Key Takeaways Democrats take control of both chambers in January, but the vote arithmetic on tariff repeal leaves one central steel policy lever in a different place than the campaign rhetoric did. Industry sources say it is possible interest rates come down before the end of 2027, while the Federal...
Key Takeaways Nucor’s HRC CSP pricing notice moved the Hot Rolled Coil base price again and set a separate level for one mill; the exact figures and the gap between the two levels are inside. Zinc pricing and Zinc inventories both changed direction this week, and the numbers that bear...
A project-by-project map of new U.S. steelmaking, rolling, and coating capacity planned or under construction over the next five years.
11/11/26 – Mesabi Metallics outlined plans at a Fort Madison informational meeting for its proposed $15 billion steel mill in Lee County, saying construction could begin as early as late next year, with initial steel production expected by 2030. The facility would produce 10 million tons of steel annually and employ at least 1,750 permanent workers at an average wage of $48 an hour. The company plans to ship material by rail from its Minnesota mining operation to Iowa for melting and pouring. A final site has not been announced. Plans call for natural-gas-powered and electric furnaces, approximately 1.3 gigawatts of electricity, and Mississippi River water supported by on-site treatment facilities.
A proposed host-community agreement would require Mesabi to pay Lee County $250,000 upon signing, followed by $100,000 quarterly until construction begins and $365,000 quarterly during construction, with construction-period payments capped at $10.5 million. The broader arrangement includes a minimum property-improvement assessment of $112 million and $50 million in payments over 20 years through a payment-in-lieu-of-taxes program. Mesabi would also agree to use approved construction haul routes, control dust and repair damage to county roads and bridges. The Lee County Board of Supervisors is expected to vote on the plan next week.
11/10/26 – Consumer prices rose 0.4% in October, exceeding forecasts and increasing expectations that the Federal Reserve will raise interest rates at its December 8-9 meeting. Core inflation, which excludes food and energy, increased 0.3% for the third consecutive month.
Several Fed officials signaled support for higher borrowing costs as price pressures remained broad. Governor Christopher Waller said policymakers should consider a half-percentage-point increase if October core inflation reached at least 0.3%, while Dallas Fed President Lorie Logan called for at least two additional quarter-point increases. Shelter prices rose 0.3% in October and accounted for more than 30% of the overall monthly increase, while gasoline climbed 1%, grocery prices increased 0.4% and restaurant prices rose 0.5%.
11/9/26 – Domestic raw steel production totaled 1,778,000 net tons in the week ending November 7, 2026, down 13.4% from 2,053,000 net tons the previous week but up 2.9% from 1,728,000 net tons a year earlier. Capability utilization fell to 77.0% from 88.9% the previous week, while remaining above the year-earlier rate of 75.4%.
Adjusted year-to-date production through November 7 reached 81,537,000 net tons, up 5.9% from 77,020,000 net tons during the same period in 2025. Year-to-date capability utilization averaged 79.5%, compared with 76.9% a year earlier. By district, the Southern region led weekly output with 751,000 net tons, followed by the Great Lakes at 509,000, the Midwest at 326,000, the North East at 137,000 and the Western region at 55,000.
Cleveland-Cliffs announced November 6 that it has reached new four-year labor agreements with the United Steelworkers covering approximately 12,000 employees at steel plants and mining operations in Indiana, Ohio, Pennsylvania, Minnesota, and Michigan. The agreements address all of the company’s USW contracts currently up for renewal but remain subject to ratification by local union memberships. CEO Lourenco Goncalves said the deals recognize employees’ contributions and provide stability for continued investment. The company did not disclose wage increases or other financial terms in its announcement.
Separately, U.S. Steel’s negotiations with the USW remained unresolved, according to the November 6 union message described in the supplied reporting. The union said it submitted a full counterproposal on October 30 but received no response on wages or most outstanding issues at a November 5 meeting. It also said the company’s lead negotiator unexpectedly left the bargaining table the following day. Those statements reflect the union’s account, not independently established findings. The Cleveland-Cliffs agreements do not settle the separate U.S. Steel negotiations.
US manufacturing activity expanded for a 10th consecutive month in October, with the ISM Manufacturing PMI rising to 55.5% from 54.5% in September. New orders increased to 55.5%, while the Production Index climbed to 59.0%, its highest reading since November 2021. Employment remained in expansion at 52.4%, although hiring slowed slightly from the prior month. The report indicates that all five components of the headline PMI were in expansion territory, one more than in September.
Demand signals remained broadly positive, with new orders, order backlogs, and export orders all expanding. Customers’ inventories stayed at 41.6%, a level ISM considers too low and generally supportive of future production. Input costs remained elevated, as the Prices Index registered 75.2%, down 2.7 percentage points from September but still indicating a 25th straight month of rising raw material prices. Steel, aluminum, copper, freight, and electronic components were among the commodities cited as rising in price, while steel was also reported in short supply.
source: prnewswire
Nucor has produced its first prime coil on a new continuous galvanizing line at its Berkeley County, South Carolina, sheet mill, completing the commissioning phase and beginning production operations. The Primetals Technologies-supplied line has annual capacity of approximately 500,000 tons and is designed to produce exposed automotive-grade steel, advanced high-strength steel, galvanized, galvanneal, and zinc-aluminum-magnesium coated products.
The new line strengthens Nucor’s position in value-added automotive steel and expands its ability to supply structural and safety-critical vehicle components. Nucor expects the line to reach 50% utilization by the second quarter of 2027 and move toward full run rate by the end of that year. The equipment includes a vertical galvanizing furnace with galvanneal capability, advanced automation, rapid cooling, and transverse flux induction heating technology.
Source: primetals
U.S. Steel’s board has approved full funding for a nearly $3 billion hot strip mill at its Mon Valley Works’ Edgar Thomson Plant near Pittsburgh. The project will replace aging equipment, increase annual production capacity from approximately 2.2 million tons to 3.5 million tons, and expand the range of steels available to customers in automotive, appliance, and line pipe markets. Construction will begin after the necessary permits are secured, with initial production expected in late 2029.
The new mill will feature walking beam furnaces and an in-line slab sizing press designed to lower fuel consumption, reduce scrap, and improve production efficiency. An economic impact study commissioned for the project estimates it will support between 5,100 and 6,300 jobs across Pennsylvania and generate up to $1.7 billion in economic impact over three years. Separately, construction is underway on an approximately $100 million slag granulator at Edgar Thomson that will process blast furnace slag for use in cement and construction while reducing open-pit processing, landfill use, and related emissions.
Negotiations toward a US-Mexico trade agreement have stalled over requests to reduce Section 232 tariffs on steel, aluminum, and downstream metal products, according to Bloomberg Reporting. Mexico is seeking relief from the 50% steel and aluminum duties and wants any reductions to extend to finished products containing those metals. The two sides have not agreed on a lower tariff rate, and significant progress could be delayed until after the November 3 US midterm elections.
Mexico’s ambassador to the United States, Roberto Lazzeri, identified Section 232 tariffs as the main obstacle, although Economy Minister Marcelo Ebrard disputed reports that US Commerce Secretary Howard Lutnick opposed reductions. Mexico argues that differences in US sector-specific tariff treatment put its producers at a disadvantage compared with competitors in Japan and South Korea. A bilateral framework could provide greater certainty for companies delaying investment decisions amid trade negotiations and the review of the US-Mexico-Canada Agreement.
US imports of hot rolled sheet totaled 137,058 metric tons in August 2026, rising 63.8% from July and 82.8% compared with August 2025, according to preliminary US Department of Commerce census data. The value of those imports reached $92.1 million, up from $56.6 million in July and $50.8 million in the same month last year. Both shipment volumes and import values recorded substantial increases on a monthly and year-over-year basis.
South Korea remained the largest supplier, shipping 41,310 metric tons to the United States in August. That was down from 49,096 metric tons in July but well above the 9,420 metric tons supplied in August 2025. Japan followed with 25,022 metric tons, while Vietnam shipped 20,920 metric tons and Canada supplied 17,328 metric tons. Brazil and Turkey rounded out the leading sources with 7,773 metric tons and 6,149 metric tons, respectively. The overall monthly increase came despite lower shipments from South Korea
Cleveland-Cliffs reported net income of $165 million in the third quarter of 2026, reversing a $134 million loss in the previous quarter and a $234 million loss a year earlier. Revenue reached $5.6 billion, while adjusted EBITDA rose to $612 million, exceeding the company’s previous guidance of $575 million. Steel shipments increased to 4.15 million net tons, and the average net selling price climbed to $1,177 per net ton, up from $1,124 in the second quarter and $1,032 a year earlier.
The company also addressed its decision to indefinitely idle Stelco’s galvanizing lines in Canada, despite the subsidiary recording its strongest quarter since the acquisition and becoming a positive contributor to adjusted EBITDA. CEO Lourenco Goncalves cited an oversupplied Canadian galvanized steel market and called for further government action. Cleveland-Cliffs said it would maintain Stelco’s total production tonnage and preserve approximately 2,000 Canadian jobs.
Cleveland-Cliffs is also moving its 2027 annual contracts for service centers and nonautomotive end users toward index-linked pricing rather than fixed prices. During its October 19 earnings call, management said the agreements, which reset January 1, would carry little or no discount to the applicable index. That means pricing on covered shipments would follow market benchmarks instead of remaining fixed for the contract year. The company is also introducing take-or-pay minimum-volume commitments in the new agreements
US steel imports totaled 2.21 million metric tons in August 2026, up 7.2% from July and 29.8% higher than August 2025, according to preliminary US Department of Commerce census data. The value of August imports reached $2.1 billion, compared with $2.0 billion in July and $1.8 billion in the same month last year. South Korea was the largest source of imported steel during the month, shipping 388,894 metric tons, followed by Brazil with 318,671 metric tons, Canada with 268,097 metric tons, and Mexico with 230,093 metric tons.
Semi-finished steel imports led the monthly increase, rising to 720,240 metric tons from 625,704 metric tons in July and well above the 408,630 metric tons recorded in August 2025. Flat product imports also increased to 587,908 metric tons, up from 448,436 metric tons in July. Long product imports declined to 431,548 metric tons from 477,565 metric tons in the prior month, while pipe and tube imports fell to 390,270 metric tons from 432,164 metric tons. According to American Iron and Steel Institute estimates, imports accounted for 17.5% of the US steel market in August and 16% during the first eight months of 2026.
Mesabi Metallics outlined plans at a Fort Madison informational meeting for its proposed $15 billion steel mill in Lee County, saying construction could begin as early as late next year, with initial steel production expected by 2030. The facility would produce 10 million tons of steel annually and employ at least 1,750 permanent workers at an average wage of $48 an hour. The company plans to ship material by rail from its Minnesota mining operation to Iowa for melting and pouring. A final site has not been announced. Plans call for natural-gas-powered and electric furnaces, approximately 1.3 gigawatts of electricity, and Mississippi River water supported by on-site treatment facilities.
A proposed host-community agreement would require Mesabi to pay Lee County $250,000 upon signing, followed by $100,000 quarterly until construction begins and $365,000 quarterly during construction, with construction-period payments capped at $10.5 million. The broader arrangement includes a minimum property-improvement assessment of $112 million and $50 million in payments over 20 years through a payment-in-lieu-of-taxes program. Mesabi would also agree to use approved construction haul routes, control dust and repair damage to county roads and bridges. The Lee County Board of Supervisors is expected to vote on the plan next week.
Anduril Industries and the U.S. Navy plan to build a $6.6 billion, software-run shipyard at the Port of Baltimore to manufacture components for Virginia-class submarines. The facility, called Arsenal-2, will cover 2 million square feet on a 187-acre site and is expected to create more than 3,100 jobs by 2034. Permitting and site preparation are set to begin immediately, with operations anticipated to start in 2030.
Anduril will invest $3.7 billion, while the Navy will provide the remaining $2.9 billion through a contract with payments tied to production outcomes. The company says its ArsenalOS platform will digitally connect fabrication, outfitting, material movement, inspection, and documentation workflows to improve consistency and give managers real-time visibility into production. Anduril plans to scale output gradually as it builds the workforce, supplier network, infrastructure, and production rate needed to support the submarine program.
U.S. Steel is investing $28.3 million to upgrade the pickle line at its Great Lakes Works in Michigan, improving its ability to process advanced high-strength steel. The company announced September 29 that it had accepted delivery of a fiber-optic laser beam welder, with dual-entry shears scheduled for installation during a 30-day outage beginning in October.
The welder joins successive coils to keep steel moving continuously through the line, while the shears trim coil ends before welding and can serve two passlines. U.S. Steel said the upgrades will improve operating efficiency, production reliability and product quality. Employees will also receive 3D virtual training and on-the-job skills development.
U.S. raw steel production totaled 1.801 million net tons for the week ending October 3, down 2.4% from 1.845 million net tons in the prior week, according to American Iron and Steel Institute data. Capacity utilization also declined to 78.3%, compared with 80.5% a week earlier.
Despite the weekly reduction, output remained 4.8% above the level recorded in the comparable week of 2025. Adjusted year-to-date production reached 71.967 million net tons through October 3, with average capacity utilization standing at 79.0%.
Three U.S. companies secured Defense Logistics Agency contracts with a combined announced value of approximately $1.8 billion to supply steel and other metals to the military. Metallus received a $995 million, five-year contract for High Fragmentation 1 steel used in large-caliber artillery and mortar projectiles, running through September 24, 2031. The company received an initial delivery order worth approximately $125 million on September 29.
T&T Materials and TW Metals share a separate $750 million contract for commercially available metal products. That agreement covers an initial two years, with four possible two-year extensions, and drew 18 bids; the Metallus contract was awarded without competition. The announced contract values total $1.745 billion, rounded to $1.8 billion in the article’s headline, and should not be confused with the value of orders already placed.
Source: Yahoo
U.S. Steel has presented the United Steelworkers with a revised five-year labor contract proposal that the company says would deliver 19.3% total wage growth over the agreement’s term, including a 5% increase in the fifth year. The offer would require no health care premiums from USW-represented employees, and U.S. Steel says it has withdrawn its proposal to cap health care costs. The company also describes the offer as including a long-term capital investment commitment intended to protect jobs and strengthen its facilities. These are terms of a proposal, not an agreement reached by the two sides.
The USW bargaining committee was scheduled to review the new offer Wednesday afternoon, but had not publicly responded when the report was published. Union representatives have recently said significant differences remain in negotiations. USW-represented employees continue working under the contract that expired September 1 while talks proceed. A new agreement would cover thousands of workers at U.S. Steel operations nationwide, including roughly 2,000 at the Minntac and Keetac iron ore mines in Minnesota.
Source: USS
Stelco plans to indefinitely idle its cold rolled and coated steel finishing operations at Hamilton Works in Ontario, with the wind-down expected to begin October 9. The Cleveland-Cliffs subsidiary said U.S. tariffs have reduced demand for those products and that production will be concentrated at its Lake Erie Works in Nanticoke. Up to 500 Hamilton employees could be affected, although Stelco says it will offer them jobs at Lake Erie Works. The president of United Steelworkers Local 1005 estimates that about 350 steelworkers will be laid off. Cleveland-Cliffs said the change will alter Stelco’s product mix but will not reduce its overall steel production tonnage.
The announcement drew a sharp response from Canadian Prime Minister Mark Carney, who called Stelco’s decision a betrayal of workers and said the government would pursue Cleveland-Cliffs “to the full extent of the law.” Carney’s statement signals a possible legal response, but it does not establish that a case has been filed or that the company violated any obligation. Stelco said demand for its cold rolled and galvanized products in traditional markets fell nearly 25% in the second quarter of 2026 compared with the 2024 quarterly average, including a 10% decline in Canada.
Source: Bloomberg
ArcelorMittal says it cannot safely restart operations at its Kryvyi Rih steel plant in Ukraine following repeated missile strikes. The facility was hit four times over five weeks, most recently on September 21, causing extensive damage to production equipment. The attacks killed five people and injured 17 employees, including one who remains in critical condition.
The company is discussing the plant’s future with the Ukrainian government and is focusing on preserving its infrastructure so production may be able to resume when conditions allow. ArcelorMittal expects to record a non-cash impairment charge of approximately $1 billion, primarily tied to the facility’s property and equipment. Since the war began in February 2022, the company says it has provided more than $700 million to support operations and employees in Ukraine.
U.S. Steel has rejected a comprehensive contract proposal submitted by the United Steelworkers, leaving the two sides still divided as negotiations approach a September 25 target date. The USW says its proposal addressed key priorities including wages, health care, job protections, retirement, and investment commitments at union-represented facilities. The current labor agreement, which had been scheduled to expire September 1, was extended for 30 days to allow bargaining to continue.
Health care remains one of the central unresolved issues. The union has said U.S. Steel continues to pursue changes that could shift a larger share of medical costs to employees, while also objecting to proposed changes in successorship language that protects pay, benefits, and contract terms if ownership changes. U.S. Steel’s July proposal included a five-year agreement, annual wage increases that would compound to 18.2% by the final year, and a $4,000 ratification bonus for eligible workers. The company has said its goal is to reach an agreement that recognizes employees’ contributions and supports the long-term future of the company and its workforce.
You cannot copy content of this page
