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    Contributor: Ethan Bernard

    Ethan Bernard

    Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

    Read more from Ethan Bernard

    Final Thoughts: Do Mesabi Metallics and Hyundai-POSCO signal more foreign steel investment in US?

    Could two new steel projects signal a new direction in the marketplace? Both Mesabi Metallics’ recently announced steel facility in Iowa and the Hyundai-POSCO’s proposed mill in Louisiana are major undertakings. You don’t spitball a major steel mill and then start producing the next day. From initial concept to site selection and on up to the first melt, there is a labyrinth of permitting, planning, and construction to navigate before the first heat.

    SMU's ferrous scrap prices rise in November

    Ferrous scrap prices rose in November across all grades SMU tracks, though prices varied widely by region. “Marketwise, we saw disparate market movements between regions in the November trade, which wrapped up earlier this week,” one source told SMU. “It was a mixed bag, depending on the region and grade.” The source added that export pricing also rose over the course of last week, “but much less than the domestic market.”  Demand from US mills is strong and “there is probably more lift to be expected in the market between now and the January trade," he continued.

    CORRECTION: Randall Metals closes on buy of Titan Steel

    Randall Metals has closed on its acquisition of tinplate and specialty flat-rolled products supplier Titan Steel. Further terms of the deal were not disclosed. Titan Steel has facilities in Baltimore and the Chicago area, and serves the food packaging, filtration, and construction markets, among others. "Scale is increasingly important in the service center market, and this transaction brings together the complementary strengths of our two businesses to address the challenges and opportunities of the changing global steel industry," Titan Steel CEO Max Levin said in a statement on Tuesday.

    Ferrous scrap market chatter this month

    Every month, SMU polls participants in the ferrous scrap market on a variety of topics, including prices. This month's survey results landed just as the November scrap market was starting to settle. Preliminary results show scrap prices rose across the board for all the products SMU tracks. Final prices will be in SMU later this week. As the final numbers come in, we'd like to share where survey respondents thought prices would be on busheling, shredded, and HMS scrap, as well as where they see prices heading over the next 60 days.

    Canada's Nova Steel announces layoffs, cites low-priced imports

    Nova Steel, a steel pipe fabricator based in Montreal, has announced layoffs it claims are related to an alleged surge of low-priced imports. The Canadian company announced the temporary layoff of 36 employees at its Saint-Patrick facility, effective Friday, Nov. 13. Nova said unfairly traded steel pipe imports have affected it for years. The company noted that it has brought trade cases to the Canadian government to address the problem.

    Russel's profits skyrocket in Q3 as revenue hits quarterly record

    Russel Metals’ earnings soared in the third quarter amid strong market conditions as revenue hit a quarterly record. The Mississauga, Ontario-based metals distributor reported net earnings of Canadian $125.5 million (USD$88.8 million), 259% higher than CAD$35 million a year earlier. Net sales increased 56% to CAD$1.82 billion in the same comparison, a record quarterly level. The company said Q3’26 shipments from its metal service centers fell 3% vs. the second quarter due to normal seasonal factors but rose 29% from a year earlier.

    Canadian minister urges probe of Cliffs' handling of Stelco

    Canadian Minister of Industry Melanie Joly has urged that Canada’s Competition Bureau examine Cleveland-Cliffs’ conduct in the Canadian marketplace following its Stelco acquisition. Minister Joly sent a letter to Jeanne Pratt, Commissioner of Competition, on Friday, regarding testimony Cliffs Chairman and CEO Lourenco Goncalves made to the US Congressional Steel Caucus, and a subsequent interview to the CBC. oly said that in the Caucus testimony, “Goncalves stated that his company had acquired Stelco to ‘block’ it from selling into the US market.”

    USS profits rise in Q3 on increased prices, shipments

    U.S. Steel’s profits soared in the third quarter amid higher steel prices and increased shipments. The Pittsburgh-based steelmaker reported net earnings attributable to USS of $859 million in the third quarter, up 759% from $100 million a year earlier. Net sales rose 26% to $4.78 billion in the same comparison. The company said all four of its operating segments generated positive results in Q3’26. “Higher average realized prices and higher shipment volumes drove improvement across the portfolio,” the company said in a statement on Thursday.

    Domestic steel shipments slip in September vs. August but higher on-year: AISI

    US steel shipments fell in September from the previous month but increased marginally on-year. Domestic mills shipped 8,047,607 short tons (st) in September, according to the latest figures from the American Iron and Steel Institute (AISI). That’s down 2.1% from the 8,220,554 st shipped in August, but up slightly from 8,032,536 st in September 2025. Year-to-date (YTD) shipments through September stood at 72,014,802 st, up 4.8% vs. 68,732,750 st in the same period last year.

    SMU Profile: Worthington's Gilmore speaks on 'tough' market, Kloeckner integration

    Worthington Steel Chief Executive Geoff Gilmore said this is the toughest steel market he's seen in his nearly three decades in the industry. Gilmore, president and CEO of Columbus, Ohio-based Worthington Steel, recently spoke to SMU about the progression of the company’s acquisition of Germany-based Kloeckner & Co, as well as trends he’s seeing in the market and in the service center space. “I've been in the business for 28 years, and this is the toughest market that I've encountered,” Gilmore told SMU. He cited factors such as stretched lead times, mill consolidation, maintenance outages, and very limited imports affecting availability.

    Steel groups address Democrat gains in midterms

    The Steel Manufacturers Association (SMA) and the American Iron and Steel Institute (AISI) have weighed in on yesterday’s midterm elections that saw Democrats gain control of both the Senate and the House of Representatives. “Last night's elections delivered historic gains for Democrats in Congress,” SMA EVP Brandon Farris said in a statement to SMU on Wednesday. “Thankfully, a strong American steel industry transcends party lines." He said SMA's mission remains clear. It includes defending “the policies that have helped drive historic investment, strengthen American manufacturing, secure reliable and affordable energy, and ensure domestic steelmakers can compete on a level playing field.”

    SMU Profile: GrafTech's Simushkin touts vertical integration

    GrafTech International recently celebrated its 130th anniversary. The Brooklyn Heights, Ohio-based graphite electrode producer has a long and storied history. To discuss that story, Alexey Simushkin, director of marketing and marketing intelligence at GrafTech, sat down with SMU. He talked about the company, the market, and GrafTech’s outlook for the future. With over 70% of the US steel produced using electric-arc furnace steelmaking, graphite electrodes are an important component for the domestic steel industry.

    SMU Community Chat: Data centers strong in uneven construction market, Simonson says

    Construction has been an uneven market over the last year, but data centers have been a bright spot. Ken Simonson, chief economist for the Associated General Contractors of America (AGC) sat down with SMU Editor-in-Chief Michael Cowden last week for a Community Chat. In a far-ranging conversation, Simonson spoke on the current state of construction and wider issues in the economy. (For SMU Premium subscribers, you can watch replay of the entire interview here.)

    SMU Survey: Current Buyers' Sentiment rises slightly as Future Sentiment dips

    SMU’s Current Steel Buyers’ Sentiment Index ticked up slightly this week, while Future Sentiment fell, according to our latest market survey. Every two weeks, SMU polls thousands of steel-industry executives, asking them to rate their companies’ chances of success today and also three to six months down the road. We use their responses to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.

    Algoma's losses narrow in Q3, but tariffs and EAF transition challenges remain

    Algoma’s net loss narrowed in the third quarter, but the company continues to be affected by US tariffs and the transition to electric-arc furnace (EAF) steelmaking. The Sault Ste. Marie, Ontario-based steelmaker reported a net loss of Canadian $129.6 million (USD$92.6 million) in the third quarter ended Sept. 30, narrowing 73% from CAD$485.1 million a year earlier. Net sales dropped 52% to CAD$249.4 million in the same comparison.

    Canada demands Stelco jobs plan before meeting Cleveland-Cliffs

    Canada’s Minister of Industry Melanie Joly has said she won’t meet with Cleveland-Cliffs until it presents a plan and a timeline to restore jobs at its Stelco operations in Hamilton, Ontario. This follows the Cleveland-based steelmaker saying on Monday it was in full compliance with undertakings related to its buy of Stelco in 2024. Stelco announced layoffs affecting up to 500 workers last month. The company cited the impact of US Section 232 tariffs. Subsequently, the Canadian government alleged that the layoffs violated commitments Cliffs made when it purchased Stelco in 2024.

    Worthington Steel hits stumbling block in Kloeckner transfer agreement

    Worthington Steel said it did not receive sufficient approval from shareholders of German service center Kloeckner & Co. for a proposed domination and profit and loss transfer agreement (DPLTA). Under German law, a DPLTA gives a parent company the right to issue binding instructions to the management of a subsidiary. Kloeckner held an extraordinary general meeting on Friday, Oct. 23, in Dusseldorf, during which a shareholder vote on the DPLTA took place. At least 75% of the capital represented at the meeting had to vote in favor of the DPLTA for the measure to pass.

    SMU Survey: Current Steel Buyers' Sentiment Index up, Future Sentiment flat

    SMU’s Current Steel Buyers’ Sentiment Index ticked up this week, while Future Sentiment remained flat again, according to our latest market survey.  Every two weeks, SMU polls thousands of steel-industry executives, asking them to rate their companies’ chances of success today and also three to six months down the road. We use their responses to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.

    SMU Survey: Mill negotiation rates rise on sheet, fall for plate

    Sheet buyers found mills slightly more negotiable on price this week, while plate buyers thought mills were less flexible on spot price tags, according to our latest survey data. Every two weeks, SMU surveys service center and manufacturer buyers to see whether mills will negotiate on new spot sheet and plate orders. In this week’s survey, 14% of respondents said mills were willing to talk price to secure an order, up three percentage points from two weeks earlier (Figure 1). This is the highest reading since July 8, when the rate stood at 18%.

    CMC's earnings rise in fiscal fourth quarter

    CMC’s earnings increased in its fiscal fourth quarter, aided by strong growth in its North America Steel Group. The Irving, Texas-based longs steel producer and metal solutions provider reported net earnings of $212.5 million in its fiscal fourth quarter ended Aug. 31, up 40% from $151.8 million a year earlier. Net sales rose 26% to nearly $2.66 billion in the same comparison. The company said that core EBITDA growth increased 11.3% sequentially in its fiscal Q4 to $393.7 million, led by its North America Steel Group. In that segment, stronger margins and volume growth drove 60 basis points of core EBITDA margin expansion.