The US and EU affirmed their intention to reach a common framework on carbon emissions in steel and aluminum by October at the Trade and Technology Council (TTC) meeting in Luleå, Sweden, on Wednesday. At the meeting the EU and US said that via the Transatlantic Initiative for Sustainable Trade they are “strengthening engagement towards […]
Executives from leading US steel companies sat down to discuss some of the challenges ahead of what appears to be a very bright future for the industry at AISTech 2023’s Town Hall Forum in Detroit on Wednesday, May 10. Panelists included Traci L. Forrester, Cleveland-Cliffs’ EVP, environmental and sustainability; Richard L. Fruehauf, SVP – chief […]
Weather events significantly disrupted commodity markets in 2022, fueling already significant price volatility. La Niña has ended in Australia, but other weather events and permanent climate change continue to impact global commodity supply chains. Weather – A Significant Disruptor in 2022 Heightened seasonal weather and extreme weather events disrupted multiple commodity markets in 2022. Heavy […]
National Security Advisor Jake Sullivan recently gave an important speech on the direction of trade policy. It was not his speech alone, but part of a coordinated roll-out of the Biden administration on trade policy, including contributions from President Biden, US Trade Representative Katherine Tai, and US Treasury Secretary Janet Yellen. It’s worth looking at […]
The United States and European Union are quarrelling about several trade issues. None is more far-reaching than the trade impact of measures to address climate change. While some still doubt the need or ability of the world’s nations to tax or subsidize their way out of human-caused global warming, governments, at least in Europe and […]
The World Trade Organization keeps on rolling along. Last week, the current director general (DG) of the World Trade Organization, Ngozi Okonjo Iweala, made a trip to the United States to attend the IMF annual meetings and to meet with international trade-oriented officials and business representatives. Her itinerary included addressing the Washington international trade community, […]
Top executives from US Steel met with White House officials to explore funding opportunities for decarbonization. The Pittsburgh-based steelmaker said president and CEO David B. Burritt and Richard L. Fruehauf, chief of strategy and sustainability, joined White House climate officials as well as industry and labor leaders to discuss “public and private collaborations to support […]
By CRU Research Analyst Rosy Finlayson, from CRU’s Steelmaking Raw Materials Monitor Last week, trading activity in the Turkish scrap import market was limited. Buyers held off on purchasing material as they awaited details on the announcement of a finished steel price cap agreement between the Turkish Trade Ministry and steelmakers. However, deals done late […]
President Biden devoted a significant portion of his State of the Union address earlier this month on Buy American issues. As on most issues, “the devil is in the details,” but his general sentiment is clear. America, he believes, has sent jobs and wealth overseas by allowing Americans to buy imported products. This is a […]
Depending on when you read this, you might know who won the Super Bowl, but we know who won this week—Joe Biden. President Biden gave an effective State of the Union on Tuesday. The speech had everything his (and Bernie Sanders’) supporters could hope for: more Buy American, more equality, more populism, even more support […]
Nucor Corp. has introduced its new sustainable, heavy-gauge steel plate “Elcyon.” The product will be made exclusively for the US offshore wind energy sector, and will be manufactured at Nucor’s new $1.7-billion ultramodern plate mill in Brandenburg, Ky. “By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook In December we conducted our annual macroeconomic survey, asking our clients to look into the future of the global economy. As we look back on a year full of challenges for the global economy and head into 2023 full of uncertainty, we explore the […]
Nucor Corp. rolled its first steel plate at its new $1.7-billion plate mill in Brandenburg, Ky., on Dec. 30, the company said in a statement on Tuesday, Jan. 3. The Charlotte, N.C.-based steelmaker confirmed final commissioning and first customer shipments from the mill are expected in the first quarter of 2023. “Congratulations to our more than […]
The US and the European Union have been engaging in talks designed to reduce global “overcapacity” in steelmaking. These talks stemmed from the agreement between the US and EU to change US Section 232 import measures from tariffs to tariff rate quotas (TRQs). The US has announced a plan (details are scarce) to impose higher […]
Nucor Corp. has partnered with Boulder, Colo.-based startup Electra to develop “carbon-free” iron. The goal is to further reduce greenhouse gas emission in Nucor’s steelmaking operations. “Just as Nucor changed the face of the steel industry 53 years ago with our first electric arc furnace, successfully developing and scaling up a zero-carbon iron product is the […]
Nucor Corp. has become the first major industrial company to join the United Nations 24/7 Carbon-Free Energy Global Compact. The Compact’s aim is to accelerate the decarbonization of the global electricity systems, reducing climate change, and providing access to clean and economical electricity, effectively advancing the world’s transition to a zero-carbon electrical grid. Nucor is […]
By CRU Sustainability Analyst Zsombor Garzo, from CRU’s Sustainability Services – The US political system was designed to balance power – with the President, the Congress, and the Supreme Court all being able to challenge each other. – Democrats losing control of Congress would considerably limit the Biden administration’s ability to pursue its climate change […]
Nucor Corp.’s new $1.35 billion plate mill in Brandenburg, Ky., remains on track to start up late in the fourth quarter of this year, with “meaningful production” to occur in the first quarter of 2023, Leon Topalian, Nucor’s chair, president, and CEO said on an earnings conference call with analysts on Thursday, Oct. 20. The […]
The international consensus on expanding international trade has shattered. New York Times columnist Paul Krugman wrote a piece last week in the Times outlining some of the factors that led to the demise of this consensus. In the 1990s, with the advent of NAFTA and the WTO, the prevalent view among policymakers was that trade […]
I look for connections in current events, and often they are apparent for all the world to see. One recent example—in the Inflation Reduction Act, passed in August, Congress reinstated and revised the tax credit for “clean vehicles,” including electric, hybrid plug-in, and alternative fuel vehicles (such as hydrogen fuel cells). These cars are in […]
Nucor Corp. is pursuing LEED v4 for Building and Design certification for its new plate mill in Brandenburg, Ky. With categories of sustainable performance and climate change, and third-party transparency and reporting requirements, the certification is even more rigorous than previous LEED rating systems, the Charlotte, N.C.-based steelmaker said in a press release. “Sustainability has […]
SSAB is expanding its decarbonization efforts. The Swedish steel company recently announced its partnership with equipment manufacturer Oshkosh Corp. Oshkosh will receive fossil-free steel from SSAB to manufacture environmentally-friendly vehicles. “We are very happy to welcome Oshkosh Corp. into our partner group to be the first in the US to prototype fossil-free steel in commercial and […]
I was communicating with the head of commercial for one of the domestic steel mills about the recent spate of price announcements and what they have managed to accomplish to date. I was told, “Just another effort to get the momentum back to the other side. Partially successful if you ask me. Stops the erosion. […]
Domestic steel groups are supportive of some portions of the recently passed Inflation Reduction Act. The bill is meant not only to make a down payment on deficit reduction to fight inflation but to also invest in domestic energy production and manufacturing. It in addition aims to reduce carbon emissions by 40% by 2030, allow for […]
The House of Representatives on Friday approved the Inflation Reduction Act (IRA) on a party-line vote. This legislation, with only Democratic support, passed the Senate 51-50 last weekend. The bill now goes to President Joe Biden, who will sign it into law. This is by any measure a major piece of legislation. On the surface, […]
Two major pieces of legislation were in the news this week. On the merits, both are scaled back substantially from earlier versions. But they are still major initiatives. The first has gone to President Biden for his signature, which is certain. That is the Chips for America Act, legislation that will provide substantial subsidies to […]
President Biden visited the Middle East last week. He touched down at Andrews Air Force Base in Maryland early Sunday morning. Every presidential trip is and must be evaluated by what else is going on. This one was originally billed as routine: to attend a summit meeting of the Gulf Cooperation Council (GCC), a group […]
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 […]
By CRU Research Managers Sarah Macnaughton and Paul Butterworth, and contribution from CRU Sustainability Analysts Zsombor Garzo International trade is an essential part of the global steel industry, with over 20% of steel production traded today. However, as the world moves towards decarbonization, CRU finds that established trade flows are at risk. The green transition […]