Steel Industry News

Effective immediately, the CSP HRC base price for the week of April 14
th will be $930/ton for all
producing mills, except CSI, where our CSP HRC base price will be $990/ton.

President Donald Trump recently announced a 90-day pause on increased tariffs for most countries, excluding China, in an effort to facilitate trade negotiations. This decision came after more than 75 countries reached out to the U.S. to discuss trade concerns without retaliating. During this pause, a 10% baseline tariff will apply to most imports, significantly lower than previously planned rates for countries like the EU and Japan. However, Trump escalated the trade conflict with China by raising tariffs on Chinese imports to 125%, citing China’s retaliatory measures and perceived disrespect to global markets. The pause led to a significant market rebound, with the S&P 500 surging over 9% following the announcement

The Iron Range region of Minnesota is facing economic hardship as Cleveland-Cliffs announced temporary layoffs affecting 597 steelworkers at the Hibbing Taconite Company (HibTac) and the Minorca Mine. State officials confirmed the layoffs, which could become permanent by late May, are due to an oversupply of iron ore from 2024. The news has prompted concern from Minnesota politicians, with Republican state Rep. Spencer Igo criticizing state and federal policies, while DFL state Sen. Grant Hauschild expressed solidarity with the affected workers. U.S. Sen. Tina Smith emphasized the broader impact of these job losses on the community and pointed to the Trump administration’s tariffs as a contributing factor to the industry’s instability. The layoffs will impact 255 jobs at HibTac and 342 jobs at Minorca, exacerbating concerns about the region’s economic future.