United Auto Workers (UAW) members at John Deere have again rejected a tentative labor pact agreed to by union and company negotiators. Approximately 55% of UAW members voted to reject the proposed six-year labor agreement. Only 45% voted in favor of it. That’s a better reception than the one received by an initial tentative contract […]
JSW Steel (USA) Inc. has launched the second phase of a $260 million project aimed at refurbishing its plate mill in Baytown, Texas. The upgrades will allow the Baytown mill to better compete in on- and offshore wind tower, agriculture, construction and storage tank markets as well as in other sectors for which surface finish […]
U.S. Steel has resumed production at its Big River Steel electric arc furnace (EAF) sheet mill in Osceola, Ark., following a two-week maintenance outage last month, a company spokeswoman said. The outage had commenced on Oct. 10. SMU has updated its EAF status table to reflect the change. Big River Steel has annual capacity of […]
By CRU Principal Analyst Josh Spoores Trade representatives from the USA and Europe came to an agreement at the end of October in regard to the Section 232 tariffs on steel and aluminum. The Department of Commerce further announced on Oct. 31 that consultations regarding the trade of steel remain ongoing between the USA and […]
By CRU Senior Analyst Ryan McKinley from CRU’s Steel Sheet Products Monitor Falling demand in most markets around the world has continued to weigh on steel sheet prices. Meanwhile, the announcement that the USA will remove Section 232 tariffs on steel and aluminum producers in the EU and replace them with a quota system means […]
Algoma Steel Group Inc. and Triple M Metal LP have formed a joint venture – ATM Metals Inc. – to source prime scrap and other iron units for the Canadian flat-rolled steelmaker. The tie up between Triple M, one of North America’s largest private scrap recyclers, and Sault Ste. Marie, Ontario-based Algoma comes as the latter is […]
With record third-quarter earnings of $2 billion in the bank, U.S. Steel President and CEO David Burritt offered a bullish outlook for the steel industry and his company in 2022. Highlights of the company’s earnings call on Friday included an update on the steelmaker’s progress in finding a site for its new electric arc furnace […]
The U.S. and the European Union (EU) could reach a deal that would lead to the removal Section 232 tariffs from steel imports from the trade bloc as soon as this weekend, according to sources familiar with the matter. The two sides would most likely agree to a tariff rate quota, or TRQ, which would replace […]
United States Steel Corp. today reported third-quarter 2021 net earnings of $2.0 billion on sales totaling $5.964 billion. That’s a huge jump from the net loss of $234 million on sales of $2.34 billion in the same quarter last year. “We continue setting records, including record net earnings, record EBITDA, record EBITDA margin, record liquidity, […]
Gibraltar Industries Inc. reported net income of $27.9 million in its third quarter, down nearly 11.0% from the same period last year due to rising labor costs and supply-chain shortages, company executives said. The Buffalo, N.Y.-based manufacturer and distributor of building products reported a 24.5% increase in revenue to $369.4 million during the period. Sales […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Lead times for orders of flat rolled and plate steel from the mills have shortened again compared to this time last month. About 60% of the buyers responding to Steel Market Update’s survey this week describe lead times as just “slightly longer than normal.” Only 15% still consider them “highly extended.” SMU’s check of the […]
Distributors who sell galvanized steel products to the construction and HVAC sectors report a slight softening in demand at the same time that competition is firming up and prices are looking down. Market conditions overall are still favorable, reported members of the Heating, Air-Conditioning & Refrigeration Distributors International during HARDI’s monthly conference call today, but […]
Swedish steelmaker SSAB posted record earnings again in the third quarter thanks in part to sharply higher plate prices in North America. But while North American demand is expected to remain strong in the fourth quarter, that in Europe is anticipated to soften because of the automotive chip shortage – which has dented vehicle production on […]
Mexican flat-rolled steelmaker Altos Hornos de México (AHMSA) has restarted its hot strip mill after a planned two-week outage, a company spokesman said. The mill has been up and running since last week, he said. The company confirmed the outage at the beginning of October. AHMSA’s hot strip mill has annual capacity of 2.8 million […]
By CRU Research Manager Eoin Dinsmore, from CRU’s January Zinc Monitor Buyers who are unfortunate enough to find themselves in the spot market are paying 18-23¢ /lb for SGH zinc. The most recent deals have all been at 20¢ /lb or higher. Buyers are fearful of being left short metal, while suppliers are either sold […]
The BMW Group has reported a deal to source low-carbon steel from H2 Green Steel (H2GS) beginning in 2025. The German automaker will source the green steel from the large-scale, hydrogen-based steel plant H2GS is building in Norrbotten in northern Sweden. At more than 95% lower gross CO2 emissions than conventional production methods, H2GS’s steel will […]
Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters. The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter […]
Nucor Corp. plans to take a 25-day outage at its Gallatin sheet mill in Ghent., Ky., for final equipment installation for a hot-rolled capacity expansion there. The outage will begin on Nov. 23. Once it is completed, the new electric-arc furnace (EAF) and related equipment will be commissioned, company executives said during an earnings conference […]
The U.S. will “move away” from Section 232 tariffs on steel from the European Union, Nucor’s top executive said. “What the final outcome looks like – whether it’s a tariff rate quota, we’ll wait and see,” Leon Topalian, president and CEO of the Charlotte, N.C.-based steelmaker, said during a conference call with analysts on Thursday. […]
Nucor Corp. smashed its quarterly earnings record in the third quarter with profits on par with those for the entire year of 2018 – another good year for steel. And the Charlotte, N.C.-based steelmaker, North America’s largest, thinks the string of record profits – the prior record was the second quarter of this year – […]
Algoma Steel shares began trading on the Nasdaq Stock Exchange and the Toronto Stock Exchange (TSX) on Wednesday under the ticker symbol “ASTL.” The development follows an initial public offering (IPO) made possible by a merger between the Canadian flat-rolled steelmaker and New York-based Legato, a special purpose acquisition company (SPAC). The deal resulted in […]
Algoma Steel’s initial public offering (IPO) is around the corner following shareholder approval of a deal between the Canadian steelmaker and Legato Merger Corp., a special purpose acquisition company (SPAC) The merger between the New York-based SPAC and privately held Sault Ste. Marie, Ontario-based Algoma is expected to close this week, an Algoma spokeswoman said. […]
Monthly Key Market Indicators, as analysed by Steel Market Update, softened again in the past month. A typical summer slowdown followed by a surge in COVID variant cases, compounded by a lackluster job market, reflects an uneasy economic landscape. Consumer confidence has dwindled, highlighted by decreases in key indicators across the marketplace. SMU’s Key Market Indicators […]
Producer prices posted the smallest advance year-to-date in September, according to data released by the Labor Department. Despite supply chain snarls and shortages that have driven up manufacturing and shipping costs, the negligible expansion kept the historic climb for the index and subcategories for final demand going. Since the fall in early 2020, the composite […]
Sajjan Jindal, managing director of Indian steelmaker JSW Steel Ltd., has been elected chairman of the World Steel Association. Jindal’s term runs through 2022. He replaces past World Steel Association Chairman Yu Yong, president of Chinese steelmaker HBIS Group. “Governments and policy makers have come to realize that in order to rebuild their economies, they […]
By Stephen Williamson, CRU Research Manager, Aluminum Aluminum prices went through the $3,000 per metric ton mark on the LME this week. Fueled by energy constraints in China and tightening supply of alloy hardeners, the price broke through the $2,950 ceiling and ran up another $200. The price leveled at $3,150 as of this writing […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor Over the past five weeks since we last reviewed the CME Group’s HR coil futures market, there has been a renewed surge in volatility. Spot prices of physical HR coil have clearly plateaued, yet more likely started a new downtrend, and futures prices […]
Flat Rolled = 54.5 Shipping Days of Supply Plate = 54.9 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories grew in September to the highest level seen since August 2020, according to Steel Market Update data. At the end of September, service centers carried 54.5 shipping days of supply on an […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor After 14 consecutive months of rising global sheet prices, CRU’s Global Flat Products Steel Price Indicator (CRUspi flats) has fallen m/m. This indicator fell 3.5% as sheet prices continue to fall across most regional markets. The U.S. Midwest market remains the last holdout […]