U.S. Steel plans to focus on organic growth – expanding its existing operations – rather than on mergers and acquisitions, company executives said. “Don’t be looking for us to add a bunch of capacity, look for us to build capability for profitable growth,” President and Chief Executive Officer David Burritt said during a conference call with analysts. […]
The United States and the European Union aim to resolve their differences around Section 232 tariffs on the EU by Nov. 1, an EU official said. “On the U.S. Section 232, both sides confirmed readiness to find a solution by 1 November,” the EU official told Steel Market Update (SMU). “In terms of progress, both […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis increased from June to July, with all products following large gains in previous months. Over the last 30 days, coking coal prices increased 16% and busheling scrap prices rose 5%. Zinc and aluminum prices increased less than 1%, while shredded scrap remained flat and pig […]
What’s this world coming to when an integrated steelmaker – a leader in an industry notorious for taking a huge toll on the environment – spends much of his earnings call talking about cutting carbon emissions? Said Lourenco Goncalves, Cleveland-Cliffs’ chief executive, last week: “Cliffs sees decarbonization as part of our license to continue to […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
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 […]
Cleveland-Cliffs Inc. has joined the ranks of North American steel mills planning steep cuts to greenhouse gas emissions over the next 10 years. The iron ore miner, pellet producer and flat-rolled steelmaker aims to cut greenhouse gas emissions by 25% by 2030 versus 2017 levels. The company said it would do so by using less […]
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 […]
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 […]
Steel Dynamics Inc. (SDI) aims to be carbon neutral at its electric arc furnace (EAF) steel mills by 2050. The steelmaker has also set interim emissions reductions goals for 2025 and 2030. Namely, it plans to reduce combined Scope 1 and Scope 2 greenhouse gas emissions at its EAF mills by 20% by 2025 and […]
Though he admits it was not the original plan, Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves said Wednesday at AISTech that his company no longer intends to produce merchant pig iron for sale to competitors, as has been widely speculated. In the past two years, Cleveland-Cliffs has purchased AK Steel and ArcelorMittal USA, making it the largest […]
ArcelorMittal wants to be carbon neutral by 2050, but reaching that goal will hinge on developing new ways to take fossil fuels – namely, coal and natural gas – out of the steelmaking process, a company executive said. It will also require that key technologies – carbon capture and storage (CCS), biofuels and other renewable […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
Ferrous scrap prices are likely to rise again in July on top of the $50-60 per gross ton increase in June – but just how much remains unclear, according to Steel Market Update sources. “July expectations vary greatly,” said one dealer in the Northeast. “Most consumers are conceding prices will be up $20-50/GT depending on grade and […]
Ferrous scrap prices rose by $20/GT for prime grades, but were unchanged for obsoletes, in trading for July. Prime supplies were influenced by the slowdown in automotive production, while obsolete prices reflect stable export demand. Sources tell Steel Market Update that prices in the Ohio Valley settled around $505-514/GT for shred, $500-510/GT for plate and […]
Ferrous scrap prices, like finished steel prices, have been on the rise for most of the year (see chart), but could see a pause in August. Sources tell Steel Market Update they expect obsolete grades to trade $20/GT lower next month, while prime prices will most likely remain unchanged. “Obsolete grades should trade in the […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Prices for all but one of the steelmaking raw materials tracked in this SMU analysis increased from May to June, with most products following large gains seen 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 […]
The Ashland Works steel mill is coming down after operating for the better part of 100 years on the Ohio River. Cleveland-Cliffs Inc. confirms that it will demolish the idled Kentucky mill that it acquired from AK Steel in 2019. Although there were initial discussions about restarting the mill to produce pig iron, ultimately the […]
The traditional correlations between finished steel and scrap prices have broken down this year, and historical spreads might remain off-kilter as more electric-arc furnace (EAF) mills come online globally, CRU Senior Analyst Ryan McKinley said. Crude steel output via EAFs in North America is expected to grow by about 16 million metric tonnes, approximately 20%, […]
By Senior Analyst Ryan McKinley, from CRU’s Steelmaking Metallics Monitor The CRU metallics price indicator (CRUmpi) increased by 8.6% m/m in June to 402.4. This increase is primarily a reflection of large price increases for scrap in Europe and the U.S., although some increases occurred in Asia as well. After rising substantially in May, pig iron […]
Steel prices will correct sharply as supply catches up with demand, potentially falling back to an average of $575 per ton ($28.75 per cwt) in 2022, according to one leading industry analyst. “This too will pass,” was the title chosen by Timna Tanners, metals and mining analyst at Bank of America, for her SMU Community […]
U.S. ferrous scrap prices have settled up $60 per gross ton on prime grades and up $50 per gross ton on obsoletes, according to market participants. “Regional markets were very consistent with the up $50 (per gross ton) on obsolete grades and up $60 (per gross ton) for primes,” one scrap executive said. “This resulted […]
I want to thank the National Association of Steel Pipe Distributors for giving me a chance to open their summer conference in Denver last week. I spoke about – what else, these days – steel prices. During the Q&A afterward and on the sidelines of the event, it was clear people were worried about (a) […]