AM/NS Calvert Increases Sheet Again, Seeks $900/ton HR base
ArcelorMittal joins U.S. Steel and Cleveland-Cliffs, pushing sheet prices higher, according to an internal commercial memo on Oct. 31.
Tag: U.S. Steel
Auto Alliance Opposes a Potential USS-Cliffs Merger
The Alliance for Automotive Innovation (AAI), the association representing auto manufacturers making most vehicles sold in the US, has voiced its opposition to the potential acquisition of U.S. Steel by Cleveland-Cliffs.
USS Unveils Battery-Operated Locomotives in Green Push
U.S. Steel said it has converted two of its diesel switcher locomotives to “state-of-the-art battery-operated locomotives.”
Cleveland-Cliffs Raises Sheet Prices, Seeks $900/ton for HRC
Cleveland-Cliffs said Tuesday that it would increase spot market base prices for carbon hot-rolled, cold-rolled, and coated steel sheet.
USS-UPI Operations To Be Idled by Year's End
It’s official: U.S. Steel is idling its UPI operations in Pittsburg, Calif., by year’s end.
U.S. Steel Talks Price Hike, Investments; Says Little on Sales Process
U.S. Steel’s third-quarter earnings call with analysts on Friday, Oct. 27, was packed full of insight into the Pittsburgh-based steelmaker’s current state of affairs.
Final Thoughts
I wrote on Sunday that it could be a busy week for steel. It has been.
HRC Futures Go Vertical
These were the headlines hot off the press Wednesday night:
U.S. Steel Posts Lower Q3 Profit on Drop in Sheet Prices. Quiet on Sales Process
U.S Steel posted sharply lower earnings as a result of a drop in steel prices and only modest gains in shipments. The Pittsburgh-based steelmaker said little about the sales process it launched in August.
U.S. Steel Up Another $100/ton on Sheet
U.S. Steel on Thursday announced that it would increase spot prices for steel sheet by another $100 per ton.
SMU Price Ranges: Sheet Up as Price Hikes Gain Traction
Sheet prices rose for a fourth consecutive week following a second wave of price hikes announced by domestic mills.
Cliffs Execs Quiet on Potential U.S. Steel Deal
On the company’s third-quarter earnings call with analysts on Tuesday, Oct. 24, Cleveland-Cliffs executives were careful not to disclose anything about their talks with U.S. Steel on a potential acquisition.
Final Thoughts
This week could be a big one for steel, or at least for the steel rumor mill. For starters, there is renewed speculation that an announcement about the U.S. Steel sales process could be in the works. The rumor mill is also churning fast when it comes to the duration of the UAW strike and […]
SDI Doesn’t Rule Out Inorganic Growth M&A
On its third-quarter earnings conference call on Thursday, Oct. 19, Steel Dynamics Inc. executives did not rule out the possibility of ‘inorganic growth’ opportunities.
HRC Futures: A Swing in the Market
Well, what a difference a month makes…
U.S. Steel Raises Sheet Prices by $100/ton
U.S. Steel on Thursday said it planned to increase spot base prices for steel sheet by at least $100 per ton ($5 per cwt).
Subcontractors for USS Stole~$2M of Scrap: Police
Subcontractors for U.S. Steel in Indiana stole ~20 million pounds of scrap valued at ~$2 million over a two-year period.
U.S. Steel Debuts New Product, COASTALUME
U.S. Steel, in collaboration with DuPont, announced on Tuesday a new product, COASTALUME™, engineered specifically for coastal environments.
Worldsteel Elects Nucor’s Topalian as New Chairman
Nucor’s President and CEO Leon Topalian has been named the new chairman of the World Steel Association (worldsteel).
SMU Steel Demand Index Inches Up Again But Still in Contraction
Steel Market Update’s Steel Demand Index remains in contraction territory despite repeated improvements since mid-September, according to our latest survey data.
Final Thoughts
SMU’s latest survey data are out, and they reflect a consensus among steel buyers that sheet prices have bottomed out and might rebound. Lead times continue to extend. Fewer sheet and plate mills are willing to negotiate lower spot prices. And 70% of survey respondents think prices have already bottomed out or will later this […]
U.S. Steel Opens New NGO Electrical Steel Line at BRS
U.S. Steel Corp. celebrated the opening of its $450-million non-grain oriented (NGO) electrical steel line at its Big River Steel Works in Osceola, Ark.
SDI Slates Four-Day Outage at Indiana Sheet Mill
Steel Dynamics Inc. (SDI) plans to take a four-day outage at its sheet mill in Butler, Ind., according to sources familiar with the matter.
Commerce Gives Final Ruling in Japanese Tin Products Sunset Review
The US Department of Commerce has issued its final ruling in an expedited sunset review of antidumping duties on imports of tin mill products from Japan.
Final Thoughts
The US steel market appears to have gone from despairing over the possibility of spot HRC prices slipping into the $500s per ton to worrying about spot availability – and in just a matter of 2-3 weeks.
U.S. Steel Slates 16-Day Outage on Gary Works No. 6 BF
U.S. Steel will take a 16-day planned outage beginning next week on the No. 6 blast furnace (BF) at its Gary Works in northwest Indiana.
Final Thoughts
Did the price increase announced by Cleveland-Cliffs last week stick? Yes, at least partially.
Algoma Extends Iron Ore Purchase Agreement with U.S. Steel
Algoma Steel Group has extended its iron ore purchase agreement with U.S. Steel for another two years.
USS Slates Layoffs at Granite City Works
U.S. Steel is laying off ~300 workers at its Granite City Works in Illinois, a company spokeswoman told SMU on Tuesday.
Cliffs Inks NDA with U.S. Steel, Source Confirms
Cleveland-Cliffs has signed a non-disclosure agreement with U.S. Steel as the latter continues with its strategic review sales process.