U.S. Steel, ArcelorMittal and Nucor have raised steel offer prices, and the average price of steel increased in the United States for the first time since prices started slumping last summer.
U.S. Steel and Nucor raised offer prices by $40 a ton for hot-rolled, cold-rolled and hot-dip galvanized coil earlier this week, according to London-based market intelligence service Argus Media. ArcelorMittal bumped up its offer prices to $730 per ton.
Initially buoyed by the Section 232 tariffs of 25 percent on foreign-made steel, steel prices have been sliding in the United State since July.
But in the past week, hot-rolled coil prices in the Midwestern United States increased by $687 a ton, up $10.50 over the previous week, according to Argus Media.
U.S. Steel nearly tripled its annual profit to $1.1 billion last year and ArcelorMittal posted its best financial performance in the United States since 2007.
Steelworkers with both companies reaped the benefit, securing new contracts with 14 percent raises over the next four years. But executives with both steelmakers cautioned that declining steel prices could dampen profitability going forward in 2019.