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. […]
Severstal is no longer shipping “anything” to the United States, a company spokeswoman said. The Russian steelmaker instead intends to “continue working with our partners who are not tied with obligations to US,” she said in an email to Steel Market Update. The comments come after the US Department of Treasury’s Office of Foreign Assets […]
Cleveland-Cliffs Inc. has changed how it supplies the automotive industry in response to chip and parts shortages that have thrown a wrench into automaker production forecasts, the company’s top executive said. “We no longer adopt their forecast as the final truth, like it was historically,” Cliffs chairman, president and CEO Lourenco Goncalves said. How did […]
Sheet and plate prices continue to fall. That’s not a surprise, as there is little reason for them to do otherwise. What is surprising when you step back is just how quickly prices have fallen, and how much further they could continue to fall. SMU’s hot-rolled coil price now stands at $1,255 per ton ($62.75 […]
Who wants to be in the hot-rolled coil business anymore? I ask that only partly in jest. It’s not that no one wants to make spot HRC anymore. It’s just that not many companies seem to want to make it their bread and butter. Nucor spending $3 billion for a garage door company and looking […]
Carbon border adjustments could be an effective tool for rewarding clean steel production, but any efforts need to be comprehensive and very closely monitored, US steel industry executives said this week during the Town Hall Forum at the Association of Iron & Steel Technology’s AISTech 2022. To truly be effective, carbon border adjustments need to […]
Mill executives said they are ready for the demand infrastructure spending would generate during AISTech 2022’s Town Hall Forum in Pittsburgh this week. “The infrastructure bill is positive for the entire industry and for downstream industries, but we need to cut red tape,” Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves said. “The bill is great. […]
Truck drivers transporting scrap metal at Cleveland-Cliffs Inc.’s Indiana Harbor Works in East Chicago, Ind., have been granted an exemption from the maximum hours of service set forth in the Federal Motor Carrier Safety Regulations. The Federal Motor Carrier Safety Administration (FMCSA) granted the exemption, according to a Federal Register filing, which will allow Cliffs’ […]
We will soon pass through 500 registered executives on our way to 1,200 executives at this year’s SMU Steel Summit Conference. The conference will be held at the Georgia International Convention Center located next to the Atlanta International Airport. The dates for this year’s conference are Mon.-Weds., Aug. 22-24. You can learn more about our […]
We will soon pass through 500 registered executives on our way to 1,200 executives at this year’s SMU Steel Summit Conference. The conference will be held at the Georgia International Convention Center located next to the Atlanta International Airport. The dates for this year’s conference are Mon.-Weds., Aug. 22-24. You can learn more about our […]
A previously shuttered iron ore concentrate facility on the Mesabi Iron Range might be coming back to life under the newly-formed MagIron LLC. The Plant 4 concentrator near Grand Rapids, Minn., formerly owned by Magnetation and once rescued from bankruptcy by ERP Iron Ore – which subsequently filed for bankruptcy itself – has been acquired by former […]
The US steel market continues to revert to where it was before the outbreak of war in Ukraine. SMU’s prices for sheet products are lower. Prices abroad are too. The latest bit of evidence: Published mill lead times. Case in point: Steel Dynamics Inc. (SDI) published updated lead times on Tuesday, May 3. They indicated […]
SMU is looking for the Next NexGen Leadership Award Winner. The NexGen Leadership Award process is now open and accepting nominations. What is the NexGen Leadership Award? The SMU NexGen Leadership Award, sponsored by the Steel Manufacturers Association (SMA), is awarded to an individual working in manufacturing or fabrication companies that utilize mild carbon or automotive […]
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 […]
We’ve all grown used to worrying about global supply chains and their shortcomings – as underscored by the pandemic, the chip shortage and the war in Ukraine. But it’s important not to forget that foreign supply chains aren’t the only ones that can get tangled up. And exotic problems don’t mean that long-standing issues – […]
Cleveland-Cliffs Inc. will install an electric-arc furnace (EAF) at its steel mill in Middletown, Ohio, to make electrical steels for electric vehicles (EVs) – but only if demand merits it. “Let’s see how many of my clients will be really doing what they’re saying they’re going to do in terms of electric vehicles,” company chairman, […]
Cleveland-Cliffs Inc. expects record free cash flow this year thanks to fixed-price contracts resetting higher and a more bullish outlook on average selling prices in general. The Cleveland-based steelmaker predicts that average selling prices for the year will be $1,445 per ton ($72.25 per cwt), up $220 per ton from prior guidance of $1,225 per […]
Today we are sharing the full proposed agenda for the 2022 SMU Steel Summit Conference. As you will note there are a few programs where we are in negotiations with speakers or working on making sure the program is fresh for those who have attended our conference in the past. There are several themes we […]
Today we are sharing the full proposed agenda for the 2022 SMU Steel Summit Conference. As you will note there are a few programs where we are in negotiations with speakers or working on making sure the program is fresh for those who have attended our conference in the past. There are several themes we […]
I shouldn’t say put a fork in this market and call it done. It’s probably too early for that. But some of the anecdotal indicators I mentioned last week are increasingly showing up in the data we and others collect. Take a look at today’s issue: Lead times are still rising, for the most part. […]