Two of the U.S.'s biggest steelmakers are keeping older mills closed because of the high cost of restarting them and the threats from rivals’ new plants
, appliances and machinery. United States Steel Corp. and Cleveland-Cliffs Inc. are keeping about seven million tons of production capacity out of service. That is roughly a tenth of domestic consumption in 2019, according to Metal Strategies Inc., an industry consulting firm.
Steel prices, meanwhile, have reached records. Spot-market steel prices have climbed more than 60% since the start of the year to more than $1,600 a ton, according to S&P Global Platts. U.S. Steel and Cleveland-Cliffs idled those older plants in the months before the coronavirus pandemic began because they expected them to be more expensive to operate than some nine million tons of annual flat-rolled steel capacity that competitors including Nucor Corp. and Steel Dynamics Inc. are building.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Two things could trigger the next financial crisis, says veteran strategist David RocheStocks are nearing the end of a bull run and the next major market meltdown may not be very far away, said David Roche of Independent Strategy.
Read more »
Sports Emmys: TNT & ESPN Lead Networks As Seven Programs Score Two Wins Apiece – Full ListTNT edged ESPN for the most trophies at the 42nd annual Sports Emmy Awards, which were handed out tonight in a livestreamed virtual ceremony. The Worldwide Leader turned the tables on Turner Sports…
Read more »
Two Men, a Highway Robbery, and One Hot Encounter'Percy licked into Kit’s mouth, and that was when Kit realized he wasn’t in charge of this kiss, not in the slightest.'
Read more »
Cannes’ Directors’ Fortnight Opener ‘Between Two Worlds’ With Juliette Binoche Sells Abroad (EXCLUSIVE)France Televisions Distribution has scored a raft of sales on Juliette Binoche starrer “Between Two Worlds” ahead of its world premiere on opening night of Cannes’ Directors&8217…
Read more »
Two doctors have resigned from a prestigious panel after FDA approved a controversial Alzheimer's drugBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Man high on meth freed from winery equipment after getting stuck for two daysA man was reportedly trapped inside a vineyard fan for two days without food or water, and his rescuers found traces of methamphetamine in his system.
Read more »