In the USA prices of both Cold Rolled and Hot Rolled steel increased in the month of August, while in Canada, Cold Rolled decreased slightly and Hot Rolled increased. In the UK, Cold Rolled remained stable and Hot Rolled prices declined.
Market analysts believe that the North American steel market is heading for a market price correction. Many products sold in the USA are significantly higher than the selling price in Europe, Russia and China. It is expected that the price difference seen between the USA and other markets, will narrow as the higher priced US market attract lower priced imports. According to the American Iron and Steel Institute the increase in imports has already started to be apparent, as imports through July are up 37% this year and are expected to finish the year up at 33%. In Europe, the mills have struggled to implement price increases and small increments were achieved in some countries.
USA: Nucor recently announced that it had agreed to buy Gallatin Steel for $770 million in cash from ArcelorMittal and Gerdau of Brazil. The purchased mill (Gallatin) was already involved in a 50-50 joint venture with ArcelorMittal, and Gerdau. The mill (Gallatin), in Ghent KY, produces steel from scrap, pig iron and hot briquetted iron. It produces 1.8 million tons of flat-rolled steel a year and started operations in 1995.
Canada: U.S. Steel Canada files for creditor protection for the Nanticoke and Hilton works in Hamilton. It has been reported that U.S. Steel, which bought Stelco in 2007, has recorded an aggregate operating loss of about $2.4 billion since 2009.
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