Tag: Cleveland-Cliffs

After a March frenzy, are prices nearing a peak in April? Some of you have suggested that they are. Others think it's too early to make any such call.

Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.

The temporary measures “are necessary to re-balance working capital needs and consume excess pellet inventory produced in 2024,” Cliffs told SMU.

Cleveland-Cliffs Inc. has introduced a new employee incentive program to promote American-made vehicles, support domestic production, and strengthen US supply chains.

"The second half of last year was especially bad with the steel demand from the automotive sector slowing down, construction activity lagging and industrial production taking a hit," the CEO said.

Cleveland-Cliffs said it will open its April order book for spot material at $900 per short ton (st). The Cleveland-based steelmaker said the increase was necessary because of “rapidly changing market conditions” in a letter to customers dated Friday, Feb. 21.

Japan’s Prime Minister Shigeru Ishiba said on Monday that former President Joe Biden’s decision to block Nippon Steel’s buy of U.S. Steel was “unjust political interference,” according to a report in Reuters. This comes after another Reuters report on Friday saying that President Trump would not object to Nippon taking a minority stake in the […]

The union says the suit is "a frivolous and unsubstantiated attack on our union simply for exercising our First Amendment rights."

Muted demand from the auto industry took a particular toll later in the year.

He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.

Cleveland-Cliffs could be teaming up with Nucor to make a play for U.S. Steel, according to an article at CNBC.

Nippon Steel and U.S. Steel have filed two lawsuits, one against the US government and the other against Cleveland-Cliffs and the United Steelworkers (USW) union's leader.

As one of my university professors once said (and it’s stuck with me for half a century), “Change is the only permanency.” On Friday, President Biden acted to block the acquisition of United States Steel by Nippon Steel Corp. of Japan, without acknowledging the changes that have already occurred in the steel industry, and which are likely to increase. After more than a year of raging debate, it seems that nobody was convinced by arguments. Nippon’s worker-centered concessions, including safeguarding the jobs of U.S. Steel’s unionized workers and committing to more than $2 billion in investments for the aging plants at Gary, Ind., and the Mon Valley complex in Pennsylvania, were not mentioned in the president’s announcement on Friday.

Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $800 per short ton (st). Cliffs said the increase announcement coincides with the opening of its February order book for both contract and spot tons of HR.

Cleveland-Cliffs has officially had spot HRC prices at $750/st since mid-September.

Cleveland-Cliffs' Lourenco Goncalves said the company will install a new stove at Stelco’s blast furnace in Nanticoke, Ontario.

Cleveland-Cliffs announced the closing of its December order book for hot-rolled coil spot purchases, though it said contract bookings remain available.

The negative impact of high interest rates on consumer behavior, particularly in the automotive and housing sectors, was the primary driver of the demand weakness seen across the third quarter, according to Cleveland-Cliffs executives.

Cleveland-Cliffs swung to a steep loss in the third quarter. However, it touted the recent closing of its acquisition of Stelco in its quarterly earnings report released on Monday and said steel demand should bounce back early next year.

Canada’s Stelco Holdings Inc. is now officially owned by Cleveland-Cliffs Inc.

Cleveland-Cliffs has received all the required approvals to finalize its $2.5-billion acquisition of Canadian steelmaker Stelco Holdings Inc.

Cleveland-Cliffs is keeping its market price for HRC flat at $750/short ton with the opening of its December order book.

Cleveland-Cliffs’s Chairman, President, and CEO Lourenco Goncalves hosted a fireside chat with US Trade Representative Katherine Tai and Acting Secretary of Labor Julie Su on Friday at the company’s plate mill in Coatesville, Pa.

The building that was once the headquarters of AK Steel is again up for sale.

Stelco Inc. said that the Canadian Competition Bureau will not challenge Cleveland-Cliffs’ pending buy of the Hamilton, Ontario-based steelmaker.

Cleveland-Cliffs has cleared a regulatory hurdle for its pending purchase of Canadian steelmaker Stelco Inc.

Cleveland-Cliffs is seeking $750 per short ton (st) for hot-rolled coil. That’s $20/st above where the steelmaker had been. It’s also $30/st above Nucor, which is at $720/st this week. We've seen prices increase incrementally this week. SMU's HR price, for example, stands at $690/st on average, up $5/st from last week. The questions now are whether a number well above $700/st will stick, whether other mills will follow Cliffs, and whether there is enough demand to support higher prices.

Cleveland-Cliffs Inc. on Monday reiterated its commitment to a major decarbonization project at its Middletown Works in Ohio, despite an earlier report suggesting otherwise.

Cleveland-Cliffs aims to increase prices for hot-rolled (HR) coil to $750 per short ton (st) effective immediately. The move represents a price hike of $20/st from the Cleveland-based steelmaker's previously published price of $730/st.

Stelco shareholders voted overwhelmingly on Monday to OK the $2.5-billion sale of the Canadian flat-rolled steelmaker to Cleveland-Cliffs. Indeed, 99.97% of those who cast ballots voted to approve the deal, according the Hamilton, Ontario-based steelmaker.