According to NTP, this change will apply only to new orders. All existing orders currently in the company’s system will remain price-protected through January 2, 2026, ensuring customers with confirmed agreements are not impacted by the adjustment. However, any outstanding offers that have not yet been formally acknowledged by NTP sales representatives—or accepted in writing by both parties—may be reviewed and re-quoted under the updated pricing structure.

In its announcement, Nucor emphasized its continued commitment to strong customer relationships and transparent communication. The company encouraged customers to reach out to their NTP Sales Representative with any questions regarding the pricing update or existing orders.

— Submitted by Alex Ostoich, Nucor Tubular Products

Trump revealed the news May 30 during a rally at the US Steel’s Irving Plant in West Mifflin, Pennsylvania. In a social media post later, he specified that the 50% levy goes into effect on Wednesday.

Trump was at the Irving Plant, part of Mon Valley Works, for the rally celebrating apparent investment promises by Japan’s Nippon Steel. He says the new tariff level would help ensure that the tentative “planned partnership” between Nippon and US Steel achieves success.

More broadly, Trump says he doubled the steel tariff to create a more impenetrable barrier to foreign steel competing against US domestic steel. He explains that the 25% tariff potentially could be overcome by some overseas exporters.

“At 50%, they can no longer get over the fence,” the president said.
One domestic steel association immediately lauded the move. The American Iron and Steel Institute issued a statement noting that Chinese steel production was 118 million tons last year, unfairly exceeding total North American volumes.

“Led by China, global steel overcapacity and production continues to grow, even as overall global steel demand is being impacted by the sharp downturn in the Chinese construction sector,” AISI president and chief executive Kevin Dempsey comments.

Source:

Charlotte-based Nucor posted a first-quarter net profit of nearly $2.1 billion in the first three months of the year, more than double its prior-year number, on net sales that climbed 50% to $10.5 billion. 

The company was able to limit increases in its cost of goods sold to about 30%, lifting its operating margin to nearly 28% versus 18.5% in early 2021 even though it shipped 11% fewer tons of product than early last year and 1% less than in Q4.

Pres. and CEO Leon Topalian said in a statement, “Our key forward-looking indicators for 2022 remain favorable and we expect another strong year in both earnings and cash generation.” s

Steel production in the U.S. rose by 19 percent last year from 2020.
Though prices remain high, executives say the drop is a relief for manufacturers and construction firms after months of panic buying and low inventories made U.S. steel the most expensive in the world last year.

For U.S. steelmakers, though, sliding prices pose a risk with new steel plants under construction, potentially adding millions of tons of annual steel production over the next two years.

Since late September, when the spot-market price for hot-rolled sheet steel reached a record $1,960 a ton, prices have fallen by more than one-third, according to S&P Global Platts. The decline has accelerated since the start of December, falling by $480 to a recent $1,270 a ton, a level last seen in March 2021.

Lower prices will likely take months to flow through supply chains, since many manufacturers purchase steel through fixed-price contracts, while other costs like semiconductors, transportation and labor remain high.

Source: Wall Street Journal

“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries,” Trump wrote.

Brazil’s President Jair Bolsonaro, an avowed Trump fan who has sought closer U.S. ties, said in a local radio interview that he would call his U.S. counterpart, who he was confident would listen to Brazil’s concerns.

“Their economy is not comparable with ours. It’s many times bigger. I don’t see this as retaliation,” Bolsonaro said to Radio Itatiaia.

“I’m going to call him so that he doesn’t penalize us … Our economy basically comes from commodities, it’s what we’ve got. I hope that he understands …and I’m almost certain he’ll listen to us,” he said.

Dante Sica, who is Argentina’s production minister, said Trump’s announcement was “unexpected” and he was seeking talks with U.S. officials. Additionally, Argentina’s Foreign Ministry said it will begin negotiations with the U.S. State Department.

Trump’s tweet also urged the Federal Reserve to lower interest rates so countries “no longer take advantage of our strong dollar.

Source: Reuters

The price fell 27 percent to $85.85 a metric ton by the end of August, the most since October 2011, according to S&P Global Platts. The collapse was triggered by global trade tensions after President Trump threatened to impose new tariffs on Chinese goods.

While the decline in prices eases pressure on steelmakers by reducing the cost of a key ingredient, it erodes profits of large miners.

August’s dive almost erased a rally that pushed the market as high as $126 a ton in July, although prices have edged up to $89.35 a ton in recent days.
Analysts are divided on where iron-ore prices head next.
Source: Wall Street Journal