to demand for advanced high-strength steels. The $400 million CGL will have a yearly capacity of 500,000 tons […]
Rumors were flying on Tuesday morning that U.S. Steel Corp. has agreed to sell its Kosice operations in Slovakia to China’s Hesteel. The sale is expected to close in the coming weeks with Hesteel taking over operations at the beginning of the year, according to the Slovak Spectator. However, securing approval from anti-monopoly authorities in […]
A contractor at Nucor Steel in Decatur, Ala., died at the mill on Saturday afternoon after falling into a vat containing waste product from finished rolled steel. Nucor issued the following statement from Mike Lee, vice president and general manager of Nucor Steel Decatur: “Nucor Steel Decatur and Atlantic Recovery Services, Inc., a specialized industrial […]
A minor fire at the ArcelorMittal Burns Harbor plate mill caused a shutdown in operations on Friday. The fire began in the control room for one of the 160-inch shear lines. Firefighters responded to the incident from five area fire departments, said spokeswoman Mary Beth Holford. Paramedics evaluated two employees for smoke inhalation, but both […]
Steel Dynamics expects third-quarter financial results to be similar to the second quarter. Higher shipments during the quarter were somewhat offset by metal spread compression. Average quarterly pricing is expected to be consistent with the second quarter, but average scrap prices will be higher. SDI notes continued high import levels are impacting the ability of […]
Despite recent price increase announcements from major domestic mills and imports that are trending lower, wholesalers and distributors who sell galvanized steel products to the HVAC market don’t expect much change in lead times or pricing until there’s some resolution to the Section 232 and Vietnam circumvention trade actions pending in Washington. In the monthly […]
The Metals Service Center Institute (MSCI) reported carbon flat rolled steel inventories as growing in August compared to the end-of-July 2017 data, but still below August 2016 levels. MSCI data shows the number of months of flat rolled supply at very low levels. This week, MSCI reported total steel shipments (all products) during August out […]
European steel producers are worried about tight supply conditions for carbon graphite electrodes used in electric arc furnace steelmaking, but it may not be as big a problem in the U.S. A global shortage of high quality needle coke has spiked prices and squeezed supply of electrodes in Europe in recent months, said Axel Eggert, […]
Steel shipments by Canadian service centers in August totaled 387,500 net tons, up 11.8 percent from the previous month, and up 6.2 percent from August 2016, reports the Metals Service Center Institute (MSCI). On a daily basis, total shipments were 17,600 tons per day in August (a 22-day month), up from 17,300 tons per day […]
Editor’s note: Mario Briccetti of Briccetti & Associates, a supply chain consulting firm, offers the following commentary: I had the opportunity to interview the CEO of Big River Steel, David Stickler, at Steel Market Update’s Steel Summit Conference in August. Much of the conference was focused on trade issues, but Mr. Stickler’s remarks struck me […]
Nucor expects earnings to be lower in third quarter compared to second quarter. Although Nucor sheet mills are operating at high utilization rates, pricing is not keeping pace with raw material costs due to pressure from imports. Plate demand has been tepid in end-use markets following a restocking of inventory in the supply chain earlier […]
Long-term success requires strategic succession planning, said David Wolfort, president of Olympic Steel, who addressed members of the Association of Steel Distributors at their September regional meeting in Pittsburgh. Olympic Steel was founded with $17,000 in 1954 by brothers Sol Siegal and Sam Sigel (yes, the spellings are correct) as a family enterprise focused on […]
ArcelorMittal is on a mission to make sure that steel remains the material of choice for a modern world. The steelmaker invited state and local dignitaries, staff and members of the media to an open house on Wednesday to commemorate the 50th anniversary of the ArcelorMittal Global Research and Development Center in East Chicago, Ind. […]
The Metals Service Center Institute is urging the Trump administration to take “swift, decisive action on the Section 232 steel investigation to bring certainty to the marketplace.” In a letter to President Trump last Thursday, MSCI President and CEO Robert Weidner, III, and Chairman R. Holman Head, stated that “problems posed by foreign government-sponsored capacity […]
Japan-based Metal One Corp. has agreed to acquire Cargill’s U.S. metals business. The two companies expect to close the sale later this year. The agreement includes Cargill’s U.S. metals supply chain business, which includes commercial activities based in Minneapolis and Houston, as well as eight processing facilities in seven U.S. cities: Windsor, Colo.; Panama City, […]
Reliance Steel & Aluminum Co., Los Angeles, reports that its operations in the Houston area suffered no material damage to facilities, equipment or inventories because of Hurricane Harvey. Many facilities were closed and unable to ship for most of last week due to the catastrophic flooding, but are now reopened and operational. Reliance operates 13 […]
Thyssenkrupp finalized the sale of Brazilian steel mill CSA Cia Siderúrgica do Atlántico to Ternium this week. The sale takes effect retroactively from Sept. 30, 2016. The $1.3 billion deal was hammered out in February. Completion of the transaction ends a long process for Thyssenkrupp to divest all of its Steel America assets. In 2014, […]
Kloeckner Metals Corp. announced the appointment of a new chief executive officer and chief operating officer on Thursday. Beginning Jan. 1, John Ganem will serve as CEO and Bart Clifford as COO. Ganem will succeed Bill Partalis who will retire at the end of this year. Partalis is a 34-year veteran at Kloeckner and served […]
Last Friday, NLMK USA advised customers of their intention of increasing their zinc coating extras by approximately 10 percent. The higher extras are due to a surge in zinc spot costs on the LME. Zinc spot prices reached $1.42 per pound as of the end of trading today (Thursday). We have put together a quick […]
The No. 7 blast furnace at Algoma Steel is currently undergoing maintenance in order to rebuild one of the four furnace stoves. The project was begun in July and is expected to take four months to complete. Steel production will be reduced by approximately 78,000 tons during the maintenance period. As a result, Algoma expects […]
More than a billion dollars of financing is headed to Big River Steel. The Osceola, Ark., steel company announced Thursday that it has closed on $1.225 billion of financing that will be used to refinance a substantial majority of its outstanding debt and for general corporate and working capital purposes. The financing includes $600 million […]
How can domestic mills expect to increase prices when their lead times are so short and foreign steel is still so plentiful? In the monthly steel conference call hosted today by the Heating, Air-conditioning, and Refrigeration Distributors International, HARDI members commented on the contradictions in mill behavior that have left them confused and concerned about […]
BlueScope Steel, the parent of North Star BlueScope, will have a change in command. Mark Vassella has been appointed the new managing director and chief executive officer following retirement by outgoing CEO Paul O’Malley effective Dec. 31, 2017. O’Malley has been at the helm of BlueScope Steel the past 10 years of his 12-year tenure. […]
Lenders pursuing the purchase of Canadian steel mill Algoma have reached an agreement with the City of Sault Ste. Marie regarding payment of Algoma’s back taxes. We have settled the tax issue,” Mayor Christian Provenzano told The Sault Star. “We are satisfied that we recovered enough moneys in our negotiations to ensure that we were […]
Based on the Metals Service Center Institute’s (MSCI) July metals activity report, carbon flat rolled inventories rose in July while the daily shipment rate dropped resulting in an increase in the number of months’ supply being held at flat rolled steel service centers. Total Steel Shipments Total shipments of all steel products equaled 2,960,700 net […]
Steel shipments by Canadian service centers in July totaled 346,500 net tons, down 11.7 percent from the previous month, but up 8.7 percent from July 2016, reports the Metals Service Center Institute (MSCI). On a daily basis, total shipments were 17,300 tons per day in July (a 20-day month), down from 17,800 tons per day […]
Algoma is looking for 63 good people. With retirement looming for 25 percent of its workforce in the next three years, Algoma is looking to attract new employees for production positions that include general labor, production operations and production shipment. “We have 700 employees eligible to retire today. As these people transition into retirement, there […]
In their pursuit of free and fair trade, U.S. steelmakers are often called protectionist—a label they increasingly resent. Steel industry trade groups, including the American Iron and Steel Institute and the Steel Manufacturers Association, have urged the Trump administration to take a harder stance on steel imports. Trade action, including new tariffs or quotas under […]
Olympic Steel celebrated a particularly strong second quarter. Net sales jumped 30 percent year-over-year to $356.2 million on higher shipping volume and selling prices. Net income grew 35 percent for the quarter to $4.8 million. Carbon flat product sales increased 37 percent to $237 million from Q2 2016 sales of $173 million. Shipments increased 13 […]