NLMK USA’s lawsuit claiming US Steel had misled the Commerce Department into denying the company Section 232 tariff exemptions was dismissed last week. The lawsuit was originally filed in January 2021 in the Court of Common Pleas of Allegheny County, Pa. NLMK alleged that US Steel undermined its requests for exemptions from Section 232 tariffs […]
Algoma Steel Group Inc. expects modestly lower shipments and production volumes in its fiscal fourth quarter because of supply chain bottlenecks and the ongoing impact of the Covid-19 pandemic. The Sault Ste. Marie, Ontario-based steelmaker forecasts shipments of 540,000-550,000 tons in the fourth quarter and adjusted EBITDA of CAD $310 million to $320 million (USD […]
Nucor has increased the raw materials surcharge (RMS) for customers buying steel sheet on terms linked to scrap prices. The Charlotte, NC-based steelmaker said its RMS – based on prices for busheling scrap – would be $515 per ton ($25.75 per cwt) in April, a $190-per-ton increase from prior levels. The higher RMS will be […]
Steel Dynamics, Inc., Fort Wayne, Ind., today announced the transition of Miguel Alvarez to lead the company’s North American metals recycling platform effective March 31. Alvarez will be taking over for Russell B. Rinn, SDI’s executive vice president of metals recycling, who will remain in a consulting role until his retirement in July. The steel producer also promoted […]
The United Steelworkers (USW) union is preparing for contract talks this summer with U.S. Steel and with Cleveland-Cliffs Inc., a USW spokeswoman confirmed. A text had been sent out to USW members earlier in the day on Thursday, March 24, alerting them that the USW was getting ready for negotiations. The USW contracts with Pittsburgh-based […]
Worthington Industries today reported fiscal third-quarter results that included an 82% jump in sales versus the same quarter last year, driven by higher average selling prices and contributions from the acquisitions of Tempel Steel Co. and Shiloh Industries’ U.S. BlankLight business. Net sales for the quarter ended Feb. 28 totaled $1.4 billion, producing net earnings of $56.3 […]
Distributors who sell galvanized steel products have some recent experience at managing purchasing and inventory in a rapidly rising price environment. In their monthly conference call earlier today, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) drew some comparisons between the spike in steel prices prompted by the pandemic last year and the […]
Northbrook, Ill.-based Hilco Global’s subsidiary, Hilco Industrial Acquisitions, B.V, acquired for resale all assets of ThyssenKrupp’s heavy plate rolling mill located in Duisburg-Hüttenheim, Germany. Prior to its shuttering last September, ThyssenKrupp’s rolling mill produced roughly 850,000 metric tons of heavy plate steel, the company said. Besides the rolling mill, the Amsterdam-based asset management and financial […]
U.S. Steel Corp. expects to see record EBITDA for the first quarter totaling approximately $1.3 billion, a new all-time high for the period. In guidance issued Thursday, the steelmaker forecast adjusted diluted earnings per share in the range of $2.96 to $3.00. “We expect to deliver another strong quarter of safety, adjusted EBITDA, free cash […]
Commercial Metals Co. (CMC) posted record net earnings of $383.3 million on sales of $2.01 billion in its second fiscal quarter ended Feb. 28, beating the previous record set the prior quarter by more than $150 million. Results for the Irving, Texas-based steelmaker were boosted by proceeds of $195.8 million from the sale of Southern […]
Nucor will implement a biweekly update to its current fuel surcharge effective Thursday, April 3, for some steel products. Certain divisions of the Charlotte, N.C.-based steelmaker said the move was necessary because “fuel prices are at all-time high levels,” in letters to customers dated Wednesday, March 16. SMU has seen matching letters from the company’s […]
Nucor Corp., the largest steelmaker in the U.S., expects to achieve record first quarter earnings in the range of $7.20 to $7.30 per diluted share. That’s down from earnings of $7.97 per share in the prior quarter but double $3.10 per share in the same quarter last year. Steel mill segment earnings in the quarter ending this month will […]
Nucor aims to increase base prices for steel sheet by at least $125 per ton ($6.25 per cwt) effective immediately. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said in a letter to customers dated […]
Steel Dynamics Inc. (SDI) expects modestly higher first-quarter earnings despite lower average flat-rolled steel selling prices over the last three months. The Fort Wayne, Ind.-based steelmaker expects earnings of $5.55-5.59 per diluted share in the first quarter, according to figures released after the close of markets on Wednesday, March 16. That’s up from $5.49 per […]
SSAB Americas has increased plate prices by $63 per ton ($3.15 per cwt) based on a raw materials surcharge mechanism unveiled last week. The Mobile, Ala.-based steelmaker said the higher prices would apply to all new spot orders as well as both new and existing contractual agreements effective April 3. The company reiterated that the […]
Klöckner & Co. SE posted record annual results for the year ended Dec. 31, 2021, delivering the highest fiscal-year operating income since its initial public offering in 2006. The company credited its 45% increase in sales to a “positive market environment.” The Duisburg, Germany-based service center, which has significant operations in the U.S., anticipates further […]
Nucor Corp. is increasing prices for discrete plate by $40 per ton ($2 per cwt), according to letters to customers. The Charlotte, N.C.-based steelmaker made the announcement on Wednesday, March 9, along with the opening of its April orderbook for plate. All published adders and extras will also be applied. “We reserve the right to […]
SSAB Americas will put in place a raw material surcharge (RMS) in response to skyrocketing raw material costs. The Mobile, Ala.-based steelmaker said the move was necessary because of “extraordinary market pressures brought on by recent global events,” in a letter to customers dated Wednesday, March 9. The global events in question are almost certainly a reference to […]
Alro Steel has named Randy Glick its new Chief Executive Officer and Chairman of the Board in the wake of the passing of Al Glick, the company’s founder, CEO and chairman, on Feb. 8. “Following my father, the founder of Alro and an icon in the metals industry, is not an easy task,” said Randy […]
Nucor’s sheet mill group – which now includes California Steel Industries (CSI) – plans to increase sheet base prices by at least $100 per ton ($5 per hundredweight). The move is effective immediately and applies to all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers dated Monday, March 7. The latest […]
ArcelorMittal has decided to idle iron- and steelmaking operations at its mill in Kryvyi Rih, Ukraine, because of the war. The decision was made last week “to ensure the safety and security of our people and assets,” the Luxembourg based multinational steelmaker said in a statement. ArcelorMittal has begun the process of idling all blast […]
PAO Sevestal is no longer selling steel to the European Union. The Russian steelmaker did not acknowledge – as has been widely reported – that the move was in response to EU sanctions. “Severstal states that it is experiencing some difficulties in relations with its EU clients, and as a result is redirecting volumes to […]
Ryerson has acquired Apogee Steel Fabrication, expanding the service center’s value-added offerings in a move likened to its purchase of Specialty Metals Processing (SMP) last September. Terms of the deal were not disclosed. “We see Apogee strengthening Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business,” […]
In a letter to customers this week, Cleveland-Cliffs said it does not expect the geopolitical fallout from Russia’s invasion of Ukraine to directly impact the company’s operations. “While we continue to monitor the situation closely, we have not identified any specific elevated risk to our operations at this time,” the company stated. Cliffs said it will continue […]
NIM Group has acquired Plateplus Inc.’s Windsor, Colo., plant, further expanding the product lines and processing capabilities of the family-owned network of service centers. “We are pleased to welcome the Windsor team to the NIM Group family,” NIM Group president and COO Arnie Robinson said. “This facility is a great fit to continue our growth and investment in the Western […]
U.S. Steel Corp. is investing $60 million at Gary Works to give the Indiana mill the capability to produce up to 500,000 tons of pig iron annually and provide a critical raw material for the steelmaker’s electric arc furnaces. Once complete in the first half of 2023, pig iron production at Gary will provide nearly […]
Evraz does not expect to be hit by sanctions aimed at Russian banks and political elites after the country’s invasion of Ukraine, company executives said. But the situation is changing quickly, and it’s too soon to draw any firm conclusions, they said. “We believe it (sanctions) will not have a significant effect on the company,” […]
Olympic Steel announced record results in the fourth quarter ended Dec. 31, 2021, a strong finish to the company’s most profitable year to date. “We achieved record sales and net income for the fourth quarter, a fitting capstone to a year of record-setting performance for Olympic Steel,” said Richard Marabito, Olympic’s CEO. “All three of our […]
Ryerson, the Chicago-based steel processor and distributor, reported record annual results for 2021 highlighted by capital investment in two new service centers and significant debt reduction that positions the company well for what management expects to be a strong 2022. Ryerson reported net income of $294.3 million on revenues of $5.68 billion in 2021. That’s […]
JSW Steel (USA) and JSW Ohio’s lawsuit claiming Nucor, U.S. Steel and Cleveland-Cliffs conspired to stifle competition by denying semifinished steel slab to the company has been dismissed. The lawsuit, filed on June 8, 2021, in federal court in Houson, alleged that three of the largest American steelmakers formed a cartel and conspired to cause […]