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. […]
Cleveland-Cliffs Inc. chairman, president and CEO Lourenco Goncalves blasted low US tariffs on Russian pig iron given sharply higher ones on steel. The pig iron tariff – $1.11 per metric ton, or $1 per short ton – is too little to stop companies, notably electric-arc furnace (EAF) sheet mills, from importing raw material from Russia, […]
Steel Market Update has been working on the agenda for the 2022 SMU Steel Summit Conference, which will be held in Atlanta on August 22-24. This year’s conference will address many of the issues affecting the flat-rolled and plate steel markets. Over the next few issues, we will roll out our conference program, many of […]
Steel Market Update has been working on the agenda for the 2022 SMU Steel Summit Conference, which will be held in Atlanta on August 22-24. This year’s conference will address many of the issues affecting the flat-rolled and plate steel markets. Over the next few issues, we will roll out our conference program, many of […]
Steel Market Update has added Stelco CEO Alan Kestenbaum to our list of keynote speakers. He will join Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves; Steel Dynamics Inc. president and CEO Mark Millett; and ITR Economics president and principal Dr. Alan Beaulieu as featured speakers at the 2022 SMU Steel Summit Conference. Steel Summit will […]
Steel Market Update has added Stelco CEO Alan Kestenbaum to our list of keynote speakers. He will join Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves; Steel Dynamics Inc. president and CEO Mark Millett; and ITR Economics president and principal Dr. Alan Beaulieu as featured speakers at the 2022 SMU Steel Summit Conference. Steel Summit will […]
My car was sideswiped recently – a parked car is hard to avoid, apparently – and I thought a silver lining might be that I could do my little part to keep North America’s scrap reservoir full. A quarter panel, maybe even a door. Instead, I am still driving around in that scrap (and probably […]
2022 SMU Steel Summit Finally, a note from our founder, John Packard, who wants to make sure all of you are aware of the latest developments for our big event which will be held in Atlanta on the 22nd through the 24th of August. The following companies registered for the 2022 SMU Steel Summit Conference […]
Cleveland-Cliffs Inc. has applied for an air permit for an electric-arc furnace at its Middletown Works in southwest Ohio. The Cleveland-based steelmaker currently operates an integrated steel mill in Middletown. The air permit is for the “proposed installation of an EAF melt shop and associated operations to produce steel slab,” the company said in filings […]
We are now 140 days away, and I am getting very excited about this year’s SMU Steel Summit Conference. The agenda is coming together nicely, we have several new speakers, and I continue to work on a few special projects that I think you will enjoy. The conference dates are August 22-24, and the conference will be […]
We are now 140 days away, and I am getting very excited about this year’s SMU Steel Summit Conference. The agenda is coming together nicely, we have several new speakers, and I continue to work on a few special projects that I think you will enjoy. The conference dates are August 22-24, and the conference will be […]
I decided to take a break from prices and survey data today to check in with a few trusted mill and service center executives. Each had their own take on the market. But there were a couple of common threads. First, the war in Ukraine is still driving the steel and metals markets – even […]
The United Steelworkers (USW) union is preparing for contract talks this summer with U.S. Steel and with Cleveland-Cliffs Inc., a USW spokeswoman confirmed. A text had been sent out to USW members earlier in the day on Thursday, March 24, alerting them that the USW was getting ready for negotiations. The USW contracts with Pittsburgh-based […]
By Trade Attorney Lewis Leibowitz On Feb. 10, the Bureau of Industry and Security of the Commerce Department published a request for public comments concerning steel and aluminum exclusions under the Section 232 tariffs and quotas. Comments are due in about a week (March 28). The request for public comments did not originate from the […]
“What a difference a war makes.” No disrespect meant to the suffering people of Ukraine, but more than one respondent to SMU’s survey this week noted the big effect the war is having on global steel prices. Steel sheet had lost nearly 50% of its value in the six months from last September to February. […]
Registrations for this summer’s 2022 SMU Steel Summit are already picking up as we will offer another strong program focusing on the issues impacting decisions your company will need to make as it moves into the fourth quarter and 2023. Attendance is projected at approximately 1,200 executives from manufacturing, distribution, trading, steel mills, toll processors, logistics companies, […]
Nucor’s sheet mill group – which now includes California Steel Industries (CSI) – plans to increase sheet base prices by at least $100 per ton ($5 per hundredweight). The move is effective immediately and applies to all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers dated Monday, March 7. The latest […]
PAO Sevestal is no longer selling steel to the European Union. The Russian steelmaker did not acknowledge – as has been widely reported – that the move was in response to EU sanctions. “Severstal states that it is experiencing some difficulties in relations with its EU clients, and as a result is redirecting volumes to […]
The Association of Steel Distributors honored Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves as its Steel Executive of the Year. The honor was bestowed on Goncalves at a dinner earlier this week in conjunction with the Fabricators & Manufacturers Association conference in Miami. The award is designed to recognize individuals who have demonstrated the ability […]
The war in Eastern Europe is hitting close to home for some steel buyers. Steel Market Update’s survey this week asked readers: How might the Russian invasion of Ukraine impact your business? Roughly three out of four of the service center and manufacturing executives who responded said they fear at least some fallout from the […]
In a letter to customers this week, Cleveland-Cliffs said it does not expect the geopolitical fallout from Russia’s invasion of Ukraine to directly impact the company’s operations. “While we continue to monitor the situation closely, we have not identified any specific elevated risk to our operations at this time,” the company stated. Cliffs said it will continue […]
The fog of war. That’s what we’re all dealing with now. Even in steel as realization grows that the war in Ukraine will have consequences here in North America too. The exact contours are still uncertain. We know that pig iron prices are up sharply, and that concerns about shortages are mounting – not just […]
U.S. Steel Corp. is investing $60 million at Gary Works to give the Indiana mill the capability to produce up to 500,000 tons of pig iron annually and provide a critical raw material for the steelmaker’s electric arc furnaces. Once complete in the first half of 2023, pig iron production at Gary will provide nearly […]
If you look at Steel Market Update’s headlines from the past week, it’s not difficult to see a common thread. There’s change in the wind. Cleveland-Cliffs and Nucor both announced $50-per-ton increases in sheet prices. Scrap experts forecast substantial jumps in both prime and obsolete scrap prices in March. Prices for other steelmaking raw materials […]
Nucor has joined Cleveland-Cliffs Inc. in increasing base prices for steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective with all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers on Friday, Feb. 25. “We reserve the right to review and re-quote any offers that are […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Before joining Metal Edge Partners, Bryan held a variety of commercial […]