Second-quarter net income decreased year-on-year for US steel producers Nucor and Cleveland-Cliffs as prices and turnover fell. Nucor is bracing for lower profits; Cleveland-Cliffs is looking forward to higher shipments. North Carolina-based Nucor said it expects company earnings in Q3 will be less than the $1.46 bn (€1.32 bn) achieved in Q2 because of decreased profitability […]
West Virginia’s environmental protection department has given longs producer Commercial Metals Company (CMC) permission to begin construction of a micro-mill near Martinsburg, Berkley County. “With the permit in hand, and land purchase completed, we can now begin construction to achieve our targeted commissioning date in calendar 2025,” said CEO and chairwoman Barbara Smith. The plant […]
Industry newcomer Nth Cycle has commissioned its innovative Oyster refining plant in Fairfield, Ohio, to recover nickel and cobalt from metal scrap, electronics waste, untapped mining resources and refinery waste. The recycling operation is based on the company’s patented electro-extraction technology which produces a mixed hydroxide precipitate (MHP) product, a first in the US according to Massachusetts-based […]
Romanian aluminium company Alro is to increase recycling potential by 60,000 t/y following installation of two double-chamber furnaces, a holding furnace and associated fume collection and treatment plant at Slatina. Though high energy prices have forced the company to cut back on primary aluminium production, its other commitments remain unchanged, according to chairman Marian Nastase […]
Secondary lead producer Hakurnas has agreed to install ACE Green’s recycling technology at its plant in Ashdod in Israel to improve its environmental performance. After the initial breaking of lead battery scrap, the conventional second step to recover the lead is smelting via a furnace that operates at high temperatures and produces significant GHG emissions […]
The government of South Africa is to prohibit foreign shipments of copper and carbon steel scrap for six months in an ongoing effort to curb the theft of metal infrastructure. Railway lines, electricity pylons and road barriers have been stolen, mostly for the metal to be exported, according to the police. The thefts have caused […]
Metallics prices have fallen in most global markets over the last month, driven by weak steel demand and improved metallics supply. Lower finished steel prices and EAF margins have weighed heavily on metallics prices across major markets. Scrap bids from key buyers have reduced further amid ample availability, while recent pig iron price cuts have […] The post CRU: Weak Demand Pushes Global Scrap Prices Down appeared first on Steel Market Update.
Foreign shipments of ferrous scrap from Ukraine increased 3.1 times in a rising trend to 77,452 t year-on-year in the first five months of 2023, according to customs data. Exports were 8,280 t in January, 16,500 t in February, 15,450 t in March, 16,190 t in April and 21,003 t in May. Most material went […]
On May 28, current Turkish President Recep Tayyip Erdogan won the Turkish presidential election in the runoff with 52.1% of the vote. We therefore expect the Turkish economy to maintain its current unorthodox macroeconomic course with a relatively loose monetary policy, although inflation is enormously high. The New Turkish Economic Model The Turkish economy, including […] The post CRU: What Erdogan’s Re-election Means for the Turkish Economy appeared first on Steel Market Update.
BlueScope-owned New Zealand Steel is to replace its blast furnace (BF) with an electric arc furnace (EAF). The cost is estimated at NZ$300 M (US$188 M, €174 M), with the government funding up to NZ$140 M. The investment will cut the Glenbrook works’ carbon footprint by 800,000 t, equivalent to taking around 300,000 cars off […]