Section: News

ArcelorMittal has agreed to acquire a controlling stake in Voestalpine’s hot-briquetted iron (HBI) plant in southern Texas, in a deal that values the operations at $1 billion. The Luxembourg-based steelmaker will take an 80% stake in the plant located in Portland, Texas – just outside of Corpus Christi. Opened in October 2016, it’s one of […] The post ArcelorMittal Takes Majority Stake in Voestalpine Texas HBI Plant appeared first on Steel Market Update.

Voestalpine is in advanced talks to sell a majority stake in its hot-briquetted iron (HBI) plant in southern Texas, the company said. “In recent months, Voestalpine has been conducting an open-ended market sounding to stabilize the business model of its direct reduction plant in Corpus Christi, Texas.” The Austrian specialty steelmaker didn’t disclose a potential […] The post Voestalpine Looks to Sell Majority Stake in Texas HBI Plant appeared first on Steel Market Update.

BlueScope plans to buy Coil Coatings from Cornerstone Building Brands for $500 million to expand its presence in painted products in the eastern US. The Australian steelmaker – parent company of sheet producer North Star BlueScope in Delta, Ohio – said the deal would complement its existing coated products business on the West Coast.  The […] The post BlueScope to Buy Coil Coatings for $500M, Expand in Eastern US appeared first on Steel Market Update.

Schnitzer Steel Industries Inc. posted its best first half results in company history following a strong second quarter earnings. The result comes thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $38 million in the second quarter of […] The post Schnitzer’s Best Half-Year Results Backed by Strong FYQ2 appeared first on Steel Market Update.

I decided to take a break from prices and survey data today to check in with a few trusted mill and service center executives. Each had their own take on the market. But there were a couple of common threads. First, the war in Ukraine is still driving the steel and metals markets – even […] The post Final Thoughts appeared first on Steel Market Update.

Steel Market Update sources expect ferrous scrap prices to rise yet again in April, with obsolete grades potentially up $50-$100 per gross ton over March and busheling up $120-$200 per gross ton. The big anticipated gains in April follow record price increases in March due to the Ukraine-Russia war. “I have to say, this is one […] The post April Scrap Prices Expected to Jump Again on Pig Iron Scarcity appeared first on Steel Market Update.

Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […] The post SMU Survey Respondents Flag Fuel Surcharges as Costs March Higher appeared first on Steel Market Update.

Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […] The post SMU Survey Respondents Flag Fuel Surcharges as Costs March Higher appeared first on Steel Market Update.

Nucor has increased the raw materials surcharge (RMS) for customers buying steel sheet on terms linked to scrap prices. The Charlotte, NC-based steelmaker said its RMS – based on prices for busheling scrap – would be $515 per ton ($25.75 per cwt) in April, a $190-per-ton increase from prior levels. The higher RMS will be […] The post Nucor Increases RMS for Scrap-Linked Sheet Deals by $190/ton appeared first on Steel Market Update.

The war in Ukraine has disrupted commodity markets across the globe. Prices for all seven of the steelmaking raw materials tracked in this SMU analysis increased over the last 30 days. Through late-March, pig iron prices surged 60% compared to one month prior, coking coal prices jumped 45%, scrap prices increased 26-32%, zinc and iron […] The post Raw Materials Prices: Surges in Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.