The volume review could technically be finalised and in place for 1 July, but Griffiths said the timeline is tight.

India's ArcelorMittal Nippon Steel (AM/NS) aims to raise its ferrous scrap use to 10pc by 2030 from the current 3-5pc, with it also calling for government policy support to enable the steel sector's decarbonisation.

Structural changes in the hot-rolled coil (HRC) market could see the historical premium for north European material narrow, if not evaporate, compared with Italian in the coming years.

AISI: US Steel Shipments Unchanged In 2023.

AISI: US Raw Steel Production in the week ending on February 10, 2024.

“My understanding is steel consumers, steel customers are much happier with Nippon as the buyer,” Wolfe Research analyst Timna Tanners said at the Tampa Steel Conference.

Full-year 2023 net earnings was $895 million, or $3.56 per diluted share, and adjusted net earnings was $1,195 million, or $4.73 per diluted share.

He wouldn’t say if he’d make another offer for US Steel if the Nippon deal collapsed.