Cleveland-Cliffs Inc. has changed how it supplies the automotive industry in response to chip and parts shortages that have thrown a wrench into automaker production forecasts, the company’s top executive said. “We no longer adopt their forecast as the final truth, like it was historically,” Cliffs chairman, president and CEO Lourenco Goncalves said. How did […]
With significant EAF capacity coming online over the next few years, the talk of a tight scrap market creating problems for the EAF community has been an ongoing concern. But Mark Millet, president and CEO of Steel Dynamics Inc., is not overly concerned. He says innovation is the key to overcoming this potential obstacle. Speaking […]
US Steel is no longer importing pig iron from Ukraine and Russia for its Big River Steel Works – now the official name of its Osceola, Ark., electric arc furnace (EAF) sheet mill. The Pittsburgh-based steelmaker has also mostly weaned its integrated steel mill in Košice, Slovakia, off Russian raw materials as well, they said. […]
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 […]
ArcelorMittal has agreed to acquire a controlling stake in Voestalpine’s hot-briquetted iron (HBI) plant in southern Texas, in a deal that values the operations at $1 billion. The Luxembourg-based steelmaker will take an 80% stake in the plant located in Portland, Texas – just outside of Corpus Christi. Opened in October 2016, it’s one of […]
Voestalpine is in advanced talks to sell a majority stake in its hot-briquetted iron (HBI) plant in southern Texas, the company said. “In recent months, Voestalpine has been conducting an open-ended market sounding to stabilize the business model of its direct reduction plant in Corpus Christi, Texas.” The Austrian specialty steelmaker didn’t disclose a potential […]
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 […]
The war in Ukraine has triggered what may be the largest monthly increase in scrap prices ever seen with shredded scrap trading in March at around $600/GT and prime scrap at $700/GT – up by $125-175/GT over February, sources tell Steel Market Update. Market participants were expecting modestly higher scrap prices in March following declines […]
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 […]
Some North American flat-rolled steelmakers were silent when asked what the impact of the conflict between the U.S. and Russia might be on their operations. Others said their supply lines weren’t in the crossfire. One reason for the silence in some corners: Many rely heavily either on Russian slab or Russian or Ukrainian pig iron […]
Cleveland-Cliffs Inc. will indefinitely idle the No. 4 blast furnace at its Indiana Harbor steelmaking campus in northwest Indiana. The Cleveland-based steelmaker also announced that it was raising prices for April orders of carbon hot-rolled, cold-rolled and coated flat-rolled steel by at least $50 per ton ($2.50 per cwt). Cliffs will transfer hot metal production […]
Ferrous scrap has been described as “the new precious metal,” as mills all over the world invest in scrap-fed electric arc furnaces as a means of lowering harmful greenhouse gas emissions. Indeed, prime scrap may prove to be even more rare and prized than most realize. In the United States alone, producers will add 5.3 […]
Cleveland-Cliffs Inc. might shut a blast furnace this year, the company’s top executive said. “When we make a move, we make a move. … You might see a blast furnace going down for good still in 2022,” Cliffs Chairman, President and CEO Lourenco Goncalves said during a fireside chat at the Tampa Steel Conference this […]
Cleveland-Cliffs Inc. could join other steel producers in adding electric-arc furnace (EAF) capacity, the company’s top executive said. The Cleveland-based steelmaker is considering that because the cost of relining a blast furnace – and investing in the supply chains needed to feed it – are roughly the same as those for of building a new EAF. […]
Cleveland-Cliffs Inc. is expected to take an approximately 80-90 day planned outage on the No. 5 blast furnace at its Cleveland Works starting in mid to late March, according to market participants. The outage is expected to last until roughly mid-June. It is not expected to impact customers because the Cleveland-based steelmaker can stock slabs […]
Evraz is a major supplier of plate and tubular goods for the traditional oil and gas markets. At the same time, it is a leader in the use of renewable energy, with an electric arc furnace mill in Pueblo, Colo., powered primarily by solar. Jefferson Shaw, vice president of strategy for Evraz North America, sees […]
Algoma Steel Group Inc. and Triple M Metal LP have formed a joint venture – ATM Metals Inc. – to source prime scrap and other iron units for the Canadian flat-rolled steelmaker. The tie up between Triple M, one of North America’s largest private scrap recyclers, and Sault Ste. Marie, Ontario-based Algoma comes as the latter is […]
Cleveland-Cliffs Inc. has restarted the No. 7 blast furnace at its Indiana Harbor steel mill in northwest Indiana following a reline. “We just concluded the repair of Indiana Harbor No. 7. … We finished 24 hours ahead of schedule,” company Chairman, President and CEO Lourenco Gonvalves said during a conference call with analysts on Friday, […]
Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters. The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter […]
Tonnage moved across the Great Lakes-St. Lawrence Seaway has risen significantly thanks to a strong showing from vessels carrying iron ore and steel. Total cargo stood at 22.8 million tons (20.7 million metric tonnes) through the end of August – the midpoint of the Great Lakes shipping season – up more than 5% from 21.7 […]
In the near term, ferrous scrap prices are heading down. But in the long term – with the proliferation of electric arc furnace (EAF) steelmaking around the globe putting added pressure on scrap supplies – the price trend for scrap is definitely pointing upward. The cost of scrap and other metallics is of high interest […]
Cleveland-Cliffs Inc. plans to expand into the scrap market – and is creating a new division for that purpose, the company’s top executive said. The scrap division – Cleveland-Cliffs Services – will be spearheaded by Keith Koci, Cliff’s chief financial officer. More details about the venture will be made available in early September, Cliffs Chairman, President and […]
What’s this world coming to when an integrated steelmaker – a leader in an industry notorious for taking a huge toll on the environment – spends much of his earnings call talking about cutting carbon emissions? Said Lourenco Goncalves, Cleveland-Cliffs’ chief executive, last week: “Cliffs sees decarbonization as part of our license to continue to […]
Cleveland-Cliffs Inc. reported the best quarterly results in the company’s history with net income of $795 million on revenues of $5.0 billion in the second quarter. That’s a huge turnaround from the pandemic-plagued quarter last year when the company lost $108 million on revenues of just $1.1 billion. “In the second quarter of 2021, we […]
One of two United Steelworkers (USW) locals at Algoma Steel is opposed to the Ontario mill’s proposed switch from integrated steelmaking to electric arc furnace (EAF) production. USW Local 2251 President Mike DaPrat went so far as to boycott an event at the mill – attended by Canadian Prime Minister Justin Trudeau – to announce government-funding […]
Though he admits it was not the original plan, Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves said Wednesday at AISTech that his company no longer intends to produce merchant pig iron for sale to competitors, as has been widely speculated. In the past two years, Cleveland-Cliffs has purchased AK Steel and ArcelorMittal USA, making it the largest […]
ArcelorMittal wants to be carbon neutral by 2050, but reaching that goal will hinge on developing new ways to take fossil fuels – namely, coal and natural gas – out of the steelmaking process, a company executive said. It will also require that key technologies – carbon capture and storage (CCS), biofuels and other renewable […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
SSAB Americas President Chuck Schmitt joined SMU for a Community Chat webinar last week during which we talked plate, renewable energy and fossil-free steelmaking. We also got to some good questions from you about the hydrogen-based steelmaking SSAB is undertaking in Sweden through its HYBRIT partnership with iron ore miner LKAB and power producer Vattenfall. […]