Arch, CONSOL merger to form Core Natural Resources
Coal companies Arch Resources and CONSOL Energy announced their merger to create Core Natural Resources, a combined company with a market cap of ~$5.2 billion.
Contributor: Ethan Bernard
Ethan Bernard
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Cliffs promotes Hrosik to commercial SVP
Cleveland-Cliffs has named Michael Hrosik as senior vice president of commercial, effective immediately.
HRC vs. scrap spread widens but remains low
The price spread between hot-rolled (HR) coil and prime scrap widened slightly in August but remains in territory not seen since late 2022, according to SMU’s most recent pricing data.
Final thoughts
Gentlemen (and women), start your engines. The Steel Summit 2024 train has left the station and is en route to Atlanta.
Near-term headwinds seen after domestic scrap tags ticked up in August
US scrap prices picked up in August, though near-term demand is expected to remain weak, scrap sources told SMU.
Labor woes threaten Canadian rail network
A work stoppage could hit Canada’s rail network as two rail companies have said they will lock out union workers on Thursday if no labor agreement is reached.
UAW hits out at Stellantis, says national strike possible
The United Autoworkers (UAW) union said that several locals are preparing to file grievances against Stellantis, which could lead to a national strike against the automaker.
AISI: Domestic steel shipments slip in June
US steel shipments fell both on-year and month over month in June, according to the latest figures from the American Iron and Steel Institute (AISI).
USW cheers Harris’ choice of Walz as VP nominee
The United Steelworkers (USW) union has praised Vice President Kamala Harris’ choice of Minnesota Gov. Tim Walz (D) as her running mate.
Klöckner swings to Q2 loss, sees '24 sales decline on weak steel tags
Klöckner & Co. swung to a loss in the second quarter on-year, as the company expects a slip in sales for full-year 2024 because of the drop in steel prices.
Nucor bumps HR price up again, aims for $690/ton
Nucor has raised its consumer spot price (CSP) for hot-rolled (HR) coil to $690 per short ton (st), up $15/st from last week. This marks the second consecutive week the company has sought an increase.
Olympic Steel Q2 earnings slide on 'challenging' conditions
Olympic Steel’s earnings tumbled in the second quarter as the company expects near-term business conditions to remain “challenging.”
Commerce finds Vietnam still a 'non-market economy', domestic steel interests cheer
The US Department of Commerce has announced its determination that Vietnam will keep its classification as a non-market economy (NME) country.
ArcelorMittal Q2 earnings dive, Mexican strike hits profits
ArcelorMittal’s earnings fell precipitously from a year earlier as the company said current market conditions are unsustainable.
Ryerson swings to profit after Q1 loss
Ryerson's earnings slumped in the second-quarter on-year but swung to a profit from the first quarter.
Pennsylvania Gov. Shapiro hits out at USS/Nippon deal
Pennsylvania Governor Josh Shapiro has come out against Nippon Steel’s proposed buy of U.S. Steel because it doesn’t have union support, according to media reports.
Charter Manufacturing buys Niles Iron & Metal
Charter Manufacturing, a diversified metals manufacturer, has agreed to buy regional scrap metal recycler Niles Iron & Metal Co.
Nippon withdraws from JV with China's Baosteel
Japan’s Nippon Steel announced it was withdrawing from a joint venture (JV) with China's Baoshan Iron & Steel (Baosteel) that served the Chinese automotive industry.
Nucor aims for $675/ton for HR
Nucor has raised its consumer spot price (CSP) for hot-rolled (HR) coil to $675 per short ton (st), up $25/st from last week.
Steel industry groups urge House action on LTPF 2.0
Six steel industry organizations have urged House Speaker Mike Johnson to include the Leveling the Playing Field 2.0 Act in any proposed package of legislation against China’s "unfair" trade practices.
GrafTech's Q2 loss widens in 'challenging' business environment
GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
HARDI members see galvanized tags falling as bottom nears
Galvanized prices have fallen precipitously from a month ago, though many market participants think a bottom is in sight.
Topalian puts focus on "unfair" trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Cliffs' Q2 earnings hit by soft pricing, demand
Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.
USW, UAW thank Biden for leadership following election exit
The United Auto Workers (UAW) and United Steelworkers (USW) unions have thanked President Biden for his service following his announcement that he is no longer seeking re-election.
Cliffs' Weirton mill set for new role as transformer plant
Cleveland-Cliffs is starting a new electrical distribution transformer production plant in Weirton, W.Va.
Final thoughts
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
Court rules against striking workers at ArcelorMittal Mexico
A labor judge in Mexico City has ruled that the strike of a local mining union is illegal at ArcelorMittal Mexico’s Lazaro Cardenas mill and Las Truchas mine in Michoacán state, Mexico.