After posting reduced profits in the second quarter (ended Sept. 30) of its fiscal 2023 year, Sault Ste. Marie, Ontario-based Algoma Steel expects to continue to be impacted in the current quarter by operational challenges and overall softness in the steel market. Company executives commented on these challenges and provided an update on operations during […]
The United Steelworkers (USW) union and US Steel said on Tuesday that they had reached a tentative four-year labor agreement. The USW also said that its bargaining committee had unanimously recommended that union members ratify the deal with the Pittsburgh-based steelmaker. The tentative pact covers approximately 11,000 union-represented workers at US Steel. It does not […]
Canadian sheet and plate producer Algoma Steel Inc. posted sharply lower profits for the second quarter of its 2023 fiscal year. The Sault Ste. Marie, Ontario-based steelmaker said the drop resulted from falling steel prices, operational problems, and higher costs. The company had warned in September that its fiscal Q2 earnings would be substantially below […]
Operating in a challenging environment, Klöckner & Co. SE swung to a net loss in the third quarter of the year. The Duisburg, Germany-based service center group, which has a large presence in the US market, foresees an even weaker fourth quarter due to seasonal factors, the continuing steel price correction, active inventory reduction, and […]
Service center chain Olympic Steel posted sharply lower earnings in the third quarter ended Sept. 30 driven by a significant decline in metals prices, according to the company’s Nov. 3 earnings report. The Cleveland, Ohio-based metals service center and processor reported net earnings of $12 million in Q3, down 68% sequentially and 74% year-on-year (YoY). The dip […]
Nucor Corp. hopes to hold plate prices steady with the opening of its December order book. That’s the same approach the Charlotte, N.C.-based steelmaker took last month with the opening of its November book. Nucor said unchanged plate prices were effective Thursday, Nov. 3, in a letter to customers dated the same day. “We reserve […]
Just a day after announcing its acquisition of West Coast fabrication and machining company Excelsior, Ryerson reported solid third quarter earnings results on Thursday, Nov. 2. Despite decreasing metal prices and declining industry demand, the Chicago-based service center group maintains a positive outlook. “Ryerson delivered strong operational and financial performance,” said Eddie Lehner, Ryerson president […]
Latin American steelmaker Ternium saw a big earnings drop in the third quarter but remains upbeat on its position in and the fundamentals of the North American markets, according to the company’s Q3 earnings report and conference call with analysts on Thursday, Oct. 3. The Luxembourg-based company’s Q3 net income declined substantially, falling 84% year-on-year […]
Marubeni-Itochu Steel America Inc. (MISA) has acquired Worthington Specialty Processing (WSP), a joint venture between Worthington Industries and United States Steel Corp. The New York-based value-added steel and aluminum processor and North American subsidiary of Japan’s Marubeni-Itochu Steel Inc. acquired WSP’s only remaining facility in Jackson, Mich. in an all-cash deal for an undisclosed sum. […]
It’s official. Steel Dynamics Inc. (SDI) will build its $1.9 billion flat-rolled aluminum mill in Columbus, Miss., where the company already operates an electric-arc furnace (EAF) steel sheet mill. The Fort Wayne, Ind.-based steelmaker said it would also construct a “biocarbon” facility in Columbus to reduce reliance on anthracite coal in its EAFs and to […]
Steel Dynamics Inc. (SDI) appears poised to announce that its new aluminum flat-rolled mill will be located in Mississippi, according to state records and recent comments by the state’s governor. Governor Tate Reeves said he would convene a special session of the state legislature on Wednesday, Nov. 2, to finalize “the largest economic development deal […]
Ryerson is expanding its value-added portfolio with the addition of a West Coast fabrication and machining company, in a move likened to its purchases of Specialty Metals Processing and Apogee Steel Fabrication over the past 12 months. The Chicago-based metals service center group has acquired Fresno, Calif.-based Excelsior Inc. for an undisclosed sum. “Excelsior has […]
Steelmaker ArcelorMittal has announced a formal agreement with Mitsubishi Heavy Industries Engineering (MHIENG), BHP, and Mitsubishi Development Pty Ltd. to develop carbon capture technology. The companies will collaborate on the development of MHIENG’s carbon capture technology and conduct a feasibility and design study prior to implementation, according to a press release posted earlier this month. […]
Flat rolled distributor Mill Steel has launched an order tracking feature that customers can use to track their orders and estimated time of arrival. The Grand Rapids, Mich.-based company aims to streamline its supply chain process with enhanced digitalization as a value-added service. In 2020 it launched an app for the painted coil market and […]
The reshoring of US manufacturing, nonresidential construction, and semiconductor manufacturing are key areas where Reliance Steel & Aluminum Co. remains incredibly bullish. Speaking on the company’s third quarter earnings conference call with analysts on Thurs., Oct. 27, executives expressed their optimism for these markets. Reshoring/nearshoring is “legit,” and the company is “pumped up about it,” […]
US Steel does not currently have any plans to bring back recently idled blast furnaces as it awaits an improvement in market conditions. The Pittsburgh-based steelmaker in September indefinitely idled the No. 3 Edgar Thomson blast furnace at its Mon Valley Works in western Pennsylvania and also the No. 8 BF at its Gary Works […]
US Steel Corp. recorded sharply lower profits in the third quarter of 2022 both sequentially and versus the same quarter last year, driven by lower steel prices and higher input costs. Despite the lower earnings, the Pittsburgh-based steelmaker remains on pace for its second-best financial year in the company’s history thanks to stronger margins in the […]
BICO Steel has acquired Integrity Fab and Machine Inc. (IFABM), further expanding its processing and fabrication capabilities. BICO is a processor of heavy carbon steel plate and forged specialty alloy steel in Mogadore, Ohio, providing die casting, fabrication, machining, and other processes that serve various end-use segments. The addition of Breckenridge, Mich.-based IFABM, which specializes […]
Somewhat better-than-expected demand helped service center behemoth Reliance Steel & Aluminum Co. achieve strong third-quarter sales. And despite macroeconomic uncertainty, inflation, continuing supply chain disruptions, and geopolitical issues, the Scottsdale, Ariz.-based company anticipates healthy demand trends to continue in the current quarter, according to its Q3 earnings report released on Thursday, Oct. 27. The company […]
Engineered shapes producer McDonald Steel Corp. is adding plate processing capabilities to its portfolio via the acquisition of General Steel Corp. Mac Steel GSC Inc., a wholly-owned subsidiary of McDonald Steel, recently acquired the assets of General Steel, a Cleveland-based plate service center and processor, for an undisclosed sum. The addition of plate processing capabilities naturally […]
Galvanized prices continue to drop, as discussed during this month’s call of the Sheet Metal/Air Handling Council of the Heating, Air-conditioning & Refrigeration Distributors International (HARDI). Prices have been steadily dropping for the past six months despite stable demand. A few highlights from the call include the differential between hot-rollled and cold-rolled coil being in […]
Maintenance costs and increasing shipments to the automotive sector were major areas of discussion on Cleveland-Cliffs Inc.’s quarterly conference call with analysts on Tuesday, Oct. 25. With major maintenance projects now complete and shipments starting to increase to auto customers, Cliffs is confident it can return to quarterly shipment levels of close to four million tons. […]
The strong performance of SSAB Americas was a bright spot in Swedish parent company SSAB’s third quarter earnings report as the company’s European segment was impacted by weaker demand and low shipments. SSAB Americas posted Q3 operating profit of SEK 3,036 million (US$276.65 million) — a 61% improvement from the same quarter of 2021. The […]
Cleveland-Cliffs Inc. expects a continuation of the trend it saw in the third quarter of increasing shipments to the automotive sector. This should support steel pricing going forward, the steelmaker said in its Q3 earnings report released on Tuesday, Oct. 25. “Shipments to our automotive clients significantly improved in Q3, achieving a level among the highest in […]
Flat steel and tubular producer JSW Steel (USA) Inc. saw lower operating results in the quarter ended Sept. 30, with plate and pipe production and plate sales the only areas showing signs of on-year growth. According to Indian parent company JSW Steel Ltd.’s fiscal second quarter 2023 results, production and sales of slab and hot-rolled […]
Nucor Corp.’s $650 million expansion project at Nucor Steel Gallatin in Ghent, Ky., will not reach its nameplate capacity of 3 million tons per year by the end of the year, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Oct. 20. “The ramp-up at Nucor Steel […]
Although operating rates at its steel mills declined slightly from the second to third quarter, Steel Dynamics Inc. continues to demonstrate higher utilization rates than the US industry as a whole. The company’s overall Q3 utilization rate was 93%, down two percentage points from the 95% rate achieved in Q2, SDI chairman, president, and CEO Mark […]
Nucor Corp.’s new $1.35 billion plate mill in Brandenburg, Ky., remains on track to start up late in the fourth quarter of this year, with “meaningful production” to occur in the first quarter of 2023, Leon Topalian, Nucor’s chair, president, and CEO said on an earnings conference call with analysts on Thursday, Oct. 20. The […]
Steel Dynamics Inc. plans to announce where its new aluminum flat-rolled mill will be located within the next few weeks. Site selection is wrapping up, and the purchase of equipment packages and major mill components has been completed over the past few weeks, SDI chairman, president, and CEO Mark Millett said on the company’s third-quarter […]
Nucor Corp. experienced another quarter of strong earnings despite sequential declines in average sales price per ton and total tons shipped in the third quarter ended Sept. 30, the company said in its latest earnings report on Thursday, Oct. 20. Decreased steel mills segment earnings drove the sequential decline in quarterly earnings, the company said. The […]