Nucor has signed its second Virtual Power Purchase Agreement with another Texas energy provider. The 10-year VPPA with Ørsted Onshore North America, LLC, for 100 megawatts from Ørsted’s Western Trail wind farm adds to Nucor’s commitment to clean, renewable energy, the company said. In November, Nucor signed a VPPA with EDFR Renewables North America as […]
The U.S. steel market could lose one million tons of production in the months ahead because of several lengthy blast furnaces outages, and the volume of iron and steel impacted could be well over one million tons when shorter-duration electric-arc furnace (EAF) and hot strip mill outages are considered. The issue is particularly relevant because […]
Foreign or domestic? “More risk buying domestic….” I had some interesting conversations with steel buyers today as I have been trying to gauge the strength of domestic price support, and what will be the catalyst that will turn the tide. One large manufacturing steel buyer with operations around the world told me, “The prices will […]
Foreign or domestic? “More risk buying domestic….” I had some interesting conversations with steel buyers today as I have been trying to gauge the strength of domestic steel price support, and what will be the catalyst that will turn the tide. One large manufacturing steel buyer with operations around the world told me, “The prices […]
FOB mills prices aren’t the only thing on the rise – so too are service center resale prices, import tags and ocean freight rates. Service centers are selling amongst each other for nearly $1,400 per ton ($70/cwt), and certain master distributors are charging that much if not more for hot band, market participants said. That’s […]
Nucor expects first-quarter 2021 earnings to be the highest quarterly profits in the company’s history, surpassing the previous record set in the third quarter of 2008. Earnings are expected to be in the range of $3.00 to $3.10 per diluted share. Strong steel demand and pricing are generating record results in the steel mills and […]
In Sunday night’s issue of Steel Market Update, I discussed the increase in the days of inventory on order at the service centers. The increase can be attributed to extended lead times, late deliveries and perhaps some double ordering from the distributors’ end-user customers. We saw an increase in the percentage of inventory that is […]
In Sunday night’s issue of Steel Market Update, I discussed the increase in the days of inventory on order at the service centers. The increase can be attributed to extended lead times, late deliveries and perhaps some double ordering from the distributors’ end-user customers. We saw an increase in the percentage of inventory that is […]
I am going to spend some time discussing Steel Market Update this evening. I started SMU in August 2008 as a one-man show. The company has grown over the years both in size and scope. The sale of the company to CRU has turned out to be a blessing (I think for both companies), and […]
Nucor’s tubular products group aims to increase prices for hollow structural sections (HSS), mechanical tubing and piling product by $125 per ton ($6.25/cwt) effective immediately. “The increase is a result of rising raw material costs, strong demand and (the) volatility of transportation costs,” the steelmaker said in a letter to customers on Thursday, March 11. Nucor […]
Nucor today announced board approval to build a tube mill in the Midwestern U.S. The $164 million project will be completed within two years and will capitalize on Nucor’s recent Midwest investments that include a plate mill, galvanizing line and hot roll expansion. A specific location for the new plant was not provided, but sources expect […]
The U.S Department of Commerce has decided to continue antidumping duties on cut-to-length plate imported from China, Russia and Ukraine as part of the “sunset review” process. China will remain subject to dumping margins of up to 128.59%, Russia to dumping margins of as much as 185% and Ukraine to margins of up to 237.91%, […]
Last week, we conducted one of our flat rolled and plate steel market trends analyses. Or, to put it another way (that the search engines don’t like), we conducted one of our surveys that we do ever other week. We invited over 500+ market participants, most of whom are steel buyers in the manufacturing and […]
It took 20 years, but the nation’s infrastructure GPA is no longer in the D range. The 2021 Report Card issued by the American Society of Civil Engineers gives America’s infrastructure a C-, a passing grade that still leaves plenty of room for improvement. Rail transit was the brightest spot in this year’s report, receiving […]
Last week, we conducted one of our flat rolled and plate steel market trends analyses. Or, to put it another way (that the search engines don’t like), we conducted one of our surveys that we do ever other week. We invited over 500+ market participants, most of whom are steel buyers in the manufacturing and […]
You Can’t See the Forest for the Trees Mill lead times have surged over the past couple of weeks, which I believe is a result of Snowmageddon in Texas and other areas of the Southeast. When you look at our lead time graphics, you need to remember we are gathering data from our flat rolled […]
Mark your calendars as Steel Market Update has a wide array of conferences and workshops scheduled through the month of August 2021. Here is what you can expect: March 30 & 31: Steel Hedging 101: Introduction to Managing Price Risk (virtual) At the end of this month, Spencer Johnson of StoneX, the CME Group and […]
SSAB has increased plate prices by $80 per ton ($4/cwt) for U.S. customers and C$100 per ton for customers in Canada. The price hike is effective immediately and applies to all new non-contract orders of as-rolled mill plate, cut-to-length plate more than 72 inches wide, hot rolled coils more than 72 inches wide, normalized plate […]
There has been much said about the squeeze on supply of flat rolled and not as much about demand. Demand has been quite good in all sectors except the energy sector, which has been struggling for a couple of years due to prices that went below $40 per barrel. Now we are seeing warning signs […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
Evraz North America has followed Nucor in increasing plate prices by at least $70 per ton ($3.50/cwt). The steelmaker said that the increase–$90 CAD for customers north of the border–was effective immediately and that it applied equally to all carbon, high-strength low-alloy, hot-rolled coil, normalized, and quenched-and-tempered products, according to letters to customers on Feb. […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
Nucor has increased plate prices by $70 per ton ($3.50/cwt) effective immediately. The steelmaker’s new ex-works base price for cut-to-length Grade A36 plate is now $1,090 per ton, up from $1,020 per ton a month ago. The new base price for quenched-and-tempered A514 Grade B is $1,340 per ton, up from $1,270 per ton in […]
Nucor has increased plate prices by $70 per ton ($3.50/cwt) effective immediately. The steelmaker’s new ex-works base price for cut-to-length Grade A36 plate is now $1,090 per ton, up from $1,020 per ton a month ago. The new base price for quenched-and-tempered A514 Grade B is $1,340 per ton, up from $1,270 per ton in […]
Nucor is assessing damage and a timetable for repairs after a fire on a direct-reduced iron (DRI) conveyor belt system at its flat-rolled steel mill in Ghent, Ky., the company said. “The fire was quickly extinguished by local area fire departments, and there were no injuries as a result of the fire,” a Nucor spokeswoman […]
Nucor is expanding its value-added portfolio with the addition of a new TrueCore manufacturing facility. The company plans to build a 120,000-square-foot facility in Brigham City, Utah, that will manufacture insulated wall and roof panels. TrueCore was acquired by Nucor in 2019 and is part of Nucor’s Buildings Group. The Brigham facility will be the […]
Tube mills in the U.S. and Canada have followed Nucor in raising prices on hollow structural sections (HSS) and other non-energy tubulars by about $50 per ton ($2.50/cwt). The increases are necessary in response to higher coil costs and strong customer demand, according to some producers. Atlas Tube is raising prices on all new orders […]
Nucor’s tubular products group has increased prices for hollow structural sections (HSS), pipe, mechanical and piling products by $50 per ton ($2.50/cwt). The move is effective immediately and is necessary because of “rising raw material costs, strong demand, and volatile transportation costs,” Nucor said in a Feb. 19 letter to customers. Orders booked prior to […]
Severe winter weather across North America has forced automakers to reduce shifts or temporarily halt production from Michigan to Mexico. But the impact–not only of the weather but also of natural gas shortages and power outages–appears to be more fleeting than the problems posed by a microchip shortage, which has caused some plants to shut […]