Arkansas lawmakers have introduced a bill that would expand tax credits in a bid to attract U.S. Steel’s planned $3 billion electric arc furnace (EAF) sheet steel mill to the state. And the bill’s lead sponsor, state Sen. Dave Wallace (R), narrowed down potential locations even further. He said tax credits were aimed at convincing the Pittsburgh-based steelmaker to invest its […]
Late last week both Nucor and Big River Steel notified customers of an upward revision to their galvanized steel coating extras. A letter from Nucor stated, “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for the week ending Jan. 8, 2022.” […]
Nucor and Big River Steel have joined the ranks of sheet mills announcing new coating extras for 2022. “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras,” Charlotte, N.C.-based Nucor said in a letter to customers on Wednesday, Dec. 1. The new coating extras will be […]
U.S. Steel has resumed production at its Big River Steel electric arc furnace (EAF) sheet mill in Osceola, Ark., following a two-week maintenance outage last month, a company spokeswoman said. The outage had commenced on Oct. 10. SMU has updated its EAF status table to reflect the change. Big River Steel has annual capacity of […]
With record third-quarter earnings of $2 billion in the bank, U.S. Steel President and CEO David Burritt offered a bullish outlook for the steel industry and his company in 2022. Highlights of the company’s earnings call on Friday included an update on the steelmaker’s progress in finding a site for its new electric arc furnace […]
United States Steel Corp. today reported third-quarter 2021 net earnings of $2.0 billion on sales totaling $5.964 billion. That’s a huge jump from the net loss of $234 million on sales of $2.34 billion in the same quarter last year. “We continue setting records, including record net earnings, record EBITDA, record EBITDA margin, record liquidity, […]
At the top of the news this week, Steel Market Update sources reported that steel supplies are loosening as lead times from the domestic mills shorten and surging imports start to make it into service center inventories. It’s no surprise, then, that steel prices are beginning to moderate. Hot rolled steel prices rose virtually every […]
A Pennsylvania state senator wants the Keystone State’s governor to work with him to land Nucor and U.S. Steel’s new, multibillion-dollar sheet mills in the western part of the state. Sen. Joe Pittman, a Republican, wants to meet with Gov. Tom Wolf, a Democrat, in hopes of attracting the electric arc furnace (EAF) mill projects – […]
U.S. Steel plans to build a new, $3 billion minimill with capacity of three million tons per year in the United States. The new mill will sport two electric-arc furnaces (EAFs) as well as “differentiated” steelmaking and finishing technology, the company said in a press release on Thursday, Sept. 16. Construction is expected to begin […]
U.S. Steel expects its third-quarter earnings to be one for the record books, exceeding even the record-breaking results of the prior quarter. The news comes as both Nucor and Steel Dynamics Inc. (SDI), two of the Pittsburgh-based steelmaker’s domestic competitors, also predicted record-setting third-quarter earnings this week. U.S. Steel forecasts third-quarter earnings of roughly $2 […]
U.S. Steel plans to take additional outages at its blast furnaces in the Midwest, the company confirmed. The Pittsburgh-based steelmaker will take an approximately seven-day outage on the B furnace at its Granite City Works outside of St. Louis beginning on Oct. 1, a company spokeswoman said. And U.S. Steel will also take a roughly […]
Integrated steelmaker U.S. Steel is taking the No. 6 blast furnace at its Gary Works steel mill offline for 38 days beginning at the end of next month, a company spokesperson confirmed to Steel Market Update. The planned maintenance outage at its Indiana facility is scheduled for Sept. 30 and should run through Nov. 9. […]
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. […]
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 […]
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. […]
Daimler AG has recognized Big River Steel (BRS) for its “exceptionally sustainable” steel. The electric arc furnace (EAF) producer, a U.S. Steel subsidiary, has helped the German automaker reduce the CO2 emissions attributed to the steel used in its Mercedes-Benz products by more than 70%. Emission-free mobility is a corporate goal for Damiler, which thinks climate […]
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 […]
This evening we published our SMU Mill Lead Times by Product analysis. I recently received a few questions on the subject: How do we gather our lead time data? Do we take into consideration the lead times being published by the individual domestic steel mills? How do we feel the information we report is indicative […]
Big River Steel plans to take a week-long plant-wide maintenance outage in October at its mill in Osceola, Ark., a company spokeswoman confirmed. The planned outage, for normal preventative maintenance and mill reliability, is scheduled to start on Oct. 10, she said. The scheduled maintenance includes both electric-arc furnaces (EAFs)—with annual production capacity of 3.3 […]
One of two United Steelworkers (USW) locals at Algoma Steel is opposed to the Ontario mill’s proposed switch from integrated steelmaking to electric arc furnace (EAF) production. USW Local 2251 President Mike DaPrat went so far as to boycott an event at the mill – attended by Canadian Prime Minister Justin Trudeau – to announce government-funding […]
Mark Bula sees an analogy between the latest green steel technology and the electric arc furnaces (EAFs) that transformed traditional steelmaking back in the 1980s. “Just as minimills once disrupted the industry, we must once again take a monumental leap forward,” he said. Bula is well known in the steel industry for his prior role […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
It is a good time to be a steel producer. Both Steel Dynamics and Nucor are expecting record earnings for the second quarter of 2021 supported by strong demand and unprecedented steel prices. And U.S. Steel expects second quarter adjusted EBITDA more than double that in the first. SDI expects earnings to be in the range […]
Steel prices will correct sharply as supply catches up with demand, potentially falling back to an average of $575 per ton ($28.75 per cwt) in 2022, according to one leading industry analyst. “This too will pass,” was the title chosen by Timna Tanners, metals and mining analyst at Bank of America, for her SMU Community […]
U.S. Steel wants to make Big River Steel the leader in non-grain-oriented electrical steels (NGOES). To that end, the Pittsburgh-based integrated steelmaker will invest $450 million at Big River’s steel mill in Osceola, Ark., to target the growing demand from the electric vehicle market. Funded entirely from cash generated at Big River, the NGOES expansion […]
U.S. Steel has agreed to sell its Transtar LLC railroad subsidiary to an affiliate of Fortress Transportation and Infrastructure Investors LLC (FTAI) for $640 million. The Pittsburgh-based steelmaker said it expects the deal to close in the third quarter of this year pending customary closing conditions and certain regulatory approvals. Money from the sale will […]
ArcelorMittal Mexico plans to start up its new hot strip mill in Lázaro Cárdenas in Mexico’s Michoacán state in the fourth quarter of this year, a company spokeswoman said. The hot strip mill cost $1 billion and is expected to have annual capacity of 2.75 million tons per year (tpy), according to an ArcelorMittal press […]