A lot has been written about how a severe shortage of prime scrap could be the lasting result of the widespread shift to electric arc furnace (EAF) steelmaking. I’d like to take a minute to point out that tri-state area around Pittsburgh, which Nucor is considering for its $2.7 billion, three-million-tpy EAF sheet mill mill, […] The post Final Thoughts appeared first on Steel Market Update.
Nucor has enough raw material to supply its planned $2.7 billion, 3-million tpy sheet mill, but is exploring new technologies that might help it further reduce carbon emissions. The Charlotte, N.C.-based steelmaker is eyeing a range of options – including increased use of shredded scrap in its sheet mills’ electric-arc furnaces (EAFs), “green” pig iron […] The post Nucor Execs Outline Raw Materials Strategy for New Sheet Mill appeared first on Steel Market Update.
Nucor’s direct-reduced iron (DRI) plant in Covent, La., remains down after being pre-emptively idled ahead of Hurricane Ida last month. The reason: the storm resulted in a barge shortage on the Mississippi River, a Nucor spokeswoman said. “We are prepared to resume operations as soon as additional barges are available,” she said. The Charlotte, N.C.-based […] The post Nucor Louisiana DRI Plant Still Down on Ida-Induced Barge Shortage appeared first on Steel Market Update.
The first rule of predicting steel prices in 2021 is you don’t predict steel prices. I broke that rule last month when I called a peak. I still think I was right about that. But timing is everything. And when exactly we hit that peak remains a matter of debate. Some market participants think we’re […] The post Final Thoughts appeared first on Steel Market Update.
Cleveland-Cliffs Inc. has officially rolled out the new scrap division that its top executive first mentioned at the SMU Steel Summit last week in Atlanta. The Cleveland-based steelmaker also confirmed that its CFO, Keith Koci, had been promoted to president of Cleveland-Cliffs Services, the official name of the new scrap, logistics and raw materials wing […] The post Cliffs Officially Rolls Out New Scrap Division, Executive Promotions appeared first on Steel Market Update.
Nucor plans to restart its direct-reduced iron (DRI) plant in Louisiana after pre-emptively idling the facility ahead of Hurricane Ida. “Our Nucor teammates and their families are safe, and the DRI plant did not sustain any major damage from the storm,” a company spokeswoman said. “We expect to resume operations in the coming days when […] The post Nucor Aims to Restart Louisiana DRI Plant After Idling Ahead of Ida appeared first on Steel Market Update.
Nucor might be wrapping up an approximately $4-billion expansion campaign, but it has no intentions of stopping there, the company’s top executive said. “We’re going to be a growth company. … And we’ve got the balance sheet to continue to invest,” President and CEO Leon Topalian said. Topalian declined to specify where the company might […] The post SMU Steel Summit: Nucor Eyes Expansion, Scrap Export Curbs appeared first on Steel Market Update.
Cleveland-Cliffs Inc. plans to expand into the scrap market – and is creating a new division for that purpose, the company’s top executive said. The scrap division – Cleveland-Cliffs Services – will be spearheaded by Keith Koci, Cliff’s chief financial officer. More details about the venture will be made available in early September, Cliffs Chairman, President and […] The post SMU Steel Summit: Cleveland-Cliffs to Expand into Scrap ‘Very Soon’ appeared first on Steel Market Update.
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 […] The post Schnitzer Restarts Cascade, Buys Columbus Recycling appeared first on Steel Market Update.
BlueScope Steel Ltd. posted record earnings in its 2021 fiscal year thanks to strong demand and record metal spreads. All told, the Australian steelmaker – the parent company of Delta, Ohio-based North Star BlueScope – recorded net profit of Australian $1.19 billion ($870 million U.S.) in its fiscal year ended June 30, 2021, up more […] The post BlueScope Posts Record Profits, North Star Benefits from Ballooning Spreads appeared first on Steel Market Update.