The extreme cold snap that hit the southern U.S. disrupted production at Ternium Mexico, causing the loss of approximately 80,000 tons of production and an estimated $40 million. The facilities are now back to normal operations, but because the mill is operating at full capacity, lost production cannot be made up, said CEO Maximo Vedoya […]
California Steel Industries (CSI) has closed its May order booked for flat-rolled steel just a week after opening it. “We want to thank you for your continued support during these difficult times. … We will contact you when we open the Flat Rolled order book for June,” CSI said in a Feb. 23 letter to […]
Among steelmaking raw materials, the prices of iron ore, pig iron and steel scrap moderated through February following large gains seen in previous months. Prices declined as much as 16% month-over-month for those three products, but remain 34-57% higher compared to three months prior and as much as 87% higher than levels one year ago. […]
At least two major Mexican flat-rolled steel producers–Altos Hornos de México (AHMSA) and Ternium México–have cut production in response to power outages and natural gas shortages, according to mill communications. That development–along with transportation and production snarls at multiple flat-rolled mills in the southern United States–means the North American steel market might be short tens […]
At least two major Mexican flat-rolled steel producers–Altos Hornos de México (AHMSA) and Ternium México–have cut production in response to power outages and natural gas shortages, according to mill communications. That development–along with transportation and production snarls at multiple flat-rolled mills in the southern United States–means the North American steel market might be short tens […]
Stelco management presented an optimistic outlook for the Canadian mill in 2021. Fourth-quarter revenue rose 79 percent from the third quarter to CAD $424 million on higher steel pricing and increased volume. Shipments rose 46 percent sequentially to 489,000 net tons. Shipments are expected to jump another 35 percent in the first quarter of 2021. Stelco […]
Stelco management presented an optimistic outlook for the Canadian mill in 2021. Fourth-quarter revenue rose 79 percent from the third quarter to CAD $424 million on higher steel pricing and increased volume. Shipments rose 46 percent sequentially to 489,000 net tons. Shipments are expected to jump another 35 percent in the first quarter of 2021. Stelco […]
Black Swan Events One of the areas I cover when I am teaching my segment of our Steel 101 workshop is Black Swan Events and how they can impact the steel market – especially steel prices. Most of the United States appear to be having a Black Swan Event in the form of unusually cold […]
Black Swan Events One of the areas I cover when I am teaching my segment of our Steel 101 workshop is Black Swan Events and how they can impact the steel market – especially steel prices. Most of the United States appear to be having a Black Swan Event in the form of unusually cold […]
Rio Tinto, Paul Wurth SA and SHS Stahl Holding Saar are exploring a potential hydrogen-based hot-briquetted iron (HBI) operation in Canada. The Anglo-Australian miner, the equipment manufacturer and the German steelmaker have already inked a memorandum of understanding. They will now conduct a feasibility study about an “industrial-scale” low-carbon iron production plant, according to a […]
NLMK USA sales in the fourth quarter of 2020 increased 1% from the third quarter to 370,000 metric tons. Sales plummeted 22% from a year ago due to low capacity utilization at NLMK Pennsylvania attributed to the ongoing strike and a shortage of slabs for duty-free import. Rolling capacity utilization at the U.S. segment was […]
After divesting most of its U.S. assets to Cleveland-Cliffs, ArcelorMittal is now focused on strategic growth, controlling costs and leading the industry on sustainability, the steelmaker claims. The company is targeting net-zero emissions by 2050 and looks forward to commissioning its Smart Carbon steelmaking technologies in Ghent in 2022. ArcelorMittal achieved its first sales for […]
Some of you may have noticed that we have adjusted our language when it comes to the SMU Price Momentum Indicator. At this moment, the momentum indicators for hot rolled, cold rolled, galvanized, Galvalume and plate steels are pointing toward higher prices over the near term (next 30 to possibly as far out as 60 […]
It might be T-shirt weather before steel buyers in Canada have access to spot tons of sheet and plate, according to market participants. The three main Canadian sheet suppliers–Algoma, Stelco and ArcelorMittal Dofasco–are largely sold out through May and are in some cases out as far as June. And when it comes to plate, Canada’s […]
It might be T-shirt weather before steel buyers in Canada have access to spot tons of sheet and plate, according to market participants. The three main Canadian sheet suppliers–Algoma, Stelco and ArcelorMittal Dofasco–are largely sold out through May and are in some cases out as far as June. And when it comes to plate, Canada’s […]
Among steelmaking raw materials, the prices of iron ore, pig iron and scrap saw large gains in January compared to months prior, up as much as 86 percent year over year. Coking coal prices, which rebounded compared to recent months, were still down 9 percent in January versus prices one year ago. Zinc prices have declined […]
Minnesota Gov. Tim Walz has written letters to the CEOs of Cleveland-Cliffs and U.S. Steel asking for their cooperation in ensuring the future of iron ore taconite operations—Minntac and Hibbing Taconite. The facilities are critical to the Iron Range economy and employ over 1,700 workers combined. In his letters Monday to Cleveland-Cliffs CEO Lourenco Goncalves […]
As lower-emission electric arc furnace (EAF) mills become the predominant steelmaking method in the United States and other parts of the world, demand for pig iron, used to dilute the inclusions in melted scrap, will only grow. This trend has fueled speculation that integrated producers in the U.S. may repurpose idled blast furnaces for commercial […]
“What a difference a quarter can make,” exclaimed U.S. Steel President and CEO David Burritt during the opening of the fourth-quarter 2020 earnings call. The company posted positive net earnings of $49 million following a net loss of $234 million in the third quarter and a net loss of $688 million in Q4 2019. Net […]
Cleveland-Cliffs has committed to reducing its greenhouse gas emissions 25% by 2030. In a detailed plan, Cliffs plans to lower combined direct and indirect gas emissions on a mass metric tons per year basis compared with 2017 baseline levels. The company has already made progress toward emission reductions, achieving six years early its 2025 target […]
The newest powerhouse in the U.S. steel industry, Cleveland-Cliffs, expects a stellar fourth quarter due to the 2020 acquisitions of AK Steel and ArcelorMittal USA. Preliminary results for the company (including the period Dec. 9 through Dec. 31 for ArcelorMittal) show steel sales of 1.9 million tons and consolidated revenue of $2.2 billion to $2.3 […]
NLMK USA turned in a dismal quarter after cutting production in response to a months-long strike at the Pennsylvania mill and a dearth of duty-free slabs from the import market. Year-over-year, quarterly sales plummeted 22 percent to 370,000 metric tons and total sales for 2020 plunged 27 percent to 1.6 million MT, the company reported. […]
Tonnage on the Great Lakes-St. Lawrence Seaway system dropped just 1.7 percent during one of the most challenging years in recent history. Shipments on the water system, including commodities such as grain, iron ore and coal, totaled 37.7 million metric tons in 2020. “The Seaway’s 62nd navigation season was one of the most remarkable in […]
U.S. Steel has closed its $774 million deal for the remaining stake in electric-arc furnace steelmaker (EAF) Big River Steel. “Taking a page from the Big River Steel playbook, we are closing on this world competitive green steel asset purchase under budget and ahead of schedule,” said U.S. Steel President and Chief Executive Officer David […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor In the past week, iron ore has witnessed its steepest price fall since July 2019. Declining steel margins in China and mills having successfully built up inventories, in combination with an upcoming Chinese New Year (CNY) holiday, resulted in weaker buying interest. Supply side […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor Higher steel sheet prices continue to be assessed across most global markets. Reflecting this, CRU’s Global Flat Products Steel Price Indicator (CRUspi flats), has risen for the seventh consecutive month, reaching 238.2, its highest reading since September 2008. This indicator is now 56% […]
By CRU Principal Analyst Matthew Watkins, from CRU’s Steel Sheet Products Monitor Prices in Europe have surged higher once more over the past month, though the pace of weekly increases is showing signs of changing. Overall, our 2nd Wednesday price in February is much higher m/m for all sheet products across Europe. This continues what is […]
By Senior Analyst Ryan McKinley, from CRU’s Steelmaking Raw Materials Monitor The CRU metallics price indicator (CRUmpi) increased by 8.3% m/m in May to 370.7. Following China’s removal of a VAT rebate for steel exports, scrap markets in Asia surged. This momentum carried over to Turkey, where scrap import prices rose substantially m/m, although upward […]
By Josh Spoores, from CRU’s Steel Sheet Products Monitor One year ago, the title of our May Steel Sheet Products Monitor was “Global sheet markets move past bottom of demand cycle.” Today, global sheet consumption continues to rise, reaching levels where current global production cannot keep pace. In addition to the continued demand rebound from […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor The iron ore market has experienced one of the most volatile weeks on record. Prices have traded within a $40 /dmt range within the past week due to demand uncertainty in China. On Tuesday, May 18, CRU assessed the 62% Fe fines price […]