Algoma Steel Group posted solid profits in its fiscal first quarter on rising steel prices, despite higher raw material costs for iron ore, scrap, alloys and natural gas. The Sault Ste. Marie, Ontario-based flat-rolled steelmaker also said the gains came despite a “significant” planned outage at its plate mill for a first phase of upgrades. […]
Algoma Steel and United Steelworkers (USW) Local 2251 have agreed to extend labor contract talks for another 15 days, narrowly averting a strike. The Sault Ste. Marie, Ontario-based steelmaker confirmed that in a press release on Saturday. And USW Local 2251 president Mike Da Prat confirmed it as well in an exclusive interview with Steel […]
ArcelorMittal SA has agreed to buy Brazilian steelmaker Companhia Siderúrgica do Pecém (CSP) from Brazilian iron ore miner Vale SA and shareholders. The deal is worth $2.2 billion and is expected to be completed late this year. CSP is a joint venture between Vale, which holds a 50% stake in the company, and South Korean steelmakers […]
Prices for all seven of the steelmaking raw materials tracked in this SMU analysis declined over the last 30 days, receding further from record-high levels seen in March and April. Through the latest data available as of July 27, coking coal prices decreased 56% compared to one month prior, pig iron and busheling scrap prices […]
Steel made by US electric arc furnace (EAF) producers emits 75% less carbon than steel produced by traditional blast furnace-based production. That’s according to an independent study conducted by Steel Market Update parent company CRU Group for the Steel Manufacturers Association (SMA). The results of that study were released today. Washington, D.C.-based SMA represents the […]
Leaders of the American steel industry gathered with members of the Congressional Steel Caucus on Wednesday in Washington, to discuss the state of the industry and how Congress can continue to support this critically important sector of the economy. Topics of discussion at the Caucus hearing included building and supporting critical supply chains and domestic manufacturing, […]
The United Steelworkers (USW) and United States Steel Corp. got underway with master contract bargaining talks this week, and they got straight down to business, according an update sent to union members. The USW struck a hopeful tone in early talks with Cliffs. The tone in an update on bargaining with USS was more business-like. The notice […]
The United Steelworkers (USW) and Cleveland-Cliffs Inc. both seem eager to get a new labor pact done quickly, with potentially few hurdles along the way, statements by both parties indicate. The USW provided members with an upbeat report following an initial round of master contract bargaining with the Cleveland-based steelmaker. Meetings were held in Pittsburgh […]
The United Steelworkers (USW) is preparing to start master contract bargaining with US Steel in the first half of July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh and which will likely begin next week, a union spokesman told Steel […]
The United Steelworkers (USW) is preparing to start master contract bargaining with Cleveland-Cliffs Inc. in mid-July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh. The USW’s current labor pact with the Cleveland-based steelmaker expires on Sept. 1. Talks will focus […]
The rally was fun while it lasted, but new capacity delayed in large part because of Covid has arrived or soon will, popular analyst Timna Tanners said. And it will coincide with some demand weakness. The result: “steelmageddon” (aka “sheet storm”) might have been delayed. But it has finally arrived, she said. “Here we are with capacity starting […]
The steel industry’s push to decrease CO2 emissions in steelmaking will require an increase in high-grade iron ore production and improved beneficiation techniques, according to a report from The Institute for Energy Economics and Financial Analysis (IEEFA). To reach net-zero emissions by 2050, not only will steelmakers need to switch production methods from coal-consuming blast […]
US Steel plans to stop making steel at its Granite City Works near St. Louis in the second half of 2024, a company spokeswoman told Steel Market Update on Tuesday. The Pittsburgh-based steelmaker expects that the mill’s blast furnaces will switch over to pig iron production as part of a deal with SunCoke Energy Inc., […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor Prices for sheet products continued to fall rapidly around the globe this week. Mills in the US have become increasingly aggressive with their offers and are shifting their focus towards value-added products in order to obtain higher margins over costs. As a result, […]
Prices for six of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days, again receding from record-high levels seen 2-3 months prior. Through the latest data available as of June 23, coking coal prices decreased 28% compared to one month prior, aluminum prices fell 15%, iron ore and […]
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 […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
SSAB and Shape Corp., have partnered to deliver fossil-free steel crash management and body structure systems to the US market, the steelmaker said. The Grand Haven, Mich.-based tier-one automotive supplier of lightweight body structures, will be testing SSAB’s HYBRIT steel – made from hydrogen-reduced sponge iron – for use in automotive applications. “We are excited […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
High steel prices continued to benefit Canadian flatrolled steelmaker Algoma Steel Group as it posted strong results for its fiscal 2022 fourth quarter and full year ended March 31. “Our strong results for the fiscal fourth quarter capped off an incredible year at Algoma, one that produced record revenues, profitability and cash flows. Relentless execution […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Prior to Metal Edge Partners, Bryan held a variety of commercial […]
The Biden administration, picking up where the “America First” Trump administration left off, extols the virtues of increased production here at home. There are many advantages to this approach, the president says. Increased production in the US will diminish reliance on China in critical materials for electric vehicles (rare earth metals and lithium, for example). […]
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 […]
Who wants to be in the hot-rolled coil business anymore? I ask that only partly in jest. It’s not that no one wants to make spot HRC anymore. It’s just that not many companies seem to want to make it their bread and butter. Nucor spending $3 billion for a garage door company and looking […]
By CRU Senior Analyst Puneet Paliwal, from CRU’s Global Steel Trade Service, May 23 The Indian government’s sudden move to levy a 15% tax on most exported steel products has surprised the steel industry. While an attempt has been made to soften the impact by exempting import tariff on coking coal/coke and raising export tax […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Following record price increases in March and April, prices for six of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days. […]
Because of their large amount of carbon emissions, blast furnace-basic oxygen furnace (BF-BOF) steelmaking and the raw materials used in the steelmaking process are extremely vulnerable to long-term climate risks in the transition to a low-carbon economy, according to Fitch Ratings. Fitch has assigned Climate Vulnerability Scores to the metals and mining sectors in a […]
Three months of war in Ukraine have wreaked havoc on the country’s iron and steel industry and caused repercussions across the global economy, but industry and the country of Ukraine continue to fight back. In this week’s SMU Community Chat, Stanislav Zinchenko, CEO of the GMK Center, spoke with us on the impact Russia’s invasion […]
A previously shuttered iron ore concentrate facility on the Mesabi Iron Range might be coming back to life under the newly-formed MagIron LLC. The Plant 4 concentrator near Grand Rapids, Minn., formerly owned by Magnetation and once rescued from bankruptcy by ERP Iron Ore – which subsequently filed for bankruptcy itself – has been acquired by former […]