Nucor suffered a fire Monday that knocked out one of the two electric arc furnaces at its Longview, Texas, plate mill. The company is repairing the damage and expects little impact on customers. In an email to Steel Market Update, a company spokesperson said the incident caused no injuries or environmental impact. “Operations have resumed […]
AK Steel earnings slipped a bit in the second quarter due to production disruptions at two of its facilities. Net income totaled $56 million, down from $77.2 million a year ago. Results were impacted by $11.5 million in operational costs associated with a power outage at Butler Works and a fire at the temper mill […]
NLMK USA sales jumped 15 percent to 640,000 metric tons in second-quarter 2018. Revenue for the U.S. segment totaled $590 million, up 37 percent quarter-over-quarter and 35 percent year-over-year, due to rising demand and recent steel import restrictions. EBITDA for NLMK USA increased 90 percent quarter-over-quarter to $76 million supported by growing sales volume and […]
Nucor has experienced two outages at its direct-reduced iron plant in Louisiana, one planned, the other unplanned. On Monday, July 23, shortly after restarting production following a planned 30-day maintenance shutdown, the plant suffered a power outage that shut down DRI production once again. The steelmaker hopes to resume production in three to four weeks. […]
Nucor has purchased a minority position in the parent of Trion Coatings LLC. The company will work with Trion to commercialize an environmentally friendly chrome plating technology. Trion Coatings utilizes a patent pending process using CR(III) salts and a proprietary ionic liquid solution. The process allows for greater electroplating speeds, improved wear resistance and overall […]
Steel Dynamics Inc. confirmed in its second-quarter earnings call that it is in the process of acquiring the idled Kentucky Electric Steel Mill in Ashland, Ky. “I would put it in the classification of a planned acquisition right now,” said CEO Mark Millett. “We haven’t closed on it, although it’s looking favorable.” Kentucky Electric, maker […]
Reliance Steel & Aluminum, North America’s largest service center organization, set a new company record with net sales of $2.99 billion for the second quarter of 2018. Sales grew by 20.8 percent from a year ago and 8.4 percent from the previous quarter. Net income totaled $230.8 million, up 124.1 percent from Q2 2017 and […]
Steel Dynamics reported net sales of $3.1 billion and net income of $362 million for the second quarter of 2018, more than doubling its year-over-year income. First-quarter 2018 net sales totaled $2.6 billion with net income of $228 million. “Our second-quarter 2018 income from operations increased 55 percent sequentially to a record $502 million, and […]
Nucor’s consolidated net earnings in the second quarter of 2018 jumped to $683.2 million, the second highest quarterly earnings in the company’s history. In comparison, earnings were $354.2 million in the first quarter and $323 million in Q2 2017. Nucor’s Chairman and CEO John Ferriola attributed the successful quarter to an upturn in the steel […]
Sales by NLMK’s U.S. mills grew 15 percent to 638,000 metric tons in the second quarter of 2018 compared to the first, triggered by trade restrictions, said the company in a trade update on Friday. NLMK USA sales included 369,000 metric tons of hot-rolled steel, 129,000 tons of cold-rolled, and 139,000 ton of galvanized steel. […]
Contract negotiations between the United Steelworkers and U.S. Steel Corp. began this week in Pittsburgh, Pa. The current-three year contract is set to expire on Sept. 1. “We told USS we expect a fair agreement that rewards our sacrifice,” the union texted its members. The steel market has dramatically improved from the bargaining environment in […]
Contract negotiations for United Steelworkers at mills in the U.S. are kicking off with an initial proposal on Monday from ArcelorMittal to its USW-represented locations. According to a USW press release, members will have “much work to do” to counter major economic and non-economic concessions requested by the company, which the USW says would “negatively […]
Worthington Industries, Inc., the Columbus, Ohio, steel processor and manufacturer, reported net sales of $3.6 billion and net earnings of $194.8 million for its 2018 fiscal year ended May 31. While the company’s sales increased by 19 percent over the prior year, its earnings showed a decline from the $204.5 million in fiscal 2017. Improved […]
Steel Dynamics has completed the acquisition of CSN Heartland Flat Roll operations in Terre Haute, Ind., for $400 million in cash. Heartland produces higher-margin flat rolled steel through the processing of hot rolled coils into pickled and oiled, cold rolled and galvanized products. Heartland has an annual capacity of 1.0 million tons of cold rolled […]
Ryerson Holding Corp. has complete the acquisition of Central Steel & Wire Co. Central Steel & Wire will be a wholly-owned subsidiary of Ryerson and will continue to operate under its brand name. “The inclusion of Central Steel & Wire into the Ryerson family of highly valued industrial metal distribution and processing companies enhances Ryerson’s […]
Big River Steel had made no secret it was considering further expansion less than two years after opening the high-tech Flex Mill on the Mississippi River in Osceola, Ark, and today announced it will proceed with a $1.2 billion investment that will double the mill’s annual capacity to 3.3 million tons. Some of that tonnage […]
United Steelworkers at Algoma Steel have ratified a tentative agreement with Algoma’s secured creditors. Members of USW Local 2251 and salaried workers in USW Local 2724 voted to accept the agreement that includes no concessions and some gains, said union leaders. Algoma, formerly Essar Steel Algoma, has been in Companies’ Creditors Arrangement Act proceedings since […]
ArcelorMittal’s acquisition of Italian steel plant Ilva has been delayed until Sept. 15 as government officials continue to review terms of the deal. ArcelorMittal has agreed to buy and fix the pollution plagued mill from the Italian government for €1.8 billion ($2.1 billion). The company said it will invest €2.3 billion ($2.7 billion) to fix […]
Metals distributor and processor Ryerson Holdings is expecting stronger revenue in the second quarter due to an increase in tons sold and higher average selling prices. Year-over-year volume growth was evident in nearly all end markets, notably in commercial ground transportation, consumer durable equipment and industrial equipment, the company said. Pricing is continuing to improve […]
(Updated 6/27/2018) Steel Dynamics, Inc. has announced plans to expand its offering of value-added flat roll steel products through the addition of a new galvanizing line in Columbus, Miss. The company plans to invest $140 million, adding a third galvanizing line at its Columbus Flat Roll Division. The new galvanizing line will have an annual coating capability of […]
U.S. Steel has promoted Daniel M. Killeen to the position of General Manager Gary Works effective immediately. Killeen will be responsible for the day-to-day operations of U.S. Steel’s largest integrated steelmaking facility. Killeen joined U.S. Steel in 1996 as a Management Associate at Gary Works. He went on to work in a series of increasingly […]
JSW Steel plans to pump $500 million into its newly acquired Acero Junction steel mill in a two-phase investment. The first $250 million includes the cost of acquisition, the revamp and restart of the electric arc furnace and slab caster, and modernization of the hot strip mill. The second phase will be dependent “upon the […]
ArcelorMittal claims a new approach to construction that will create a more sustainable life-cycle for buildings. The company has launched Steligence®, a concept that looks at buildings as holistic entities where all aspects of the design are considered in an integrated way, as part of the whole. The concept requires improved dialogue between architects and […]
Commercial Metals Company net sales jumped 15 percent to $1.2 billion for earnings of $42.3 million for the third quarter of fiscal year 2018, ending May 31. Earnings and sales increased from the second quarter due to strong demand across all of CMC segments. “The CMC team delivered outstanding results in our third fiscal quarter,” […]
India’s JSW Steel announced last week it has completed the acquisition of 83 percent of Acero Junction Holdings. The remaining 17 percent is being transferred and will give JSW 100 percent ownership of the steel rolling mill in Mingo Junction, Ohio. The assets are valued at $182.41 million with an equity value of $80.84 million […]
Steel Dynamics is expecting second-quarter profitability to be “meaningfully” higher than the first quarter due to increased steel shipments and metal spread expansion. Steel pricing is outpacing scrap costs in Q2. Profitability has improved across all of SDI’s steel platform, but especially in sheet operations. The metals recycling division is expected to be level with […]
Nucor expects earnings for its second quarter to increase significantly compared to first-quarter 2018 due to higher average selling prices and increased profitability. Deregulation, tax reform and higher, stable oil prices have contributed to stronger market conditions, said Nucor in the company’s earnings guidance statement. Profitability increased across all of Nucor’s steel mill product groups […]
Jean Carroll Kemp may have been the speaker at the Association of Steel Distributors meeting in Chicago last Thursday, but it was ASD members who really delivered the message. The event was co-hosted by the Chicago Chapter of Association of Women in the Metals Industry (AWMI). Kemp is the Senior VP of Government Affairs and […]
NLMK USA has requested tariff exclusion on the import of slabs under Section 232, but has received blowback from several U.S. steel mills. Nucor, U.S. Steel and AK Steel have filed objections to the request, arguing that there is sufficient slab supply in the United States to supply NLMK yet the company continues to buy […]
Two venerable Chicago-based metals distributors are joining forces, marking the latest big merger in the consolidating service center sector. Ryerson Holding Corp. has agreed to acquire Central Steel & Wire Co. in a transaction valued at $140 million. Acquisition of Central Steel and Wire will solidify Ryerson’s position as the second largest service center organization […]