Nucor has filed a lawsuit in Mississippi County (Arkansas) Circuit Court in an attempt to stop construction of competitor Big River Steel’s approved $1.1 billion steel mill project in Osceola, Ark. During a meeting of the Osceola City Council Tuesday night, Nucor attorney David Taggart informed Mayor Dickie Kennemore and the council that Nucor intended to file the lawsuit in federal court against Big River under the Clean Air Act. Kennemore and the council each received certified letters listing the recipients as potential witnesses in the case, and asked for the retention of documents regarding Big River.
Big River Steel’s founder John Correnti responded to the threat of new legal action by Nucor Steel against his company by saying that the company’s actions “confirm the validity” of the Big River project.
With a decline of 0.5 percent to $625.00 per short ton on Wednesday, May 21, the US HRC futures contract 3-month price recorded the biggest decline of the day. The US HRC futures contract spot price remained essentially flat at $685.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.66) and a low price of CNY 830.00 ($133.06) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,360 ($538.66) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($222.84) per metric ton.
The cash price of steel billet held steady on the LME at $390.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $400.00 per metric ton.