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 […]
Imports of less expensive sheet and plate products continue to arrive at US ports, but at a slower pace. February marked only the second decrease in overall flat product imports in 10 months, according to Commerce Department data. Imports’ share of the US sheet and plate products markets peaked in December, reaching their highest levels in the […]
Mexican flat-rolled steelmaker Altos Hornos de México (AHMSA) has restarted its No. 5 blast furnace following a planned two-week upgrade outage, a company spokesman said. The 130 million pesos ($6.5 million) investment included upgrades to its continuous caster, coking plant ovens, service areas, and loading systems. Maintenance to AHMSA’S No. 5 blast furnace – its […]
The US Department of Commerce has decided to continue countervailing duties of 4.35 percent on cut-to-length steel plate from South Korea. “Commerce determines that revocation of the (duty) Order would be likely to lead to continuation or recurrence of countervailable subsidies,” according to an entry in the Federal Register dated Friday, April 1, 2022. The decision stems […]
The US Commerce Department has decided to continue anti-dumping duties on cut-to-length plate from a dozen nations. It has also determined that countervailing duties – more than 250% – on plate from China should remain in place. The Sun Doesn’t Set on Steel Duties Those decisions follow an expedited “sunset” review that began on December […]
Algoma Steel Group Inc. expects modestly lower shipments and production volumes in its fiscal fourth quarter because of supply chain bottlenecks and the ongoing impact of the Covid-19 pandemic. The Sault Ste. Marie, Ontario-based steelmaker forecasts shipments of 540,000-550,000 tons in the fourth quarter and adjusted EBITDA of CAD $310 million to $320 million (USD […]
Ford, Toyota and Honda continued to see production disruptions at various factories due to ongoing protests by anti-vaxxers blocking the Ambassador Bridge, the busiest international border crossing in North America. The auto industry has struggled to get parts over the U.S.-Canada border as the protest by truck drivers at the bridge had entered its fifth […]
Algoma Steel Group swung to a profit in its fiscal 2022 third quarter thanks to steel prices rising faster than raw material and energy costs. The Sault Ste. Marie, Ontario-based sheet and plate producer also said that construction was underway for its transition to electric-arc furnace (EAF) steelmaking. All told, the company recorded net income […]
The bubble is bursting. Not just any bubble. We’re talking the bubble that is ridiculously wide spreads between hot-rolled coil prices and base prices for cold rolled and coated products. Case in point: SMU’s hot-rolled coil price stands at $1,480 per ton, and our cold-rolled and galvanized base prices are at $1,880 per ton – […]
The Commerce Department has declined to initiate a duty-circumvention case filed by Steel Dynamics Inc. (SDI) against Vietnamese coated flat-rolled steel made from Japanese substrate The decision came on the heels of opposition from big foreign mills, major steel importers and exporters, as well as lobbying groups in Japan and Vietnam. “Commerce finds that SDI did […]
Looking for floor plate for Christmas? What about hot-rolled coil for the New Year? You’re in luck. Cleveland-Cliffs Inc.’s steel mill in Riverdale, Ill., can get floor plate to you by Dec. 25, or just 18 days from now. And most of its sheet mills can get you hot-rolled coil by Jan. 1, or 25 days […]
Algoma Steel Inc. has secured Canadian $220 million (U.S. $172 million) in funding from the Canada Infrastructure Bank (CIB) to help pay for its conversion to electric-arc furnace (EAF) steelmaking. The Sault Ste. Marie, Ontario-based steelmaker said the government money would pay for equipment for the project, which carries a total price tag of approximately […]
Steel Dynamics Inc. (SDI) has filed a duty circumvention case against coated flat-rolled steel from Vietnam made from Japanese substrate. The Fort Wayne, Ind.-based steelmaker thinks that “minor alterations” such as coating represent an attempt to circumvent existing antidumping and countervailing duty orders on hot-rolled and cold-rolled coil from Japan. The U.S. Commerce Department has […]
Algoma Steel posted record profits in its fiscal second quarter, and the Canadian flat-rolled steelmaker expects money to continue to pour in as high spot prices roll into 2022 contracts. The Sault Ste Marie, Ontario-based company also thinks that the traditional relationship between sheet and plate prices will be restored as infrastructure spending increases demand for […]
The board of Canadian flat-rolled steelmaker Algoma has approved the construction of two new electric arc furnaces (EAFs) with combined steelmaking capacity of 3.7 million tons per year. The new EAFs are expected to come online in 2024 and to replace the Sault Ste. Marie, Ontario-based company’s blast furnaces and basic oxygen furnaces. “We believe […]
Algoma Steel shares began trading on the Nasdaq Stock Exchange and the Toronto Stock Exchange (TSX) on Wednesday under the ticker symbol “ASTL.” The development follows an initial public offering (IPO) made possible by a merger between the Canadian flat-rolled steelmaker and New York-based Legato, a special purpose acquisition company (SPAC). The deal resulted in […]
Algoma Steel’s initial public offering (IPO) is around the corner following shareholder approval of a deal between the Canadian steelmaker and Legato Merger Corp., a special purpose acquisition company (SPAC) The merger between the New York-based SPAC and privately held Sault Ste. Marie, Ontario-based Algoma is expected to close this week, an Algoma spokeswoman said. […]
U.S. Steel’s Midwest Plant is back up and running after operations were temporarily halted because of discolored wastewater, a company spokeswoman said. The Portage, Ind., finishing operation – part of U.S. Steel’s Gary Works in northwest Indiana – had been down for about a day, the spokeswoman told SMU on Wednesday afternoon. Midwest Plant typically discharges treated […]
U.S. Steel has temporarily halted operations at its Midwest Plant because of discolored wastewater discharged from its Portage, Ind., finishing facility. “The Midwest Plant was shut down as a precaution, and we continue to coordinate with agencies to collect additional samples to monitor the situation,” a company spokeswoman said in an email to Steel Market […]
Mexican steelmaker Altos Hornos de México (AHMSA) has called off its deal with service center Grupo Villacero, according to regulatory filings in Mexico. AHMSA said it had scrapped the agreement with Alianza Minero Metalúrgica Internacional because of alleged “legal irregularities.” Alianza is a group of investors led by Grupo Villacero President Julio Villarreal, per Mexican […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
California Steel Industries (CSI) has closed its flat-rolled steel order book for October just a week after opening it. “We want to thank you for your continued support. … We will contact you when we open the flat rolled order book for future orders,” the company said in letters to customers. The West Coast slab […]
Flat-rolled steel prices continue to shoot upward – with no signs of the summer doldrums, the chip shortage or fears of a correction blunting their momentum. U.S hot-rolled rolled coil prices now stand at $1,850 per ton ($92.50 per cwt), up $30 per ton from a week ago. Cold-rolled coil and galvanized base prices notched similar […]
Flat-rolled steel prices continue to shoot upward – with no signs of the summer doldrums, the chip shortage or fears of a correction blunting their momentum. U.S hot-rolled rolled coil prices now stand at $1,850 per ton ($92.50 per cwt), up $30 per ton from a week ago. Cold-rolled coil and galvanized base prices notched similar […]
I’ve heard more than a few times now that we should keep a close eye out for falling steel prices because, “Look what happened in lumber.” In case you’ve been under a rock (or tree), lumber prices fell more than 40% in June, their biggest monthly drop on record, according to CNBC and others. What […]
SMU found no evidence of a summer lull in our latest check of the market. Sheet prices were flat or up in a post-holiday period that in prior years has seen them slip. Hot-rolled coil and cold-rolled coil prices were unchanged. Galvanized and Galvalume prices were up $25 per ton and $50 per ton, respectively. […]
SMU found no evidence of a summer lull in our latest check of the market. Sheet prices were flat or up in a post-holiday period that in prior years has seen them slip. Hot-rolled coil and cold-rolled coil prices were unchanged. Galvanized and Galvalume prices were up $25 per ton and $50 per ton, respectively. […]
Algoma Steel is slated to receive as much as C$420 million ($340 million U.S.) from the Canadian government to help pay for its switch from integrated steelmaking to electric-arc furnace (EAF) production. The amount will be distributed over four years and is aimed at making the Sault Ste. Marie, Ontario-based flat-rolled steelmaker one of the […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
Hot-rolled coil prices have broken through the $1,700 per ton ($85 per cwt) threshold and now average $1,720 per ton. That’s up $45 per ton from a week ago and closing in on quadruple a 2020 low – reached last August – of $440 per ton. The latest gains come after Steel Market Update’s sentiment […]