U.S. Steelmakers Prep for 1Q Maintenance Amid Wary Outlook

January 23, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--The domestic Metals & Minerals Industry is facing a challenging 2023, particularly in the steel-manufacturing sector. Amid falling prices and increasing imports, steel mills in the U.S. are working at less than 80% capacity, an indication of financial stress, according to the American Iron and Steel Institute. Existing production facilities will need to remain in the best working conditions to keep the industry in shape.

Industrial Info is tracking more than 530 maintenance-related projects in the U.S Metals & Minerals Industry that are set to kick off in first-quarter 2023, totaling nearly $1 billion in value. Steel-manufacturing facilities account for more than $300 million worth, the most of any sector. Cleveland-Cliffs Incorporated (NYSE:CLF) (Cleveland, Ohio), which is the largest steel supplier for the U.S. automotive market, accounts for more maintenance-related spending than any other single parent company.

Other companies featured: Nucor Corporation (NYSE:NUE) and United States Steel Corporation (U.S. Steel) (NYSE:X)