Whether it’s restarting blast furnaces in the US and abroad, or pushing full-steam ahead at its Big River Steel 2 project, US Steel Corp. is keeping abreast of current demand, with an eye toward a sustainable future. Ken Jaycox, US Steel’s chief commercial officer, sat down with SMU managing editor Michael Cowden on Feb. 7 […]
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 […]
US Steel restarted the No. 3 blast furnace at its Mon Valley Works in western Pennsylvania because of stronger demand, company executives said. The Pittsburgh-based steelmaker intends to keep the No. 8 blast furnace at its Gary Works in northwest Indiana temporarily idled “for now,” chief financial officer Jessica Graziano said. “We’re watching the order […]
Now entering the second month of the year, prices are still a top-of-mind conversation. After its run-up to over $2,600/tonne, the London Metal Exchange calmed, and volatility dropped. This signals that, for now, it has hit resistance. The Midwest premium has followed a similar trend. After peaking just over $0.30/lb, it has started to come […]
Worthington Industries Inc. has announced the senior leadership teams for New Worthington and Worthington Steel. The appointments will be effective on completion of Columbus, Ohio-based Worthington’s planned separation of the steel processing business, tentatively set for early 2024. “The leadership teams of New Worthington and Worthington Steel reflect the unique focus and strategic priorities of […]
Cleveland-Cliffs Inc. has rolled out another $50/ton ($2.50/cwt) sheet price increase just a couple of weeks after doing the same in mid-January. The Cleveland-based steelmaker has also announced a target base price of $850 per ton for hot-rolled coil, up from the $800 per ton announced in mid-January. NLMK USA almost immediately upped the ante, […]
The big story of the new year continues to be the run-up of the regional Midwest premium (MWP). As January comes to an end, the MWP sits just over $0.30/lb, or almost 50% higher than December’s price. A return of market activity in general has pushed the premium back up closer to replacement cost levels. […]
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 […]
Mill Steel Co. has acquired Cleveland Metal Exchange (CME) and Chicago Stainless Metal Exchange. A full line of stainless steel and aluminum products is now available through the Mill Steel Stainless and Aluminum division led by former CME CEO, Randy Horvat, and president, Jeff Haas. “We are thrilled to be entering the stainless and aluminum […]
North American auto assemblies declined 13.8% in December, slowing down for the second straight month. Last month’s assembly output was the second-lowest total in 2022 and just 3.4% higher year on year (YoY), according to LMC Automotive data. December finished as the third consecutive month at more than one million units. Though inventories have improved, the […]
US light-vehicle (LV) sales slowed further in December, with an unadjusted figure of 1.26 million units, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, last month’s total was still 4.9% higher year on year (YoY), and the fifth consecutive month to see YoY increases in sales. Prior to August 2022, […]
Cleveland-Cliffs said it is raising current spot market base prices for all carbon hot-rolled, cold-rolled, and coated steel products by a minimum of $50 per net ton ($2.50 per cwt), effective immediately with all new orders. The Cleveland-based steelmaker said it had seen increases in both pricing and volume from its automotive steel business since […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Starting after the recovery of the financial system from the 2008 global financial crisis, and continuing until Covid-19 hit, the economy was remarkably stable and consistent. Demand for aluminum in general grew at a steady pace, with some end-use segments outperforming historical averages. For financial markets, the running joke became “stock prices go up.” Since 2020, […]
Sheet prices started out the year modestly higher. That’s what you’d expect given that Q1 is typically a busy and that scrap prices usually rise over the winter months. The question now is whether prices, which have been moving upward since Thanksgiving, continue to increase or whether the current upswing might prove to be a […]
With 2022 now in the past, the door has closed on one of the most volatile years for the aluminum industry. Supply chain disruptions as a residual fallout from Covid-19 and elevated levels of geopolitical risk raised uncertainty throughout the value chain. The shift in import trends has also been a major topic and is […]
Cleveland-Cliffs said Thursday it would get higher annual fixed prices for steel in 2023 compared to 2022. “Specifically, with higher sales volumes and a similar mix of hot-rolled, cold-rolled and coated products, the company expects from its direct carbon steel automotive customers an average selling price of approximately $1,400 per net ton in 2023, compared to […]
Worthington Industries is building cash to strengthen its balance sheet as it prepares to move its Steel Processing segment into a separate business. The Columbus, Ohio-based company said it had had $129.6 million of cash at the end of its fiscal second 2023 quarter ended Nov. 30, an increase of $95.1 million from May 31, […]
Klöckner & Co. announced an agreement to buy Mexican metal supplier National Material of Mexico (NMM) for $340 million. The Duisburg, Germany–based service center said the transaction will be completed through Klöckner & Co.’s U.S. subsidiary, Kloeckner Metals Corp. (KMC). NMM is an independent service center with seven locations throughout Mexico. The company specializes in the […]
Nucor plans to build a new, $370-million continuous galvanizing line at California Steel Industries (CSI) to serve construction markets in the western US. The Charlotte, N.C.-based steelmaker said the galv line would have annual capacity of 400,000 tons per year (tpy), and would increase CSI’s total hot-dip galvanizing capacity to 1.2 million tpy. The project […]
Ternium has named international technology group Andritz to build its new high-end push pickling line (PPL) near Monterrey, Mexico. The new line in Pesquería will have an annual capacity of approximately 600,000 tons, and will be used mainly for the automotive and home appliance industry, Andritz said. The company added that the line is designed […]
Olympic Steel said Michael A. Tookey has joined the company in the newly created role of director of coated products. The Highland Hills, Ohio-based metals service center said Tookey’s responsibilities will focus the company’s efforts on accelerating growth related to coated carbon flat-rolled products and processes, including galvanized, galvannealed, aluminized, and automotive grades of steel. […]
US light-vehicle (LV) sales decelerated in November, coming in at an unadjusted figure of 1.12 million units, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, last month’s total was still 10.4% higher year-on-year (YoY), and the fourth consecutive month to see YoY increases in sales. Prior to August, YoY sales […]
North American auto assemblies declined by 6.2% in November, reversing the nearly 3% increase in October. Last month’s assembly output was among the lowest totals year-to-date (YTD) and just 3.7% higher year-on-year (YoY), according to LMC Automotive data. Though the market remains supply-constrained due to ongoing parts and supply shortages, November’s downgraded production continued to […]
Cleveland-Cliffs Inc. said it is introducing a new line of electrical steels to the North American market. The new line will be used to manufacture high-frequency motors and generators. Named Motor-Max, the brand consists of high-frequency, non-oriented electrical steel (HF NOES) designed for use in high-speed motors, electric vehicle (EV) traction motors, aircraft generators, and additional rotating […]
Stellantis said it will idle its Belvidere, Ill., auto plant effective Feb. 28, 2023. The automaker, Chrysler’s European parent company, said 1,350 workers will be affected at the plant, which manufactures the Jeep Cherokee. A Stellantis spokesperson cited a range of factors for the idling, such as fallout from the Covid-19 pandemic and the global […]
Steel sheet prices have bottomed or soon will, according to most respondents to our latest market survey. We’ve also seen an uptick in expectations about future prices. The chart below provides a quick before/after snapshot of expectations for prices ahead of Thanksgiving and then following price hikes of $60 per ton ($3 per cwt) announced […]
The US economy added 263,000 new jobs in November, again outperforming consensus expectations but slightly decreasing from October’s upwardly revised 284,000, according to data from the US Department of Labor. November’s job growth was much better than expected despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. The jobless rate […]
2022: A Year of Unprecedented Change and Volatility We entered 2022 expecting plenty of change in aluminum and the market delivered more than its fair share of twists and turns. There were 3 macroeconomic effects that rippled through the entire global economy: Russia’s invasion of Ukraine sent global energy prices soaring, as they “weaponized” their […]
Cleveland-Cliffs is in the process of restarting the No. 7 blast furnace at its Indiana Harbor steel mill in East Chicago, Ind. “All good with the re-start procedure that is ongoing,” a company spokeswoman said in an email to Steel Market Update on Friday, Dec. 2. The Cleveland-based steelmaker said that there had been a […]