I’m writing these final thoughts from the JW Marriott in Tampa. And I’m looking forward to seeing some of you reading this in just a few hours at the opening networking reception of the Tampa Steel Conference. Nearly 550 people will be there – a new record for the event. If you’re looking for things […]
A Jan. 24 SEC filing by U.S. Steel Corp. reveals further details about the company’s strategic review process.
Cleveland-Cliffs has successfully completed a hydrogen injection trial at its Indiana Harbor #7 blast furnace in East Chicago, Ind., near Chicago.
SMU’s Jan. 24 Community Chat, featuring CRU's Principal Analyst Erik Hedborg, provided viewers with an update on the current state of the global iron ore market.
This latest SMU steel market survey is a snapshot of a sheet market inflecting lower. A significant 43% of survey respondents said that the hot-rolled (HR) coil market has already peaked. Compare that to only 8% when we released our last steel market survey on Jan. 5.
Worthington Industries recently completed its separation into two distinct companies: Worthington Steel and Worthington Enterprises. SMU sat down this week with Geoff Gilmore, president and CEO of Worthington Steel, to find out how the separation process went, and what’s on the horizon for the Columbus, Ohio-based company.
Both the United Steel Workers (USW) union and a number of politicians oppose the deal. The USW supports Cleveland-Cliffs’ offer. That offer is almost half of what Nippon Steel has proposed and what has been accepted by U.S Steel. I don’t understand the USW opposition to Nippon Steel buying U.S. Steel and the union favoring Cleveland-Cliffs. If Cleveland-Cliffs were to acquire U.S. Steel, it would likely mean the end of a headquarters in Pittsburgh.
Bloomberg has reported that Nippon Steel’s $14.1-billion deal for U.S. Steel might not close until 2025 – well after the Q2/Q3 2024 close date both companies have guided toward. That’s because a national security review of the deal ($14.9 billion if you include the USS debt Nippon Steel would assume) by the Committee on Foreign Investment in the United States (CFIUS) could take longer than initially expected
It’s been a sloppy start to the year for domestic hot-rolled (HR) coil and ferrous scrap markets. One of the loudest things to happen in HR this year might be something that didn’t happen at all. Namely, Nucor didn’t follow competitor Cleveland-Cliffs higher when Cliffs announced a price hike to start the year.
The United Steelworkers (USW) union is accusing U.S. Steel of labor contract violations as the steelmaker pursues its potential sale to Nippon Steel.
I expected that we’d start off January with prime scrap prices modestly up if for no other reason than industrial activity typically slows down over the holidays. And mills’ appetite for scrap typically increases in anticipation of stronger Q1 order activity.
Hot-rolled (HR) coil prices remain in the holding pattern they've been in since mid-December, according to SMU pricing archives.
Nippon Steel believes it can successfully complete its planned buy of U.S. Steel, according to a report in Reuters.
I’d have been surprised if anyone told me just last week that the January scrap market might move lower. What we saw on Friday were offers. Not settlements. And no doubt there are still some twists and turns in store before we can say for sure which way scrap will go.
All good things, including but not limited to the Holiday Season, must come to an end. The corporate independence of U.S. Steel Corporation looks like it’s coming to an end also, despite objections from some politicians and the United Steelworkers union.
The Department of Commerce issued its final determination in the trade case involving tin mill products from a handful of countries.
The new year represents an opportunity to capitalize on America’s leadership position in free market principles, steel industry modernization, and global efforts to create a lower carbon future for the steel industry. Steel Manufacturing Association (SMA) members are poised to lead the way.
The International Trade Commission (ITC) held a hearing on Thursday, Jan. 4, to consider arguments for and against the imposition of antidumping and countervailing duties (AD/CVDs) on tin mill products from a handful of countries. Both sides made compelling arguments.
Trading slowed across the Midwest hot-rolled coil (HRC) futures curve in the final weeks of 2023, with prices drifting mostly sideways through the month of December.
Cleveland-Cliffs didn’t wait long to roll out the first price increase of the year - $1,150 per short ton (st) for hot-rolled coil. That’s up $50 per ton from the steelmaker’s last published price. Will anyone follow? I’ve heard some mills are meeting this week but that any announcement might not come until next week. We'll see.
Cleveland-Cliffs has appointed private-equity executive Ron Bloom to its board of directors, effective immediately.
Cleveland-Cliffs is now targeting base prices of $1,150 per ton for hot-rolled coil (HRC), according to a press release on Wednesday morning, Jan. 3.
I was asked to do an interview for a cable news channel in Ohio about Nippon Steel’s planned acquisition of U.S. Steel for more than $14 billion.
US hot-rolled coil (HRC) prices were unchanged week over week (WoW) following a string of mostly upward moves dating back to late September.
Nippon Steel will acquire U.S. Steel in a deal valued at $14.9 billion, or $55 per share, the two companies announced on Monday morning. The Japanese steelmaker will keep U.S. Steel's iconic logo and its Pittsburgh headquarters, the companies said.
As 2023 draws to a close, I wanted to look back on some of the key events and themes of the year. But I’m going to hold off on that idea because we were – as of Sunday afternoon - still waiting on news about arguably the biggest event of the year, the potential sale of U.S. Steel.
U.S. Steel has received multiple bids valuing the company at more than $40 per share, CNBC reported on Wednesday.
Steel is up again this week. Scrap is up by a lot this month: $85 per gross ton for busheling, by our calculations.
We have seen a wave of service center transactions announced since the beginning of the month.
Cleveland-Cliffs is now targeting base prices of $1,100 per ton ($55 per cwt) for hot-rolled coil (HRC).