Nippon Steel has agreed to “invest heavily in U.S. Steel as opposed to own it,” President Donald Trump said on Friday during a press conference with Japanese Prime Minister Shigeru Ishiba. U.S. Steel is “a very important company” and was once “the greatest company in the world”. Of potential foreign ownership of the Pittsburgh-based steelmaker, Trump said, “the concept, psychologically, not good."
Nucor Corp.’s chief executive didn’t shy away from discussing the company’s interest in potentially acquiring the electric-arc furnace assets of U.S. Steel on Tuesday. An analyst on an earnings conference call asked about Nucor’s appetite for M&A given its strong cash position – $4.1 billion at the end of 2024. Chair, President, and CEO Leon […]
Alan Kestenbaum, the founder of Bedrock Industries and the former CEO of Stelco, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, Jan. 22, at 11 am ET. It’s free to attend. You can register here. We’ll look at Stelco’s recent sale to Cleveland-Cliffs and what made […]
Steel fabricators and distributors SPS Companies and State Steel will be merging their service center businesses under the SPS Companies family of firms.
Alkar Steel and Processing supplies hot- and cold-rolled steel, high carbon spring steel, high strength-low alloy steel, coated and stainless steel products throughout the Midwest.
Russel Metals Inc. has closed on its buy of Tampa Bay Steel.
Worthington Steel has reached an agreement to acquire a controlling equity stake in Italian-based electric motor lamination producer Sitem SpA.
Tampa Bay Steel, a Florida-based steel distributer and metal processer, generated average annual revenues of about US$115 million
Cleveland-based Olympic Steel announced its first acquisition of 2024, Georgia-based components manufacturer Metal Works.
Canada’s Stelco Holdings Inc. is now officially owned by Cleveland-Cliffs Inc.
Cleveland-Cliffs has received all the required approvals to finalize its $2.5-billion acquisition of Canadian steelmaker Stelco Holdings Inc.
AZZ Inc., relatively unfazed by volatility in zinc pricing, is optimistic about demand prospects and M&A opportunities, especially in the galvanizing sector.
Stelco shareholders voted overwhelmingly on Monday to OK the $2.5-billion sale of the Canadian flat-rolled steelmaker to Cleveland-Cliffs. Indeed, 99.97% of those who cast ballots voted to approve the deal, according the Hamilton, Ontario-based steelmaker.
Coal companies Arch Resources and CONSOL Energy announced their merger to create Core Natural Resources, a combined company with a market cap of ~$5.2 billion.
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.
Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]
Cleveland-Cliffs Inc. has agreed to purchase Canada’s Stelco Holdings Inc. in a deal valued at $2.5 billion (CA$3.4 billion).
Two veteran investment bankers joined SMU's Community Chat on Wednesday, July 10, to talk consolidation and M&A in the metals industry.
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]
Flat-rolled steel prices have been largely falling since the beginning of the year. Even after a slight bump in early April when mills tried to halt the downtrend, the decrease resumed.
Veteran investment bankers Vince Pappalardo and Andy Pappas will be the featured guests on the next SMU Community Chat on Wednesday, July 10, at 11 am ET (10 am CT). The live webinar is free to attend for all who register. A recording will be available only to SMU members. You can register here.
Worthington Steel’s earnings slipped in its fiscal fourth quarter while sales ticked up.
Flack Global Metals (FGM) is set to take majority ownership of Pacesetter Steel Service.
Nucor Corp. is adding another commercial door manufacturer to its growing portfolio of downstream companies. Charlotte, N.C.-based Nucor announced on Monday that it has agreed to purchase Rytec Corp. for $565 million in cash. Rytec produces high-speed, high-performance commercial doors at its two Wisconsin manufacturing facilities. The company’s rolling doors are used in warehouses, manufacturing […]
U.S. Steel and Nippon Steel Corp. (NSC) said they have received all regulatory approvals outside of the US for the proposed sale of USS to the Japanese steelmaker.
Cleveland-Cliffs is potentially eyeing a buy of NLMK USA’s Midwest assets, according to a report in Bloomberg.
What's the tea in the steel industry this week? Here's the latest SMU gossip column! Just kidding... kind of. Yes, some of the comments we receive in our weekly flat-rolled market steel buyers' survey are honestly too much to put into print. Some make us laugh. Some make us cringe. Some are cryptic. Most are serious. We appreciate them all. Below are some highlights from our survey results this week. Some of the comments that we can share with you are also included, in italics, in the buyers' own words, with minimal editing on our part.
Stelco reported a positive start to 2024 in its first-quarter earnings report on Thursday. And with steady demand and a stable market, the Canadian flat-rolled steelmaker is optimistic for the remainder of the year.
If successful in its overtures to Anglo American, BHP will create the world’s largest diversified miner by a country mile. The rationale for this merger is scale and in mining, size matters.