Allegheny Technologies Inc. posted a net loss of $7.9 million in the first quarter, with a slight recovery in jet engine production. First-quarter 2021 results are a vast improvement from the adjusted net loss of $41.9 million in the prior quarter, but a far cry from the pre-pandemic net income of $21.1 million in Q1 […]
Steel tube producer Tenaris saw global sales increase 5% sequentially to $1.18 billion in the first quarter of 2021, but results were still down 33% year-over-year. An 8% increase in volumes was offset by a 5% decrease in selling prices. Sales jumped 31% in North America as drilling activity picked up during the first quarter. […]
Ohio Pickling & Processing has added 30,000 square feet to its 200,000-square-foot service center in Toledo, Ohio, to house a new Braner/Loopco slitting line. The new line, the company’s third slitter, will be completed by the end of first-quarter 2022. The high-speed, shape-correcting, turret head slitting line will be able to process 72-inch-wide, 35-ton master coils in […]
Ternium has strong confidence in the growth potential for the Mexican steel industry. Despite a poor performance by the government in helping the economy recover from the impact of the pandemic, CEO Maximo Vedoya expects the industrial base will continue to grow. One of the drivers will be reshoring of the supply base, which will […]
Feralloy Corporation., a subsidiary of Reliance Steel & Aluminum Co., is planning to build a massive service center on the site of Steel Dynamics Inc.’s new flat rolled mill under construction in Sinton, Texas, near Corpus Christi. The new warehousing and processing center will be known as Acero Prime-Feralloy Texas. Acero Prime is Feralloy’s subsidiary […]
SSAB Americas reported lower shipments of 480,000 metric tons in the first quarter of 2021 despite strong demand for heavy plate in North America. Due to weather issues in February and lower slab inventories at the beginning of the quarter, shipments fell 16% from the previous quarter and 9% compared to Q1 2020. Higher steel […]
Australian steel producer BlueScope has raised its earnings guidance for 2H FY2021 to an earnings range between AUD $1 billion and $1.8 billion from the previous range of $750 million to $830 million. The boost in earnings is due in large part to the performance of North Star BlueScope, the company’s U.S. division in Ohio. HRC […]
Ternium remains on track to start up its new hot strip mill in Pesquería, outside of Monterrey, Mexico, on time, according to industry sources. The Latin American steelmaker has indicated that it expects to start up by early June and has already filled its June and July order books, market participants said. Ternium did not […]
The United Steelworkers (USW) union and Allegheny Technologies Inc. (ATI) appear to be far from making a deal as a strike against the company enters its fourth week. The USW says ATI is under pressure because it finds itself unable to fulfill existing customer orders a result of the labor action. An ATI spokeswoman said the company is […]
Integrated steelmaker U.S. Steel Corp. announced plans to become carbon neutral by 2050, on top of its existing goal to reduce greenhouse gas emissions intensity by 20% across the company’s global footprint by 2030. The use of electric-arc furnaces (EAFs) and other advanced technologies will be crucial to achieving such significant carbon emission reductions, the […]
Reliance Steel & Aluminum Co., the nation’s largest metals distributor and processor, reported record pretax income of $359 million in first-quarter 2021, fueled by the unexpectedly high steel prices and solid demand in most of the markets the company serves. “The combination of a record quarterly gross profit margin, average selling prices well above our […]
Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […]
Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […]
Nucor posted its best quarter ever with net earnings of $942.4 million in first-quarter 2021. Net sales soared 33% to $7.02 billion in the quarter on higher steel prices and shipments. “The first quarter of 2021 was the most profitable quarter in our company’s history. We are clearly reaping the rewards from our prior investments […]
Cleveland-Cliffs Inc. is running all eight of its active blast furnaces and has no plans to take significant downtime in the second quarter, the company’s top executive said. “We do not have any major outages scheduled in Q2. We are focused on getting steel out the door,” Chairman, President and CEO Lourenco Goncalves said during […]
Cleveland-Cliffs Inc. is running all eight of its active blast furnaces and has no plans to take significant downtime in the second quarter, the company’s top executive said. “We do not have any major outages scheduled in Q2. We are focused on getting steel out the door,” Chairman, President and CEO Lourenco Goncalves said during […]
NLMK USA shipments rose to 430,000 metric tons in the first quarter of 2021, a 10% gain from the fourth quarter of 2020. Strong demand for hot rolled and hot-dipped galvanized coil by key customers benefited sales as did the end of the strike at NLMK Pennsylvania. Revenue jumped 63% quarter over quarter to $403 […]
Steel Dynamics Inc. had a stellar first quarter and looks forward to its new Sinton, Texas, mill beginning production later this summer. The $1.9 billion EAF mill is designed with production capabilities that will compete with traditional integrated steel producers, providing a differentiated product portfolio with a climate-conscious focus, SDI said. Four customers have committed […]
Steel Dynamics Inc. (SDI) posted record first-quarter sales and expects the good times to keep rolling into the second quarter. The solid showing came thanks to high steel prices, lean customer inventories and strong demand across most end markets, according to commentary released with first-quarter earnings data. “Numerous individual operating and financial records were attained–a […]
Tenaris will bring its Pennsylvania facilities back online as part of plans to expand operations across the Northeast U.S. The Koppel melt shop and Ambridge seamless pipe are slated for restart this summer. “There are encouraging trends in the market from increases in production and oil prices to total demand. While taking a cautious approach, […]
Downstream metals M&A is back, and it could be bigger than ever – or at least as big as it’s been since the last metals super cycle in 2006-08, according to one investment banker. Deal volume in the metals service center and processing sectors was good in early 2020 and “cratered” following the COVID-19 outbreak. But […]
Steel Dynamics Inc. announced today a major investment to establish four new coating lines—two in the South and two in the Midwest. The $225 million investment in the southern location will support the new Sinton, Texas, steel mill, which is on track for first production in late summer 2021. A 300,000-ton flat-roll galvanizing line with […]
Nucor Tubular Products has announced a $100 per ton increase on all new orders for HSS, pipe, mechanical and piling products. Orders booked prior to the announcement will be price protected for shipment through May 7, 2021. New orders, quotes, and contracts will subject to the increase. Nucor said the increase is the result of […]
Metals distributor Russel Metals and Marubeni-Itochu Tubulars America, Inc., plan to merge their Canadian OCTG/line pipe businesses. The new entity will be a 50/50 joint venture named TriMark Tubulars Ltd, a combination of Russel’s Triumph Tubular & Supply Ltd and MITA’s Hallmark Tubulars Ltd. The merger is a result of changing business conditions for the […]
TriMark Tubulars is a new brand in the market, but not a brand new competitor. Russel Metals and Marubeni-Itochu Tubulars America Inc. have combined their Canadian oil country tubular goods (OCTG) and line pipe businesses into a joint venture that will be better equipped to handle the challenging conditions in the energy market. Russel Metals […]
Ray Napolitan, Jr., Executive Vice President of Engineered Bar Products and Digital at Nucor, plans to retire on June 5, 2021, after 25 years of service with the company. Napolitan joined Nucor in 1996 as Engineering Manager of Nucor Building Systems-Indiana. He became Operations Manager of Nucor Building Systems-Texas in 1999 and was promoted to […]
Russian steelmaker NLMK said sales in its U.S. division increased 16% in Q1 2021 to 430 million metric tons. The increase was driven by hot-rolled and galvanized steel. Sales of hot rolled increased 17% from the fourth quarter of 2020 and galvanized steel sales soared 37%. Sales of cold rolled fell 13%. On a year-over-year […]
Cleveland-Cliffs and the United Steelworkers have reached a tentative agreement for a 53-month labor contract at the steelmaker’s Mansfield Works in Ohio. The new contract, if ratified, will be effective April 1, 2021, and cover approximately 300 represented workers. Lourenco Goncalves, Cliffs’ Chairman, President and CEO, stated, “We are pleased to reach a new labor […]
Allegheny Technologies Inc. (ATI) has continued operations in the face of a United Steelworkers union strike with temporary and non-union represented staff, a company spokeswoman said. “Most if not all of the plants that were active before the strike are in some phase of operations,” she told Steel Market Update on Thursday, April 8. Using […]
Zekelman Industries has completed the exterior construction of its new rolling mill in Blytheville, Ark. The 515,000-square-foot facility, located next to Zekelman’s Atlas Tube, will be the largest continuous electric resistance welding (ERW) mill in the world and is expected to be operational by September 2021. The mill will be able to roll HSS from […]