CLF

Large U.S. steelmakers are ramping up production of a hard-to-make, paper-thin steel to capture a fast-growing market for a material critical to powering electric vehicles. Cleveland-Cliffs Inc. CLF 1.64% and U.S. Steel Corp. X 2.16% are jockeying with a small group of foreign-based steelmakers that produce electrical steel, used to convert electricity into mechanical power for motors in products that include washing…

A fatal incident occurred as a Norfolk Southern train moved through a crossing at the Cleveland-Cliffs Cleveland Works steel plant. Photo: Luke Sharrett/Bloomberg News…

Steel prices in the U.S. have fallen to the lowest level in two years, shrinking steel companies’ profits but giving manufacturers hope for lower material costs. The weakening demand that started during the summer worsened during fall, pulling down the benchmark spot-market price for coiled sheet steel by more than 20% from the start of July through the end of September, according to S&P Global Commodity Insights. The price is now about 60% lower compared with a year ago. The market’s current weakness…

The United Steelworkers union has ratified a four-year contract with steelmaker Cleveland-Cliffs Inc., CLF -0.98% while it remains divided with United States Steel Corp. over wages and other major issues, the union said.United Steelworkers, which represents more than 20,000 hourly workers at the two companies, said the contract with Ohio-based Cleveland-Cliffs delivers improved wages, insurance and pension benefits, issues that workers are also pushing for in talks with…

Major steel companies this week turned in quarterly results that were mostly better than expected, after steel prices rose sharply in spring because of the war in Ukraine. While prices have retreated in recent weeks, steel executives said demand isn’t deteriorating. “Right now, in our order book, we don’t see it,” said Mark Millett, chief executive of Steel Dynamics Inc. STLD -5.84% Steel Dynamics and…