USS Gary furnace idling clouds sheet’s direction

Jun 05, 2014 | 04:42 PM | Michael Cowden

Tags  U.S. Steel, Gary Works, No. 8 furnace, unplanned outage, ArcelorMittal, Indiana Harbor Works, steel, steel prices hot-rolled

CHICAGO — The direction of the U.S. steel sheet market has been thrown into question due to an incident at U.S. Steel Corp.’s Gary Works in northwest Indiana.

The U.S. flat-rolled market was widely considered to be on a downward trend before the incident, which has resulted in an unplanned outage that could leave the facility’s No. 8 blast furnace idled for as long as three weeks, market sources told AMM.

Sheet prices had been falling amid increased imports, expected increases in domestic production and lower scrap tags, consumer and mill sources said, adding that buyers also held off placing discretionary orders in the falling market.

But that trend now appears to have reversed course, at least to a limited extent, as word spread of the Gary Works incident.....

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