Nucor plans to build a new, $370-million continuous galvanizing line at California Steel Industries (CSI) to serve construction markets in the western US. The Charlotte, N.C.-based steelmaker said the galv line would have annual capacity of 400,000 tons per year (tpy), and would increase CSI’s total hot-dip galvanizing capacity to 1.2 million tpy. The project […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
Flat Rolled = 52.4 Shipping Days of Supply Plate = 50.3 Shipping Days of Supply Flat Rolled US service center flat-rolled supply in November was steady month on month (m/m), according to Steel Market Update data. At the end of November, service centers had 52.4 shipping days of flat-rolled steel supply on an adjusted basis, compared […]
Nucor Corp. said it expects lower earnings in its steel mills segment in the fourth quarter ending Dec. 31 vs. the previous quarter. Reasons cited include lower average selling prices, margin compression and lower volumes, with the largest decrease in profitability expected at its sheet mills. The Charlotte, N.C.-based steelmaker said it expects overall fourth-quarter […]
Nucor is planning to build two new tower production plants, evaluating locations in the Midwest and Southeast. The Charlotte, N.C.–based steelmaker announced the plans to build two new state-of-the-art tower production plants as part of its Nucor Towers and Structures division. The towers and structures business unit was formed after the company’s acquisition of Summit Utility […]
Nucor Corp. said Noah Hanners will be promoted to executive vice president effective Jan. 1. Hanners began his career with Nucor in 2011, the steelmaker said, noting that he currently serves as vice president and general manager of the David J. Joseph Co. “Noah has proven his abilities in the many leadership roles he has held at Nucor and throughout his career,” Nucor chair, […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words rather than summarizing them in ours. We want to hear your thoughts, too! […]
Hot-rolled coil prices have risen for a third consecutive on the heels of a $60-per-ton ($3-per-cwt) post-Thanksgiving price hike by domestic mills. Also providing a lift to sheet prices are higher scrap costs, expectations of buyer restocking in the first quarter, and a sense among mills that momentum is on their side. A second round […]
The federal government and the domestic steel industry lashed out against a World Trade Organization (WTO) decision ruling that the US violated international trade rules with Section 232 national security tariffs on steel and aluminum. The WTO on Friday, Dec. 9, ruled in favor of Norway, which challenged the Section 232 tariffs – 25% on steel and […]
Nucor Corp. has partnered with Boulder, Colo.-based startup Electra to develop “carbon-free” iron. The goal is to further reduce greenhouse gas emission in Nucor’s steelmaking operations. “Just as Nucor changed the face of the steel industry 53 years ago with our first electric arc furnace, successfully developing and scaling up a zero-carbon iron product is the […]
Sheet price hikes announced last week by domestic mills appeared to have succeeded in putting a floor under tags this week. The question now is to what extent the increases will stick and whether those gains will be sustainable. Our hot-rolled coil price reflects broader market trends. SMU’s average HRC price stood at $615 per […]
US hot-rolled coil (HRC) prices edged up slightly last week on a wave of $60-per-ton sheet price hikes announced by domestic mills. The move appears to have at least temporarily stopped the bleeding seen over the last two months. Time will tell if the price hike attempt finds support. Just about everyone announced an increase of […]
US plate prices were mostly flat this week, but more erosion could be on the horizon now that Nucor announced another round of price cuts. SMU’s most recent check of the market on Tuesday, Nov. 29 placed plate prices between $1,480-1,620 per ton with an average of $1,550 per ton FOB mill east of the […]
If you’re somewhat new to the steel industry, the wave of $60-per-ton sheet price hikes announced by mills in the US and Canada this week might have seemed a little weird. Why did they all announce it at once? Why did they all pick the exact same number to go up by? Let’s say you […]
More North American steel producers are joining in the attempt to increase prices for steel sheet products. NLMK USA said in a Dec. 1 letter to customers that “due to increased order placement and extending lead times,” its base prices will increase by a minimum of $60 per ton ($3 per cwt) for spot orders. […]
Nucor Corp. has joined other sheet producers in the US and Canada in a push to raise base prices by at least $60 per ton ($3 per cwt). The Charlotte, N.C.-based steelmaker said the move was effective immediately for new orders in a letter to customers on Wednesday, Nov. 30. “We reserve the right to […]
After two months of maintaining plate prices, Nucor Corp. announced it will be lowering plate prices with the opening of its January order book. In a letter to customers, the Charlotte, N.C.-based steelmaker said prices for as-rolled discrete plate, normalized plate, and quench & tempered plate will all be decreasing by $140 per net ton, […]
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28. The Cleveland-based company […]
Hot-rolled coil lead times have been bouncing around four weeks on average since July. HRC prices over that time have fallen from $955 per ton ($47.75 per cwt) to $630 per ton as of last week, a 34% decline. The question now is whether we bottom out around $600 per ton. Will sheet prices and lead […]
US plate prices were down marginally last week as spot tons garnered some discounting on limited demand. Plate tags have been eroding slowly in recent weeks with buyers largely on the sidelines. That’s a shift from late October and early November, when prices were roughly flat. Buyers’ focus remains almost exclusively on managing inventories as […]
A new international initiative aimed at setting a global standard for green steel has been launched and is being led by major players in the US steel industry. The founding members of the new Global Steel Climate Council (GSCC) include Nucor Corp., Steel Dynamics Inc. (SDI), Commercial Metals Co. (CMC), Spain’s Celsa Group, the Steel […]
Demand for low-carbon steel is picking up, with two US steel producers bagging significant contracts to provide green steel for a global HVAC producer. Sustainable HVAC provider Trane Technologies announced it will be purchasing low-carbon steel from Nucor Corp., its primary supplier, as well as from US Steel. Nucor’s Econiq™ steel and US Steel’s verdeX® […]
Nucor Corp. has become the first major industrial company to join the United Nations 24/7 Carbon-Free Energy Global Compact. The Compact’s aim is to accelerate the decarbonization of the global electricity systems, reducing climate change, and providing access to clean and economical electricity, effectively advancing the world’s transition to a zero-carbon electrical grid. Nucor is […]
Greenwave Technology Solutions Inc. is significantly expanding its operations with two new metal recycling facilities, new trucks, and an online car buying program. The Suffolk, Va.-based recycler currently operates 11 facilities in Virginia and North Carolina through its subsidiary Empire Services Inc. This month, its 12th facility will open in Fairmont, N.C., and in December, a […]
Steel prices continue to slide, and apparently so does sentiment. Based on SMU’s latest check of the market, sheet prices once again fell across the board, grinding lower and nearing levels some never expected to see again. Speculation that hot-rolled coil (HRC) prices will be at or near the $600-per-ton mark takes center stage with […]
The US Department of Commerce’s International Trade Administration (ITA) is updating import duties on hot-rolled steel flat products from Turkey and South Korea. The agency just released preliminary results in reviews of the countervailing duties on Turkish product and antidumping duties on South Korean product, according to Federal Register filings. In the initial results of […]
Sticking with a business model that’s proven successful over the past three decades, David Stickler and his team at Global Principal Partners (GPP) hope to make their next endeavor with Hybar’s two new rebar minimills another prosperous one. Steel Market Update sat down with the industry veteran this week in an exclusive interview to discuss […]
Nucor on Thursday confirmed its plate prices would remain unchanged with the opening of its December order book. Though the market was anxiously awaiting the Charlotte, N.C.-based steelmaker’s announcement, few were surprised by it. Why? It’s not clear that a price decrease at this stage in the fourth quarter would generate buying. And it would devalue […]
Nucor Corp. hopes to hold plate prices steady with the opening of its December order book. That’s the same approach the Charlotte, N.C.-based steelmaker took last month with the opening of its November book. Nucor said unchanged plate prices were effective Thursday, Nov. 3, in a letter to customers dated the same day. “We reserve […]