Steel News

Goncalves: Electric Vehicle Makers Turning to Steel

23 August 2022 - Material substitution is an ever-present threat for the steel industry, but it may have an edge in one particular market, according to Cleveland-Cliffs Inc. chief executive Lourenco Goncalves.

BlueScope Steel Plants a Much Bigger Flag in the U.S.

15 August 2022 - North Star BlueScope Steel has begun ramping up the addition to its Delta, Ohio, USA, plant after having produced the first prime coil in June, the company reports.

EU Steel Producers Throttle Back Production

11 August 2022 - Softening demand, driven in part by lowered automotive production, has prompted a number of European steel producers to idle blast furnaces and other production assets, according to the Eurometal trade association.

Gerdau Plans Capacity Boost at Texas Mill

04 August 2022 - Gerdau SA will invest approximately US$54.7 million to expand the capacity of its Midlothian, Texas, USA, bar mill, the company said in its second-quarter earnings release.

Report: China’s Steelmakers Have Difficult Financial Road Ahead

03 August 2022 - China’s steel industry is looking at some difficult times ahead as the country’s real estate market crisis unfolds, reports the Bloomberg news service.

Stelco Q2 Shipments Appear Bright, but the Company Sees Clouds on the Horizon

25 July 2022 - Stelco expects its second-quarter shipments to increase more than 10% over the prior quarter, pushing up profits, but the company anticipates headwinds in the form of declining steel prices in the remaining half of the fiscal year.

Cliffs: Pent-Up Auto Demand Is Increasing, and So Will Its Bottom Line

22 July 2022 - Cleveland-Cliffs Inc.’s second-quarter profits declined 24% as increased prices for natural gas, electricity, scrap and alloys as well as other one-time charges tamped down earnings.

China Sees Falling Steel Demand, Rising Inventories

07 July 2022 - China’s steel inventories have swelled to 23% more than year-ago levels as producers raise alarms over weakening demand, reports the Bloomberg news service.

SMS group Incoming Orders Reach 10-Year High

23 June 2022 - Mill equipment manufacturer SMS group said its order intake rose to its highest level in a decade, reaching EU3.5 billion in fiscal 2021.

McKinsey: European Steelmakers Might Have to Re-Examine DRI Investments

21 June 2022 - European steelmakers who have natural-gas-fired direct reduction plants in their decarbonization plans might have to rethink those investments due to the Russia-Ukraine war, according to a new report.

Commercial Metals Company Forecasts Healthy Steel Demand

20 June 2022 - Fears of a recession to the contrary, Commercial Metals Company (CMC) executives said demand for rebar and other construction steels appears healthy.

U. S. Steel Expects Strong Q2

17 June 2022 - United States Steel Corporation expects to report second-quarter EBITDA of approximately US$1.6 billion, a new second-quarter record, the company said Thursday.

Steel Dynamics Expects a Record Q2

16 June 2022 - Steel Dynamics Inc. said it expects to report another record quarter later this summer, driven in part by strong steel demand and profitability at its steel mills.

Nucor Sees Another Earnings Record on the Horizon

15 June 2022 - Strong steel demand is expected to propel Nucor to its highest quarterly earnings yet, the company said on Wednesday.

worldsteel: Crude Steel Production Up 3.8% in 2021

09 June 2022 - Global crude steel production reached 1.95 billion metric tons in 2021, with China accounting for nearly 53% of the total, according to the World Steel Association (worldsteel)’s annual tally.

Cleveland-Cliffs, NYSE Mark 175 Years in Business

04 May 2022 - In celebration of its 175th anniversary, Cleveland-Cliffs Inc. chairman and chief executive Lourenco Goncalves and other company executives rang the New York Stock Exchange (NYSE) closing bell on Tuesday.

Steel Industry’s Overcapacity Could Trigger Sharp Downturn, Says OECD

27 September 2021 - During its 90th session, the Organisation for Economic Co-operation and Development (OECD)’s Steel Committee warned of potential future downturns if the growth in steel demand slows.

Cleveland-Cliffs’ Next Big Moves: Scrap, Electrical Steel

26 August 2021 - Cleveland-Cliffs Inc. is preparing to enter the steel scrap business and plans to modernize its electrical steel plant in Pennsylvania, chairman and chief executive Lourenco Goncalves said on Monday.

Algoma Closes in on EAF Investment Decision

24 August 2021 - Integrated steelmaker Algoma Inc. is nearing a final investment decision on its proposed transition to electric steelmaking, the company’s chief executive has said.

U. S. Steel Reports a Stronger Q2 Than Last Year

03 August 2021 - United States Steel Corporation reported adjusted net earnings of US$964 million for the second quarter.