Sheet prices in the U.S. Midwest market fell by $5-9 /s.ton, w/w with HR coil losing the most, assessed at $560 /s.ton. These prices reflect transactions from last week, which were primarily conducted ahead of recently announced mill price increases. While prices fell, the overall volume component fell at a faster rate. Until the price […]
U.S. Steel continues to make interesting moves having now purchased the balance of the ownership in USS/Posco (UPI), 49.9 percent of Big River Steel with an option to purchase the balance, the $1 billion+ capital investment in the endless casting, rolling and cogeneration at Mon Valley Works and the $750 billion investment in Gary Works. […]
North Star BlueScope reported weaker earnings in the first half of FY 2020 due to softer prices and margin spreads and normal seasonality. Sales revenue of $592 million was down 32 percent from the first half of 2019. Weaker hot rolled coil prices were partly offset by lower raw material costs. Shipments for the half […]
We have adjusted our plate price momentum indicator from neutral to lower. Prices have been dropping over the past couple of weeks, and steel buyers are very negative on the markets right now (see some of the comments in an article above). I have to tell you I am really struggling with all of the […]
Based on the results from the flat rolled and plate steel market trends analysis Steel Market Update conducted this past week, along with new steel price discussions SMU had with steel buyers late last week, we have decided to move our flat rolled (hot rolled, cold rolled, galvanized and Galvalume) price Momentum Indicators to Lower […]
“Transformational” is what Cleveland-Cliffs CEO Lourenco Goncalves called the acquisition of AK Steel in remarks during the Q4 2019 earnings call Thursday. “With the acquisition of AK Steel, Cleveland-Cliffs becomes the most relevant supplier of steel to the automotive industry in the United States, fully integrated from iron ore in the ground to auto parts […]
Today, we are rolling out more of our agenda for the 2020 SMU Steel Summit Conference. For more information and to register, visit: www.SteelMarketUpdate.com/Events/Steel-Summit. STEEL: DEALING WITH THE VELOCITY OF CHANGE AGENDA HIGHLIGHTS Monday, August 24, 2020 10:00 – 5:30 Conference RegistrationGeorgia International Convention Center- South Lobby 10:00 – 10:50 CME Hedging Workshop 11:10 – […]
Today, we are rolling out more of our agenda for the 2020 SMU Steel Summit Conference. For more information and to register, visit: www.SteelMarketUpdate.com/Events/Steel-Summit. STEEL: DEALING WITH THE VELOCITY OF CHANGE AGENDA HIGHLIGHTS Monday, August 24, 2020 10:00 – 5:30 Conference RegistrationGeorgia International Convention Center- South Lobby 10:00 – 10:50 CME Hedging Workshop 11:10 – […]
U.S. Steel Corp. has made additional cuts to staff at its Indiana operations as part of its operating and organizational improvements. Amanda Malkowski, spokeswoman for U.S. Steel, said recent cuts affect non-union employees. Said Malkowski in a statement: “In line with the enhanced operating model and organizational structure announced in October 2019, U.S. Steel has […]
The question I am getting right now is, “Where is price momentum headed?” Good question. The SMU Price Momentum Indicator continues to point toward higher prices over the next 30 days. However, we are not blind, and we have seen prices stall here at the beginning of the year. The way I am looking at […]
U.S. Steel reported a net loss of $680 million for the fourth quarter of 2019 and a loss of $642 million for the year, but counts the quarter a success by exceeding its previously lowered Q4 expectations. The steelmaker sees last year as one of notable strategic progress. Sales for the year totaled $12.9 billion, […]
It’s Super Bowl Sunday! I will try to keep my comments short so we can all enjoy the game and worry about the steel markets in the morning. On Thursday and Friday of this past week I was in Ponte Vedra, Fla., as I was speaking to the Steel Manufacturers Association. The SMA are the […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: We are now in the third year of the steel tariffs. On Jan. 11, 2018, the Department of Commerce transmitted its report and recommendations to President Trump. The president was waiting for the document, which gave him power […]
Welcome back from the Christmas Holidays. This is the 149th Executive level issue of Steel Market Update produced during calendar year 2019. It is also anticipated to be the last Executive issue prior to the New Year. On Monday we will publish our last Premium issue of the year, our 49th for 2019. Christmas and […]
U.S. Steel anticipates an EBITDA loss of $25 million in the fourth quarter of 2019, which excludes about $225 million in estimated restructuring and other charges. Fourth-quarter results were negatively impacted by lower steel selling prices in the third quarter and in October, which impacted about 60 percent of shipments, said U.S. Steel in its […]
U.S. Steel announced today that it intends to “indefinitely idle” a significant portion of its Great Lakes Works operation near Detroit. The decision was made to better align the company with its three core flat rolled operations and advance its “best of both strategy” as an integrated and EAF company. U.S. Steel expects to begin idling […]
U.S. Steel announced today that it intends to “indefinitely idle” a significant portion of its Great Lakes Works operation near Detroit. The decision was made to better align the company with its three core flat rolled operations and advance its “best of both strategy” as an integrated and EAF company. U.S. Steel expects to begin idling […]
U.S. Steel tonight announced their intention of focusing their company on three core assets: Gary Works, Mon Valley Works and Big River Steel. This comment was made at the same time they announced their intention to idle a large portion of their Great Lakes Works near Detroit. WARN notices have been sent to the 1,500+ […]
Service has been restored to the largest of the blast furnaces, and a second furnace will be back online shortly, following a water pipe break Nov. 27 that forced U.S. Steel to shut down all three operating furnaces at its Gary Works mill. In an update on Monday, a spokesperson said the third furnace is […]
The following article is written by John Packard, President & CEO, Steel Market Update On Sunday, SMU published in my Final Thoughts the following: “There has also been discussion about U.S. Steel in the marketplace as to whether the mill has decided to concentrate on auto, appliance, energy and electrical markets and perhaps move away […]
The domestic steel mills were busy on Friday with SSAB USA announcing a $40 per ton price increase on steel plate, and then U.S. Steel coming out with a $30 per ton price increase on flat rolled. The SSAB increase was the second on plate this month. Flat rolled has seen three price increase announcements […]
The domestic steel mills were busy on Friday with SSAB USA announcing a $40 per ton price increase on steel plate, and then U.S. Steel coming out with a $30 per ton price increase on flat rolled. The SSAB increase was the second on plate this month. Flat rolled has seen three price increase announcements […]
The mills may have announced two increases in flat rolled steel prices in the past month, but you couldn’t tell from comments by members of the Heating, Air Conditioning & Refrigeration Distributors International. The distributors of galvanized steel to the HVAC sector report little impact on prices so far, though demand remains healthy despite some […]
U.S. Steel announced on Wednesday a new target for reducing greenhouse gas emissions intensity. As part of its “best of both” strategy, U.S. Steel said it will reduce its global greenhouse gas emissions intensity 20 percent by 2030, based on 2018 baseline levels. Emissions intensity is measured by the rate of carbon dioxide equivalents emitted […]
Flack Global Metals says it will move forward on plans to build a new coil coating and downstream processing facility adjacent to Big River Steel in Osceola, Ark. The new facility will cost approximately $150 million and create more than 150 new jobs. This investment, if completed, will add production capability to the Big River […]
U.S. Steel initiated layoffs for some of its non-union staff on Friday, citing challenging market conditions requiring a leaner and more efficient organization. The layoffs are related to restructuring plans that were announced in early October. “While market headwinds persist, we continue to focus on what we can control, including re-scoping our asset revitalization investments […]
Big River Steel announced it will be the long-term provider of high-quality steel products to Array Technologies, an industry-leading solar tracking manufacturer. Array was committed to finding a source of steel products that would allow the company to maintain its commitment to providing reliable renewable energy not only in their product design but also through […]
United States Steel Corp. reported a net loss of $84 million in the third quarter due to declining steel prices and weaker market conditions—down sharply compared with third-quarter 2018 yet better than analysts’ expectations. The steelmaker earned $291 million in last year’s third-quarter. “The team delivered better than expected results from solid cost performance and […]
By CRU Senior Analysts Ryan McKinley (USA), Ryan Smith (Australia) and Erik Hedborg (UK) Part three of our three-part series: What’s next for U.S. iron ore production? In parts one and two of our series, we examined the U.S. iron ore industry and reviewed recent market developments. We also explored the dependency of U.S. iron […]
U.S. Steel announced that it has completed $1.1 billion of financing activity that will support its previously announced growth projects. “The closing of these financing activities marks another successful step in the execution of our ‘best of both’ strategy,” said President and CEO David B. Burritt. “I am thankful for the strong support from our […]