U.S. Steel’s board of directors has published a letter accusing Cleveland-Cliffs of a campaign of “misinformation” intended to “derail the transaction” of Japan’s Nippon Steel Corp. (NSC) to buy the Pittsburgh-based steelmaker. However, Cliffs has clapped back, with a release rebutting USS’ allegations.
Workers at a Mercedes plant in Alabama have voted against membership in the United Auto Workers (UAW) union.
Sometimes even in a bit of chaos there is complacency. And it seems that since March 2020, “a bit of chaos” has been the order of the day. That means in the world at large, and in steel specifically.
The USMCA should be strong enough to handle trade disagreements on steel between the US and Mexico, according to the American Iron and Steel Institute’s (AISI’s) Kevin Dempsey.
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed this month, according to SMU’s most recent pricing data.
SMU had the pleasure of attending the American Iron and Steel Institute's (AISI's) annual general meeting in Washington this week. It was a slow week in our nation's capital, so we were able to take a leisurely stroll around the National Mall and take in the sights. Just kidding. In fact, the meeting coincided with significant trade actions announced by the Biden administration. It included, among other things, additional tariffs on Chinese steel and aluminum.
Domestic scrap prices this month are flat for prime material, but down for HMS and shredded, scrap sources told SMU.
Cleveland-Cliffs’ Lourenco Goncalves thinks trade measures announced by the US government on Tuesday against China were just the opening salvo in a series of trade actions. Case in point: The Biden administration targeted China’s “unfair” trade policies with additional tariffs on an array of Chinese-made goods - including steel, aluminum, and EVs.
Nucor said EVP Douglas J. Jellison plans to retire on June 8 after more than 33 years with the company. Randy J. Spicer will be promoted to EVP effective May 12.
Triple-S Steel Holdings has acquired Houston-based plate distributor Griffin Trade Group.
SMU’s Steel Buyers’ Sentiment Indices both declined this week, with Current Sentiment tumbling over 10 points, according to our most recent survey data.
Last week we wrote about a brief lull in price movement, labeling it a period of wait and see. It did, in fact, turn out to be pretty brief. This week... things are little bit different. Perhaps right now we are more in a period of "hope and pray" or "Here we go, hold on to your hats."
Hot rolled, cold rolled, and plate buyers said mills are more willing to talk price on spot orders this week, while the overall negotiation rate for products SMU surveys remained level, according to our most recent survey data.
Most steel products tracked by SMU saw lead times contract this week from two weeks earlier, according to SMU’s most recent survey data.
Klöckner & Co. logged a wider net loss in the first quarter on-year, but the Duisburg, Germany-based service center group expects higher shipments and sales in the upcoming three months.
United Steel Supply plans to invest up to $10 million to open a steel processing and painting facility at the Ports of Indiana-Jeffersonville near Louisville, Ky.
US raw steel output ticked up last week, according to the latest American Iron and Steel Institute (AISI) data.
The EU has approved Tokyo-based Nippon Steel Corp.’s (NSC’s) proposed buy of U.S. Steel, a report in Reuters on Monday said.
United Auto Workers (UAW) members have ratified a work contract with Daimler Truck North America.
Olympic Steel logged lower earnings in the first quarter of 2024, but the company said all three of its segments contributed to profitability.
Everybody has a plan… until they’ve dealt with volatility in the HRC market. While Mike Tyson’s original quote was about getting punched in the mouth, it’s unlikely the ex-champ has gone many pricing rounds with hot-rolled coil.
US steel mill shipments dropped in March on-year but were up from February, according to the most recent figures from the American Iron and Steel Institute (AISI).
Northwest Pipe’s profits more than doubled in the first quarter on-year, as the company expects a strong remainder of the year in both its steel pressure pipe and precast segments.
Russel Metals’ earnings fell in the first quarter, but the Toronto-based metals distributor sees steel prices stabilizing in the near term and staying above historical averages.
SunCoke's earnings soared in the first quarter, with the company citing strong performances in its cokemaking and logistics segments.
Ryerson swung to a loss in the first quarter of 2024, but the company’s chief executive sees less volatility in the sheet steel market.
The National Labor Relations Board (NLRB) has certified the results of the election of Volkswagen workers to join the United Auto Workers (UAW) union in Chattanooga, Tenn.
Daimler Truck North America and the United Auto Workers (UAW) union have reached tentative bargaining agreements covering over 7,000 US workers at various locations in the South.
Solar tracker maker Nextracker and steel processor JM Steel announced the completion of an expansion of Nextracker-dedicated manufacturing lines at JM’s Leetsdale steel facility near Pittsburgh.
Cleveland-Cliffs Inc. would still be interested in acquiring some or all of U.S. Steel’s assets, if the proposed deal by Nippon Steel stumbles, according to an article in Bloomberg.