Schnitzer Steel Industries Inc. has resumed production at its Cascade Steel Rolling Mills in McMinnville, Ore., following a fire in late May that damaged the facility’s melt shop. The Portland, Ore.-based recycler, which also owns the Oregon mill, said the facility was accepting orders after restarting operations several weeks earlier than expected. “I am proud […]
On Friday, Steel Market Update sent data providers the final analysis for July of service center inventories, shipments, steel on-order, and percentage of inventories tied up for contract sales. Premium members will receive the report on Monday. As expected, after reviewing our Flash Report which is provided to data providers five days into the new […]
One Week to Go… There is now but one week to go before the doors open at the Georgia International Convention Center (GICC) in Atlanta for the 2021 SMU Steel Summit Conference on August 23. This year the conference will be unique as it will be a “hybrid” event. By this I mean we will […]
Integrated steelmaker U.S. Steel is taking the No. 6 blast furnace at its Gary Works steel mill offline for 38 days beginning at the end of next month, a company spokesperson confirmed to Steel Market Update. The planned maintenance outage at its Indiana facility is scheduled for Sept. 30 and should run through Nov. 9. […]
Nucor has completed its previously announced acquisition of Cornerstone Building Brands’ insulated metal panels (IMP) business. The $1 billion deal expands the steelmaker’s reach into the construction market. The Nucor management team is in place and the CENTRIA and Metl-Span brands acquired from Cornerstone Building Brands are now a part of the newly created Insulated […]
Klöckner & Co. SE posted its best quarterly results since its stock launch more than 15 years ago. The company attributed its record-setting second-quarter results to the surge in steel prices, a 60% increase in sales and a strong performance from its digital operations. The Duisburg, Germany-based service center, which has significant operations in the […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
We talk a lot about the price of steel going up. We don’t talk as much about spreads between hot-rolled coil and prime scrap – which are going up just as fast if not faster. And if you’ve listened to earnings calls over the last two weeks, you know that steel mills and industry analysts […]
Some experts believe short supplies and record-high steel prices are nearing a tipping point with new steelmaking capacity soon to come online and loads of imports on the water headed this way. But that’s not the prevailing sentiment among the service center and manufacturing executives who responded to SMU’s questionnaire this week. While it may […]
On Monday, Aug. 2, Steel Market Update will open the 2021 SMU Steel Summit Conference platform to all fully registered attendees. The platform, which was used to conduct last year’s conference and is being used for our virtual workshops, is replacing the App we have used in the past. Our virtual platform will enhance the conference […]
Toyota Motor North America in now a member of the Auto/Steel Partnership (A/SP), joining automakers Stellantis and General Motors in a consortium that includes the American Iron and Steel Institute’s (AISI) Automotive Applications Council. “We are excited to welcome Toyota to our team of automakers, steel companies and tier supplier representatives who are dedicated to […]
2021 SMU Steel Summit Conference – Revised Agenda as of July 27, 2021 The 2021 SMU Steel Summit Conference will be held at the Georgia International Convention Center on Aug. 23-25. The convention center is conveniently located next to the Atlanta International Airport (ATL). The center and the hotels surrounding the convention center are on […]
General Motors has extended chip-related outages to assembly plants that make its highly sought-after pickup trucks. The Detroit-based automaker, the largest in the U.S., had previously tried to shield truck plants from the impacts of the semiconductor shortage. Here is the latest: • General Motor’s assembly plant in Flint, Mich., will operate on one production […]
SSAB Americas aims to increase plate prices by $150-200 per ton ($7.50-$10 per cwt) effective immediately. The $150-per-ton price hike applies to as-rolled mill plate and coil as well as to cut-to-length plate more than 72 inches wide, the steelmaker said in letters to customers on Monday, July 26. The $200-per-ton increase is for all […]
Last week our average price on hot rolled coil (HRC) was $1,850 per ton ($92.50/cwt). We are not far away from $2,000 per ton ($100.00/cwt). The idea of HRC at $100.00/cwt is so far out of my historical perspective. I go back to the late 1970s when HRC sold under $10.00/cwt…. Jeez. I saw an […]
Last week our average price on hot rolled coil (HRC) was $1,850 per ton ($92.50/cwt). We are not far away from $2,000 per ton ($100.00/cwt). The idea of HRC at $100.00/cwt is so far out of my historical perspective. I go back to the late 1970s when HRC sold under $10.00/cwt…. Jeez. I saw an […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
This evening we published our SMU Mill Lead Times by Product analysis. I recently received a few questions on the subject: How do we gather our lead time data? Do we take into consideration the lead times being published by the individual domestic steel mills? How do we feel the information we report is indicative […]
One of the largest expansions in Nucor’s history – its $1.35 billion plate mill in Kentucky – is poised to come online at an opportune time should Congress pass a bipartisan infrastructure spending bill. The Charlotte, N.C.-based steelmaker anticipates the mill will be commissioned in late 2022 despite some delays in equipment deliveries, company executives said. And […]
NLMK USA joined the growing ranks of steelmakers posting massively higher second-quarter earnings on solid demand and record-high steel prices. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – recorded EBITDA of $213 million in the second quarter of 2021, up more than threefold from $65 million in the first quarter and an […]
Nucor set a new quarterly earnings record in the second quarter and expects to notch another in the third. The Charlotte, N.C.-based steelmaker – America’s largest – reported a profit of $1.51 billion in the second quarter of this year, up 60% from $942.2 million in the first quarter, and up nearly 14-fold from $108.9 million in the […]
Steel Dynamics Inc. (SDI) is still in growth mode and actively looking at M&A options But don’t expect another new mill on the scale of the electric-arc furnace (EAF) flat-rolled mill being built in Sinton, Texas, company executives said. The $1.9 billion Sinton mill, which will have annual capacity of three million tons per year, […]
At least two North American plate producers have announced price increases of $120-160 per ton ($6-8/cwt). Nucor – the largest steelmaker in the U.S. – in a leading move announced the increase along with the opening of its September order book for plate. The increase – announced on Tuesday, July 20 – marks at least the third […]
Steel Market Update does not forecast steel prices. That’s a fact that can sometimes get lost in all the pricing data we publish. Please don’t let the good news and happy headlines you’ve been reading in SMU every week make you complacent. It’s convenient to listen to the many readers quoted in this newsletter who […]
Steel Market Update does not forecast steel prices. That’s a fact that can sometimes get lost in all the pricing data we publish. Please don’t let the good news and happy headlines you’ve been reading in SMU every week make you complacent. It’s convenient to listen to the many readers quoted in this newsletter who […]
Nucor has agreed to buy racking and hollow structural section (HSS) manufacturer Hannibal Industries Inc. for $370 million. “Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel,” Nucor President and CEO Leon Topalian said. “This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes […]
Steel Dynamics Inc. (SDI) kicked off steel earnings season by posting record second-quarter sales and record profits on ballooning metal spreads. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker anticipates another record performance in the third quarter as well as strong demand into 2022. “We remain confident that macroeconomic and market conditions are […]
Steel Market Update reported our service center inventories and shipment data to our data providers today. Our Premium level members will get the report at 1 p.m. ET tomorrow. I can whet your appetite by telling you that flat rolled inventories on a days of supply basis rose slightly, but are not yet at what […]
Nucor plans to slash Scope 1 and Scope 2 greenhouse gas emissions at its steel mills by 35% by 2030. North America’s largest steelmaker also aims in the following years to be “net zero” when it comes to carbon emissions. “Our GHG intensity is less than one-third the world average, but we are committed to […]