Worthington Steel Misses Q1 Estimates as Kloeckner Acquisition Lifts Revenue 212%

Japan, the United States, Europe and 28 other countries and regions held a ministerial meeting on September 30 and agreed on a comprehensive framework to monitor "transshipment" of steel routed through third countries. The measure is aimed at China, and will gather information such as the country where melting and casting took place to ensure transparency in distribution channels. They will share information on the place of production, work to build and strengthen a steel import monitoring system, and exchange information on trade suspected of being transshipped in order to address it. To deal with the damage to domestic steel industries from the influx of cheap steel products, they will take measures such as anti-dumping measures and countervailing duties when appropriate. The 28 countries and regions adopted a ministerial statement at a meeting held alongside the Group of 20 trade ministers' meeting, warning that government subsidies and other support protect unprofitable production capacity, distort trade and weaken market-based producers around the world.

ArcelorMittal SA is aiming to reach a final investment decision by the end of the year on a 5B-real ($961M) expansion of its Pecém steel mill in Brazil, according to Bloomberg News, citing Jorge Oliveira, Chief Executive Officer of the company's Brazilian operations. Speaking on the sidelines of a steel conference in São Paulo, Oliveira said the proposed project would add a hot-rolled coil production line with an annual capacity of 1.5M tons at the facility in the northeastern state of Ceará. The capital expenditure plan reflects ArcelorMittal's strategy to move up the value chain in South America by transforming Pecém's primary slab output into higher-margin rolled steel products. If approved by the board before year-end, construction would mark one of the largest industrial steel investments in the region in recent years.

Metallus has been awarded a single-award, firm-fixed-price Indefinite Delivery/Indefinite Quantity contract by the U.S. Defense Logistics Agency to supply steel for critical defense applications, with a maximum ceiling of $995 million over a five-year ordering period. The ceiling represents the maximum amount the DLA may order over the contract term and is not a commitment to purchase that amount. On September 29, 2026, Metallus received an initial delivery order under the contract valued at approximately $125 million, and the company has up to 24 months to fulfill each delivery order. Chief executive officer Mike Williams said the award and initial order mark another key step in the continued transformation of Metallus and reflect the company's proven ability to produce specialty steel that meets the rigorous performance, quality and traceability requirements of critical defense applications. Metallus, based in Canton, Ohio, employs approximately 1,850 people and had sales of $1.2 billion in 2025.