Cleveland-Cliffs will be retiring the name AK Steel, bringing all acquisitions and properties under the Cleveland-Cliffs name, which will be reported as a single segment, Cleveland-Cliffs Steelmaking. “Cleveland-Cliffs has undergone significant transformation with the acquisitions of AK Steel and ArcelorMittal USA assets,” said Cleveland-Cliffs spokesperson Patricia Persico. “While we appreciate and respect the legacy AK […]
Mark your calendars as Steel Market Update has a wide array of conferences and workshops scheduled through the month of August 2021. Here is what you can expect: March 30 & 31: Steel Hedging 101: Introduction to Managing Price Risk (virtual) At the end of this month, Spencer Johnson of StoneX, the CME Group and […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
Rio Tinto, Paul Wurth SA and SHS Stahl Holding Saar are exploring a potential hydrogen-based hot-briquetted iron (HBI) operation in Canada. The Anglo-Australian miner, the equipment manufacturer and the German steelmaker have already inked a memorandum of understanding. They will now conduct a feasibility study about an “industrial-scale” low-carbon iron production plant, according to a […]
After divesting most of its U.S. assets to Cleveland-Cliffs, ArcelorMittal is now focused on strategic growth, controlling costs and leading the industry on sustainability, the steelmaker claims. The company is targeting net-zero emissions by 2050 and looks forward to commissioning its Smart Carbon steelmaking technologies in Ghent in 2022. ArcelorMittal achieved its first sales for […]
Aditya Mittal will become the next chief executive officer of ArcelorMittal, taking over from his father, Lakshmi Mittal, who founded the company in 1976. The elder Mittal will become executive chairman of the steelmaker, where he will remain in charge of the board of directors and continue to work with senior management, including his son, ArcelorMittal […]
Nucor is investing to grow in capability not capacity, said Nucor President and CEO Leon Topalian in remarks Tuesday during the virtual Tampa Steel Conference, co-hosted by Steel Market Update. “It’s not about tons and volume, but about servicing customers’ long-term needs,” he said. One growing customer segment for Nucor is the auto industry. Nucor […]
Nucor is investing to grow in capability not capacity, said Nucor President and CEO Leon Topalian in remarks Tuesday during the virtual Tampa Steel Conference, co-hosted by Steel Market Update. “It’s not about tons and volume, but about servicing customers’ long-term needs,” he said. One growing customer segment for Nucor is the auto industry. Nucor […]
Minnesota Gov. Tim Walz has written letters to the CEOs of Cleveland-Cliffs and U.S. Steel asking for their cooperation in ensuring the future of iron ore taconite operations—Minntac and Hibbing Taconite. The facilities are critical to the Iron Range economy and employ over 1,700 workers combined. In his letters Monday to Cleveland-Cliffs CEO Lourenco Goncalves […]
As lower-emission electric arc furnace (EAF) mills become the predominant steelmaking method in the United States and other parts of the world, demand for pig iron, used to dilute the inclusions in melted scrap, will only grow. This trend has fueled speculation that integrated producers in the U.S. may repurpose idled blast furnaces for commercial […]
U.S. Steel does not plan to build additional electric-arc furnace capacity for the “foreseeable future,” company executives said. The company also plans to keep the “A” blast furnace at its Granite City Works in southern Illinois idled, they suggested. U.S. Steel acquired two flat-rolled EAFs when it closed its deal for Big River Steel’s mill […]
No steel mill earnings report is complete these days without the CEO touting his company’s environmental credentials. Cleveland-Cliffs CEO Lourenco Goncalves said this week that his company is committed to reducing its greenhouse gas emissions 25% by 2030. “We at Cleveland-Cliffs acknowledge that one of the most important issues impacting our planet is climate change. […]
Cleveland-Cliffs has committed to reducing its greenhouse gas emissions 25% by 2030. In a detailed plan, Cliffs plans to lower combined direct and indirect gas emissions on a mass metric tons per year basis compared with 2017 baseline levels. The company has already made progress toward emission reductions, achieving six years early its 2025 target […]
NLMK USA has sued U.S. Steel for at least $100 million to recoup Section 232 tariffs it claims were unjustly levied against it because of a “deception” perpetrated by the integrated steelmaker against the Commerce Department. In addition, the U.S. subsidiary of NLMK Group–Russia’s largest steelmaker–seeks a jury trial, additional damages to be determined at […]
The newest powerhouse in the U.S. steel industry, Cleveland-Cliffs, expects a stellar fourth quarter due to the 2020 acquisitions of AK Steel and ArcelorMittal USA. Preliminary results for the company (including the period Dec. 9 through Dec. 31 for ArcelorMittal) show steel sales of 1.9 million tons and consolidated revenue of $2.2 billion to $2.3 […]
Cleveland-Cliffs plans to restart the No. 6 blast furnace at its steel mill in Cleveland, Ohio, a company spokeswoman said. Output from the No. 6 furnace will help to replace lost production from the steelmaker taking down for maintenance the No. 3 furnace at its Middletown, Ohio, mill, she said. “We are not planning to […]
I received a call from Cleveland-Cliffs in response to an inquiry I had made a couple of weeks back regarding the #6 blast furnace at their Cleveland steel mill. Cliffs wanted to make sure I understand as the #6 blast furnace comes back online that it is not to increase production, only to replace the […]
I received a call from Cleveland-Cliffs in response to an inquiry I had made a couple of weeks back regarding the #6 blast furnace at their Cleveland steel mill. Cliffs wanted to make sure I understand as the #6 blast furnace comes back online that it is not to increase production, only to replace the […]
Steel prices surging to their highest levels ever has masked another potentially key market trend–a narrower spread between hot-rolled coil and galvanized base prices, according to Steel Market Update (SMU) data. SMU’s hot-rolled coil price averages $1,130 per ton ($56.50/cwt), $60 per ton above 2008’s peak of $1,070 per ton. The base price for galvanized […]
Flat-rolled steel prices have room to rise despite being at record levels, and any correction might not come until well into the second quarter. That was the takeaway from a conference call this morning with members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI). “I don’t remember a market like this. Maybe at […]
The pandemic, and its economic ramifications, is putting some Americans in dire need of a basic life requirement—food. Cleveland-Cliffs is stepping up to help, making commitments for over $1 million in cash contributions to food distribution organizations in more than 35 communities across North America. “We sadly recognize that, throughout the United States and Canada, […]
I anticipate next week’s spot hot rolled and other flat rolled steel prices will be higher than what we reported on Tuesday evening (HRC = $1,080 per ton average). We received information from an end user today of hot rolled purchases of $1,140 per ton for end of March/early April production. An order for HR […]
Most new U.S. flat-rolled electric-arc furnace steelmaking capacity won’t start up until the second half of this year, which could have big implications for spot hot-rolled coil prices. The back-ended nature of the capacity add means the market might sustain hot-rolled coil prices of $1,000 per ton or more longer than many buyers believe, industry sources […]
After communicating with one of our readers over the weekend, I realize it is important for our readers, and those who interact with our website, to understand what the SMU Price Momentum Indicator means. The SMU Price Momentum Indicator definition on our website clearly states that this is meant to be a visual showing where […]
Quality information is KEY…in steel and in life. I have been struggling on how to deal with what I saw yesterday at the U.S. Capitol. We cannot allow thugs to attack the workings of our democracy. At the same time, we should hold those who spread disinformation to the public accountable for the disservice they […]
Quality information is KEY…in steel and in life. I have been struggling on how to deal with what I saw Wednesday at the U.S. Capitol. We cannot allow thugs to attack the workings of our democracy. At the same time, we should hold those who spread disinformation to the public accountable for the disservice they […]
An interesting feature of trade remedy law, by which I refer to as antidumping, countervailing duty, safeguards and Section 232 import “adjustments,” is alleged circumvention of these orders. Readers have asked questions about this subject, which can catch downstream users and importers unawares. Circumvention refers to processing goods that are subject to trade restrictions (duties […]
An interesting feature of trade remedy law, by which I refer to as antidumping, countervailing duty, safeguards and Section 232 import “adjustments,” is alleged circumvention of these orders. Readers have asked questions about this subject, which can catch downstream users and importers unawares. Circumvention refers to processing goods that are subject to trade restrictions (duties […]
Steel Market Update wants to make you aware of some of the events we have planned for early 2021 as well as the 2021 SMU Steel Summit Conference, which will be (fingers crossed) a live event at the end of August. Steel Hedging 101: Introduction to Managing Price Risk Dates: Jan. 26-27 (half day workshop […]