Contributor: Sandy Williams

Steel Dynamics CEO Mark Millett enthusiastically spoke of the new steel mill planned for Sinton, Texas, during the company’s third-quarter earnings call. “We are excited about our Sinton, Texas, flat roll steel mill project, and the associated long-term value creation it will bring through geographic and value-added product diversification. This facility is designed to have […] The post SDI Excited About New Mill in Texas appeared first on Steel Market Update.

Steel Dynamics is expecting earnings to drop in the third quarter due to lower profits from its steel operations. Lower scrap prices were not enough to offset lower shipments and declining steel pricing. The steelmaker expects earnings in the range of $0.66 to $0.70 per diluted share compared to $0.87 per share in the second […] The post SDI Expects Lower Shipments and Pricing in Q3 appeared first on Steel Market Update.

“If you want to be successful in this business you need to understand the market you serve,” said Cleveland-Cliffs CEO Lourenco Goncalves at the Credit Suisse Basic Materials Conference on Tuesday. Goncalves appears to know what he is doing, having transformed Cleveland-Cliffs from a failing enterprise into a solid business with a unique market position. […] The post Cleveland-Cliffs CEO: “We See a Huge Opportunity” appeared first on Steel Market Update.

The wait is over—Steel Dynamics has announced it will build its new $1.9 billion flat rolled steel mill in Sinton, Texas, 30 miles northwest of Corpus Christi. The new steel mill will serve the four-state Texas area, the western U.S. and Mexico market regions, representing approximately 27 million tons of relevant flat rolled steel consumption—7 […] The post SDI Chooses Sinton,Texas, for New Flat Rolled Mill appeared first on Steel Market Update.

Steel Dynamics is expecting modest growth for steel consumption in the second half of 2019 supported by the end of steel inventory destocking and further reduction of steel imports. “The team delivered a solid second-quarter performance in a challenging steel pricing environment,” said SDI President and CEO Mark Millett. “A weakening scrap price environment coupled […] The post SDI Expects Steel Demand to Grow in the Second Half appeared first on Steel Market Update.

Commercial Metals Company reported net earnings of $14.9 million on net sales of $1.4 billion for the second quarter of its fiscal 2019 year ending Feb. 28, 2019. Revenue for the quarter increased 33 percent year-over-year due to favorable market conditions and strategic growth initiatives, including completion of the Gerdau S.A. acquisition in November. The […] The post CMC Earnings Defy Weather and Seasonality appeared first on Steel Market Update.

Steel Dynamics is excited about its recently announced plans for a new steel mill in the Southwest. After an outstanding year, breaking records for shipments, sales, net income and cash flow, CEO Mark Millett is looking forward to filling a steel void in the southwestern U.S. and Mexico. Steel Dynamics hopes to announce a site […] The post Steel Dynamics Posts Record Year appeared first on Steel Market Update.

Cleveland Cliffs CEO Lourenco Goncalves is looking forward to the completion of the company’s HBI pellet plant in Toledo, Ohio. The project is on time and under budget and construction has begun on the 400-foot tower that will be completed by the end of 2019. Startup of HBI production is anticipated in mid-2020. The company […] The post Cliffs Confident its “Ahead of the Curve” appeared first on Steel Market Update.

Steel Dynamics is expecting third-quarter profitability to exceed second-quarter results, based on strong underlying demand and meaningful metal spread expansion. Average price for steel products is outpacing scrap costs for the quarter resulting in increased profitability for SDI’s sheet and long product steel operations. “Based on strong steel demand fundamentals and customer optimism, the company […] The post SDI Expecting Strong Market Dynamics appeared first on Steel Market Update.

Steel Dynamics reported net sales of $3.1 billion and net income of $362 million for the second quarter of 2018, more than doubling its year-over-year income. First-quarter 2018 net sales totaled $2.6 billion with net income of $228 million. “Our second-quarter 2018 income from operations increased 55 percent sequentially to a record $502 million, and […] The post Steel Dynamics Posts Record Operating Income appeared first on Steel Market Update.