Caterpillar Inc. is relocating its global headquarters from Deerfield, Ill., to an existing office in Irving, Texas, near Dallas-Fort Worth. The steel-intensive heavy equipment manufacturer has had a presence in Texas since the 1960s. Illinois will continue to have the largest concentration of Caterpillar employees despite the headquarters move. “We believe it’s in the best […]
The European Union is adjusting its steel safeguard measures, according to a document filed at the World Trade Organization. The EU’s safeguard instrument is entering its fifth year of application. The liberalization rate, which is meant to progressively allow more import competition into the market while the domestic industry adjusts to it, had previously been […]
Ukraine has implemented an export ban on energy-related materials, but pig iron has been excluded from that ban. As of June 10, natural gas exports are prohibited by Ukraine’s Cabinet of Ministers, as are exports of anthracite coal including briquettes, pellets, and similar solid fuels derived from coal. Coking coal, however, has been excluded from […]
Ford Motor Co. is investing big to increase electrical vehicle production in the Midwest. The Dearborn, Mich.-based automaker recently announced $3.7 billion in expenditures to increase manufacturing at plants in Michigan, Ohio, and Missouri. The funding will support more than 6,200 new union jobs, and nearly 3,000 temporary UAW-Ford workers will be converted into permanent full-time […]
Russian steel tycoon Alexei Mordashov has joined the list of individuals sanctioned by the US government as a result of Russia’s ongoing war in Ukraine. Mordashov is the chairman and main shareholder of Severstal, Russia’s largest steel and mining company. He served as CEO of the company from 1996 until 2015. On June 2, the […]
Tenaris will pay a hefty fine to the US Securities and Exchange Commission after a bribery investigation in which the global pipe producer neither admitted nor denied the allegations. The fine amounts to more than $78.1 million — $53.1 million for disgorgement and prejudgement interest and $25 million for a civil penalty. The investigation looked into allegedly […]
Volatility in the steel industry is a given. So rather than trying to predict when or what will be the next big event to trigger a change in the market, why not instead create strategies to help drive volatility down and capital return up for your business? Jeremy Flack, founder and CEO of Flack Global […]
Volatility in the steel industry is a given. So rather than trying to predict when or what will be the next big event to trigger a change in the market, why not instead create strategies to help drive volatility down and capital return up for your business? Jeremy Flack, founder and CEO of Flack Global […]
Ryerson is adding a Midwestern tool steel processor to its extensive portfolio of companies. The metals service center group has acquired St. Louis-based Ford Tool Steels (FTS) for an undisclosed sum. FTS processes tool steels and alloys with cut-to-length sawing, plate sawing, and grinding and mill services. Ryerson believes the sawing and machining capabilities of […]
Integrated Canadian flat-rolled steelmaker Stelco Inc. has concluded a sale-leaseback transaction of the land on which it runs its operations in Hamilton, Ontario. Stelco, which is also based in Hamilton, is receiving Canadian $518 million ($409 million USD) from Slate Asset Management for the 800-acre parcel of land. Additionally, the steelmaker will lease back certain […]
The US Department of Commerce’s International Trade Administration is adjusting the antidumping duty margins on imports of carbon and alloy cut-to-length plate from South Korea. The agency is conducting an administrative review of the duties, evaluating the period May 1, 2020 through April 30, 2021, according to a Federal Register filing. POSCO is the only Korean […]
With one month left in the second quarter of 2022, more steel buyers are reporting decreasing optimism and weakening demand. When asked about their optimism or pessimism for the remainder of Q2, the number of buyers reporting pessimism rose from 14% in the prior survey to 27% in last week’s Steel Market Update market survey. Still, […]
US President Joe Biden has officially implemented the tariff-rate quota (TRQ) to ease Section 232 restrictions on steel imports from the United Kingdom. Biden’s presidential proclamation, dated May 31, is clear that only steel melted and poured in the UK – up to 500,000 metric tons per year – is eligible to enter the US […]
Production is revving up at the new JDF/HDM spiral-weld pipe mill in Houston, with a ribbon-cutting ceremony scheduled for later in June. Originally slated to be built on or near the campus of Steel Dynamics Inc.’s new sheet mill in Sinton, Texas, joint venture partners JD Fields and Turkey’s HDM Steel Pipe opted for new […]
Construction of a new pig iron caster has begun at US Steel’s Gary Works with start-up expected early next year. US Steel employees joined United Steelworkers leaders and others this week in Indiana to celebrate the $60 million investment. The company’s Minntac and Keetac Minnesota ore operations will feed the pig iron facility, which […]
SteelZero has released a series of suggestions in a new policy paper that it feels governments must take to support and speed up the global steel industry’s goals of achieving net zero emissions. SteelZero, a global initiative led by international non-profit Climate Group in partnership with ResponsibleSteel, believes decision makers in government first need to […]
The US Department of Commerce’s International Trade Administration has adjusted the antidumping duty margins on imports of hot-rolled steel flats from Japan after an administrative review covering the one-year period ended September 30, 2020. Commerce calculated a weighted-average dumping margin of 24.07% for mandatory respondents Nippon Steel Corp., Nippon Steel Nisshin Co., and Nippon Steel […]
Distributors who sell galvanized steel products continue to see balanced inventory levels and strong demand. In their monthly conference call earlier today, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) expressed optimism even as steel prices are on the decline. Russia’s invasion of Ukraine helped reset the steel market, explained Steel Market Update Senior […]
Distributors who sell galvanized steel products continue to see balanced inventory levels and strong demand. In their monthly conference call earlier today, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) expressed optimism even as steel prices are on the decline. Russia’s invasion of Ukraine helped reset the steel market, explained Steel Market Update Senior […]
JD Fields & Company Inc. is set to lease new industrial space at Port Houston. Using the property’s multimodal shipping capabilities will allow the steel pipe supplier to further streamline its distribution capabilities. JD Fields secured the lease of 133,125 square feet of space at the Greens Port Industrial Park from commercial real estate firms […]
With significant EAF capacity coming online over the next few years, the talk of a tight scrap market creating problems for the EAF community has been an ongoing concern. But Mark Millet, president and CEO of Steel Dynamics Inc., is not overly concerned. He says innovation is the key to overcoming this potential obstacle. Speaking […]
Because of their large amount of carbon emissions, blast furnace-basic oxygen furnace (BF-BOF) steelmaking and the raw materials used in the steelmaking process are extremely vulnerable to long-term climate risks in the transition to a low-carbon economy, according to Fitch Ratings. Fitch has assigned Climate Vulnerability Scores to the metals and mining sectors in a […]
Carbon border adjustments could be an effective tool for rewarding clean steel production, but any efforts need to be comprehensive and very closely monitored, US steel industry executives said this week during the Town Hall Forum at the Association of Iron & Steel Technology’s AISTech 2022. To truly be effective, carbon border adjustments need to […]
Improving results from North Star BlueScope are again causing Australian steel producer BlueScope Steel to raise its 2H FY2022 earnings guidance. The previous expectations of earnings before interest and tax (EBIT) for 2H of AUD $1.2 billion to $1.35 billion has been increased to $1.375 billion to $1.475 billion. The company is expecting improving earnings […]
Reliance Steel & Aluminum Co. announced a series of executive changes this week. The company’s current senior vice president of operations, Michael P. Shanley will be retiring from the company at the end of the year. As of July 1, Shanley will shift to the role of special advisor, reporting directly to Reliance’s CEO Jim […]
The permitting process for Nucor’s new West Virginia sheet mill continues, with the latest development an application for authorizations with the US Army Corps of Engineers under the Clean Water and Rivers and Harbors Acts. The new mill will be located near Apple Grove in Mason County, W.Va., with access to the Ohio River. Two […]
Three months of war in Ukraine have wreaked havoc on the country’s iron and steel industry and caused repercussions across the global economy, but industry and the country of Ukraine continue to fight back. In this week’s SMU Community Chat, Stanislav Zinchenko, CEO of the GMK Center, spoke with us on the impact Russia’s invasion […]
The US Environmental Protection Agency has proposed new and revised standards of performance for electric arc furnace (EAF) and argon-oxygen decarburization (AOD) vessels used in the steel industry. The proposed standards would apply to all new EAF facilities constructed after May 16, 2022. The standards suggest limiting total particulate matter (PM) emissions from all pollution […]
Canada’s government has decided to continue antidumping duty orders on hot rolled sheet and strip from Brazil and China and a countervailing duty order on HR from India, while allowing the AD duty order on HR imports from Ukraine to expire. The Canadian International Trade Tribunal (CITT) issued its final ruling in the expiry review […]
North Star BlueScope officially celebrated its expansion project and the commissioning of its new EAF meltshop this week in Delta, Ohio. The project, which will add 850,000 metric tons (roughly 937,000 short tons) of annual hot rolled sheet capacity once complete, was originally announced in August 2019. It was delayed slightly when, in April 2020, BlueScope said it would reschedule […]