Contributor: Ethan Bernard

Ethan Bernard

Ethan Bernard is a reporter and 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.

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.

SDI Q2 earnings fall, but 'pivot point to the upside' seen for prices

Steel Dynamics Inc.’s (SDI’s) earnings slid in the second quarter, but the company's top executive believes steel tags are set to rise.

HRC vs. prime scrap spread narrows to lowest level since Covid-19 pandemic

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed for the third consecutive month, hitting a level not seen since 2020, according to SMU’s most recent pricing data.

AISI, AISC, University of Massachusetts get ~$6.4M EPA grant

The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.

All-Steel Fabricating offers road plate rental service

New England’s All-Steel Fabricating announced the launch of its new road plate rental service.

Scrap tags move sideways in July, bottom reached?

Scrap prices came in mostly sideways in July, with prime scrap prices edging down while shredded and HMS tags ticked up slightly, scrap sources told SMU. They believe a bottom has been reached in the market.

Reliance to buy certain assets of Mississippi toll processor

Reliance Inc. has reached an agreement to buy certain assets of Ferragon Corp.'s FerrouSouth division, a toll processing operation based in Iuka, Miss.

Final thoughts

We’ve taken some time to supply you with some handy-dandy production figures for 2024 presented in a unique way.

Steel Warehouse set to invest $20M in Tennessee expansion

Steel Warehouse plans to expand in Jefferson City, Tenn., with an investment of ~$20 million.

Steel groups, USW urge action on stronger trade legislation

Three steel trade groups and United Steelworkers (USW) union held an event on Capitol Hill urging action on strengthening legislation against unfair trade.

Steel groups cheer 'Prove It' Act introduced in House of Representatives

Steel trade associations applauded the introduction of the “Prove It Act” into the House of Representatives on Monday.

Nucor holds HR CSP at $670/t

Nucor has kept its consumer spot price (CSP) for hot-rolled (HR) coil flat this week.

Final thoughts

First off, we hope everyone had a safe and happy July 4th holiday, with fireworks seen and BBQs attended. Many parts of the country are quite toasty at the moment, signaling that, yes, summer has indeed arrived. And looking at our most recent survey results, the summer doldrums have arrived as well.

AISI: US steel shipments up in May from April, off from 2023

Domestic steel shipments increased in May month over month but have fallen on-year.