NLMK USA joined the growing ranks of steelmakers posting massively higher second-quarter earnings on solid demand and record-high steel prices. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – recorded EBITDA of $213 million in the second quarter of 2021, up more than threefold from $65 million in the first quarter and an […]
Nucor set a new quarterly earnings record in the second quarter and expects to notch another in the third. The Charlotte, N.C.-based steelmaker – America’s largest – reported a profit of $1.51 billion in the second quarter of this year, up 60% from $942.2 million in the first quarter, and up nearly 14-fold from $108.9 million in the […]
Steel Dynamics Inc. (SDI) is still in growth mode and actively looking at M&A options But don’t expect another new mill on the scale of the electric-arc furnace (EAF) flat-rolled mill being built in Sinton, Texas, company executives said. The $1.9 billion Sinton mill, which will have annual capacity of three million tons per year, […]
At least two North American plate producers have announced price increases of $120-160 per ton ($6-8/cwt). Nucor – the largest steelmaker in the U.S. – in a leading move announced the increase along with the opening of its September order book for plate. The increase – announced on Tuesday, July 20 – marks at least the third […]
Steel Market Update does not forecast steel prices. That’s a fact that can sometimes get lost in all the pricing data we publish. Please don’t let the good news and happy headlines you’ve been reading in SMU every week make you complacent. It’s convenient to listen to the many readers quoted in this newsletter who […]
Steel Market Update does not forecast steel prices. That’s a fact that can sometimes get lost in all the pricing data we publish. Please don’t let the good news and happy headlines you’ve been reading in SMU every week make you complacent. It’s convenient to listen to the many readers quoted in this newsletter who […]
Nucor has agreed to buy racking and hollow structural section (HSS) manufacturer Hannibal Industries Inc. for $370 million. “Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel,” Nucor President and CEO Leon Topalian said. “This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes […]
Steel Dynamics Inc. (SDI) kicked off steel earnings season by posting record second-quarter sales and record profits on ballooning metal spreads. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker anticipates another record performance in the third quarter as well as strong demand into 2022. “We remain confident that macroeconomic and market conditions are […]
Steel Market Update reported our service center inventories and shipment data to our data providers today. Our Premium level members will get the report at 1 p.m. ET tomorrow. I can whet your appetite by telling you that flat rolled inventories on a days of supply basis rose slightly, but are not yet at what […]
Nucor plans to slash Scope 1 and Scope 2 greenhouse gas emissions at its steel mills by 35% by 2030. North America’s largest steelmaker also aims in the following years to be “net zero” when it comes to carbon emissions. “Our GHG intensity is less than one-third the world average, but we are committed to […]
NLMK USA sales surged in the second quarter on strong demand and increased slab supplies from its parent company in Russia. The U.S. subsidiary of Lipetsk, Russia-based NLMK Group recorded flat-rolled steel sales volumes of 502,000 metric tonnes in the first quarter. That’s up 17% from 431,000 tonnes in the first quarter and up 52% […]
I’ve heard more than a few times now that we should keep a close eye out for falling steel prices because, “Look what happened in lumber.” In case you’ve been under a rock (or tree), lumber prices fell more than 40% in June, their biggest monthly drop on record, according to CNBC and others. What […]
One of two United Steelworkers (USW) locals at Algoma Steel is opposed to the Ontario mill’s proposed switch from integrated steelmaking to electric arc furnace (EAF) production. USW Local 2251 President Mike DaPrat went so far as to boycott an event at the mill – attended by Canadian Prime Minister Justin Trudeau – to announce government-funding […]
There will be no Steel Market Update published on Sunday, July 4th, due to the national holiday (USA). We will resume coverage on Tuesday, July 6th. We wish everyone a safe holiday filled with family and friends (at least for those who have been vaccinated). Interesting comments received earlier this week from a steel executive whom I […]
Interesting comments received earlier this week from a steel executive whom I know well, and I respect his opinions. The topic of the day was one that I know drives the steel mills crazy – steel analysts’ price projections. Many of the analysts are calling for prices to peak within the next 60 days (in […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
Let’s talk about lead times. Because the results from our latest survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m going to display our lead latest lead time […]
Let’s talk about flat rolled and plate steel mill lead times. Because the results from our latest steel market survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m […]
Nucor has increased base prices for steel plate by at least $120 per ton ($6/cwt) along with the opening of its August order book. The new, higher prices are effective immediately and will be collected along with published freight and extras, the Charlotte, N.C.-based steelmaker said. Nucor’s new ex-works base price for cut-to-length A36 plate […]
2021 SMU Steel Summit Conference Revised Agenda as of June 20, 2021 There are 55 days before the start to the 2021 SMU Steel Summit Conference. We should have close to 300 companies and 800+ executives attending this year based on where we are today. The conference agenda is close to its final shape. There […]
2021 SMU Steel Summit Conference Revised Agenda as of June 20, 2021 There are 55 days before the start to the 2021 SMU Steel Summit Conference. We should have close to 300 companies and 800+ executives attending this year based on where we are today. The conference agenda is close to its final shape. There […]
Flat rolled steel prices have been rising consistently for 45 straight weeks (since the week of Aug. 10, 2020). There is a chance (no guarantees) that we could see the cycle continue for a full 52+ weeks as the steel mills continue to have supply issues and demand remains quite strong in just about every […]
As a co-founder of Steel Dynamics Inc. (SDI), Mark Millett has had a front row seat to the dramatic changes the steel industry has staged over the past three decades. Actually, he has played a leading role in many of those changes and continues to choreograph the latest act in steel’s story with the imminent […]
It is a good time to be a steel producer. Both Steel Dynamics and Nucor are expecting record earnings for the second quarter of 2021 supported by strong demand and unprecedented steel prices. And U.S. Steel expects second quarter adjusted EBITDA more than double that in the first. SDI expects earnings to be in the range […]
Like the flat rolled steel they are made from, prices for pipe and tube products have increased in June. Leading producers said they are upping their prices due to rising raw materials costs, strong demand and volatile transportation charges. EXLTUBE led off a series of tubular price jumps with a $160 per net ton increase […]
SMU’s Community Chat webinar with Bank of America metals and mining analyst Timna Tanners last week was our second-best attended ever. Barry Zekelman, executive chairman and CEO of Zekelman Industries, still holds the title. But Tanners gave him a run for his money. We received more questions during the webinar than we were able to […]
I asked a good friend of mine after he was appointed to as the deputy head of a cabinet department what a typical day was like for him. “It’s drinking water from a fire hose. Things come at you so fast you can’t get out of the way,” he said. As an observer and occasional […]
I asked a good friend of mine after he was appointed to as the deputy head of a cabinet department what a typical day was like for him. “It’s drinking water from a fire hose. Things come at you so fast you can’t get out of the way,” he said. As an observer and occasional […]
We are approaching 550 registered attendees for this year’s SMU Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. Just last week we received registrations from the following companies: Niagara LaSalle Steel, JN Linrose Manufacturing, Atlantic Logistics LLC, Steel Dynamics Inc*., Alliance Steel LLC*, Rock […]
We are approaching 550 registered attendees for this year’s SMU Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. Just last week we received registrations from the following companies: Niagara LaSalle Steel, JN Linrose Manufacturing, Atlantic Logistics LLC, Steel Dynamics Inc*., Alliance Steel LLC*, Rock […]