Tag: AFS

Cleveland-Cliffs Inc. could join other steel producers in adding electric-arc furnace (EAF) capacity, the company’s top executive said. The Cleveland-based steelmaker is considering that because the cost of relining a blast furnace – and investing in the supply chains needed to feed it – are roughly the same as those for of building a new EAF. […] The post Cliffs Considers Converting BF to EAF Amid Mine Idling, Coke Plant Closure: CEO 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.

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.

By CRU Senior Analyst Thais Terzian  and Analyst Chris Bandmann, from CRU’s Crude Steel Market Outlet, Nov. 15 There is currently a lot of market discussion that the EU may act to restrict scrap exports. Here we look at who could be hurt and who might see opportunities. Other regions have already acted to protect […] The post CRU: Turkey Set to Lose if the EU Bans Scrap Exports appeared first on Steel Market Update.

Earnings season is (mostly) done and dusted, so I’d like to turn your attention to another season: M&A announcement season. Bankers like to get deals done before Christmas. And I think there is a decent chance that any deals in the pipeline now are announced in the next month or so. Also, while spot prices […] The post Final Thoughts 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.

When the books are written on a historic year for steel prices, we will probably look back at August and September as the months when things started falling apart. Why? Because that’s when the extraordinay gaps – between U.S. steel prices and those abroad, between steel prices and scrap prices, and between market senitment and […] The post Final Thoughts appeared first on Steel Market Update.

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.

Cleveland-Cliffs Inc. has agreed to acquire Midwestern scrap recycler Ferrous Processing and Trading Co. (FPT) for $775 million. The deal means the Cleveland-based steelmaker has secured its own reserves of prime scrap, which Cliffs Chairman, President and CEO Lourenco Goncalves has previously characterized as a “precious metal.” FPT recorded earnings before interest, taxes, depreciation and amortization […] The post Cliffs Enters Scrap in a Big Way with $775M Deal for FPT appeared first on Steel Market Update.