In a dramatic turn of events for the U.S. steel industry, Cleveland-Cliffs and Nucor are reportedly preparing a joint bid to acquire U.S. Steel, following the White House's recent blockade of Nippon Steel's $14.9 billion takeover attempt.
The global shipping industry is at a pivotal moment, where labor disputes, technological advancements, and economic pressures are reshaping maritime logistics.
Hyundai Steel, a subsidiary of South Korea’s Hyundai Motor Group, is making significant strides towards expanding its global footprint with plans to establish its first overseas steel mill in the United States. The company is reportedly in the final stages of planning a massive KRW10 trillion (US$6.9 billion) steel production facility near New Orleans, Louisiana
This strategic move is aimed at supplying automotive steel to Hyundai Motor Group’s existing and future manufacturing plants in the region, including Hyundai’s facility in Alabama and Kia’s plant in Georgia
The decision to invest in a U.S.-based steel mill comes at a crucial time, as the automotive industry faces potential changes in trade regulations and a growing demand for locally produced materials. Hyundai Steel’s new facility is expected to play a vital role in supporting the group’s expanding production capacity in the United States, which is projected to reach between 1.0 million and 1.2 million vehicles per year when all plants are fully operational
The Louisiana location was chosen after careful consideration of other potential sites in Texas and Georgia, with construction anticipated to begin in early 2026 and completion targeted for 2029
This ambitious project not only represents a significant investment in the U.S. economy but also demonstrates Hyundai Motor Group’s commitment to strengthening its supply chain and reducing dependence on imported materials. The new steel mill is likely to be electric arc furnace-based, focusing on the production of steel sheets for automobiles
This move aligns with the group’s strategy to enhance its competitiveness in the U.S. market, particularly in light of the growing emphasis on electric vehicle production, as evidenced by the recently opened Hyundai Motor Group Metaplant America in Georgia, which has an annual capacity of 300,000 electric vehicles
Cleveland Cliffs has announced a price increase to $800/ton for their February order book.Â
Effective immediately, the Nucor CSP HRC base price for the week of November 12th will be $750/ton
for all producing mills, except CSI, where their CSP HRC base price will be $810/ton.
This is a $10/ton increase from the previous price which was $740/ton
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