Nucor Corp. has partnered with Boulder, Colo.-based startup Electra to develop “carbon-free” iron. The goal is to further reduce greenhouse gas emission in Nucor’s steelmaking operations. “Just as Nucor changed the face of the steel industry 53 years ago with our first electric arc furnace, successfully developing and scaling up a zero-carbon iron product is the […]
The US economy added 263,000 new jobs in November, again outperforming consensus expectations but slightly decreasing from October’s upwardly revised 284,000, according to data from the US Department of Labor. November’s job growth was much better than expected despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. The jobless rate […]
In this Global Economic Outlook, we look ahead to 2023 and outline our top ten calls for the global economy. These include predictions on inflation, the war in Ukraine, electric vehicles and Covid-19 in China. No. 1: Global Growth Will Slow From 2022 We expect both the US and Europe to experience recessions over the […]
The US labor market added 263,000 jobs in November, down from an upwardly revised total of 284,000 payroll gains the month prior. Last month’s total, although better than expected, still marked the slowest pace of job gains since April 2021, according to data from the Bureau of Labor Statistics (BLS). The unemployment rate held steady […]
The No. 7 blast furnace at Cleveland-Cliffs’ Indiana Harbor steelworks in East Chicago, Ind., has been restarted. A spokeswoman confirmed the restart to SMU in an email on Tuesday, Dec. 6. Last week, the Cleveland-based steelmaker said that it was in the process of restarting the furnace which had experienced a minor fire ahead of […]
By CRU Research Analyst Yusu Mao, from CRU’s Steelmaking Raw Materials Monitor Turkish scrap prices started to increase significantly last week. Accordingly, our assessment for HMS 1/2 80:20 rose to $374 per ton CFR based on two new deals, up $35 per ton week-on-week (WoW) and up $26 per ton month-on-month (MoM). Scrap sellers have been […]
The spread between hot-rolled coil (HRC) and galvanized coil base prices continues to decline, now the lowest level recorded in almost 14 months. The relationship between hot rolled and galvanized prices has been volatile since late 2021. In the last year, galvanized has sold at a premium of as little as $250 per ton ($12.50 […]
2022: A Year of Unprecedented Change and Volatility We entered 2022 expecting plenty of change in aluminum and the market delivered more than its fair share of twists and turns. There were 3 macroeconomic effects that rippled through the entire global economy: Russia’s invasion of Ukraine sent global energy prices soaring, as they “weaponized” their […]
ArcelorMittal US has announced new, higher sheet prices with the opening of its 2023 order books. The company said it has also rolled out new grade extras, which will take effect on Jan 1., to reflect higher alloy costs. The price increases effectively apply to AM/NS Calvert, the Alabama mill jointly owned by Luxembourg-based ArcelorMittal […]
US plate prices were mostly flat this week, but more erosion could be on the horizon now that Nucor announced another round of price cuts. SMU’s most recent check of the market on Tuesday, Nov. 29 placed plate prices between $1,480-1,620 per ton with an average of $1,550 per ton FOB mill east of the […]
Nearly three-quarters of US metro areas added construction jobs year-over-year (YoY) through October, according to Associated General Contractors of America (AGC) figures. Despite the employment boost, job vacancies outpaced hiring as construction firms struggled to find enough qualified workers to hire, the report said. Construction employment increased in 268, or 75%, of 358 metro areas […]
The US economy’s growth was stronger than expected in the third quarter, the US Commerce Department’s Bureau of Economic Analysis (BEA) said in its latest report. Gross Domestic Production (GDP) accelerated to a 2.9% annualized pace in Q3. That’s an improvement from the initial government reading in October which showed 2.6% growth in economic activity. […]
Nucor Corp. has joined other sheet producers in the US and Canada in a push to raise base prices by at least $60 per ton ($3 per cwt). The Charlotte, N.C.-based steelmaker said the move was effective immediately for new orders in a letter to customers on Wednesday, Nov. 30. “We reserve the right to […]
Stelco Holdings Inc. intends to increase spot prices for carbon steel sheet by at least CAD $80 per ton (USD $60 per ton or $4 per cwt). The move is effective immediately, the company said in a letter to customers on Tuesday, Nov. 29, and applies equally to all new orders of hot-rolled, cold-rolled, and […]
After two months of maintaining plate prices, Nucor Corp. announced it will be lowering plate prices with the opening of its January order book. In a letter to customers, the Charlotte, N.C.-based steelmaker said prices for as-rolled discrete plate, normalized plate, and quench & tempered plate will all be decreasing by $140 per net ton, […]
US Steel Corp. will keep the No. 3 blast furnace at its Mon Valley Works near Pittsburgh idled until market dynamics improve, a company spokeswoman confirmed to SMU. The blast furnace was originally taken offline on Aug. 30 for a month-long planned maintenance outage. The shotcrete (sprayed concrete) reline was completed on Saturday, Sept. 24. […]
US Steel Corp. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately, the company said in a press release on Monday, Nov. 28, and applies equally to all new orders of hot-rolled, cold-rolled, and coated steel products in North America. This […]
Cleveland-Cliffs expects to resume operations this week on the No. 7 blast furnace at its Indiana Harbor steel mill in East Chicago, Ind., after a small fire, a company spokeswoman confirmed. The fire occurred over the weekend and at the beginning of a three-day planned maintenance outage, she told Steel Market Update on Monday, Nov. […]
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28. The Cleveland-based company […]
At the end of October, Friedman Industries began shipping material from its new coil processing facility on the campus of Steel Dynamics Inc.’s newest sheet mill in Sinton, Texas. The Longview, Texas-based processor’s new 70,000-square-foot facility includes a new stretcher leveler cut-to-length line that’s able to process coils up to one-inch thick and in widths […]
As this year winds down, many have 2023 business on their minds. Reports of waning demand have contributed to pessimism among buyers. But the domestic steel industry has reason for optimism heading into the New Year, according to the top executives at steel’s two leading trade associations. Steel Market Update spoke with Phil Bell, president of […]
Steel market conditions might be tough for the balance of the year, but Stelco sees the early signs of better times in the first quarter. The Hamilton, Ontario-based integrated sheet producer is also keeping a keen eye out for potential distressed acquisitions, company executives suggested during an earnings conference call with analysts on Wednesday, Nov. […]
Metal products service center Gerber Metal Supply Co. has been purchased by All Metals Industries Inc. (AMI). Gerber is a New Jersey-based distributor of carbon sheet steel, strip, blanks, and edge processed material. Belmont, New Hampshire-based AMI is a finisher and distributor of carbon, aluminum, stainless, and coated sheet and coil products serving the Northeastern […]
Canadian steelmaker Stelco posted sharply lower earnings in the third quarter on falling steel prices and higher raw material tags. The Hamilton, Ontario-based integrated sheet producer expects lower prices and short lead times to characterize the market through the end of 2022. “Despite market headwinds driven by cost inflation and a further deterioration in steel […]
Demand for low-carbon steel is picking up, with two US steel producers bagging significant contracts to provide green steel for a global HVAC producer. Sustainable HVAC provider Trane Technologies announced it will be purchasing low-carbon steel from Nucor Corp., its primary supplier, as well as from US Steel. Nucor’s Econiq™ steel and US Steel’s verdeX® […]
Nucor Corp. has become the first major industrial company to join the United Nations 24/7 Carbon-Free Energy Global Compact. The Compact’s aim is to accelerate the decarbonization of the global electricity systems, reducing climate change, and providing access to clean and economical electricity, effectively advancing the world’s transition to a zero-carbon electrical grid. Nucor is […]
Volvo has become the world’s first truck manufacturer to deliver electric trucks made with fossil-free steel. The Swedish auto manufacturer announced on Nov. 10 that the trucks are now being delivered to customers. According to a press release, Volvo began manufacturing the heavy-duty electric trucks in September. “Our journey to net zero emissions includes both […]
Equipment from the 2023 “complete” closure of a carbon steel, tin, and sheet material cold-rolling mill in Pittsburg, Calif., is up for sale. It is believed to be the assets of the USS-UPI finishing plant owned by US Steel. The mill equipment — including a pickle line tandem cold reduction mill, a No. 1 continuous […]
Canadian service center Russel Metals posted lower earnings in the third quarter of 2022 on falling prices and customer destocking. The Mississauga, Ontario-based service center posted net sales of Canadian $1.27 billion ($938.58 million USD) in third quarter of this year, up 15% from $1.11 billion in the same quarter in 2021. But net income dropped to […]
ArcelorMittal reported sharply lower revenue and profits in the third quarter on falling prices, customer destocking, and weaker demand – notably in Europe. “The strong market conditions enjoyed for much of the past two years deteriorated in the third quarter,” company CEO Aditya Mittal said. “The short-term outlook for the industry remains uncertain and caution […]