News about steel

Cleveland-Cliffs (NYSE: CLF) reported third-quarter 2026 revenue of $5.6 billion on steel shipments of 4.2 million net tons, with GAAP net income of $165 million ($0.26 per diluted share). Adjusted EBITDA rose to $612 million from $286 million in the second quarter and beat the $575 million guidance given three months earlier. The company expects fourth-quarter adjusted EBITDA of about $715 million and says 2027 adjusted EBITDA should exceed $4 billion based on new contracts and price forecasts. CEO Lourenco Goncalves said Stelco will indefinitely idle its galvanizing lines because of oversupply in Canada's galvanized steel market, while hot-rolled output is maintained and about 2,000 Canadian jobs are preserved. The company remains on track to reach net debt to EBITDA below 2.5x by mid-next-year.

Cleveland-Cliffs reported third-quarter 2026 revenue of $5.6 billion, up from $5.2 billion in the second quarter, and GAAP net income of $165 million, or $0.26 per diluted share. Adjusted EBITDA rose to $612 million from $286 million, beating the $575 million guidance given three months earlier as selling prices, volumes and unit costs all improved. The company expects fourth-quarter adjusted EBITDA of about $715 million and 2027 adjusted EBITDA above $4 billion, based on new contracts and price forecasts. It will also indefinitely idle galvanizing lines at Stelco because of an oversupplied Canadian galvanized steel market, while maintaining total Stelco production and about 2,000 Canadian jobs.

Hòa Phát chairman Trần Đình Long, a National Economics University graduate, gained over 1,700 billion VND in the past week as HPG shares rose nearly 4% to 20,900 VND per share. His wealth reached nearly 45,600 billion VND, and Forbes puts his fortune at US$2.3 billion, making him the fifth-richest person in Vietnam. He directly holds about 2.18 billion shares (25.8%), and his family owns more than 35.4% of the company. His son, Trần Vũ Minh, registered to buy 50 million HPG shares between October 7 and November 5, 2026 to raise his stake, although he holds no management position at Hòa Phát. The company targets 2026 revenue of 210,000 billion VND and after-tax profit of 22,000 billion VND, up 35% and 42% year-on-year respectively.

VinMetal, part of Vingroup, has signed a contract with Italy's Danieli & C. Officine Meccaniche S.p.A. to supply core equipment for the rail and section steel rolling line at its Hà Tĩnh steel complex. Under the contract, Danieli will design, manufacture, supply and commission equipment for a line with capacity of over 700,000 tonnes per year. Danieli has more than 100 years of experience, has delivered over 1,000 projects, and has supplied technology to rail producers such as Voestalpine and Mechel. The products are aimed at high-speed rail, urban rail, bridges, ports and logistics projects, helping secure domestic supply and reduce reliance on imports. The Vũng Áng Economic Zone complex is designed to reach about 6 million tonnes per year in phase 1, with plans to expand to 20 million tonnes per year in phase 2.