Algoma Steel Extended Iron Ore Contract with U.S. Steel
The deal also allows extension for a third year, solely at the discretion of Algoma Steel.
SEATTLE (Scrap Monster): Algoma Steel- the leading Canadian producer of hot and cold rolled steel sheet and plate products announced that it has extended the existing iron ore purchase contract with Pittsburgh-based United States Steel Corporation (U.S. Steel) for a period of two years.
The extended contract is expected to cover the volume of iron ore required to complete the Canadian steelmaker’s previously announced transition from blast furnace to electric arc furnace steelmaking. It marks yet another strategic milestone in Algoma’s journey toward sustainable steel production. The deal also allows extension for a third year, solely at the discretion of Algoma Steel.
The transition to EAF steelmaking will significantly reduce Algoma’s carbon footprints and help the company to play a leadership role in the industry’s transition toward a low-carbon economy.
Commenting on the development, Michael Garcia, CEO, Algoma Steel noted that the extension of the contract reinforces the strong collaboration between the two companies. It will ensure reliable supply chain and uninterrupted access to raw materials to meet its production capacity, Garcia added.
YOU MAY ALSO BE INTERESTED IN:
Scrap Metal Prices
| Copper Scrap | ||
| Alternator | 0.42 | $US/Lb |
| #1 Copper Bare Bright | 4.45 | $US/Lb |
| Aluminum Scrap | ||
| 356 Aluminum Wheels (Clean) | 0.81 | $US/Lb |
| 6061 Extrusions | 0.71 | $US/Lb |
| Steel Scrap | ||
| #1 Bundle | 360.00 | $US/MT |
| #1 Busheling | 380.00 | $US/MT |
| Electronics Scrap | ||