Ferrous scrap has been described as “the new precious metal,” as mills all over the world invest in scrap-fed electric arc furnaces as a means of lowering harmful greenhouse gas emissions. Indeed, prime scrap may prove to be even more rare and prized than most realize. In the United States alone, producers will add 5.3 […] The post Analysts: New EAF Capacity Will Make Scrap “a Precious Metal” appeared first on Steel Market Update.
Cleveland-Cliffs Inc. might shut a blast furnace this year, the company’s top executive said. “When we make a move, we make a move. … You might see a blast furnace going down for good still in 2022,” Cliffs Chairman, President and CEO Lourenco Goncalves said during a fireside chat at the Tampa Steel Conference this […] The post Cliffs Could ‘Stretch’ Hot Metal and Take Down a Blast Furnace in ’22: Goncalves appeared first on Steel Market Update.
Cleveland-Cliffs Inc. is expected to take an approximately 80-90 day planned outage on the No. 5 blast furnace at its Cleveland Works starting in mid to late March, according to market participants. The outage is expected to last until roughly mid-June. It is not expected to impact customers because the Cleveland-based steelmaker can stock slabs […] The post Cliffs Expected to Take 80-90 Day Outage on Cleveland No. 5 Furnace: Sources appeared first on Steel Market Update.
Evraz is a major supplier of plate and tubular goods for the traditional oil and gas markets. At the same time, it is a leader in the use of renewable energy, with an electric arc furnace mill in Pueblo, Colo., powered primarily by solar. Jefferson Shaw, vice president of strategy for Evraz North America, sees […] The post Evraz NA’s Shaw: Decarbonization Not an ‘Us vs. Them’ Proposition appeared first on Steel Market Update.
With 2022 right around the corner, it’s time to reflect back on an unusual and eventful year for the steel industry. Following is Steel Market Update’s Top 10 News Events of 2021: #10 – Economy Rebounds from COVID: No one could have predicted when the virus crippled commerce in the spring of 2020 that the […] The post Final Thoughts appeared first on Steel Market Update.
By Philip Bell, President, Steel Manufacturers Association Earlier this year, the European Commission began reviewing its Waste Shipment Regulation (WSR) and considering proposals for its revision. On Nov. 17, the EU commission announced that it may restrict waste exports including metal scrap to non-OECD countries. In yesterday’s formal announcement, the commission proposed revised legislation on […] The post SMA: Are Scrap Export Restrictions the Next Topic for the U.S. and EU to Address? appeared first on Steel Market Update.
The board of Canadian flat-rolled steelmaker Algoma has approved the construction of two new electric arc furnaces (EAFs) with combined steelmaking capacity of 3.7 million tons per year. The new EAFs are expected to come online in 2024 and to replace the Sault Ste. Marie, Ontario-based company’s blast furnaces and basic oxygen furnaces. “We believe […] The post Algoma Board OKs Two New EAFs, Startup Set for ’24 appeared first on Steel Market Update.
With record third-quarter earnings of $2 billion in the bank, U.S. Steel President and CEO David Burritt offered a bullish outlook for the steel industry and his company in 2022. Highlights of the company’s earnings call on Friday included an update on the steelmaker’s progress in finding a site for its new electric arc furnace […] The post U.S. Steel Eyes New Pig Iron Plant at Gary, New Coating Line at Big River appeared first on Steel Market Update.
Cleveland-Cliffs Inc. has restarted the No. 7 blast furnace at its Indiana Harbor steel mill in northwest Indiana following a reline. “We just concluded the repair of Indiana Harbor No. 7. … We finished 24 hours ahead of schedule,” company Chairman, President and CEO Lourenco Gonvalves said during a conference call with analysts on Friday, […] The post Cliffs Completes Reline at Indiana Harbor No. 7, Pulls Other Outages to Q4 appeared first on Steel Market Update.
Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters. The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter […] The post Cliffs Q3 Earnings Surge Higher, Contracts Seen as Buffer to Spot Declines appeared first on Steel Market Update.