Nucor raised its CSP HRC base price to $990/ton (and $1,040/ton at CSI) effective the week of February 23, 2026 - a $10/ton jump signaling accelerating confidence in domestic steel pricing power.
Supreme Court Decision – Main Points
The Supreme Court, in a 6- 3 ruling struck down a large portion of President Trump’s global tariff program. The majority held that the tariffs exceeded the limits of the 1977 International Emergency Economic Powers Act (IEEPA), which does not authorize broad, long term import taxes. The Court reaffirmed that only Congress can enact general tax and tariff policy.
Measures Overturned
“Reciprocal” tariffs on imports from dozens of trading partners tied to the global emergency trade policy. Tariffs directly linked to any emergency trade proclamation.
Tariffs That Remain
Targeted, sector specific tariffs on steel, aluminum, copper, and similar metals remain in place under other trade laws (including Section 232). Existing duties on steel and other key industrial metals still apply despite the Court’s ruling.
Key Points 
Product specific tariffs grounded in other statutes, including those on steel and aluminum like section 232, were not struck down. This is critical for steel producers, manufacturers, and supply chains that continue to face higher input costs.
Steel Focus
The Trump administration uses separate authorities, such as Section 232, to impose tariffs on steel and steel products that were not directly at issue in this case.
We at Steel Industry News are intending to publish a more in-depth analysis next week
Steel Dynamics and SGH Ltd have lifted their takeover offer for BlueScope Steel to about A$15 billion, pitching the A$32.35‑per‑share all‑cash proposal as their “best and final” bid aimed at winning over remaining investor skepticism. The raised offer follows an earlier A$30 per share proposal and significantly boosts the implied valuation of the Australian steelmaker, reflecting intense interest in BlueScope’s global footprint and North American growth potential.
Recent half‑year results from BlueScope, including a sharp jump in net profit and stronger‑than‑expected underlying earnings, have underlined the strength and resilience of its operations just as the bidding consortium moved to sweeten its terms. The improved profitability, cash generation, and upgraded outlook helped justify the richer bid and made the premium more palatable, suggesting SGH and Steel Dynamics see further upside if they can secure control of BlueScope’s assets.
United States Steel plans to restart Battery 13 at its Clairton Coke Works following extensive repairs and safety reviews completed after the deadly August 11, 2025 explosion involving batteries 13 and 14. The company states that the restart will proceed with a strong focus on safe operations and environmental compliance, including active emissions controls monitored in coordination with the Allegheny County Health Department. U. S. Steel notes that the memory of the workers who were killed or injured in the incident continues to guide its commitment to safety as Battery 13 is brought back online and resumes coke production
The United States has introduced a national “Rare Earths Vault,” a strategic reserve designed to safeguard materials such as neodymium, dysprosium, and lithium that are essential to modern technology and defense systems. The vault is intended to store domestically mined and processed rare earth elements used in products including electric motors, wind turbines, precision-guided munitions, and advanced semiconductors. Federal officials say the project aligns with ongoing efforts to onshore critical materials supply chains and reduce reliance on China, which currently dominates the global refining and processing market.
The initiative is expected to operate under joint oversight by the Department of Energy and the Department of Defense, with contributions from private mining firms participating through federal supply contracts. Funding is projected to come from a mix of existing strategic materials programs and new congressional appropriations focused on critical mineral security. Industry analysts suggest that while the vault could help stabilize pricing and reduce short-term supply disruptions, the long-term impact will depend on parallel investments in U.S. refining capacity and recycling technology.
Georgia has become the first U.S. state to propose a statewide halt on new AI-focused data centers, responding to public anger over soaring power bills, grid strain, and heavy water use linked to rapid AI infrastructure growth. Lawmakers there have introduced a moratorium bill that would pause approvals for new data centers until at least March of next year so regulators can reassess zoning, energy planning, environmental impacts, and tax incentives, and similar proposals are now being discussed in states such as Maryland and Oklahoma, signaling a broader political pushback against unchecked AI data center expansion.
If more states adopt similar moratoriums, the near‑term effect would likely be to slow growth in steel demand tied to new data center construction, since these facilities require large quantities of structural steel for frames, roofing systems, and related infrastructure like substations and transmission lines. Over time, however, restrictions could redirect steel consumption rather than eliminate it, shifting demand toward alternative projects such as grid modernization, cleaner power plants, and industrial or manufacturing facilities in regions that still welcome data centers, meaning the steel industry may see a change in where and how its products are used rather than a simple, permanent drop in overall volumes.
source
The Trump administration has announced that the United States will lift tariffs on a wide range of South Korean imports to 25%, sharply escalating a simmering trade standoff with Seoul over an unratified economic and security pact agreed last year. The move will hit key sectors such as autos, lumber, and pharmaceuticals, and is framed by the White House as a response to what it says is South Korea’s failure to “honor” the terms of a deal that included substantial Korean investment commitments in the U.S. across strategic industries like semiconductors, shipbuilding, and biotechnology. While the higher duties are officially levied on American companies that import these goods, the decision injects fresh uncertainty into a relationship where South Korea has become one of Washington’s most important trading partners and investors, and it comes as Seoul’s lawmakers are still weighing approval of the underlying agreement.
Louisiana has finalized the purchase of over 1,700 acres along the Mississippi River in Ascension Parish to support Hyundai Steel’s forthcoming $5.8 billion manufacturing complex. The groundbreaking project will bring the company’s first U.S.-based steel production facility to life, featuring advanced, low-carbon technology designed for automotive-grade materials. Set to begin construction in 2026 and conclude around 2029, the initiative is expected to generate more than 1,300 direct jobs and strengthen America’s automotive supply chain while solidifying the state’s position as a major industrial hub.
Worthington Steel has entered into a Business Combination Agreement to acquire Kloeckner & Co in an all-cash transaction implemented via a voluntary tender offer in Germany, offering €11 per share and valuing Kloeckner at approximately $2.4 billion. The deal will create the second largest steel service center company in North America by revenue, with about $9.5 billion of combined sales while maintaining margins above 7% including an estimated $150 million of identified annual run-rate synergies.
Strategically, the acquisition broadens Worthington Steel’s product portfolio and geographic reach, adding Kloeckner’s roughly 110 locations across North America and Europe and expanding capabilities in carbon flat-roll steel, electrical steel, aluminum, stainless, and long products. Worthington Steel expects the transaction to be substantially accretive to earnings per share in the first full year of operation, financed through a combination of cash on hand and fully underwritten debt, with a focus on deleveraging from about 4.0x net leverage at closing to below 2.5x within 24 months.
1/14/26 – At the “State of Steel” hearing of the Congressional Steel Caucus on Capitol Hill in Washington, D.C., U.S. steel executives told lawmakers that domestic producers remain on relatively solid footing thanks to recent pro-manufacturing initiatives and tax reforms that have supported new investment. They warned, however, that chronic global overcapacity -especially tied to non-market producers such as China – along with elevated interest rates and slow, unpredictable U.S. permitting still pose serious long-term risks to the competitiveness of American mills, insights relevant to American Iron and Steel Institute (AISI), which archives Steel Caucus hearings.
Barry Schneider, president and COO of Steel Dynamics and chairman of the Steel Manufacturers Association, used his testimony to urge strict enforcement of Section 232 measures, arguing that any relaxation would invite a surge of unfairly traded imports and undercut recent gains in U.S. production. He called for tightening the United States-Mexico-Canada Agreement by fully implementing melt-and-pour and rules-of-origin provisions, raising regional steel content thresholds and closing loopholes that allow non-market steel to enter North America through third countries.
Ben Pickett, executive vice president of Nucor and vice chairman of the Steel Manufacturers Association, echoed these concerns and emphasized the central role that companies like Steel Dynamics and Nucor play in sustaining high-wage jobs and national industrial security. Drawing on broader testimony and commentary around the event, members of Congress and industry witnesses also highlighted the importance of advancing the Leveling the Playing Field 2.0 Act, maintaining strong Build America, Buy America requirements and sustaining federal infrastructure spending so that robust domestic demand is matched by firm trade enforcement and a coherent industrial policy framework.
AHRI reports U.S. heating and cooling equipment shipments dropped to their weakest November in nine years, underscoring a sharp slowdown in demand across residential products. Shipments totaled about 1.33 million units, slipping an estimated 5 percent from October and roughly 21 percent from the same month in 2024, with water heaters, warm‑air furnaces, and central air conditioners/heat pumps all losing ground. Central air conditioner and air‑source heat pump volumes were especially soft at around 379,000 units, down approximately 46 percent year over year and extending a months‑long string of steep declines following the post‑pandemic boom. The downturn reflects a cooler housing market, higher financing costs, and leaner purchasing by distributors as they work through inventory accumulated during the surge in orders earlier in the decade.
U.S. Steel Property Holdings has acquired the former USS-Posco steel mill site in Pittsburg, California, for $275 million via a quitclaim deed on 11 parcels, including 900 Loveridge Road, 750, 900, and 935 East Third St., 3122 Columbia St., and 2907 Antioch-Pittsburg Highway, as documented in Contra Costa County Recorder’s Office filings from Dec. 29. The facility, previously known as USS-UPI and a 50-50 joint venture between U.S. Steel and South Korea’s POSCO until U.S. Steel bought out POSCO-California Corp.’s stake in 2020. The mill manufactured cold-rolled sheets, galvanized sheets, tinplate, and tin-free steel with an annual capacity of roughly 1.5 million tons for West Coast supply chains before being indefinitely idled in December 2023, resulting in the loss of 474 jobs and ending its role as the region’s sole tin plate producer for canning.
The purchase follows Nippon Steel Corp.’s $14.9 billion takeover of U.S. Steel in June 2025 and its pledge for substantial U.S. investments, including a major upgrade at an Alabama plant, a blast furnace restart in Illinois, and a furnace revamp in Indiana to boost American steel production and jobs – though no specific plans have been announced for the Pittsburg, CA site.
In 2025, South Korea’s industrial sectors experienced diverging fortunes. Automobiles and petrochemicals suffered under U.S. tariffs and the ongoing Russia–Ukraine conflict, while shipbuilding and defense thrived on rising global demand. Pohang, Korea’s steel hub in North Gyeongsang Province, reflects the steel industry’s mounting distress – of 355 local plants, only 317 remain active as surging energy costs, weak demand, and low product prices erode profitability. Even major firms are retrenching: Hyundai Steel halted operations at its Pohang No. 2 plant after 25 years, reflecting broader structural fatigue in an industry burdened by tariffs, sluggish construction activity, and an oversupply that exceeds demand in both domestic and export markets.
Globally, steelmakers face their first major slump in a decade. The World Steel Association reports 2024 crude steel output at 1.8826 billion metric tons, down 0.8% year-on-year, while Korea’s production fell 4.7% to 63.5 million tons, signaling deeper weakness. From January to November 2025, production slipped another 3.7%, likely totaling just 61 million tons for the year – its lowest since 2010. The downturn, intensified by low-cost Chinese exports since 2022, has driven Korea’s steel exports down more than 20%, with seven consecutive months of contraction through late 2025. Industry analysts expect these structural challenges to persist well into 2026.
You cannot copy content of this page
