Stephanie Ritenbaugh

Pittsburgh

Scrap Reporter at CRU

Business reporter for @TribLIVE | Formerly @PittsburghPG, @Platts, and other places. Be excellent to each other.

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Articles

Cliffs talks DOE funding, blast furnace relining schedule

1 week ago | steelmarketupdate.com | Stephanie Ritenbaugh

The smaller grant of up to $75 million was earmarked to help in production of electrical steels at the Butler Works in Western Pennsylvania. The funding could be slashed as Elon Musk’s Department of Government Efficiency determines which grants to advance and which ones to terminate. Chair, President, and CEO Lourenco Goncalves said the company is in talks with the DOE.
Cleveland-Cliffs open to asset sales

1 week ago | steelmarketupdate.com | Stephanie Ritenbaugh

Celso Goncalves declined to specify which assets could be up for sale, but said the inquiries from potential buyers “could bring several billion dollars of potential value.” Those proceeds could be used to pay down debt, he noted. Some of those talks “are in advanced stages,” he said. “I think there’s some that we could announce still this year. Some are going to take longer.
Ternium's Vedoya named AIST's Steelmaker of the Year

1 week ago | steelmarketupdate.com | Stephanie Ritenbaugh

When accepting the award, Vedoya emphasized the need for industry coalitions to counter unfair trade practices. This includes containing unfair imports from China and its satellite countries by strengthening regional supply chains. Regarding the USMCA, the agreement that replaced NAFTA, Vedoya urged collaboration in North America to build a better and more effective trade agreement, particularly to thwart unfair imports from Asia.
Mercedes-Benz wants to make another vehicle in the US

1 week ago | steelmarketupdate.com | Stephanie Ritenbaugh

Mercedes-Benz is planning to move production of a “core segment vehicle” to Tuscaloosa, Ala., by 2027. “Tuscaloosa has been a key hub for Mercedes-Benz vehicles for almost 30 years,” said Ola Källenius, board chairman of the German automaker.
Ryerson shrinks loss in first quarter

2 weeks ago | steelmarketupdate.com | Stephanie Ritenbaugh

Ryerson Holding Corp. shrank its net loss in the first quarter vs. last year. The Chicago-based service center reported a first-quarter loss of $5.3 million, an improvement compared to a loss of $7.4 million in Q1’24. Meanwhile, the company generated net sales of $1.14 billion and shipped 500,000 tons, up from 497,000 tons a year ago. Revenue rose to nearly $1.14 billion, up from nearly $1.24 billion last year.
Fewer manufacturers optimistic about the economy

2 weeks ago | steelmarketupdate.com | Stephanie Ritenbaugh

It’s a turnaround from January, when most manufacturers expected economic activity to hold steady in the next three months, with 54% anticipating no change in activity, up from 49% in December. That same month, the share of manufacturers who were optimistic about the next three months rose by 5% to 35%.
SSAB announces $74M expansion in Alabama

2 weeks ago | steelmarketupdate.com | Stephanie Ritenbaugh

SSAB plans to invest about $74 million to expand its heat treat capacity at its Axis, Ala., plant. The project is expected to start this year and to be completed in 2027. “This expansion will bolster our capacity to produce high-strength steel brands such as Hardox and Strenx and will also increase SSAB Alabama’s truck shipping capacity,” said Andy Bramstedt, general manager of SSAB Alabama.
Trump plans to relax some auto tariffs

2 weeks ago | steelmarketupdate.com | Stephanie Ritenbaugh

President Trump said he would ease some of the 25% auto tariffs in the latest change in a trade policy already marked by confusion. Under the existing plan, autos (which started April 3) and components (to start May 3) would be subject to a 25% tariff. There is an exemption for USMCA-compliant exports. However, non-USMCA components in imports from Mexico and Canada will be subject to the 25% tariff. Other countries have announced their own reciprocal tariffs to counter the US.
SSAB reports higher production, shipments

2 weeks ago | steelmarketupdate.com | Stephanie Ritenbaugh

Crude steel clocked in a 338,409 short tons (st), up from 306,442 st in 2024. Shipments were 503,756 st compared to 481,710 st a year ago. Lower realized prices weighed on the first quarter, but market prices improved, the company said. “Steel Service Center customers were more active and some inventory restocking was seen. Activity in the energy segment increased, especially in oil and gas,” the company added.
SMU Week in Review: April 21-25

2 weeks ago | steelmarketupdate.com | Stephanie Ritenbaugh

This week saw quarterly results from Steel Dynamics, AZZ Inc., Reliance, and GrafTech. Of course, one thread through all these calls was the impact of tariffs, with some companies saying the import taxes are causing too much uncertainty, and others, like SDI’s chief exec Mark Millett, saying Trump’s tariffs – as well as the results from the recent CORE case – will benefit the Fort Wayne, Ind.-based steel and aluminum company.