An unusual clash of powerful forces is in full swing over tin mill products. This flat-rolled steel product is used to make “tin cans” that hold a huge array of food products and other metal containers sold throughout the world. Tin mill products are generally made from cold-rolled steel that is coated with tin or […]
U.S. Steel recorded lower profits in Q2’23 compared to Q2’22 on the heels of a drop in steel prices and a dip in shipments. The Pittsburgh-based steelmaker reported net income of $477 million in Q2’23, down 51% from $978 million in Q2’22 on sales that fell 20% to $5.01 billion over the same period. The […]
U.S. Steel has temporarily idled the No. 3 blast furnace at its steel mill in Košice, Slovakia, for annual maintenance.
Over the last month, the iron ore price has shown more weakness as fewer participants in the market maintain a positive outlook based on more stimulus measures in China. Simultaneously, on the supply side, Australia followed seasonal trends with a marginal y/y increase. Recovered Brazilian volumes have also begun to weigh on the market. Supply […]
In 2021, the US and EU called a timeout on their disputes about the US “national security” steel and aluminum tariffs and the resulting retaliatory measures by the EU. The agreement back then rescinded the Section 232 tariffs and replaced them with a “tariff-rate quota” that allowed a measure of tariff-free trade. In exchange, the […]
In 2021, the US and EU called a timeout on their disputes about the US “national security” steel and aluminum tariffs and the resulting retaliatory measures by the EU.
Over the last month, the iron ore price has shown more weakness as fewer participants in the market maintain a positive outlook based on more stimulus measures in China. Simultaneously, on the supply side, Australia followed seasonal trends with a marginal y/y increase. Recovered Brazilian volumes have also begun to weigh on the market. Supply […]
US steel exports spiked in May to the highest monthly level in nearly five years. Exports reached 914,018 net tons in May (Fig. 1), according to the latest figures from the US Department of Commerce. That’s 19% higher month-on-month and 15% higher year-on-year. Recall that exports in March neared a five-year high; May’s total was […]
US steel imports climbed in June to the highest monthly level over the past 12 months, based on June import license data compiled by the US Department of Commerce. Import license applications reached 2,803,597 net tons in June, according to Commerce’s license count as of July 5. This was a 20.7% spike from the month […]
The ITC announced today it is taking up the fact-finding investigation requested by the US Trade Representative into greenhouse-gas emissions intensity in the US steel and aluminum industries. In steel, more than 50 products will be examined for their GHG emissions-intensity as of 2022. The study is set to be completed by Jan. 28, 2025. […]
US-EU talks on a global arrangement on carbon emissions are back in the news, and the latest is that Europe might have sunk a potential deal with the States, according to reporting from The Financial Times. If no deal is reached, Section 232 tariffs of 25% on steel from the EU could be reinstated. That […]
China’s recent reopening, coupled with increased government spending on infrastructure, has led Fitch Ratings to upgrade the outlook for the global steel sector from deteriorating to neutral. The New York-based ratings agency revised China’s steel sector outlook to neutral as well, according to a research note sent to SMU. China’s “stronger-than-expected infrastructure growth and a […]
China’s recent reopening, coupled with increased government spending on infrastructure, has led Fitch Ratings to upgrade the outlook for the global steel sector from deteriorating to neutral. The New York-based ratings agency revised China’s steel sector outlook to neutral as well, according to a research note sent to SMU. China’s “stronger-than-expected infrastructure growth and a […]
In May’s preliminary count, total US steel imports came in below import licenses tallied for the month. At the same time, however, flat-rolled steel imports came in higher than licenses originally suggested, according to the latest data from the International Trade Administration’s (ITA’s) steel import monitor. SMU’s previous analysis of May import data showed 2,395,039 […]
The Leveling the Playing Field 2.0 Act introduced into Congress earlier this month is aimed at modernizing our trade laws for the 21st century, making sure they are strong and enforceable, according to Washington-based law firm Wiley Rein’s Tim Brightbill. Brightbill, partner and co-chair of the firm’s International Trade Practice, recently sat down with SMU to discuss […]
Decarbonization was among the key topics at the Metals Service Center Institute (MSCI) and Steel Manufacturers Association (SMA) annual meeting last week in Washington, D.C. Greg Bertelsen, CEO of the Climate Leadership Council, joined Katie McCall Larson, vice president of government affairs and sustainability for SSAB, and Dan Needham, executive vice president of commercial at […]
The US will import approximately ~50,000 metric tons of steel slab from China in June, according to license data from the US Commerce Department. The figure is notable because the US has imported no significant quantities of Chinese slab in at least the last six years, per Commerce figures. The average price was $694 per metric […]
Sometimes it seems the whole world is downstream of the steel industry. Now, that may be a side effect of spending my days immersed in lead times, steel buyers sentiment, and hot-rolled coil futures. That would be a fair assessment. However, looking into the testimonies from the Congressional Steel Caucus’ recent hearing on June 7 […]
U.S. Steel published its 2022 Environmental, Social and Governance (ESG) Report in which the Pittsburgh-based steel maker said it has dedicated itself to creating sustainable steel and contributing to a greener economy. The report, titled “Essential for Our Future,” reaffirms how essential steel is to creating green technology such as wind turbines solar fields, and […]
After hitting an almost five-year high in March, US steel exports fell back during the month of April. Exports totaled 768,235 net tons in April, according to the latest figures available from the US Department of Commerce. This was a 13% month-on-month (MoM) and a 7% year-on-year (YoY) decline. Note that March exports of 886,458 […]
The Congressional Steel Caucus held a hearing on The State of the Steel Industry in Washington on Wednesday, June 7, where prominent steel executives and the United Steelworkers (USW) union gave testimony on issues such as international trade and sustainability. In his opening remarks, US Rep. Frank Mrvan (D.-Ind.), vice-chairman of the Caucus, stressed his […]
The US and European Union are working on an agreement dealing with carbon emissions in the steel industry. The impact on bilateral trade could be high. In 2021, the US and EU agreed that the US would suspend the 25% Section 232 tariffs on steel and aluminum, and the EU would drop its World Trade […]
Domestic hot band prices are rolling downhill at a rate that looks to be accelerating. As SMU managing editor Michael Cowden pointed out in Tuesday night’s Final Thoughts, present dynamics are eerily like what we saw last summer. And we all know where that led us: to a low of $615 per ton ($30.75 per […]
Bipartisan legislation was introduced in Congress on Wednesday to level the playing field for American workers. The Leveling the Playing Field Act 2.0 would enhance US trade remedy laws to protect American workers and “combat China’s unfair, anti-free market trade practices that distort the global market,” according to a release from Rep. Bill Johnson (R-Ohio). […]
US steel imports were steady from April to May, according to the latest data from the US Department of Commerce. May’s import license count – a first look at import figures for a given month, at 2,395,039 net tons – was just 0.5% higher than April’s final count of 2,382,580 tons. Compared to the same […]
Steel shipments in the US fell 1.7% in April vs. the same month last year, the American Iron and Steel Institute (AISI) reported on Wednesday. AISI said US steel mills shipped 7,499,979 net tons in April, down from 7,629,985 tons shipped a year earlier, but up 1.7% from the 7,372,430 tons shipped during March. Year-to-date […]
General Motors will soon be sourcing low-carbon steel from ArcelorMittal North America. The steelmaker said it will provide the Detroit-based automaker with its XCarb™ recycled and renewably produced (RRP) steel made at its ArcelorMittal Dofasco plant in Hamilton, Ontario. Shipments are anticipated to begin in the current quarter, ArcelorMittal said in a statement. Made via […]
Trade organizations along the electrical steel value chain are urging President Biden to increase domestic production of the products. Groups represented in a May 22 letter sent to the president included the Alliance for Automotive Innovation, American Public Power Association, Edison Electric Institute, GridWise Alliance, International Brotherhood of Electrical Workers, Leading Builders of America, National Association of […]
An anticipated surge in flat-rolled steel imports due to higher domestic pricing has yet to be reflected in government data. For monthly imports, the International Trade Administration’s US Steel Import Monitor tracks license applications (a first look showing licenses to import but not necessarily the actual tonnages that entered during the month), a preliminary count, […]
Cleveland-Cliffs has been granted state mineral leases for over 2,600 acres of iron ore in Itasca County, Minn., the company announced on May 25. The leases are at the Nashwauk mine site located in the Iron Range region, just north of Grand Rapids, Minn. Cliffs said this approval is a final action and the company has now […]