Sustainability: Emissions

As “the next precious metal,” prime scrap is a growth opportunity and a logical fit for Cleveland-Cliffs, which announced Monday that it plans to acquire Detroit-based Ferrous Processing and Trading  Co. (FPT). The $775-million deal, Cliffs’ first foray into scrap, comes as no big surprise to most market observers. Cleveland-Cliffs is the largest producer of […] The post Market Reaction: Cliffs’ Deal for FPT Could Shift Scrap Flows appeared first on Steel Market Update.

Nucor has enough raw material to supply its planned $2.7 billion, 3-million tpy sheet mill, but is exploring new technologies that might help it further reduce carbon emissions. The Charlotte, N.C.-based steelmaker is eyeing a range of options – including increased use of shredded scrap in its sheet mills’ electric-arc furnaces (EAFs), “green” pig iron […] The post Nucor Execs Outline Raw Materials Strategy for New Sheet Mill appeared first on Steel Market Update.

Steel Dynamics’ top executive said he remains very optimistic about the market’s outlook, especially for the balance of 2021, but expects the trend to carry well into 2022. “I’m really bullish,” said Mark Millett, SDI’s president and CEO, during a fireside chat at SMU’s 2021 Steel Summit on Tuesday in Atlanta. “We’re booking for December […] The post SMU Steel Summit: Millett Sees “Good Times Ahead” for the Industry appeared first on Steel Market Update.

Cleveland-Cliffs Inc. plans to expand into the scrap market – and is creating a new division for that purpose, the company’s top executive said. The scrap division – Cleveland-Cliffs Services – will be spearheaded by Keith Koci, Cliff’s chief financial officer. More details about the venture will be made available in early September, Cliffs Chairman, President and […] The post SMU Steel Summit: Cleveland-Cliffs to Expand into Scrap ‘Very Soon’ appeared first on Steel Market Update.

The 2021 SMU Steel Summit started with a bang on Monday morning. Turns out it was a transformer that blew. Just as the opening video and music was revving up and host John Packard was getting into his opening remarks, the Georgia International Convention Center was plunged into darkness save for some emergency lighting. Thinking […] The post Final Thoughts appeared first on Steel Market Update.

What’s this world coming to when an integrated steelmaker – a leader in an industry notorious for taking a huge toll on the environment – spends much of his earnings call talking about cutting carbon emissions? Said Lourenco Goncalves, Cleveland-Cliffs’ chief executive, last week: “Cliffs sees decarbonization as part of our license to continue to […] The post Final Thoughts appeared first on Steel Market Update.

Daimler AG has recognized Big River Steel (BRS) for its “exceptionally sustainable” steel. The electric arc furnace (EAF) producer, a U.S. Steel subsidiary, has helped the German automaker reduce the CO2 emissions attributed to the steel used in its Mercedes-Benz products by more than 70%. Emission-free mobility is a corporate goal for Damiler, which thinks climate […] The post Daimler Praises BRS for ‘Exceptionally Sustainable” Steel appeared first on Steel Market Update.

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.

Cleveland-Cliffs Inc. has joined the ranks of North American steel mills planning steep cuts to greenhouse gas emissions over the next 10 years. The iron ore miner, pellet producer and flat-rolled steelmaker aims to cut greenhouse gas emissions by 25% by 2030 versus 2017 levels. The company said it would do so by using less […] The post Cliffs Aims to Slash CO2 Emissions by 25% by 2030 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.