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 […]
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 […]
Steel Dynamics Inc. (SDI) appears poised to announce that its new aluminum flat-rolled mill will be located in Mississippi, according to state records and recent comments by the state’s governor. Governor Tate Reeves said he would convene a special session of the state legislature on Wednesday, Nov. 2, to finalize “the largest economic development deal […]
Sheet and plate prices fell across the board once again this week as market participants continue to question when and where the market might bottom. Some not long ago predicted that hot-rolled coil prices wouldn’t fall below $800 per ton ($40 per cwt). Our average price is now well below $700 per ton, with some […]
US plate prices were unchanged this week — the first sideways move in nearly a month. Tags had been eroding slowly of late though buyers have remained largely on the sidelines of the spot market, focused on managing inventories. Nucor’s $120-per-ton ($6-per-cwt) price cut on plate back in mid-September now serves as the top end […]
Arkansas has become a hub for steel production in the southern US, and it will soon be home to another steel mill. Hybar, a newly formed company led by steel industry veteran David Stickler, announced it will build a $500 million greenfield minimill to produce rebar in northeast Arkansas just outside of Osceola. The new […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
Nucor Corp.’s $650 million expansion project at Nucor Steel Gallatin in Ghent, Ky., will not reach its nameplate capacity of 3 million tons per year by the end of the year, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Oct. 20. “The ramp-up at Nucor Steel […]
Nucor Corp.’s new $1.35 billion plate mill in Brandenburg, Ky., remains on track to start up late in the fourth quarter of this year, with “meaningful production” to occur in the first quarter of 2023, Leon Topalian, Nucor’s chair, president, and CEO said on an earnings conference call with analysts on Thursday, Oct. 20. The […]
Nucor Corp. experienced another quarter of strong earnings despite sequential declines in average sales price per ton and total tons shipped in the third quarter ended Sept. 30, the company said in its latest earnings report on Thursday, Oct. 20. Decreased steel mills segment earnings drove the sequential decline in quarterly earnings, the company said. The […]
The apparent lack of change in US plate prices is fast approaching the one-month mark. Prices haven’t moved since Nucor announced a $120-per-ton ($6-per-cwt) price cut on discrete plate on Sept. 19. Despite the recent sideways trend, prices remain under pressure due to a lack of demand. But could potential imports usher in another round […]
Flat-rolled steel processor JM Steel Corp. is expanding into Georgia with the acquisition of Five Star Roll Form LLC and Sun States Steel Corp. Financial terms of the deals were not disclosed. Five Star is a fabricator serving the trailer, garage door, roofing, and solar industries. Sun States Steel is a flat-rolled steel distributor. Both […]
US plate prices have been unchanged for nearly three weeks. But that doesn’t mean they aren’t under pressure. Buyers remain mostly on the sidelines of the spot market and are working through inventories as demand slows to a crawl. The market has been quiet since Nucor announced a $120-per-ton ($6-per-cwt) price cut on discrete plate […]
Sheet prices continued to tread water this week, with modest declines in hot-rolled coil and galvanized base prices offset in part by minor gains in cold-rolled coil and in Galvalume. Plate prices were also flat, following declines in prior weeks, on the heels of Nucor on Monday announcing unchanged pricing for discrete plate. Our benchmark […]
Nucor Corp. aims to hold plate prices steady with the opening of its November order book. The Charlotte, N.C.-based steelmaker said the flat pricing would be effective Tuesday, Oct. 4. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both […]