The United Steelworkers (USW) local chapter representing Stelco’s steelmaking operations will be in a legal position to strike as of 12:01 a.m. on Sunday, Aug. 22. That’s according to a negotiation update sent to members of Local 8782, which represents the Canadian flat-rolled steelmaker’s Lake Erie Works in Nanticoke, Ontario. The union said it had […]
The US International Trade Commission (ITC) recently conducted hearings on the future of the Section 232 tariffs on steel and aluminum as well as on the Section 301 tariffs on imports from China. Congress mandated the ITC investigation in response to calls for the tariffs to be reduced or eliminated to fight inflation. Unlike the […]
The US Department of Commerce has issued the preliminary results of administrative reviews of the antidumping duties on corrosion-resistant steel flat products from China and South Korea, setting new import duty rates for the period July 1, 2020, through June 30, 2021. In China’s review, Metalco was the sole company subject to the review. Because […]
Algoma Steel and United Steelworkers (USW) Local 2251 have agreed to extend labor contract talks for another 15 days, narrowly averting a strike. The Sault Ste. Marie, Ontario-based steelmaker confirmed that in a press release on Saturday. And USW Local 2251 president Mike Da Prat confirmed it as well in an exclusive interview with Steel […]
Today we are celebrating our 14th year of being in business. What began as an attempt to keep my steel-buying customers aware of the dynamics effecting steel prices and their mill orders morphed over the years into the Steel Market Update newsletter. I stopped selling steel during the first half 2008, and by early August Steel […]
A local USW chapter representing Stelco Inc.’s Lake Erie Works in Nanticoke, Ontario, has rejected a tentative labor agreement with the Canadian flat-rolled steelmaker. USW Local 8782 said 52% of its members voted to reject a proposed new labor contract. USW Local 8782-08, responsible for Stelco’s pickling operations, narrowly approved a new deal. One member […]
There’s plenty of doom and gloom these days in steel. Our recent Community Chat with Associated General Contractors of America chief economist Ken Simonson provided a welcome respite from the dreary mood among some steel buyers. But let’s not get carried away. Simonson didn’t say prices weren’t falling. In fact, it’s not just steel prices […]
We’ve updated our prices, and it’s another week of declines for hot-rolled, cold-rolled, and galvanized flat-rolled steel. That’s not new. But this might be: Hot-rolled prices had been falling at a modestly faster pace than galvanized prices base prices. That was not the case this week. HR is down $35 per ton ($1.75 per cwt) […]
Cleveland-Cliffs Inc. plans to have the No. 5 blast furnace at its Cleveland Works back up and running at full capacity in August, company executives said on a second quarter earnings conference call on Friday, July 22. Along with a furnace reline, the company took advantage of the downtime to perform other important repairs and […]
Cleveland-Cliffs Inc. saw strong profit in the second quarter and double free cash flow versus the prior quarter while predicting that even better days were ahead thanks to fixed-price contracts resetting at higher numbers. That projection comes largely because automakers, which typically buy steel on contract terms, are seeing backlogs grow because of supply chain […]
Leaders of the American steel industry gathered with members of the Congressional Steel Caucus on Wednesday in Washington, to discuss the state of the industry and how Congress can continue to support this critically important sector of the economy. Topics of discussion at the Caucus hearing included building and supporting critical supply chains and domestic manufacturing, […]
US plate prices have been holding steady and bucking the downtrend presently seen across sheet and coated products. Plate demand has remained largely steady, while buyers have maintained lean inventories, only taking volumes to fill gaps. The price dynamic has led to historically high premiums over hot-rolled coil (HRC) prices. Presently, plate prices are more […]
We’ve been covering the latest turn of the screw in contract talks between US and Canadian steelmakers and the United Steelworkers (USW) union. Some of you have asked us lately what the key dates and companies are. Below is a summary of where things stand – rhetoric and minutia aside – with USW and Canadian […]
The United Steelworkers (USW) and Cleveland-Cliffs Inc. both seem eager to get a new labor pact done quickly, with potentially few hurdles along the way, statements by both parties indicate. The USW provided members with an upbeat report following an initial round of master contract bargaining with the Cleveland-based steelmaker. Meetings were held in Pittsburgh […]
A second local United Steelworkers (USW) chapter at Algoma Steel has voted to authorize a strike. Local 2274 held a vote on the matter late last week, and 95.1% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, is represented by two unions: […]
I will briefly discuss the new app for the 2022 SMU Steel Summit Conference, which will be released later this week. I will then talk about the NexGen Leadership Award nominations, which will close on July 15, and the NEXGEN Metals Community organization that you, or members of your organization, may wish to join. SMU […]
I promised there would be more “Final Thoughts” from me before I retire. Today, I am going to write about conversations I had with steel buyers late last week about the market. But first, a couple of key reminders that are important (at least to me): • SMU Steel Summit Conference = 43 days (Aug. […]
The United Steelworkers (USW) is preparing to start master contract bargaining with US Steel in the first half of July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh and which will likely begin next week, a union spokesman told Steel […]
The local United Steelworkers (USW) chapter representing hourly workers at Algoma Steel has voted nearly unanimously to authorize a strike. Local 2251 held a vote on the matter on Monday, July 4, and 99% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, […]
Contract talks covering more than 22,000 dock workers at 29 West Coast ports will continue past the expiration of a current agreement on July 1 at 5 p.m. PST. That’s according to a joint statement released on Friday afternoon ahead of that deadline by the International Longshore & Warehouse Union (ILWU) and the Pacific Maritime […]
ArcelorMittal SA has completed a deal to acquire an 80% stake in a south Texas hot-briquetted iron (HBI) plant built by Austrian steelmaker Voestalpine. The Luxembourg-based steelmaker said the deal was finalized following the receipt of customary regulatory approvals on Thursday, June 30. The agreement, announced in April, values the HBI plant – located near […]
The United Steelworkers (USW) is preparing to start master contract bargaining with Cleveland-Cliffs Inc. in mid-July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh. The USW’s current labor pact with the Cleveland-based steelmaker expires on Sept. 1. Talks will focus […]
The rally was fun while it lasted, but new capacity delayed in large part because of Covid has arrived or soon will, popular analyst Timna Tanners said. And it will coincide with some demand weakness. The result: “steelmageddon” (aka “sheet storm”) might have been delayed. But it has finally arrived, she said. “Here we are with capacity starting […]
It’s going to be a long, hot summer. I was thinking we might start to see the “summer doldrums” ahead of the long Independence Day weekend. Instead we’ve gotten a barrage of news on prices, US Steel and labor contract talks. Let’s start with prices. Our average hot-rolled coil price fell below $1,000 per ton […]
We are now eight weeks away from the start of the 2022 SMU Steel Summit Conference. Behind the scenes, there are dozens of SMU and CRU team members working diligently to ensure this year’s conference is exceptional for all our attendees. By exceptional, we mean entertaining content that is valuable and timely. And we also provide […]
We are now eight weeks away from the start of the 2022 SMU Steel Summit Conference. Behind the scenes, there are dozens of SMU and CRU team members working diligently to ensure this year’s conference is exceptional for all our attendees. By exceptional, we mean entertaining content that is valuable and timely. And we also provide […]
I mentioned in my last Final Thoughts that you should keep your eyes open for potential catalysts for higher prices even amid all the signs that tags probably have nowhere to go but lower. It turned out we found one hiding in plain sight. It’s contract talk season in the US, with labor pacts between […]
Canadian flat-rolled steelmakers Stelco and Algoma face looming summer contract expirations with the United Steelworkers (USW) union. That’s well ahead of US mills, whose contracts with the USW don’t expire until Sept. 1. Here is where things stand now: Stelco The most pressing deadline is at Hamilton, Ontario-based Stelco, whose five-year agreement with the USW […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]