Nippon's Mori assures USS workers on deal, rebuts USW objections
Nippon Steel addressed a host of objections by the United Steelworkers (USW) related to the Japanese steelmaker’s proposed buy of Pittsburgh-based U.S. Steel.
Contributor: Ethan Bernard
Ethan Bernard
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Canada sees Chinese steel, ali imports falling ~50% on tariffs
The Canadian government estimates steel and aluminum imports from China will decrease by nearly 50% due to newly implemented tariffs.
SMU Survey: Current Sentiment Index slides, Future Sentiment steady
SMU’s Current Steel Buyers’ Sentiment Index slipped this week, while Future Sentiment remained flat, according to our most recent survey data.
Final Thoughts
Never have I been more certain in declaring that those in the steel industry are less certain now than they thought they’d be at this point before the election.
AISI: US steel shipments slip in October
Domestic steel shipments were down month over month and on-year in October.
Russel closes on Tampa Bay Steel deal
Russel Metals Inc. has closed on its buy of Tampa Bay Steel.
Unsettled ferrous scrap market seen down in December
The ferrous scrap market hasn’t settled yet for December, but sources say mills are looking to push scrap prices down.
Trump taps former adviser Navarro for key trade, manufacturing role
President-elect Donald Trump announced that Peter Navarro will serve as his senior counselor for trade and manufacturing.
Worthington Steel inks deal for controlling stake in Italy's Sitem
Worthington Steel has reached an agreement to acquire a controlling equity stake in Italian-based electric motor lamination producer Sitem SpA.
Trump still sour on Nippon's buy of USS; promises tariff, tax incentives
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump said in a post on Truth Social on Monday.
Holiday Notice: Happy Thanksgiving!
Steel Market Update will be taking time off in observance of Thanksgiving.
Trump taps Greer for USTR role
President-elect Donald Trump has nominated attorney and US Air Force Veteran Jamieson Greer to be the next US Trade Representative (USTR).
Steel trade groups, Mexico respond to Trump tariff talk
American and Canadian steel trade groups, as well as the government of Mexico, have responded to President-elect Trump's threat of imposing 25% tariffs on all US imports from Canada and Mexico and a 10% tariff on imports from China.
Japanese PM calls on Biden to OK USS deal
Japanese Prime Minister Shigeru Ishiba has asked that President Biden approve Nippon Steel’s $14.9-billion proposed offer to buy Pittsburgh-based U.S. Steel, according to a report in Reuters.
Cliffs to install new stove at Stelco BF in Nanticoke: CBC
Cleveland-Cliffs' Lourenco Goncalves said the company will install a new stove at Stelco’s blast furnace in Nanticoke, Ontario.
Final Thoughts
“We’ll always have Paris,” as the famous line in Casablanca goes. And this month, the global steel industry did as well. The Organization for Economic Co-operation and Development (OECD) Steel Committee met in the City of Lights earlier this month. There was also a meeting of the Global Forum addressing excess steel capacity.
Galvanized tags predicted to be flat into final stretch of 2024: HARDI
Domestic galvanized prices remain relatively rangebound despite the conclusion of the US presidential election.
Nippon's Mori meets with Pa. Gov. Shapiro: Report
Nori, a top Nippon Steel official, met on Tuesday with Pennsylvania's governor, to discuss its proposed acquisition of U.S. Steel.
Hickey Metal Fabrication buys Ohio Laser
Hickey Metal Fabrication has acquired laser-based metal fabricator Ohio Laser.
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
Nippon won't import slabs to US if U.S. Steel deal goes through
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
Vale, Cyclone Metals enter MoU for iron ore project in Canada
Brazilian miner Vale SA has entered into a Memorandum of Understanding (MoU) with Australia-based Cyclone Metals Ltd. to develop the Iron Bear iron ore project in Eastern Canada.
Final Thoughts
t this point in the game I think what we can say about Nippon Steel’s proposed buy of Pittsburgh-based U.S. Steel is that it will go through, it won’t go through, or the outcome will be something new and completely unexpected. Then again, I’m probably still missing a few options.
HRC vs. prime scrap spread flat in November
The price spread between hot-rolled coil (HRC) and prime scrap remained the same in November as both tags were at the levels seen a month earlier, according to SMU’s most recent pricing data.
GM laying off ~1,000 workers globally, most in US: Report
General Motors is laying off ~1,000 workers globally, with most located in the US, according to a report Friday in Reuters.
November ferrous scrap tags land a soft sideways
Ferrous scrap prices were largely rangebound to down at the November settle, market sources told SMU.
Friedman swings to loss amid 'challenging' market
Friedman Industries swung to a loss in its fiscal second quarter ended Sept. 30 amid “challenging” business conditions.
GrafTech Q3 loss widens as electrode demand remains soft
GrafTech International’s third-quarter net loss increased from last year, with the company anticipating continuing weakness in near-term demand for graphite electrodes.
Nippon still sees USS deal closing by end of '24: Report
Japan’s Nippon Steel still anticipates closing on its proposed deal to acquire U.S. Steel by the end of 2024.
Algoma changing fiscal year end to Dec. 31
Canada’ Algoma Steel has announced a change in its fiscal year end from March 31 to Dec. 31.