In a surprise announcement, U.S. Steel said it is canceling the endless casting and cogeneration project at Mon Valley Works. The company has already spent $170 million on the $1.3 billion project. “This is not the end of Mon Valley,” President and CEO David Burritt emphasized during the first quarter earnings call on Friday. The […] The post U.S. Steel Cancels Mon Valley Project in Surprise Move appeared first on Steel Market Update.
Ford expects to lose 50% of its planned second-quarter production because the global chip shortage has become a “significant headwind” for the company. The Dearborn, Mich.-based automaker had already lost 17% of its planned production in the first quarter because of the chip issue, and it anticipates losing 10% of forecast output in the second […] The post Ford Cuts Q2 Production Forecast 50% on Chip Shortage appeared first on Steel Market Update.
With trading for May not quite finished this week, ferrous scrap prices appeared surprisingly strong, with obsolete grades up about $20/GT and prime grades moving sideways. Steel Market Update sources put the May price for shred in the range of $450-460 per gross ton, busheling at $590-600 per gross ton, and P/S at $440-445 per […] The post Ferrous Scrap Prices Up in May as Mills Modify Their Mix appeared first on Steel Market Update.
Ternium remains on track to start up its new hot strip mill in Pesquería, outside of Monterrey, Mexico, on time, according to industry sources. The Latin American steelmaker has indicated that it expects to start up by early June and has already filled its June and July order books, market participants said. Ternium did not […] The post Ternium on Track for Early June Start at New HSM, Selling Aug-Sept: Sources appeared first on Steel Market Update.
Ford has extended downtime at assembly plants in the U.S. and Canada into May because of an ongoing microchip supply squeeze. “The global semiconductor shortage continues, presenting challenges to a number of industries – including automakers worldwide,” a Ford spokeswoman said. The Dearborn, Mich.-based automaker will take outages the weeks of May 3 and May […] The post Ford Extends Downtime at U.S., Canada Plants on Chip Shortage appeared first on Steel Market Update.
Among steelmaking raw materials, the prices of iron ore, pig iron, zinc and aluminum rose through mid-April, on top of large gains seen in previous months. Prices increased as much as 10% month-over-month for those four products. Iron ore prices have reached record levels, while coking coal prices remain down. Pig iron and scrap prices […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […] The post Bigger Is Better, More Profitable for Cliffs: Goncalves appeared first on Steel Market Update.
Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […] The post Bigger Is Better, More Profitable for Cliffs: Goncalves appeared first on Steel Market Update.
Nucor posted its best quarter ever with net earnings of $942.4 million in first-quarter 2021. Net sales soared 33% to $7.02 billion in the quarter on higher steel prices and shipments. “The first quarter of 2021 was the most profitable quarter in our company’s history. We are clearly reaping the rewards from our prior investments […] The post Nucor Sets New Profit Record in the First Quarter appeared first on Steel Market Update.
The global semiconductor shortage continues to disrupt North American vehicle production roughly four months after the issue emerged in a key steel end market. The result: Production at multiple North American assembly plants is down through the end of this month, and some are down in May as well. Here is where things stand to date. General Motors […] The post Auto Outage Update: Some Plants Restarting, Others Down Through May appeared first on Steel Market Update.