Final Thoughts

We learned today that ArcelorMittal will be taking down their #7 blast furnace at Indiana Harbor for two months: June & July 2014 (scheduled maintenance). The #7 furnace is capable of producing up to 11,500 tons of molten pig iron per day when ready at full capacity. Our assumption is US Steel Gary Works should be back to running at full capacity by then. Great Lakes is still an open question. There will also be a lot of catching up to do by US Steel. What impact will taking #7 down for the months of June and July have on overall steel production?

We also learned today from AK Steel that their blast furnaces are also running at reduced capacities due to the issue of iron ore shipments on the Great Lakes and the lack of vessels (due to ice). They are making up the difference with their EAF at Butler as well as slabs bought on the international market. Mr. Wainscott believes it could take all summer and potentially all year to catch up on iron ore shipments.