SMU is pleased to announce the guest speakers for our next Community Chat webinar: Matt Brace, owner of rebar fabricator Brace Steel and CEO of Structural and Steel Products Inc. Also joining us will be Brian Desigio, company president and chief operating officer. We’ll be holding the Community Chat on Wednesday, March 23, at 1 […]
The United States and the United Kingdom have agreed to a deal to ease Section 232 tariffs on steel and aluminum. The contours of the agreement match what Steel Market Update reported earlier in the day on Tuesday, March 22. “Today’s historic deal is a testament to that ambitious goal and will benefit America’s steel […]
The Commerce Department and the Office of the U.S. Trade Representative (USTR) are expected to announce an agreement with the United Kingdom to ease Section 232 tariffs on its steel exports, according to sources familiar with the matter. The deal, slated to go into effect on June 1, is expected to be announced at approximately […]
Canadian Pacific is engaged in a “structured shutdown” of its train operations across Canada after negotiations between the company and the Teamsters Canada Rail Conference (TCRC) soured. Each side blamed the other for the work stoppage. “The TCRC is well aware of the damage this reckless action will cause to the Canadian supply chain,” CP […]
Nucor will implement a biweekly update to its current fuel surcharge effective Thursday, April 3, for some steel products. Certain divisions of the Charlotte, N.C.-based steelmaker said the move was necessary because “fuel prices are at all-time high levels,” in letters to customers dated Wednesday, March 16. SMU has seen matching letters from the company’s […]
Nucor aims to increase base prices for steel sheet by at least $125 per ton ($6.25 per cwt) effective immediately. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said in a letter to customers dated […]
Steel Dynamics Inc. (SDI) expects modestly higher first-quarter earnings despite lower average flat-rolled steel selling prices over the last three months. The Fort Wayne, Ind.-based steelmaker expects earnings of $5.55-5.59 per diluted share in the first quarter, according to figures released after the close of markets on Wednesday, March 16. That’s up from $5.49 per […]
SSAB Americas has increased plate prices by $63 per ton ($3.15 per cwt) based on a raw materials surcharge mechanism unveiled last week. The Mobile, Ala.-based steelmaker said the higher prices would apply to all new spot orders as well as both new and existing contractual agreements effective April 3. The company reiterated that the […]
SMU is pleased to announce the guest speakers for our next Community Chat webinar: Matt Brace, owner of rebar fabricator Brace Steel and CEO of Structural and Steel Products Inc. Also joining us will be Brian Desigio, company president and chief operating officer. We’ll be holding the Community Chat on Wednesday, March 23, at 1 […]
It’s time to register for Wednesday’s SMU Community Chat webinar, which will feature Matt Brace, owner of rebar fabricator Brace Steel and CEO of Structural and Steel Products Inc. Also joining the discussion on the construction sector will be Brian Desigio, company president and chief operating officer. We’ll be holding the Community Chat on Wednesday, […]
The Biden administration rolled out a new round of trade actions aimed at punishing the Russian government for launching an invasion of Ukraine. Some of those measures have the potential to reach deep into the steel supply chain – including with tariffs of 20% or more on many Russian steel products, according to trade experts and government documents. […]
Steel Market Update’s hot-rolled coil price was at $1,050 per ton ($52.50 per hundredweight) last week. Several mills are now offering hot band at $1,200 per ton ($60 per cwt). I don’t know where things will settle when we adjust prices on Tuesday. But I think it’s fair to say that prices will be significantly […]
Nucor Corp. is increasing prices for discrete plate by $40 per ton ($2 per cwt), according to letters to customers. The Charlotte, N.C.-based steelmaker made the announcement on Wednesday, March 9, along with the opening of its April orderbook for plate. All published adders and extras will also be applied. “We reserve the right to […]
SSAB Americas will put in place a raw material surcharge (RMS) in response to skyrocketing raw material costs. The Mobile, Ala.-based steelmaker said the move was necessary because of “extraordinary market pressures brought on by recent global events,” in a letter to customers dated Wednesday, March 9. The global events in question are almost certainly a reference to […]
It seems all the swans are black now. First we had a pandemic. Now war. You don’t need a reminder from SMU on the terrible human suffering caused by each. When it comes to steel, the result is higher raw material costs and higher prices. Pricing levels that were unimaginable a month ago, when it […]
Johnny Sjöström, head of Special Steels for SSAB, will be the featured speaker for the next SMU Community Chat on Wednesday, March 9, at 11 am ET. Sjöström will speak about SSAB’s Special Steels segment and its place in the broader global steel industry. {loadposition reserved_message} He will also talk about Russian forces invading Ukraine […]
Johnny Sjöström, head of Special Steels for SSAB, will be the featured speaker for the next SMU Community Chat on Wednesday, March 9, at 11 am ET. Sjöström will speak about SSAB’s Special Steels segment and its place in the broader global steel industry. He will also talk about Russian forces invading Ukraine and the […]
Nucor’s sheet mill group – which now includes California Steel Industries (CSI) – plans to increase sheet base prices by at least $100 per ton ($5 per hundredweight). The move is effective immediately and applies to all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers dated Monday, March 7. The latest […]
ArcelorMittal has decided to idle iron- and steelmaking operations at its mill in Kryvyi Rih, Ukraine, because of the war. The decision was made last week “to ensure the safety and security of our people and assets,” the Luxembourg based multinational steelmaker said in a statement. ArcelorMittal has begun the process of idling all blast […]
The global chip shortage continues to dog North American auto assembly plants more than a year after the issue first resulted in widespread production outages. Among the automakers impacted this week are Dearborn, Mich.-based Ford Motor Co. and Stellantis, the European parent company of Auburn Hills, Mich.-based Chrysler. Chrysler’s Belvidere, Ill., assembly plant – which makes […]
PAO Sevestal is no longer selling steel to the European Union. The Russian steelmaker did not acknowledge – as has been widely reported – that the move was in response to EU sanctions. “Severstal states that it is experiencing some difficulties in relations with its EU clients, and as a result is redirecting volumes to […]
Johnny Sjöström, head of Special Steels for SSAB, will be the featured speaker for the next SMU Community Chat on Wednesday, March 9, at 11 am ET. Sjöström will speak about SSAB’s Special Steels segment and its place in the broader global steel industry. Sjöström was appointed head of Special Steels in 2018. He joined […]
The fog of war. That’s what we’re all dealing with now. Even in steel as realization grows that the war in Ukraine will have consequences here in North America too. The exact contours are still uncertain. We know that pig iron prices are up sharply, and that concerns about shortages are mounting – not just […]
Evraz North America has seen no impact on its U.S. and Canadian operations or on its finances from sanctions rolled out following Russia’s invasion of Ukraine. Nor does the Chicago-based steelmaker expect any disruption as a result of the New York Stock Exchange (NYSE) and Nasdaq halting trading of U.S.-listed Russian companies, an Ervaz NA […]
Evraz does not expect to be hit by sanctions aimed at Russian banks and political elites after the country’s invasion of Ukraine, company executives said. But the situation is changing quickly, and it’s too soon to draw any firm conclusions, they said. “We believe it (sanctions) will not have a significant effect on the company,” […]
Johnny Sjöström, head of Special Steels for SSAB, will be the featured speaker for the next SMU Community Chat on Wednesday, March 9, at 11 am ET. Sjöström will speak about SSAB’s Special Steels segment and its place in the broader global steel industry. Sjöström was appointed head of Special Steels in 2018. He joined […]
Nucor has joined Cleveland-Cliffs Inc. in increasing base prices for steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective with all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers on Friday, Feb. 25. “We reserve the right to review and re-quote any offers that are […]
You don’t need SMU pontificating about how the Russia-Ukraine conflict marks the end of the post-WWII order. Suffice it to say the world we woke up to today is vastly different from the one we reported on in our last edition. We’re also getting used to thinking about things we haven’t had to think about […]
Some North American flat-rolled steelmakers were silent when asked what the impact of the conflict between the U.S. and Russia might be on their operations. Others said their supply lines weren’t in the crossfire. One reason for the silence in some corners: Many rely heavily either on Russian slab or Russian or Ukrainian pig iron […]
Stelco Holdings Inc. posted record annual results in 2021 but warned – unlike other North American steelmakers – that the good times would not roll into this year. “We certainly benefited from exceptional price levels for much of the year,” Stelco Executive Chairman and CEO Alan Kestenbaum said. “In 2022, however, we expect to see […]