Bits 'N Pieces

Steel Market Update speaks with dozens of companies on a daily basis and hundreds over the course of a week. We also receive a large number of emails, facebook and LinkedIn posts. Every so often we like to share some of the comments being made in an article we call “Bits ‘N Pieces.”

We learned this evening that the Mingo Junction steel mill formerly owned by Severstal and last operated (if our memories are correct) by Wheeling Pittsburgh is in the process of being sold. Our sources are telling us the buyer is an Indian company called ACCIL (Asian Colour Coated Ispat, Ltd) and our understanding is that the sale price is $35 million. Our source is telling us they intend on buying slabs and producing hot rolled (and we all know how much we need more hot rolled supply in the U.S. right now…). According to the local newspaper, employees have already been hired and there could be activity at the mill as soon as September. The plant has been idle for seven years.