As the world works to decarbonize and limit greenhouse-gas emissions to reach the goals outlined in the Paris Agreement, many steel companies have joined others in setting their own targets to reach net zero emissions by 2050.
Canada's Algoma Steel Inc. reported better than expected results for its fiscal 2024 first quarter.
Algoma Steel anticipates increasing its plate production in the third calendar quarter of this year. Phase two of the Canadian steelmaker’s plate mill modernization project continues, CEO Michael Garcia said on the company’s fiscal fourth-quarter of 2023 earnings call with analysts on Thursday, June 22. The second phase had initially been expected to be finished […]
Algoma Steel said its transition to electric-arc furnace (EAF) steelmaking would be delayed and over budget as it reported a loss in its fiscal fourth quarter. The Sault Ste. Marie, Ontario-based steelmaker said in a statement on Wednesday after markets closed that it estimated the project would exceed its original budget by Canadian $125 million to […]
We are counting down the days until SMU’s Steel Summit Conference on Monday-Wednesday, Aug. 21-23, in Atlanta. It’s only a little over two months away. Approximately 755 people have already registered. Our discounted room blocks are almost gone. Register here. The event will again be held at the Georgia International Convention Center, a massive conference center in close […]
Canadian flat rolled producer Algoma Steel Inc. said its performance in the quarter ended March 31 would be much improved over the prior quarter thanks to attractive market conditions and steel prices that were at a nine-month high. In earnings guidance for its fiscal fourth quarter, Algoma said it anticipates quarterly steel shipments to be in […]
The steel industry in the US, and across much of the developed world, finds itself between two greens. On the one hand is the constant innovation towards sustainable, decarbonized “green” steel. And, on the other, is a more traditional green, the bottom line: money. The hope is to keep the two aligned, increasing profits while […]
Algoma Steel has installed the first structural steel columns this week at its electric-arc furnace (EAF) steelmaking facility in Sault Ste. Marie, Ontario. The Canadian steelmaker said that on-site assembly of the structure is targeted for completion within the year. The company partnered with Hamilton, Ontario-based Walters Group Inc. in fabricating and erecting the main EAF […]
Algoma Steel said lower production volumes and steel selling prices, as well as the jump in the price of key inputs, hit its fiscal Q3 earnings as the company swung to a loss. The Sault Ste. Marie, Ontario-based steelmaker posted a net loss of Canadian $69.8 million ($52.3 million USD) in its 3Q ended Dec. […]
I am writing these Final Thoughts from an exhibition hall at Tampa Marriot Water Street hotel, where we just wrapped up the Tampa Steel Conference. The table I’m writing from is about to be taken down and packed up, and I have to get to the airport soon – so forgive me for what tonight […]
Algoma Inc.’s transition from an integrated to electric-arc furnace steelmaker is on track and full-steam ahead, according to company CEO Michael Garcia. Garcia, with Sault Ste Marie, Ontario-based Algoma for six months, sat down with SMU managing editor Michael Cowden for a Fireside Chat during CRU’s Tampa Steel Conference Feb. 5-7. “To put it simply, […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 445 people have already registered, which is more than total attendance last year. New companies are being added […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 430 people have already registered, which is more than total attendace last year. We expect that number to […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
We’re less than one month away from the Tampa Steel Conference. The event will be at the Tampa Marriott Water Street hotel again, so mark your calendar for Sunday-Tuesday, Feb. 5-7. There are nearly 375 attendees registered, and the list is growing daily. Keep in mind that this is the high season for tourism in Florida, and […]
Algoma Steel Inc. said lower plate shipments and falling steel prices are expected to hit earnings in its fiscal third quarter of 2023. The Sault Ste. Marie, Ontario-based sheet and plate producer said total steel shipments are expected to be around 455,000 tons for its third quarter ended Dec. 31. Adjusted earnings before interest, taxes, depreciation, […]
The new year is off to a great start, and there’s still time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again, so mark your calendar for Sunday-Tuesday, Feb. 5-7. Nearly 300 of you have registered already. We’re on track […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
The Tampa Steel Conference – which SMU does every February together with the Port of Tampa Bay – offers the tantalizing prospect for those of us in the Midwest of getting out of the cold to network outdoors in Florida. We’ll again hold the conference at the Tampa Marriot Water Street hotel. We’ve got a solid agenda […]
Canadian steelmaker Stelco posted sharply lower earnings in the third quarter on falling steel prices and higher raw material tags. The Hamilton, Ontario-based integrated sheet producer expects lower prices and short lead times to characterize the market through the end of 2022. “Despite market headwinds driven by cost inflation and a further deterioration in steel […]
After posting reduced profits in the second quarter (ended Sept. 30) of its fiscal 2023 year, Sault Ste. Marie, Ontario-based Algoma Steel expects to continue to be impacted in the current quarter by operational challenges and overall softness in the steel market. Company executives commented on these challenges and provided an update on operations during […]
The United Steelworkers (USW) union and US Steel said on Tuesday that they had reached a tentative four-year labor agreement. The USW also said that its bargaining committee had unanimously recommended that union members ratify the deal with the Pittsburgh-based steelmaker. The tentative pact covers approximately 11,000 union-represented workers at US Steel. It does not […]
Canadian sheet and plate producer Algoma Steel Inc. posted sharply lower profits for the second quarter of its 2023 fiscal year. The Sault Ste. Marie, Ontario-based steelmaker said the drop resulted from falling steel prices, operational problems, and higher costs. The company had warned in September that its fiscal Q2 earnings would be substantially below […]
SMU has released its latest full survey results, and I want to highlight some big changes that we’ve seen in the data compared to just two weeks ago. Chief among them is what appears to be a big shift in service center pricing and buying patterns. We had seen most service centers trying to hold […]
Canadian flat-rolled steelmaker Algoma Steel Inc. expects results for its fiscal 2023 second quarter to be down significantly compared to prior quarters because of operational challenges, declining shipments, and lower prices. In its latest earnings guidance, the Sault St. Marie, Ontario-based company said it expects fiscal ’23 Q2 adjusted earnings before interest, taxes, depreciation, and […]
Sandeep Pandya, CEO of Everguard.ai., shared his expertise on how artificial intelligence (AI) technology can improve safety in the workplace in the latest SMU Community Chat. “In the steel industry, we have so many folks doing so many different activities, and the focus is worker safety. Deep learning helps us contextualize what the worker is […]
Since this is my first time officially tackling Final Thoughts, I figured what better time than now to take a few moments and formally introduce myself. Even though you’ve been reading Premium and Executive content that I’ve authored here for SMU for a little over two years, my experience in the metals and mining industry—primarily […]
The long, hot summer of labor unrest that I’d feared early this year didn’t materialize. But that doesn’t mean we’re out the woods yet. The United Steelworkers union and Cleveland-Cliffs Inc. have agreed to a new labor pact. In Canada, meanwhile, the USW has ratified agreements with both Algoma and Stelco. But the union and […]
Ratification votes on the new labor deal between Cleveland-Cliffs Inc. and the United Steelworkers (USW) are to begin Oct. 12, a union representative told Steel Market Update. The two sides agreed to a new, tentative four-year contract nearly three weeks ago. The new deal is effective Sept. 1 but does not go into effect unless a […]