Three of Japan’s major banks have agreed to lend Nippon Steel a combined $16 billion for its $14.1-billion planned acquisition of United States Steel, provided the acquisition is completed, the Japanese steelmaker said.
SMU’s Current Steel Buyers Sentiment Index edged down this week, while the Future Sentiment Index remained flat, according to our most recent survey data.
Much has happened since we last met on Jan. 4. Cleveland-Cliffs announced a price increase on Jan. 3, lifting the futures market in the morning only for it to finish the day $20-$30 per short ton (st) below those morning highs. On Jan. 4, the futures curve was down another $10-$28/st. And in my column for SMU that evening, I asked a question: Would those aggressive sellers be met with a short-squeeze forcing them to cover, or had the market peaked with the negative price action to start the year the proverbial canary in the coal mine?
I thought Nippon Steel’s $14.1-billion deal for U.S. Steel might become a political football in this year’s presidential election. Now there is little doubt that it will after Trump told reporters in Washington, D.C., earlier this week that he would “absolutely” block the transaction – and that he would do so “instantaneously.”
U.S. Steel swung to a loss in Q4'23 in its first quarterly earnings since the announced sale to Japan's Nippon Steel.
Steel mill lead times for sheet products saw substantial declines over the past two weeks, while production times for plate held steady during the month of January.
Norfolk Iron & Metal is installing a new Butech Bliss temper mill cut-to-length line at its Port of Catoosa processing facility near Tulsa, Okla.
A weaker steel market and lower prices in Europe dragged down SSAB’s earnings during the last three months of 2023.
Steel buyers said mills were much more willing to negotiate spot pricing this week on all products SMU surveys, according to our most recent survey data.
If reelected in the November presidential election, Donald Trump said he would block the sale of U.S. Steel to Japan’s Nippon Steel Corp. (NSC).
The pig iron market has risen in recent months from the high $390s per metric ton (mt) last fall to $490/mt for Brazilian material and a bit more for Ukrainian product - for an overall average of $495/mt CFR.
US hot-rolled coil (HRC) prices law little movement this week, a similar trend seen in offshore markets. Thus, the price premium domestic hot band carries over imported products was largely unchanged vs. the prior week.
The sun decided to greet us on the second day of the Tampa Steel Conference 2024. Attendees from the chillier northern parts of the continent got their dose of winter sunshine. But whatever the temps, it was inside the conference room where things really heated up. January is always a time to make sense of the year that’s just passed, and look out for the trends for the year ahead.
Nucor is optimistic about long-term activity from bridges and highways, semiconductor chip plants and renewable energy, but still sees some short-term challenges. The North Carolina-headquartered steelmaker expects the federal programs that support these megatrends “to add somewhere between 5 million to 8 million tons of incremental annual demand for steel over the next several years,” […]
Algoma Steel is currently navigating a challenge as it deals with an unplanned outage at its blast furnace, but the company’s CEO is still bullish on its future as an EAF steelmaker.
Thyssenkrupp Materials de México is opening a new service center in San Luis Potosí.
Cleveland Cliffs executives didn’t mince words when opening its Q4’23 earnings call.
With rising steelmaking capacity and relatively flat demand, industry analysts are predicting lower prices for sheet products this year.
U.S. Steel is to permanently idle battery No. 15 at the Clairton coke plant in its Mon Valley works in Pennsylvania following a series of air pollution incidents and fines.
Rising geopolitical tensions may threaten stability, while other factors like a climbing stock market and growing government investment point to one thing in the economy: it’s complicated. “It’s an interesting contradiction out there,” said Dr. Walter Kemmsies, managing partner of The Kemmsies Group, at the Tampa Steel Conference this week. In his keynote speech on […]
Nucor Corp. reported a decline in profits during the fourth quarter due to lower pricing and volumes.
Cleveland-Cliffs Inc. shipped more than 4 million short tons (st) of steel in each quarter of 2023, pushing its full-year shipments to a record 16.4m st.
Domestic production of raw steel moved down marginally last week, according to the most recent data from the American Iron and Steel Institute (AISI). The decline was the third straight dip in as many weeks. Steel output in the US totaled an estimated 1,680,000 short tons (st) in the week ended Jan. 27. That’s down […]
I’m writing these final thoughts from the JW Marriott in Tampa. And I’m looking forward to seeing some of you reading this in just a few hours at the opening networking reception of the Tampa Steel Conference. Nearly 550 people will be there – a new record for the event. If you’re looking for things […]
What a difference a few weeks make…. As this is our first column after the new year, it is quite interesting to observe how different the steel world looks at the end of January vs. the end of December.
Trade is not the major focus of the campaigns for the 2024 elections, either at the presidential or congressional level. But it is there as a live issue for business. And last August, former President Trump suggested a 10% tariff on virtually all imports as a “ring around the collar” of the US economy.
The Steel Manufacturers Association (SMA) outlined its praise for the US and EU extension on negotiations towards the proposed Global Arrangement on Sustainable Steel and Aluminum.
A Jan. 24 SEC filing by U.S. Steel Corp. reveals further details about the company’s strategic review process.
Rig counts in the US and Canada both notched week-on-week increases for the week ended Jan. 26, Baker Hughes’ latest data shows.
Steel Dynamics Inc. faces rising costs for its Columbus, Miss., aluminum rolling mill, but the project timeline remains on track.