Nucor expects to generate record net earnings, exceeding $900 million, for the first quarter of 2021. The company cites strong business conditions across its end-use markets. “We are encouraged by positive economic trends and the robust demand we are seeing across our markets,” said President and CEO Leon Topalian. “We currently expect our first-quarter 2021 […]
A decision from the U.S. Court of International Trade upholding Section 232 tariffs on imported steel means any repeal of the trade action will have to come from the Biden administration with the support of Congress, a top American Metals Supply Chain Institute (AMSCI) executive said. AMSCI should know because it went before the same […]
The Congressional Steel Caucus–in a bi-partisan show of unity–has asked President Joe Biden to keep Section 232 tariffs and quotas in place. The request comes as the Biden administration has acknowledged that a review of trade policies enacted by former President Donald Trump is ongoing. “The review is underway of the previous administration’s trade policy […]
Nucor is investing to grow in capability not capacity, said Nucor President and CEO Leon Topalian in remarks Tuesday during the virtual Tampa Steel Conference, co-hosted by Steel Market Update. “It’s not about tons and volume, but about servicing customers’ long-term needs,” he said. One growing customer segment for Nucor is the auto industry. Nucor […]
Nucor is investing to grow in capability not capacity, said Nucor President and CEO Leon Topalian in remarks Tuesday during the virtual Tampa Steel Conference, co-hosted by Steel Market Update. “It’s not about tons and volume, but about servicing customers’ long-term needs,” he said. One growing customer segment for Nucor is the auto industry. Nucor […]
Steel Dynamics Inc. has been recognized by Fortune as one of the World’s Most Admired Companies in 2021, as well as ranking as the No. 1 best-regarded company in the metals industry. “We are honored by this recognition,” said Mark D. Millett, SDI president and chief executive officer. “Our recognition is testimony to the extraordinary passion […]
No steel mill earnings report is complete these days without the CEO touting his company’s environmental credentials. Cleveland-Cliffs CEO Lourenco Goncalves said this week that his company is committed to reducing its greenhouse gas emissions 25% by 2030. “We at Cleveland-Cliffs acknowledge that one of the most important issues impacting our planet is climate change. […]
Nucor, the industry’s largest steelmaker, is expecting a significant increase in earnings in the first quarter of 2021 following a strong fourth quarter with net earnings of $398.8 million. Fourth-quarter earnings outpaced the third quarter at $193.4 million and Q4 2019 at $107.8 million due primarily to higher pricing at Nucor’s sheet and plate mills. […]
Cracks might be forming in the groundwork that has to date led U.S. flat-rolled steel prices to their highest point on record. Whether they are big enough to send towering prices tumbling down or merely a distraction remains to be seen, markets sources generally agreed. Prices have nowhere to go but up in the short […]
Steel Dynamics Inc. President and CEO Mark Millett has been elected to serve as board chairman of the Steel Manufacturers Association for the lobbying group’s 2021-22 term. “The SMA is uniquely positioned to represent electric arc furnace steel producers, who over the last 30 years have emerged as the dominant force in North American steelmaking […]
We continue to receive registrations for the 32nd annual Tampa Steel Conference to be held virtually next week on Feb. 2. We expect over 400 attendees once the conference opens. Here are some of the companies that registered just this week, those with an asterisk (*) next to their name means they have more than one person […]
Evraz North America has followed Nucor and SSAB Americas in increasing plate prices by at least $80 per ton ($4/cwt). The steelmaker said that the increase 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 a letter to customers Jan. 26. “We reserve the […]
Nucor and SSAB Americas aim to increase plate prices by another $80 per ton ($4/cwt). Effective immediately, Nucor’s new ex-works base price for cut-to-length grade A36 plate is $1,020 per ton ($51/cwt), up from $940 per ton on Jan. 5, according to a letter sent to customers on Tuesday. The new base price for quenched-and-tempered A514 […]
As prices soar to historical high levels, we are constantly probing, looking for signs of a crack in flat rolled or plate steel prices. Nucor announced higher plate base prices today with discrete plate being referenced at $51.00/cwt ($1,020 per ton). Here are some of the “interesting” comments we received from steel buyers this week: […]
I received a call from Cleveland-Cliffs in response to an inquiry I had made a couple of weeks back regarding the #6 blast furnace at their Cleveland steel mill. Cliffs wanted to make sure I understand as the #6 blast furnace comes back online that it is not to increase production, only to replace the […]
I received a call from Cleveland-Cliffs in response to an inquiry I had made a couple of weeks back regarding the #6 blast furnace at their Cleveland steel mill. Cliffs wanted to make sure I understand as the #6 blast furnace comes back online that it is not to increase production, only to replace the […]
Earlier this week I received a note from one of our readers regarding the plate price index and the changes we recently made to the index (FOB Mill vs. Delivered pricing). We were asked how we are accomplishing this, and how do our members reconcile the historical data that was based on delivered pricing versus […]
Earlier this week I received a note from one of our readers regarding the plate price index and the changes we recently made to the index (FOB Mill vs. Delivered pricing). We were asked how we are accomplishing this, and how do our members reconcile the historical data that was based on delivered pricing versus […]
“If you’ve tried to buy steel in the last six months, it’s a very frustrating climate,” said one member of the Heating, Air Conditioning & Refrigeration Distributors International during their monthly conference call this morning. HARDI is a trade group representing wholesalers who supply galvanized and other products to the construction/HVAC market. Demand is strong […]
“If you’ve tried to buy steel in the last six months, it’s a very frustrating climate,” said one member of the Heating, Air Conditioning & Refrigeration Distributors International during their monthly conference call this morning. HARDI is a trade group representing wholesalers who supply galvanized and other products to the construction/HVAC market. Demand is strong […]
“It’s not how much it cost, it’s do I have steel to make my parts…?” That was one of the comments discussed this morning during our HARDI galvanized steel conference call. Some of the mechanical contractors have jobs to complete, and they need steel to finish. However, others are trying to hold back on buying […]
On Tuesday, Jan. 14, USS POSCO notified customers of an upward revision to their galvanized steel coating extras, to apply on all new orders effective immediately. UPI is the fourth mill to revise their galvanized coating extras recently, following NLMK, CSI, and Nucor. SMU has done an analysis on the old and new extras, provided […]
By Greg Wittbecker, Advisor, CRU Analysis Like the steel industry, the aluminum industry has long recognized the economic value of scrap. Every time virgin aluminum prices have risen, buyers have accelerated substitution of scrap for virgin metal. Now, economic sensibility has been married to the new focus on sustainability. Consumer-facing market segments are leading the […]
Nucor Corporation announced that Craig Feldman, Executive Vice President of Raw Materials, will retire in June after a 35-year career with Nucor and the David J. Joseph Company. Feldman began his career in 1986 as a brokerage representative at DDJ progressing within the company to District Manager of the Salt Lake City brokerage office, Commercial […]
The U.S. steel industry has enough capacity to meet demand even if the Biden administration passes a big infrastructure bill, said the top executive of the nation’s biggest steelmaker. The United States “desperately needs” an infrastructure package worth “more than $1 trillion,” and Nucor hopes such a bill will be passed in the early days […]
Update on Tampa Steel Conference registrations: We are moving past 250 registered attendees for the Feb. 2 virtual conference. We fully anticipate the 32nd annual Tampa Steel Conference will attract 350-400+ attendees from manufacturing, distribution, steel mills, trading companies, logistics companies, ship lines, port facilities, toll processors and suppliers to those industries. You can learn more about the […]
Most new U.S. flat-rolled electric-arc furnace steelmaking capacity won’t start up until the second half of this year, which could have big implications for spot hot-rolled coil prices. The back-ended nature of the capacity add means the market might sustain hot-rolled coil prices of $1,000 per ton or more longer than many buyers believe, industry sources […]
Big River Steel is running the new, second line at its steel mill in Osceola, Ark., at close to 90% of its rated capacity. “Big River Steel expected and has had another record startup in terms of its second furnace and caster,” said a company spokesperson in an email to Steel Market Update. The company […]
The U.S. electric-arc furnace steelmaking industry is eager to work with the administration of President-elect Joe Biden to craft better trade, infrastructure and manufacturing policies, the head of the Steel Manufacturers Association said. And those efforts could be fruitful given Biden’s moderate positions on those issues and the moderation that will be necessary to effectively […]
Nucor Tubular Products notified customers Wednesday that it will increase pricing on all new orders for HSS, pipe, mechanical and piling products by $100 per ton as a result of the strong demand and rising costs of raw materials and transportation. All orders booked prior to this announcement will be price protected for shipments through […]