US steel capacity utilization rebounded to 85.0% for the week ending Aug. 21, the US Iron and Steel Institute (AISI) reported.

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The capacity of steel increases

US steel capacity utilization increased to 85.0% from 84.7% the previous week. Steel production reached 1,877,000 net tonnes last week, up 0.4% from the previous week.

Meanwhile, steel production for the week ending August 21 increased 27.2% compared to the same week in 2020, when the capacity utilization rate reached 65.9%.

For the year to date, US steel production totaled 60,173,000 net tonnes, at a capacity utilization rate of 80.4%. Total year-to-date production increased 19.8% from 2020, when the rate reached 66.6% for the equivalent period.

Steel prices continue to rise

Steel prices in the United States have started to rise largely uninterrupted over the past year.

While recent month-over-month gains don’t reach the double-digit levels we’ve seen over the past year, prices continue to climb.

Hot-rolled coil in the United States closed at $ 1,883 per short ton on Monday, up 3.98% month over month. Meanwhile, US cold-rolled coils closed at $ 2,088 per short ton, up 4.56%.

Meanwhile, hot-dip galvanizing increased 2.97% to $ 2,184 per short ton.

Nucor acquires steel rack solutions provider for $ 370 million

In the news of mergers and acquisitions in the steel sector, Nucor Company on Monday announced it had acquired Hannibal Industries, Inc., for a cash price of $ 370 million.

“We are delighted to officially welcome our Hannibal teammates to the Nucor team,” said Giff Daughtridge, president of the sheet and tubular products division of Nucor. “The addition of steel shelving solutions to our product portfolio expands our ability to serve our customers in the rapidly growing warehouse and distribution market. This acquisition complements our existing product capabilities in this area.

Hannibal Industries, Inc., headquartered in Los Angeles, produces 150,000 tonnes of steel products annually, according to information published on its website.

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