“Best of Both” is the latest catchphrase at U.S. Steel, but it isn’t just words. It is a serious endeavor to prepare for the changing landscape of the U.S. steel industry, said the steelmaker. Acquisition of the remaining 50.1 percent of Big River Steel, sometime in the next three years, is the company’s highest priority, […]
Watch the market closely. I am hearing rumors that at least one EAF mill is trying to get flat rolled numbers up. Right now, most (not all) data providers were not supportive of higher numbers. I am hearing integrated mills are not booking a lot of spot business, and thus are able to get slightly […]
SMU Virtual Steel Summit Conference now has less than a month to go… (25 days). The SMU platform from which the conference will be hosted will be unveiled in a free webinar at 11 AM ET this morning. We added a couple new speakers to the 2020 SMU Virtual Steel Summit Conference. I added Big […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
NOTE: Steel Market Update will be moving to a new Azure server tomorrow. Most of the day our website will be down as we make the transition. The website should be back up on Saturday and we intend to publish on Sunday as usual, barring any technical difficulties. We are in an interesting time for […]
We are in an interesting time for the steel industry. The pandemic is just one factor behind the stress in the market. The price increase announcements by the integrated steel mills, U.S. Steel, AK Steel and ArcelorMittal, have created another issue for steel buyers. An executive with U.S. Steel saw the slides associated with yesterday’s […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
Steel Market Update’s next Community Chat webinar on Wednesday, July 8, will host CRU Senior Analyst Ryan McKinley, who will offer an update on the global ferrous scrap market and answer metallics-related questions from listeners. Ferrous scrap prices began to trade this afternoon with obsolete grades dropping by $20 per gross ton, and prime grades […]
U.S. Steel anticipates the second quarter will “mark the trough for the year.” In earnings guidance issued on June 17, the company said it expects an adjusted EBITDA loss of $315 million, exclusive of approximately $100 million of estimated restructuring and other charges. The guidance was significantly lower than analyst consensus and nearly five times […]
Big River Steel (BRS) expects to complete its capacity expansion by the end of this year more than two months ahead of expectations. The mill in Osceola, Ark., is in the process of doubling its annual steel production capacity from 1.65 million to 3.3 million tons. BRS began operations at its $1.3 billion scrap metal […]
The term “sustainability” is most often associated with environmentalism. True to the word, U.S. Steel’s 2019 Sustainability Report details the steelmaker’s mission to reduce its global greenhouse gas (GHG) emission intensity by 20 percent over the next decade. But what makes a company’s success “sustainable” over the long term goes far beyond environmental considerations, said […]
The 2020 SMU Steel Summit Conference will be a virtual conference this year due to the COVID-19 pandemic. It is disappointing that we are not able to do a live conference, but we think we are going to provide a solid alternative that will feed your need to interact with multiple companies who buy and sell […]
The 2020 SMU Steel Summit Conference will be a virtual conference this year due to the COVID-19 pandemic. It is disappointing that we are not able to do a live conference, but we think we are going to provide a solid alternative that will feed your need to interact with multiple companies who buy and sell […]
Mark Bula is well known in steel circles for his role in a past startup now known as Big River Steel. Bula recently joined a new startup whose mission is not making steel, but rather making steel more safely. Bula recently accepted a position as chief strategy officer and general manager of steel for Everguard.ai, […]
Bank of America is forecasting a slow recovery from the coronavirus crisis, one that will take years not just months, said Metals and Mining Analyst Timna Tanners, who was the featured guest speaker during Steel Market Update’s Community Chat on Wednesday. Bank of America economists anticipate a global recession in the second and third quarters. […]
U.S. Steel remains focused on its acquisition of Big River Steel even as the COVID-19 crisis forces the idling of U.S Steel operations and layoffs of employees. The success of U.S. Steel depends on having the best of integrated and EAF steelmaking, said the company during its first-quarter earnings call. “Make no mistake, our ‘best […]
Today, Steel Market Update adjusted our flat rolled Price Momentum Indicator to Neutral. We are of the opinion, based on intelligence we are gleaning from steel buyers, that steel prices are in transition. We no longer believe prices on hot rolled, cold rolled, galvanized and Galvalume will decline over the next 30 days. However, a […]
It was one of those days. Publishing a newsletter is like giving birth three times a week anyway, but the labor pains for the SMU staff were particularly acute today. John Packard was ostensibly taking the day off, but that did not stop him from writing a big story and sending untold emails. Keeping abreast […]
So, this is where we will put responses to questions, human interest items and various other “bits and pieces” that we feel will be of value to our readers. The constant news reports on the coronavirus with their rolling tallies of the number of Americans infected, and the number who have perished, are profoundly troubling. […]
Sheet prices in the U.S. Midwest market fell by $5-9 /s.ton, w/w with HR coil losing the most, assessed at $560 /s.ton. These prices reflect transactions from last week, which were primarily conducted ahead of recently announced mill price increases. While prices fell, the overall volume component fell at a faster rate. Until the price […]
U.S. Steel continues to make interesting moves having now purchased the balance of the ownership in USS/Posco (UPI), 49.9 percent of Big River Steel with an option to purchase the balance, the $1 billion+ capital investment in the endless casting, rolling and cogeneration at Mon Valley Works and the $750 billion investment in Gary Works. […]
North Star BlueScope reported weaker earnings in the first half of FY 2020 due to softer prices and margin spreads and normal seasonality. Sales revenue of $592 million was down 32 percent from the first half of 2019. Weaker hot rolled coil prices were partly offset by lower raw material costs. Shipments for the half […]
We have adjusted our plate price momentum indicator from neutral to lower. Prices have been dropping over the past couple of weeks, and steel buyers are very negative on the markets right now (see some of the comments in an article above). I have to tell you I am really struggling with all of the […]
Based on the results from the flat rolled and plate steel market trends analysis Steel Market Update conducted this past week, along with new steel price discussions SMU had with steel buyers late last week, we have decided to move our flat rolled (hot rolled, cold rolled, galvanized and Galvalume) price Momentum Indicators to Lower […]
“Transformational” is what Cleveland-Cliffs CEO Lourenco Goncalves called the acquisition of AK Steel in remarks during the Q4 2019 earnings call Thursday. “With the acquisition of AK Steel, Cleveland-Cliffs becomes the most relevant supplier of steel to the automotive industry in the United States, fully integrated from iron ore in the ground to auto parts […]
Today, we are rolling out more of our agenda for the 2020 SMU Steel Summit Conference. For more information and to register, visit: www.SteelMarketUpdate.com/Events/Steel-Summit. STEEL: DEALING WITH THE VELOCITY OF CHANGE AGENDA HIGHLIGHTS Monday, August 24, 2020 10:00 – 5:30 Conference RegistrationGeorgia International Convention Center- South Lobby 10:00 – 10:50 CME Hedging Workshop 11:10 – […]
Today, we are rolling out more of our agenda for the 2020 SMU Steel Summit Conference. For more information and to register, visit: www.SteelMarketUpdate.com/Events/Steel-Summit. STEEL: DEALING WITH THE VELOCITY OF CHANGE AGENDA HIGHLIGHTS Monday, August 24, 2020 10:00 – 5:30 Conference RegistrationGeorgia International Convention Center- South Lobby 10:00 – 10:50 CME Hedging Workshop 11:10 – […]
U.S. Steel Corp. has made additional cuts to staff at its Indiana operations as part of its operating and organizational improvements. Amanda Malkowski, spokeswoman for U.S. Steel, said recent cuts affect non-union employees. Said Malkowski in a statement: “In line with the enhanced operating model and organizational structure announced in October 2019, U.S. Steel has […]