Economy & Markets
The latest on the economy's health and the markets driving the supply and demand of steel.
Latest News
Lower Prices, Shipments Likely to Dent Algoma Q3 Earnings
11 January 2023 - Canada’s Algoma Steel Inc. said Tuesday it expects to report a fiscal Q3 adjusted loss before interest, taxes, depreciation and amortization of between CA$35 million and CA$45 million due to lower plate shipments, softer steel prices and routine, seasonal maintenance work.
Healthy Demand Pushes Up CMC’s Q1 Profits
09 January 2023 - Long products maker Commercial Metals Company (CMC) saw its fiscal first quarter profits rise 12% due in part to strength in North American demand, the company said on Monday.
Steel Dynamics Expects Q4 Earnings to Decline
16 December 2022 - Steel Dynamics Inc. (SDI) is forecasting its fourth-quarter earnings to fall roughly 39% over the prior year due in part to tightening metal spreads, especially at its flat-rolled operations.
Nucor Expects Q4 Earnings to Slide, Announces Expansion of Steel Towers Business
16 December 2022 - Nucor Corp. expects its fourth-quarter earnings to fall roughly 45% due in part to lower volumes and lower average selling prices, the company said on Thursday.
Japanese Steelmakers Consider Increasing Electrical Steel Investment
07 December 2022 - Nippon Steel Corp. and JFE Steel Corp. are eying additional investments in electrical steels as demand for electric vehicles increases, according to the Bloomberg news service.
Lower Prices, Destocking Bite Into ArcelorMittal Q3 Profits
10 November 2022 - ArcelorMittal saw its third-quarter profits cut by more than 75% on reduced shipments and lower prices for those shipments.
War, Inflation Lead worldsteel to Revise Down Steel Demand Forecast
19 October 2022 - Global steel demand is expected to decline 2.3% this year as persistent inflation, rising interest rates and Russia’s invasion of Ukraine slow the worldwide economy, according to a new forecast from the World Steel Association (worldsteel).
Forecast: Renewable Energy Will Increase Global Steel Demand
04 October 2022 - New solar and wind farms are expected to drive new steel demand of 2% annually by 2030 and 4% by 2050, according to a new forecast from iron ore miner BHP Group Ltd.
U. S. Steel Leans into Market Headwinds
16 September 2022 - United States Steel Corporation expects to report adjusted net earnings of somewhere between US$1.90 and US$1.95 per diluted share this quarter, even as market headwinds begin to impact the business, the company has said.
Nucor Anticipates Record Year, but Comparatively Lower Q3 Results
15 September 2022 - Nucor Corp. expects its third-quarter earnings to fall roughly 13% year over year on lower shipments and prices at its steel mills.
SDI Q3 Earnings Expected to Soften but Sees Underlying Demand Persist
15 September 2022 - Steel Dynamics Inc. expects its third-quarter earnings to drop roughly 23% from the prior three months due in part to lower average flat-rolled prices.
ArcelorMittal Idles Two European Blast Furnaces
07 September 2022 - Softening demand and rising energy prices are prompting ArcelorMittal to idle two of its blast furnaces in Spain and Germany, according to a report.
EUROFER: War, Energy Costs Darken Skies for European Steelmakers
25 August 2022 - European steelmakers are facing bleaker prospects this year owing to ongoing supply chain issues, the war in Ukraine and rising energy costs, the European Steel Association (EUROFER) said in its latest market outlook.
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.
