Ryerson, the Chicago-based steel processor and distributor, reported record annual results for 2021 highlighted by capital investment in two new service centers and significant debt reduction that positions the company well for what management expects to be a strong 2022. Ryerson reported net income of $294.3 million on revenues of $5.68 billion in 2021. That’s […]
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 […]
Stelco Holdings Inc. posted record annual results in 2021 but warned – unlike other North American steelmakers – that the good times would not roll into this year. “We certainly benefited from exceptional price levels for much of the year,” Stelco Executive Chairman and CEO Alan Kestenbaum said. “In 2022, however, we expect to see […]
Sheet prices fell hard again this week. Our average hot-rolled coil number now stands at $1,020 per ton ($51/cwt), down $60 per ton from last week and marking the lowest point for HRC prices since January 2021. Large buyers reported deals in the mid-$900s. Another notable trend: Prices for coated products led the way downward […]
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 […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]
Reliance Steel & Aluminum Co. “finished the year strong with record financial performance across nearly every metric,” CEO Jim Hoffman said during the service center’s earnings call on Thursday. Reliance reported record annual gross profits of $4.49 billion on record annual sales of $14.09 billion for full-year 2021. The fourth quarter was also the best […]
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 […]
Cleveland-Cliffs Inc. posted a near-record profit in the fourth quarter and predicted that the good times would continue to roll into 2022 thanks to fixed-price contracts resetting at higher numbers. That prediction comes largely because automakers, which typically buy steel on contract terms, were forced to limit production in 2021 because of the global chip […]
Total mill shipments of steel products rebounded in December to 8.985 million tons, a 7.8% increase over November’s 8.334 million tons, and the highest monthly total for 2021. Apparent supply saw a 5.0% boost in December, rising for the second straight month following repeated decreases in September and October. This analysis is based on steel mill shipment […]
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 […]
On the price front, we’re below $1,200 per ton ($60 per cwt) for hot-rolled coil the first time in almost exactly a year, which had me going back and checking some of the headlines we had a year ago. A recurring theme is that just about everything that happened last year is happening in reverse […]
Sheet prices continue to fall, but the pace of declines has moderated on the hot-rolled coil side. SMU’s average hot-rolled coil price now stands at $1,190 per ton ($59.50 per cwt), down $45 per ton from $1,235 per ton last week. This weeks’ drop was less than half the $100-per-ton decline recorded last week. And […]
The U.S. has announced that a deal has been reached with Japan to ease Section 232 national security tariffs on steel imports from the key U.S. ally. The U.S. Commerce Department and the Office of the U.S. Trade Representative announced the deal at around 5 pm Eastern Time on Monday, Feb. 7, as SMU had […]
We are but one week away from the start of the 33rd Tampa Steel Conference. When I checked registrations mid-week last week, we were just a few executives short of 400 attendees. I now anticipate we will exceed my original goal of 300-400 attendees, which would make this the best-attended in-person Tampa Steel Conference since […]
Plate prices have been remarkably steady in the face of sheet price declines of hundreds of dollars per ton. That trend probably can’t hold for much longer, and plate prices are overdue for a correction, according to market contacts and SMU data. For starters, look at the chart below: HRC prices have fallen from $1,600 […]
Steel prices continue to fall very, very quickly. Where they’ll bottom and when remains unclear. I wrote in an in-print magazine article last month that I hesitated to put pen to paper for fear that any prices I wrote would be out of date by the time the article was on the page. My fear now […]
January marked the fifth consecutive month of declining steel prices, following a year-long streak of continuous price increases. Hot rolled prices declined $200 per ton throughout the month, with the SMU index averaging $1,335 per ton ($66.75 per cwt) as of Tuesday, Jan. 25. The SMU Price Momentum Indicator for sheet products remains at Lower since its mid-October adjustment. January […]
U.S. Steel isn’t letting current lower prices get it down after a record year in ’21 and in anticipation of more good times rolling into ‘22. The Pittsburgh-based steelmaker said it had expected the first quarter would be weaker but that such weakness would to be temporary. “Supply chain issues will ease, inflationary pressures will […]
I don’t want to lead prices down, but I don’t think it’s any secret at this point that sheet prices are falling fast. “The prophecies have been borne out,” is how one mill executive put it. What does that look like in practical terms? Some mills are offering hot-rolled coil at about $1,200 per ton […]
Nucor Corp. crushed annual profit records in 2021 and posted yet another quarterly profit record in the fourth quarter. The trend continues a 2021 pattern among domestic steelmakers of each quarter setting a record compared to that set in the prior quarter. All told, the Charlotte, N.C.-based steelmaker posted an annual profit of $6.83 billion […]
Nucor Corp. crushed annual profit records in 2021 and posted yet another quarterly profit record in the fourth quarter. The trend continues a 2021 pattern among domestic steelmakers of each quarter setting a record compared to that set in the prior quarter. All told, the Charlotte, N.C.-based steelmaker posted an annual profit of $6.83 billion […]
The ongoing correction in steel prices is not a reflection of demand, which is strong now and is expected to remain so for the balance of 2022, Steel Dynamics Inc. (SDI) executives said. Hot-rolled coil prices are roughly in line with published price ranges of $1,300-1,400 per ton ($65-70 per cwt), although a limited number […]
Steel Dynamics Inc. (SDI) posted record fourth-quarter earnings to finish a year of unprecedented profitability for domestic steel mills. And the Fort Wayne, Ind.-based steelmaker predicted that it would benefit from increased steel consumption in 2022 compared to 2021 levels. The company did not directly address a steep drop in prices that occurred in the […]
NLMK USA sales slipped in the fourth quarter on expectations of lower steel prices driving buyers to the sidelines. It was not only lower consumer activity that pushed NLMK USA sales volumes and prices lower, so too did the tariff-rate quota (TRQ) agreement with the European Union – which is expected to result in additional […]
SMU’s latest prices are out, and hot-rolled coil is down by $55 per ton while galvanized prices are down a comparatively modest $25 per ton. That’s been the trend for a while now – that galvanized prices have been “stickier” than hot-rolled coil prices on the way down. I wrote last week in Final Thoughts […]
U.S. Steel is mulling a sale of its USS-UPI LLC subsidiary in Pittsburg, Calif. – potentially to a developer without long-term interest in running the mill, according to market participants. Some employees have been told that the mill could stop operating in late 2023, they said. Nothing has been officially announced, none will be until […]
Evraz North America has taken an approximately one-week unplanned outage at its plate mill in Portland, Ore., market participants said. The downtime was needed because of problems with a reheat furnace, they said. The steelmaker has also scheduled a weeklong planned outage at the Portland plate mill in March, sources said. A company spokeswoman confirmed that […]
Total mill shipments of steel products fell 3.3% in November to 8.334 million tons, slipping for only the second time in eight months. Apparent supply rose fractionally in November, up 0.2% after eroding successively the prior two months. This analysis is based on steel mill shipment data from the American Iron and Steel Institute (AISI) and import-export […]