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Steel

Algoma Steel Upgrades Power Plant in Transition to Green Steelmaking

Edward Kim | Equities.com |

The upgrade will provide sufficient internal generation capability to power phase one of its transition to electric arc furnace (“EAF”) steelmaking.


ArcelorMittal and Nippon Steel To Build Electric Arc Furnace at Alabama Joint Venture

Reuters | Equities.com |

Japan’s Nippon Steel Corp and ArcelorMittal SA will spend $775 million to build an electric arc furnace at their U.S. joint venture in Alabama, with a planned start date in the first half of 2023, Nippon Steel said on Tuesday.

The new furnace, to be constructed at their 50-50 joint venture AM/NS Calvert, will have an annual capacity of 1.5 million metric tons and will produce hot-rolled, cold-rolled and coated steel sheets.

Calvert currently produces steel sheet products by processing semi-finished products, or slabs, procured from local and overseas suppliers.


ArcelorMittal Beats Third Quarter Profit Expectations on Improved Global Demand

Reuters | Equities.com |

ArcelorMittal, the world’s largest steelmaker, reported third-quarter core profit above expectations on Thursday as the easing of COVID-19 lockdowns led to improved demand in all regions.

The company, which makes around 5% of the world’s steel, said core profit (EBITDA) fell 15% from a year earlier to $901 million, compared with an average expectation of $838 million in a company-compiled poll.

CEO Lakshmi Mittal said in a statement that steel markets had recovered from a very challenging second quarter, with particular improvement in profits in Brazil and its unit grouping South Africa, Kazakhstan and Ukraine.


Swing State Michigan Hurt by Trump Tariffs on Steel and Broken Promises on Infrastructure

Reuters | Equities.com |

President Donald Trump promised a new dawn for the struggling U.S. steel industry in 2016, and the lure of new jobs in Midwestern states including Michigan helped him eke out a surprise election win.

Four years later, Great Lakes Works - once among the state’s largest steel plants - has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp called off a plan to invest $600 million in upgrades amid deteriorating market conditions.


Cleveland-Cliffs To Acquire US Operations of ArcelorMittal for $1.4 Billion

Bloomberg | Equities.com |

Cleveland-Cliffs Inc. will buy the U.S. operations of ArcelorMittal SA for $1.4 billion in cash and shares to become the biggest flat-rolled steel producer in North America.

Ohio-based Cleveland-Cliffs expects its second major deal in less than a year to boost sales to the important automotive market and help reduce costs. Earlier in 2020, the global steel industry saw its biggest slump in production in a decade as demand from key consumers was hit hard by coronavirus lockdowns. Even before the pandemic, the sector had struggled for years with excess production capacity.


US Sanctions Four Companies Operating in Iran's Metals Sector

Reuters | Equities.com |

WASHINGTON (Reuters) - The United States on Thursday blacklisted four steel, aluminum and iron companies operating in Iran’s metals sector, as well as sales agents of Iran’s largest steel manufacturer it said generate tens of millions of dollars for Tehran’s metals industry. The Treasury Department said in a statement it imposed sanctions on Tara Steel Trading GmbH, a Germany-based subsidiary of Mobarakeh Steel Co, three United Arab Emirates-based sales agents majority owned by the stee...


Thyssenkrupp Posts Lower Profits As Steel Becomes New Problem Child

Reuters | Equities.com |

Europe's second largest steelmaker has been hurt by Chinese imports and weak demand.


Steel manufacturer’s cost-cutting efforts continue

AP News | Equities.com |

Cost cutting efforts at an Ohio steel manufacturer eliminated 14% of the workforce over the last year, the company said.


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