Nucor Steel Gallatin has produced the first coil on its upgraded equipment after completion of the $650 million expansion project to lift the Ghent, Ky. mill’s annual capacity from 1.6 million tons to 3 million. The first quality coil – an 18-mm thick strip, a new product for the Gallatin plant—was produced on June 24, […]
Nucor made downward revisions to most of its galvanized coating extras on Friday, with new extras going into effect Sept. 3, 2022. “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for week ending September 3, 2022,” a Nucor press release reads. “Price […]
Backward physical integration comes to the aluminum rolling industry SDI’s decision to “jump the fence” and enter the aluminum rolling sector was, in and of itself, blockbuster news. However, the repercussions on the aluminum scrap market may be even more profound. CRU has argued for some time that the big aluminum rolling mills would eventually […]
We were close to peak steel prices this time a year ago. Are we now close to peak pessimism? Your answer to that question might depend on whether you’re working at a steel mill or at a service center. We’ve noticed a big split in sentiment lately. Roughly 40% of respondents to our surveys – […]
New sheet and plate capacity from Nucor will be entering the market in force by the end of this year, just in time for an anticipated increase in infrastructure demand, company executives said. Whether those facilities ramp up to their nameplate capacity will ultimately depend on demand, they added. “While we recognize there is considerable […]
Nucor Corp. experienced another record quarter on strong shipments and steel prices. The Charlotte, N.C.-based steel company saw robust demand from the nonresidential construction markets, with notable profitability at its bar and plate mills as well as within its raw materials segment. Although a decrease is expected in the current quarter’s earnings, profitability should remain […]
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, […]
US plate prices have been holding steady and bucking the downtrend presently seen across sheet and coated products. Plate demand has remained largely steady, while buyers have maintained lean inventories, only taking volumes to fill gaps. The price dynamic has led to historically high premiums over hot-rolled coil (HRC) prices. Presently, plate prices are more […]
With markets becoming more regional and localized, having a solid supply chain is critical in business today, and Majestic Steel’s latest acquisitions are helping the company create just that for its current and future customers. Majestic, a Cleveland-based prime flat-rolled steel service center and processor, has just completed the acquisition of two more companies to […]
Combining its recent acquisitions in pallet rack manufacturing and manufacturing and integration services, Charlotte, N.C.-based steelmaker Nucor Corp. has launched its newest division, Nucor Warehouse Systems. In August 2021, Nucor purchased Hannibal Industries, a national provider of steel racking solutions headquartered in Los Angeles, for $370 million. In April of this year, Nucor added Elite […]
TA Services has opened a new location on the site of Nucor Steel Hertford in Cofield, N.C., providing immediate access to truckload capacity for plate products produced at the mill. The logistics provider broke ground on the mill site in January of this year. The Nucor Steel Hertford mill, with an annual capacity of 1.7 […]
Nucor is keeping plate prices flat with the opening of its August 2022 order book. The Charlotte, N.C.-based steelmaker said it would maintain plate prices, effective with new orders. All published adders and extras will be applied, the company said in a letter to customers dated June 30. In its previous letter to customers dated June 13, Nucor […]
Is this a case of the summer doldrums or something more serious? That might be a more important question to answer than where the bottom is and when we might hit it. But first let’s start with a recap of where prices landed this week. SMU’s hot-rolled coil price is now at $955 per ton ($47.75 […]
ArcelorMittal SA has completed a deal to acquire an 80% stake in a south Texas hot-briquetted iron (HBI) plant built by Austrian steelmaker Voestalpine. The Luxembourg-based steelmaker said the deal was finalized following the receipt of customary regulatory approvals on Thursday, June 30. The agreement, announced in April, values the HBI plant – located near […]
Earlier this week SMU canvassed steel buyers on a variety of subjects, ranging from steel prices to supply and demand to new mill capacity. We are sharing the comments we received in each buyers’ own words, rather than summarizing them in ours. Want to have your voice heard and share your comments with SMU? Contact Brett@SteelMarketUpdate.com […]
Nucor Corp. completed its $3 billion acquisition of C.H.I. Overhead Doors from KKR & Co. Inc. C.H.I. is a manufacturer of residential and commercial overhead and rolling doors, also known as garage doors. It serves US and Canadian markets. The deal expands the Charlotte, N.C.-based steelmaker’s long-term strategy to expand its manufacturing model to provide […]
Business is booming for global metals plant technology and equipment provider SMS group Inc. amid growing demand for decarbonization and recycling technologies. Order intake during 2021 for the Düsseldorf, Germany-based company was at its highest level in ten years at €3.5 billion. This year that number is expected to be comparable, with the company expecting […]
Editor’s note: Steel Market Update is please to share this abbreviated Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. If you are part of a service center company and interested in becoming a data provider, please contact Estelle.Tran@CRUGroup.com. Flat Rolled = 54.7 Shipping Days of Supply […]
There have been some interesting developments in the plate market lately if you’ve been paying close attention. Let’s start with Nucor’s price decrease on cut-to-length (CTL) plate. For starters, let’s be clear that it’s only CTL prices that were dropped. Prices for discrete plate are unchanged. First, a little background. CTL plate refers to material […]
Despite inflation, rising interest rates, and faltering equities markets, the outlook is not all doom and gloom when it comes to the metals markets, says Rick Marabito, CEO of service center group Olympic Steel. In fact, the outlook for demand and consolidation is actually quite good, he told attendees of this week’s Steel Market Update […]
Flat Rolled = 54.7 Shipping Days of Supply Plate = 55.2 Shipping Days of Supply Flat Rolled US service center flat rolled inventories rose in May as many service centers reported signs of slowing demand. At the end of May, service centers carried 54.7 shipping days of supply on an adjusted basis, according to SMU […]
Nucor Corp. expects to post the most profitable quarter in its history, the company said, for its second-quarter ending July 2 earnings guidance. The Charlotte, N.C.-based steelmaker expects earnings of $8.75 to $8.85 per diluted share in the second quarter, according to figures released on Wednesday, June 15. That’s up from the previous record of […]
SMU on Monday and Tuesday canvassed steel buyers on a variety of subjects ranging from future steel prices and new capacity to demand and supply chain issues. As we did earlier this month, we are sharing the comments we received in each buyers’ own words rather than summarizing them in ours. Want to have your voice […]
Hot-rolled coil prices have suffered their biggest week-over-week decline since before the war in Ukraine sent tags sharply higher. Steel Market Update’s average hot-rolled coil price stands at $1,100 per ton ($55.50 per cwt), down $90 per ton from $1,190 per ton last week and down $265 per ton from $1,365 per ton in mid-May. […]
Charlotte, N.C.-based steelmaker Nucor is lowering prices on cut-to-length plate while keeping discrete plate prices mostly flat, effective with new orders received as of June 13. Cut-to-length plate prices are being lowered by $85-125/ton. Plates less than 72 inches wide will see prices drop by $125/ton, while plates 73-84 inches wide will see an $85/ton […]
Charlotte, N.C.-based steelmaker Nucor is lowering prices on cut-to-length plate while keeping discrete plate prices mostly flat, effective with new orders received as of June 13. Cut-to-length plate prices are being lowered by $85-125/ton. Plates less than 72 inches wide will see prices drop by $125/ton, while plates 73-84 inches wide will see an $85/ton […]
Nucor has agreed to acquire Summit Utility Structures LLC and a related company, Sovereign Steel Manufacturing LLC. They produce metal poles and other steel structures for utility infrastructure and highway signage, the steelmaker said. Charlotte, N.C.-based Nucor said the companies will become part of a new business unit, Nucor Towers & Structures, serving the utility, […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
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 […]