Scrap Sources: Automotive

“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […] The post Goncalves: 2020 was a “Transformational Year” for Cleveland-Cliffs appeared first on Steel Market Update.

“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […] The post Goncalves: 2020 was a “Transformational Year” for Cleveland-Cliffs appeared first on Steel Market Update.

President Joe Biden has signed an executive order officially implementing a U.S. supply chain review for critical products such as semiconductors – a lack of which has led to widespread automotive production outages. “Recent shortages of automotive semiconductor chips have forced slowdowns at car manufacturing plants, highlighting how shortages can hurt U.S. workers,” the White House said […] The post Biden Signs Supply Chain EO Amid Fears of Q2 Chip Shortages appeared first on Steel Market Update.

United Steelworkers union members will vote March 1 on whether to ratify a tentative contract agreement covering NLMK USA’s operations in western Pennsylvania, a union official said. USW District 10 Staff Representative Todd Clary confirmed the date next Monday. He declined additional comment until after the vote. NLMK USA President and CEO Robert D. Miller also confirmed […] The post USW Slates NLMK USA Ratification Vote for March 1 appeared first on Steel Market Update.

Multiple major North American automakers have or will temporarily halt production because of a semiconductor shortage, something that could have an impact on steel and scrap prices. General Motors will effectively stop production at three assembly plants–one each in the United States, Canada and Mexico–next week because of a semiconductor shortage, the company confirmed. GM […] The post GM, Ford North America Plants Hit by Chip Shortage – Price Impact? appeared first on Steel Market Update.

Multiple major North American automakers have or will temporarily halt production because of a semiconductor shortage, something that could have an impact on steel and scrap prices. General Motors will effectively stop production at three assembly plants–one each in the United States, Canada and Mexico–next week because of a semiconductor shortage, the company confirmed. GM […] The post GM, Ford North America Plants Hit by Chip Shortage – Price Impact? appeared first on Steel Market Update.

Cracks might be forming in the groundwork that has to date led U.S. flat-rolled steel prices to their highest point on record. Whether they are big enough to send towering prices tumbling down or merely a distraction remains to be seen, markets sources generally agreed. Prices have nowhere to go but up in the short […] The post Cracks Forming in Towering U.S. Steel Prices? appeared first on Steel Market Update.

Steel Dynamics Inc. turned in a remarkable fourth quarter and 2020 results despite a year fraught with challenges from the COVID-19 pandemic. SDI posted its second highest record for yearly steel shipments at 10.7 million tons. The company’s fabrication platform shipped a record 666,000 tons. Metals recycling posted operating income of $45 million in 2020 […] The post Upbeat Outlook at Steel Dynamics appeared first on Steel Market Update.

By CRU Analysis Advisor Greg Wittbecker Ford announced in February that it would be all electric in Europe by 2030. This comes on the heels of General Motors stopping production of internal combustion engines (ICE) by 2035. These decisions underscore the shifting landscape in key aluminum applications and use within automotive. Die-castings have always been […] The post Life After the Internal Combustion Engine: The Effect on Aluminum appeared first on Steel Market Update.

By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) fell by 11.5% m/m in February to 309.8. Scrap prices in western markets came under pressure as supply increased substantially, while those in eastern markets faced additional pressure from waning demand. Although supply, especially obsolete grade scrap, has […] The post CRU: Global Metallics Markets Cool in February appeared first on Steel Market Update.