Service center chain Olympic Steel posted record quarterly sales and the second-most-profitable quarter in the company’s history during the second quarter. Both net income and sales were 27% higher year-on-year at $37.6 million and $709 million, respectively. “The continued strength of our three business segments in the second quarter drove another record-breaking performance for Olympic […]
Additional antidumping and countervailing duty rates on imports of corrosion-resistant steel flat products have been updated by the US Department of Commerce. In the preliminary results of an administrative review looking at the period July 1, 2020, through June 30, 2021, Commerce updated the weighted-average dumping margins for three Taiwanese companies. Preliminary rates were set […]
Another Russian steelmaker has been sanctioned by the US government in response to Russia’s ongoing war in Ukraine. The US Department of Treasury officially sanctioned Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) and its majority owner Viktor Filippovich Rashnikov. MMK’s subsidiaries MMK-FINANS and MMK Metalurji were added to the list as well. The companies […]
The US Department of Commerce has issued the preliminary results of administrative reviews of the antidumping duties on corrosion-resistant steel flat products from China and South Korea, setting new import duty rates for the period July 1, 2020, through June 30, 2021. In China’s review, Metalco was the sole company subject to the review. Because […]
While Evraz plc’s earnings results in the first half of the year were negatively impacted by geopolitical tensions and resulting operational challenges, the company’s North American operations recorded a solid performance. The Russian steelmaker made no mention of Russian forces invading Ukraine in February in its H1 financial results, citing only “geopolitical tensions, mounting economic […]
Ryerson expects “counter-cyclical business conditions” in the third quarter, with moderating demand and falling prices resulting in lower sequential sales and shipments. The Chicago-based service center made the comments in its second quarter earnings report after the market closed on Wednesday, August 3. For Q2, sales volumes of 524,000 tons were down 6% from the […]
Ternium executives provided an update on the company’s new Pesquería hot strip mill and plans for a greenfield electric-arc furnace in North America on the company’s second quarter earnings conference call on Wednesday, August 3. Weak demand and falling prices are impacting the company, but it remains positive on its plans moving forward. Updates on […]
As it reported strong second quarter results, Ternium said it expects falling steel prices and high raw materials costs to negatively impact the third quarter. The current “significant” declines in steel prices are due to the normalization of the global steel market after Russia’s invasion of Ukraine in February of this year. They are also the […]
Despite lower domestic coke sales in the second quarter, SunCoke Energy is seeing favorable export coke pricing and is increasing its earnings guidance for the year as a result. “Our domestic coke and logistics segments continued to perform well in the second quarter with the backdrop of strong commodity markets. Although our coke production was […]
United Steelworkers-represented workers at US Steel mills will be getting a hefty bonus for the steelmaker’s second quarter performance. USW employees working for US Steel will receive $30.72 per qualifying hour, which can be upwards of $14,000, for the quarter, according to the company. “Profit sharing is part of our contract with the USW to […]
Inflation and slowing demand are hampering ArcelorMittal’s short-term outlook, but the global steelmaker remains bullish on steel’s long-term prospects. As it released its second quarter results, the Luxembourg-based company said the period was “overshadowed by the outbreak of war in Ukraine,” where it maintains steel and mining operations. “Globally the conflict is impacting growth and […]
United Steelworkers Local 2724 – which represents technical, professional, and front-line supervisors – has ratified a labor agreement with Canadian flat-rolled steelmaker Algoma Steel. Local 2724 membership voted 59.9% in favor of the labor memorandum, resulting in a contract that renews on August 1. “I extend sincere thanks to the negotiating committees for their concerted […]
The United Steelworkers Local 1005—representing workers at Canadian flat-rolled steelmaker Stelco’s processing and finishing operations in Hamilton, Ontario—will soon be in a legal position to strike. The most recent bargaining update from Local 1005 said their negotiating committee has asked its government conciliation officer to file a “no board report,” putting the Local in a […]
Nucor Steel Gallatin has produced the first coil on its upgraded equipment after completion of the $650 million expansion project to lift the Ghent, Ky. mill’s annual capacity from 1.6 million tons to 3 million. The first quality coil – an 18-mm thick strip, a new product for the Gallatin plant—was produced on June 24, […]
Steel pipe producer Tenaris has joined the Steel Manufacturers Association, the US industry trade association representing electric arc furnace producers. Additionally, Luca Zanotti, president of Tenaris’ US operations, is joining the SMA’s board of directors. “Our company is committed to supporting low emissions steelmaking with an agenda rooted in sound public policy, a strong safety […]
Austal USA has been contracted to build two more towing, salvage, and rescue ships (T-ATS) for the US Navy. The latest contract for the Mobile, Ala.-based shipbuilder, valued at $156 million, is in addition to two other T-ATS contracts awarded to the company last year. The T-ATSs support the Navy fleet operations with ocean-going tug, […]
NLMK USA’s second quarter and first half sales dropped on a slowdown in demand and high inventories, according to data from its parent company NLMK Group – Russia’s largest steelmaker . The US segment’s sales of 370,000 metric tons (407,855 tons) were down 5% from the prior quarter and down 26% year-on-year. The lower sales […]
Stelco Holdings Inc. expects its second quarter earnings results to be notably higher sequentially and year-on-year but is warning that a weakening steel market will mean lower results for the second half of the year. In a preliminary earnings report, the Canadian flatrolled steelmaker said it expects its Q2 adjusted EBITDA to be Candian $460-470 […]
Cleveland-Cliffs Inc. plans to have the No. 5 blast furnace at its Cleveland Works back up and running at full capacity in August, company executives said on a second quarter earnings conference call on Friday, July 22. Along with a furnace reline, the company took advantage of the downtime to perform other important repairs and […]
Swedish steelmaker SSAB expects the heavy plate market in North America to remain relatively stable, reporting solid demand across most of its customer segments. SSAB Americas, which is made up of steel and plate production at its 1.25-million-tons-per-year mill in Montpelier, Iowa, reported increased operating profits in the second quarter despite lower year-on-year shipments. This […]
Steel Dynamics Inc.’s (SDI) newest sheet mill in Sinton, Texas, is experiencing some issues as it continues ramping up, but this is not atypical for the start-up of a new plant, company executives said during the second quarter earnings call on Thursday, July 21. Commissioning continues on the hot side and tandem cold mill, but […]
Nucor Corp. experienced another record quarter on strong shipments and steel prices. The Charlotte, N.C.-based steel company saw robust demand from the nonresidential construction markets, with notable profitability at its bar and plate mills as well as within its raw materials segment. Although a decrease is expected in the current quarter’s earnings, profitability should remain […]
Leaders of the American steel industry gathered with members of the Congressional Steel Caucus on Wednesday in Washington, to discuss the state of the industry and how Congress can continue to support this critically important sector of the economy. Topics of discussion at the Caucus hearing included building and supporting critical supply chains and domestic manufacturing, […]
The US International Trade Commission has completed five-year sunset reviews of import duties on cold-rolled steel flat products from six countries. While determining that the duties on imports from five of the countries should be continued, the ITC also decided to allow the duties on Brazilian product to expire. The ITC conducted full sunset reviews […]
The ongoing chip shortage continues to impact Toyota Motor North America’s production rates, and now the company is facing additional issues from a potential energy crisis impacting the state of Texas. Extreme hot weather is driving record power demand, putting pressure on the state’s electric grid. Recall that in February 2021, snow, ice, and record-low […]
Steel plate supplier Leeco Steel has completed an expansion at its facility in Hamilton, Ontario, Canada. The expansion added 30,000 square feet to the existing 45,000 square feet of warehouse space, which was originally opened by Leeco in January 2020. “Leeco’s Canadian customer base is rapidly expanding, and we outgrew our existing warehouse space,” Leeco […]
Startup company Altex Tube LLC is setting up shop on the campus of Steel Dynamics Inc.’s flatrolled sheet mill in Columbus, Miss. Altex’s new, $100 million HSS and mechanical tube mill will manufacture black and pre-galvanized steel tubing ranging in size from 1–6 inches square and 1.25–7.625 inches round, up to 48 feet in length […]
Members of the USW Local 8782-03, responsible for Canadian steelmaker Stelco’s pickling operations at its Lake Erie Works in Nanticoke, Ont., have voted overwhelmingly in favor of a strike authorization, according to a USW update. The strike mandate vote revealed 98.6% of Local 8782-03 in support of their negotiating committee, which is currently in collective […]
With markets becoming more regional and localized, having a solid supply chain is critical in business today, and Majestic Steel’s latest acquisitions are helping the company create just that for its current and future customers. Majestic, a Cleveland-based prime flat-rolled steel service center and processor, has just completed the acquisition of two more companies to […]
US imports of corrosion-resistant steel products from five origins will continue to be subject to antidumping and countervailing duties for at least another five years. The US International Trade Commission concluded five-year sunset reviews of the duties on the imports from China, India, Italy, South Korea, and Taiwan, determining that allowing the duties to expire, […]