Steel prices can’t go up forever and could correct downward from their historic highs later this year, steelmaker Evraz said. “Steel prices look unsustainable at current levels and there is a possibility of a gradual price decline in the coming months,” the company said in outlook commentary released with earnings data on Thursday, Aug. 5. […]
General Motors has extended downtime at some auto assembly plants into September because of the ongoing semiconductor shortage. And the Detroit-based automaker said some of its truck plants would continue to see chip-related outages – a development that is notable because pickup trucks are among GM’s most profitable and in-demand vehicles. Here is where things stand now with GM: […]
Ryerson recorded its best quarterly profits since 2008 in the second quarter and expects the good times to continue into the third. “We’re not declaring an end to cyclicality in our industry, but noting strong secular growth underpinnings that have been supressed for a long time,” Ryerson President and CEO Eddie Lehner said during a […]
Ternium thinks that North American steel prices might move lower later this year but that they will bottom at a new, higher level than in previous cycles, the company’s top executive said. “Prices are probably going to begin a downtrend at some point during the second half. But I don’t expect this to be a […]
JSW Steel (USA) Inc. has increased base prices for plate by at least $120 per ton ($6 per cwt). The U.S. subsidiary of India’s JSW Group said the price hike was effective immediately for all new, non-contract orders. “This increase applies to our as-rolled and normalized plate products. Our full published extras will also remain […]
Ternium’s second-quarter profits surged on higher steel prices and strong global demand. And the Latin American steelmaker predicted that the good times would roll into the third quarter too. “Realized steel prices in the third quarter are expected to continue increasing in all regions, partially offset by higher cost per ton due to higher raw material […]
Allegheny Technologies Inc. (ATI) continues to ramp up production at its hot rolling and processing facility (HRPF) in Brackenridge, Pa. The increased output comes following the end of a lengthy strike by the United Steelworkers (USW) union and thanks to a long-term slab toll rolling agreement with JSW Steel USA. “This multiyear agreement provides a […]
U.S. Steel plans to focus on organic growth – expanding its existing operations – rather than on mergers and acquisitions, company executives said. “Don’t be looking for us to add a bunch of capacity, look for us to build capability for profitable growth,” President and Chief Executive Officer David Burritt said during a conference call with analysts. […]
The United States and the European Union aim to resolve their differences around Section 232 tariffs on the EU by Nov. 1, an EU official said. “On the U.S. Section 232, both sides confirmed readiness to find a solution by 1 November,” the EU official told Steel Market Update (SMU). “In terms of progress, both […]
ArcelorMittal Dofasco plans to spend Canadian $1.77 billion ($1.41 billion U.S.) to install a new direct-reduced iron (DRI) plant and electric arc furnace (EAF) at its steel mill in Hamilton, Ontario. The subsidiary of multinational steelmaker ArcelorMittal SA said the project hinges on support from the Canadian government, which has agreed to contribute C$400 million […]
ArcelorMittal Dofasco plans to spend Canadian $1.77 billion ($1.41 billion U.S.) to install a new direct-reduced iron (DRI) plant and electric arc furnace (EAF) at its steel mill in Hamilton, Ontario. The subsidiary of multinational steelmaker ArcelorMittal SA said the project hinges on support from the Canadian government, which has agreed to contribute C$400 million […]
Former Big River Steel CEO David Stickler and former CFO Ari Levy have moved to different roles but remain affiliated with U.S. Steel, a company spokesman said. Stickler and Levy “are continuing their partnership with U.S. Steel as we jointly work on transformational projects of mutual interest,” the spokesman said. “The remaining management and operations […]
The Biden administration has resolved, at least in part, a potentially serious conflict over currency exchange rates with Vietnam. This could be a signal that other trade problems might also be resolved. Exchange rates matter to economists and businesses, and therefore to the rest of us, because a “weak” currency abroad will facilitate exports to countries […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
U.S. Steel returned to the black in the second quarter on a solid showing from its flat-rolled steel operations and an even stronger performance from Big River Steel. The second quarter was “exceptional,” and the Pittsburgh-based steelmaker expects to set new profitability records again in the third, company President and Chief Executive Officer David B. […]
Steel lobbying groups cheered a procedural move advancing a bipartisan infrastructure bill through the Senate. The 67-32 vote does not mean the bill has passed. But it clears a key hurdle on the way toward turning a potentially $1 trillion bill, including $550 billion on steel-intensive infrastructure, into law. Congress – both the House and the Senate – have […]
ArcelorMittal continues to forge ahead with major expansions at its North American operations on the heels of its best second-quarter profits since 2008. The multinational steelmaker recorded net income of $4 billion in the second quarter of 2021 after losing $559 million in the same quarter last year on sales that increased 76.2% to $19.3 […]
Don’t forget to tune into the tomorrow’s Steel Market Update Community Chat webinar with Bernard Swiecki of the Center for Automotive Research (CAR). The webinar starts Wednesday, July 28, at 11 a.m. ET (10 a.m. CT). Swiecki serves as director of research at CAR as well as director of the Automotive Communities Partnership (ACP). He will speak […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
BlueScope expects to the join the parade of steelmakers reporting record earnings – thanks in large part to a strong showing from its U.S. operations. The Australian steelmaker anticipates reporting earnings before interest and taxes (EBIT) of approximately Australian $1.19 billion ($876.3 million) in the second half of its fiscal year – a new record. That […]
General Motors has extended chip-related outages to assembly plants that make its highly sought-after pickup trucks. The Detroit-based automaker, the largest in the U.S., had previously tried to shield truck plants from the impacts of the semiconductor shortage. Here is the latest: • General Motor’s assembly plant in Flint, Mich., will operate on one production […]
SSAB Americas aims to increase plate prices by $150-200 per ton ($7.50-$10 per cwt) effective immediately. The $150-per-ton price hike applies to as-rolled mill plate and coil as well as to cut-to-length plate more than 72 inches wide, the steelmaker said in letters to customers on Monday, July 26. The $200-per-ton increase is for all […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
Hyundai Steel has made what is probably its last offer for imported plate for 2021 delivery to Gulf Coast ports, according to market participants. And there might be only one more offering to West Coast ports, sources said. Plate made by the South Korean steelmaker is being offered to Houston and New Orleans – the primary Gulf Coast […]
One of the largest expansions in Nucor’s history – its $1.35 billion plate mill in Kentucky – is poised to come online at an opportune time should Congress pass a bipartisan infrastructure spending bill. The Charlotte, N.C.-based steelmaker anticipates the mill will be commissioned in late 2022 despite some delays in equipment deliveries, company executives said. And […]
NLMK USA joined the growing ranks of steelmakers posting massively higher second-quarter earnings on solid demand and record-high steel prices. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – recorded EBITDA of $213 million in the second quarter of 2021, up more than threefold from $65 million in the first quarter and an […]
Nucor set a new quarterly earnings record in the second quarter and expects to notch another in the third. The Charlotte, N.C.-based steelmaker – America’s largest – reported a profit of $1.51 billion in the second quarter of this year, up 60% from $942.2 million in the first quarter, and up nearly 14-fold from $108.9 million in the […]