US Steel invests $2.5bn for Mon Valley upgrade

Market: Metals
10/06/26

US Steel plans to invest up to $2.5bn in upgrades for its Mon Valley Works manufacturing facilities south of Pittsburgh.

The project will add a new state-of-the-art strip mill and replace the 87-year-old strip mill at the Edgar Thomson Plant in Braddock, Pennsylvania, as part of an expansion.

Nippon Steel, which acquired US Steel in a $15bn deal last year, said the Mon Valley work will generate $58bn in state and local tax revenue in the coming years.

Nippon Steel originally pledged to invest no less than $1bn for Mon Valley Works back in August 2024

The company plans to invest $11bn in all of US Steel's US operations by 2028.

By Emma DeArman

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17/06/26

Australia’s Hancock to cut Roy Hill iron ore production

Sydney, 17 June (Argus) — Australian producer Hancock plans to cut back production at its Roy Hill iron ore mine in Western Australia's Pilbara region, in a move to extend the mine's lifespan by a decade, the firm said on 17 June. Mining activity would be reduced at Roy Hill mine, but it would maintain a production rate of over 63mn t/yr, the company said. Roy Hill produced its first iron ore shipment in 2015 and has an expected lifespan of 20 years. The updated mine plan would extend its life by 10 years, maximise the amount of orebody it could turn into product, and reduce the amount of waste mined, Hancock subsidiary Hancock Iron Ore said. Hancock Iron Ore operates the mine, which was created following the merger of Atlas Iron and Roy Hill, both previously owned by Hancock. Roy Hill shipped 61.6mn t of iron ore over its fiscal year to 30 June 2025 despite record rainfall in the Pilbara and major interruptions from tropical cyclone Zelia, the firm said in October 2025. Argus estimates Roy Hill shipped 66mn dwt of iron ore in the 2022 calendar year, 66.6mn dwt in 2023 and 63.7mn dwt in 2024. Hancock Iron Ore is planning to process an additional 8mn t/yr of ore at Roy Hill from the McPhee Creek mine, with first ore previously expected in the 2026 financial year. This arrangement would also extend the life of the Roy Hill mine, it said. By Emma Partis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Japan's Nippon Light Metal, Kobe Steel merge Al units

16/06/26

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16/06/26

Japan's Nippon Light Metal, Kobe Steel merge Al units

Tokyo, 16 June (Argus) — Japan's Nippon Light Metal and Kobe Steel will integrate their domestic aluminium extrusion businesses, the companies said on 15 June. The firms aim to sign a definitive agreement by the end of November 2026 and create an integrated entity in April 2027 or later. Nippon Light Metal's aluminium unit that is being merged has sales totalling around 30,000 t/yr, the company said. Meanwhile, Kobe Steel's Chofu Works, the unit that will be merged, sells about 28,000 t/yr. Nippon Light Metal supplies aluminium extrusion products to sectors including transport equipment, industrial machinery and containers. Kobe Steel focuses mainly on automotive components, as well as railway vehicles and general distribution sales. Kobe Steel's aluminium extrusion business posted weaker earnings because of falling orders, it said in a May briefing on its management plan for its April 2024-March 2026 fiscal years. It was considering options, including collaboration with other companies, to strengthen long term competitiveness, it said at the time. The integration will combine Kobe Steel's alloy development capabilities with Nippon Light Metal's processing technology and broad order base. The companies also plan to improve aluminium scrap collection, standardise capital investment and cut costs by using their combined technical expertise. The new entity will operate as a joint holding company, with Nippon Light Metal holding a majority stake. The tie-up will cover Nikkeikin Aluminium Core Technology, a unit of Nippon Light Metal, and related divisions under Nippon Light Metal, and Kobe Steel's aluminium extrusion, billet casting and processed product businesses at its Chofu Works, along with domestic sales divisions. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US-Iran agreement to end hostilities 'complete'

14/06/26

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14/06/26

US-Iran agreement to end hostilities 'complete'

Washington, 14 June (Argus) — President Donald Trump on Sunday said an agreement with Iran was "now complete", as he ordered an end to the US naval blockade against Iran in conjunction with what he said would be the opening of the strait of Hormuz. "I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade," Trump wrote in a post on Truth social at 5:29pm ET (21:29 GMT). "Ships of the World, start your engines." Iran's deputy foreign minister Kazem Gharibabadi said the agreement will kick off a 60-day period of further negotiations, which would include the removal of all sanctions against Iran, the handling of Iran's nuclear program, economic reconstruction and mechanisms to implement the agreement, according to Iran's semi-official Tasnim news agency. Trump announced the deal despite a flare up in hostilities between Hezbollah and Israel earlier in the day and last-minute concerns from Iranian leaders about the US' ability to deliver on its commitments. The official signing of the deal will be on 19 June in Switzerland, said Pakistani prime minister Shehbaz Sharif, who has been facilitating negotiations between the US and Iran. Mediators will hold meetings this week laying the groundwork for technical talks and the official signing, he said. "Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," Sharif wrote in a post on social media. Ice Brent crude futures started sliding on the news in early Asian hours. The front-month contract was trading at $83.88/bl as of 21:34 GMT, down by more than 3pc than in the end of Friday 12 June. It remains unclear if tankers and other commercial vessels that have been stuck in the Mideast Gulf for months would be able to immediately start crossing the strait of Hormuz, portions of which have been mined. Although Trump said he authorized the "toll free" opening of the strait, Iranian officials have yet to commit that ships can cross the strait without adhering to requirements they have attempted to impose on maritime traffic. Trump has a history of overstating progress in reopening the strait of Hormuz, through which about a fifth of global oil flows. He wrongly claimed in April the strait was "completely open". Earlier on Sunday, an Israel military strike against what Israel's Defense Forces claimed was a "Hezbollah command center" in Lebanon threatened to upend Trump's push for rapid progress on a deal to end the war, which the US and Israel started on 28 February. Iran's parliamentary speaker Mohammad Bagher Ghalibaf, in a social media post, said the "incursion" indicated the US "either lacks the will to fulfill its commitments or the ability to do so." Trump said in a post on social media that the attack "should not have happened", particularly because an agreement was so close. The terms of the deal released so far are similar to those imposed under the Joint Comprehensive Plan of Action nuclear deal negotiated in 2015 under former president Barack Obama. Trump administration officials say despite the similarities to the prior deal, their approach was preferable. "The huge difference is we did this from a position of strength. President Trump led with military might," US defense secretary Pete Hegseth said during an interview with CBS News on Sunday. "We can snap the blockade [against Iran] back at any point and they can't do anything about that." By Chris Knight and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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USW ratifies Alcoa New York, Indiana contract

12/06/26

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12/06/26

USW ratifies Alcoa New York, Indiana contract

Houston, 12 June (Argus) — United Steelworkers (USW) union-represented employees of Alcoa's primary aluminum smelters in Massena, New York, and Warrick, Indiana, ratified a new labor contract days before the current one's 15 June expiration. The agreement will be in effect until May 2030 and will include a four-year, 18.7pc wage increase, Alcoa told Argus on Friday.There will be a $2,000 ratification bonus and pension increases. Massena union members in early May rejected an agreement, citing employee dissatisfaction with wages, and agreed to a 30-day contract extension. The USW proposed a strike authorization vote on 15 June. "We appreciate the efforts of everyone involved in the negotiation and ratification process and remain focused on maintaining safe and reliable operations while serving our customers and communities," Alcoa told Argus. By Emma DeArman Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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European longs steel traders see weaker 2H

12/06/26

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12/06/26

European longs steel traders see weaker 2H

London, 12 June (Argus) — Steel market participants are expecting a slower, lower-margin second half of 2026 following the supply-led rally in prices over the first half of the year. Long steel prices in particular rose very sharply in the several weeks following the outbreak of the war in the Middle East, with electric arc furnace mills highly exposed to rising energy costs. Supply constraints and regulatory uncertainty — fuelled first by the launch of the EU's Carbon Border Adjustment Mechanism (CBAM) and compounded by impending 1 July tightening to EU and UK steel quotas — drove buyer restocking over the past several months. But now, trading sources note, the attention of steel market participants is shifting from supply over to demand, which is lacking. As per Argus ' assessments, following the outbreak of the US-Israel war with Iran at the start of March, rebar prices rose €167.50/t ($194/t) in Italy by the end of May, and by €100/t in Germany and Spain over the same period. Many traders held significant inventory at the time the war broke out, having stocked up ahead of CBAM, so benefited greatly from the surge in prices. But a source at a major European trading firm said margins in the second half of the year are set to be much weaker, as prices are softening on weak demand. Argus ' monthly German rebar assessment fell by €15/t on 10 June to €695/t delivered, while the weekly domestic Italian assessment has fallen by €25/t so far this month, standing at €705/t ex-works as of 10 June. Market participants have noted that prices for finished products did not match the swift gains of mills' long steel prices over March-May. At the same time, several traders have commented that the steel and other commodity markets have become less reactive to the developments in the Middle East war. Escalated strikes by the US in Iran this week prompted little or no movement in either steel or oil prices. Many market participants are, however, concerned about the medium-term deflationary impact of what they believe would be an oversupply of oil if the strait of Hormuz were to open. For the time being, the European Central Bank's interest rate hike yesterday sets the tone for the next few months — with construction projects already facing elevated material and transport costs, higher borrowing costs will weigh on housing demand. By Brendan Kjellberg-Motton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US Steel invests $2.5bn for Mon Valley upgrade

Related news posts

Australia’s Hancock to cut Roy Hill iron ore production

Australia’s Hancock to cut Roy Hill iron ore production

Japan's Nippon Light Metal, Kobe Steel merge Al units

Japan's Nippon Light Metal, Kobe Steel merge Al units

US-Iran agreement to end hostilities 'complete'

US-Iran agreement to end hostilities 'complete'

USW ratifies Alcoa New York, Indiana contract

USW ratifies Alcoa New York, Indiana contract

European longs steel traders see weaker 2H

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