Contributor: Tim Triplett

Cleveland-Cliffs Inc. reported the best quarterly results in the company’s history with net income of $795 million on revenues of $5.0 billion in the second quarter. That’s a huge turnaround from the pandemic-plagued quarter last year when the company lost $108 million on revenues of just $1.1 billion. “In the second quarter of 2021, we […] The post Cleveland-Cliffs Sets All-Time Quarterly Records in Q2 appeared first on Steel Market Update.

Though he admits it was not the original plan, Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves said Wednesday at AISTech that his company no longer intends to produce merchant pig iron for sale to competitors, as has been widely speculated. In the past two years, Cleveland-Cliffs has purchased AK Steel and ArcelorMittal USA, making it the largest […] The post Goncalves: Cliffs Has No Plans to Produce Merchant Pig Iron appeared first on Steel Market Update.

Ferrous scrap prices, like finished steel prices, have been on the rise for most of the year (see chart), but could see a pause in August. Sources tell Steel Market Update they expect obsolete grades to trade $20/GT lower next month, while prime prices will most likely remain unchanged. “Obsolete grades should trade in the […] The post Scrap Price Increases Likely to Pause in August appeared first on Steel Market Update.

Ferrous scrap prices rose by $20/GT for prime grades, but were unchanged for obsoletes, in trading for July. Prime supplies were influenced by the slowdown in automotive production, while obsolete prices reflect stable export demand. Sources tell Steel Market Update that prices in the Ohio Valley settled around $505-514/GT for shred, $500-510/GT for plate and […] The post Prime Scrap Sees $20 Increase in July appeared first on Steel Market Update.

Ferrous scrap prices are likely to rise again in July on top of the $50-60 per gross ton increase in June – but just how much remains unclear, according to Steel Market Update sources. “July expectations vary greatly,” said one dealer in the Northeast. “Most consumers are conceding prices will be up $20-50/GT depending on grade and […] The post Another Increase for Ferrous Scrap in July? appeared first on Steel Market Update.

Ferrous scrap prices in the U.S. are likely to see a big jump in June, estimated at $50-60 per gross ton or more, primarily as a result of strong demand from foreign buyers, sources tell Steel Market Update. “June will bring significant price increases for ferrous scrap. The biggest factor is the strength of the […] The post Ferrous Scrap Prices Expected to See Big Jump in June 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.

Given the heightened urgency to reduce carbon emissions and address climate change, nearly all the world’s automakers plan to replace at least some of the internal combustion cars and trucks in their lineups with fully electric vehicles (EVs). GM, notably, has pledged to introduce 30 new EVs by 2025 and to produce nothing but EVs […] The post What Does the Trend Toward Electric Vehicles Mean for Steel? appeared first on Steel Market Update.

Given the heightened urgency to reduce carbon emissions and address climate change, nearly all the world’s automakers plan to replace at least some of the internal combustion cars and trucks in their lineups with fully electric vehicles (EVs). GM, notably, has pledged to introduce 30 new EVs by 2025 and to produce nothing but EVs […] The post What Does the Trend Toward Electric Vehicles Mean for Steel? appeared first on Steel Market Update.

Steel Dynamics Inc. forecast higher first- and second-quarter results, fueled by strong shipments and record steel prices, according to guidance issued Wednesday. “First-quarter 2021 profitability from the company’s steel operations is expected to be significantly higher than sequential fourth-quarter results, driven by flat roll metal spread expansion, as strong demand continues to support flat roll steel prices,” […] The post Steel Dynamics Reports Strong Momentum in First Quarter appeared first on Steel Market Update.