Last year, it took Steel Market Update until the middle of July before we reached the number of registrations that we have already booked for the 2018 SMU Steel Summit Conference. We are approaching 500 registered executives and we are well on our way to smashing last year’s record attendance and meeting our self-imposed goal […]
Have flat rolled and plate steel prices peaked? Opinions vary widely among Steel Market Update’s sources. We spent all day today working on gathering flat rolled and plate pricing information. In the process, we also collected comments from steel buyers as to whether they felt steel prices have “peaked” or if there is more room […]
Have flat rolled and plate steel prices peaked? Opinions vary widely among Steel Market Update’s sources. We spent all day on Tuesday working on gathering flat rolled and plate pricing information. In the process, we also collected comments from steel buyers as to whether they felt steel prices have “peaked” or if there is more […]
Steel Market Update’s 8th Steel Summit Conference will be held at the Georgia International Convention Center on Monday, Aug. 27, through Wednesday, Aug. 29, 2018. We’ve been watching the markets very carefully as we put together our final agenda and have worked hard to select the best speakers possible. On Friday, we added AK Steel […]
Steel Market Update’s 8th Steel Summit Conference will be held at the Georgia International Convention Center on Monday, Aug. 27, through Wednesday, Aug. 29, 2018. We’ve been watching the markets very carefully as we put together our final agenda and have worked hard to select the best speakers possible. On Friday, we added AK Steel […]
Canadian steel mills like Algoma and Stelco are getting a reprieve from steel and aluminum tariffs, at least for now. The Section 232 tariffs imposed by President Trump will not affect Canada or Mexico provided they can complete a NAFTA agreement quickly and on U.S. terms. “For now, Canada and Mexico will be excluded from […]
President Trump’s announcement today of his intention to impose a 25 percent tariff on steel imports puts the steel industry on course for historic change. Historically good or historically bad, or perhaps some of both, depends on the individual’s perspective. Following are some of the reactions Steel Market Update received from readers, whose names were […]
The SMU Steel Summit Conference is THE fastest growing steel conference in North America and THE one conference manufacturing, distribution, suppliers to the industry and steel mills want to attend. Details about the agenda, speakers, location and costs, as well as how to register, can be found on our website: www.SteelMarketUpdate.com/Events/Steel-Summit or you can contact […]
Steel buyers recognize that flat rolled prices are moving higher and momentum is clearly on the side of the steel mills. Hot rolled price offers, which Steel Market Update identified earlier this week as being $650 to $710, have moved higher based on information gleaned from steel buyers today. The new spread is $680 to […]
Union workers at Canadian steel mill Algoma are seeking a cut of the company in return for concessions in contract negotiations. “It was made clear…during the December 2016 negotiations with the consenting creditors that if the members were called upon to make monetary concessions and/or to help Algoma mitigate business risk, then in keeping with […]
Steel plate prices are rising as demand tightens and lead times lengthen. On Thursday of this past week, Steel Market Update published an article containing comments from steel buyers in both flat rolled and plate steel products. One comment sparked a discussion between one of the domestic steel mills and SMU (and indirectly with the […]
Operational problems this past fall impacted Algoma Steel earnings and the mill’s winter build-up of raw materials, according to the latest report from CCAA bankruptcy monitor Brian Denega. Delays on a stove rebuild project along with an unplanned shutdown of the blast furnace at the end of November affected Algoma’s production and shipments. The rebuild […]
Flat rolled and plate steel prices are all over the place this week. We are seeing a distinct difference in pricing from those mills who still have November and December tonnage compared to those whose lead times are into January and beyond. Hot roll appears to be the strongest product with virtually all of our […]
A rail line servicing Canada’s Algoma steel mill is in financial jeopardy over track maintenance costs. The Huron Central Railway, which connects Sault Ste. Marie and Sudbury, needs $46 million to cover infrastructure repairs over the next five years. This is the second time in the last decade that Huron Central has appealed to Ottawa […]
The No. 7 blast furnace at Algoma Steel is currently undergoing maintenance in order to rebuild one of the four furnace stoves. The project was begun in July and is expected to take four months to complete. Steel production will be reduced by approximately 78,000 tons during the maintenance period. As a result, Algoma expects […]
Lenders pursuing the purchase of Canadian steel mill Algoma have reached an agreement with the City of Sault Ste. Marie regarding payment of Algoma’s back taxes. We have settled the tax issue,” Mayor Christian Provenzano told The Sault Star. “We are satisfied that we recovered enough moneys in our negotiations to ensure that we were […]
The following steel mills are registered to attend this year’s SMU Steel Summit Conference at the end of this month: ArcelorMittal Mexico, ArcelorMittal Dofasco, ArcelorMittal/Nippon Sumitomo Calvert, Ternium USA, Ternium Mexico, NLMK USA, Nucor, Nucor Mexico, Nucor Canada, Kandil Steel (Egypt), California Steel Industries, AK Steel, CSN USA, North Star BlueScope, Steel Dynamics Inc., The […]
Algoma is looking for 63 good people. With retirement looming for 25 percent of its workforce in the next three years, Algoma is looking to attract new employees for production positions that include general labor, production operations and production shipment. “We have 700 employees eligible to retire today. As these people transition into retirement, there […]
I was advised late on Friday afternoon that we should expect a Nucor price increase early next week. With scrap prices firming $10 to $30 per ton our expectation is for the increase to be $25-$30 per ton. Then the question will be will the industry support another increase after tepid (at best) support for […]
The saga of Essar Steel Algoma is continuing with a new wrinkle in its attempt to emerge from insolvency protection. The company was granted an extension to its debtor-in-possession financing on Monday, pushing the maturity date to March 21, 2018. USW Local 2724, which represents the salaried employees at Algoma, now wants MAGA Steel Corp […]
Essar Steel Algoma, rebranded as Algoma, is requesting a fourth extension to its financing as it continues toward emergence from bankruptcy protection. The last Debtor In Possession extension was denied by the court due to concerns that the financing would not cover the winter material build-up and could provide too much transaction leverage for the […]
On Friday of this past week flat rolled steel buyers were lighting up the Steel Market Update inbox with questions or comments about a potential flat rolled steel price increase to be announced as early as Monday of this week. Steel buyers and executives associated with the service centers were telling SMU that Nucor is […]
A surprise court decision on May 30, denied a request by Canadian steel mill Algoma for approval of a DIP extension agreement and the appointment of a restructuring committee. The current DIP loan expired on April 30, 2017. The agreement would have extended the maturity of the $164 million loan to August 31 with an […]
Steel Market Update (SMU) spend the majority of today discussing the flat rolled steel markets with steel buyers from around the country. The main topic of conversation was pricing, which is anticipated will drop over the next 30 days and Section 232 which is expected to end that drop… Flat rolled steel buyers reported most […]
Essar Steel Algoma announced on Friday, May 26 that the company will now be known as Algoma. The rebranding was revealed during a ceremony at the St. Mary’s River facility to mark a new chapter in Algoma’s history. “Effective immediately, we will have a new name, a new brand, a new path and a renewed […]
AISI, WASHINGTON, D.C. – The American Iron and Steel Institute’s (AISI) Board of Directors today elected John Ferriola, Chairman, President and CEO, Nucor Corporation, to serve another year as chairman of the Institute, through May 2018. “John is a recognized leader in the global and domestic steel industry. He is an outspoken advocate for the […]
Essar Steel Algoma is asking for debtor-in-possession financing to be extended a fourth time until Aug. 30, 2017. In the 31st report of the Monitor, Brian Denega asked that the extension be approved and that a Restructuring Committee be established to take some of the burden of negotiations and restructuring off key executives who can […]
USW Local 2251 voted 98.6 percent in favor of ratification of a Support Agreement for an undisclosed party interested in acquiring the assets of Essar Steel Algoma Inc. The announcement was made April 10 in a press release signed by Local 2251 president Mike Da Prat. Da Prat told the Sault Star that he could […]
Essar Steel Algoma is making progress on paying its debts. According to the latest (27th) Monitors report, Algoma has repaid $42.7 million as of March 25, 2017 through weekly “cash sweeps” to its Debtor in Possession lenders. Another $2.5 million will be paid on April 3 which will result in reducing the outstanding balance under […]
Essar Steel Algoma will get a third loan extension while it continues to hash out an agreement to emerge from CCAA protection. The company has another thirty day extension before its debtor-in-possession financing expires on April 30. According to the Twenty-sixth Report of the Monitor filed on March 21, the extension comes at “a critical […]