A federal judge last week dismissed Nucor‘s lawsuit against Big River Steel, saying it couldn’t use the court system to bypass Arkansas state regulators who had already given the rival permission to build a new mill in Osceola, Ark.
US District Judge Leon Holmes ruled the lawsuit by Nucor seeking to halt construction of the Big River Steel mill is not authorized under the citizen lawsuit provision of the federal Clean Air Act. He said his court has no jurisdiction over the case.
Nucor, which has a steel mill in nearby Blytheville has opposed construction of the $1.3 million Big River mill about 20 miles away.
Big River attorney Martin Booher released a statement from the company saying it is pleased with Holmes’ ruling and that
The cash price of steel billet closed as the biggest mover for Friday, February 27. Switching from a downward trend, the metal closed at $305.00 per metric ton following a 1.7% increase. The steel billet 3-month price weakened by 1.6% on the LME, settling at $305.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 450.00 ($71.93) and a low price of CNY 445.00 ($71.13) per dry metric ton. After hitting a 30-day low of CNY 2,530 ($404.39) per metric ton on Wednesday, February 25, the price of Chinese HRC rose 1.6% last Friday. The price of Chinese slab increased 0.4% to CNY 2,470 ($394.80) per metric ton.
The US HRC futures contract 3-month price held steady around $510.00 per short ton. After a couple of days of decreasing prices, the US HRC futures contract spot price held steady at $526.00.