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This cautionary tale explains how the murky and complex world of mortgage finance caused a global market meltdown―and offers new insights on how to create a stronger world of banking and mortgage finance.

Mr. England writes about the financial crisis with harrowing precision.

-- Daniel Henninger, deputy editorial page director, columnist, Wall Street Journal

First Reckless Endangerment and now it is Black Box Casino's turn to shine a bright light on the root causes of the mortgage meltdown. England, relying on decades of experience as a financial reporter and consummate research skills, documents how government housing policy, political expediency, and crony capitalism combined to cause the mortgage meltdown that nearly sank the world’s economy.

-- Ed Pinto, former chief risk officer of Fannie Mae

Drawing upon sources not available to previous writers, England presents the most complete account yet of how the collapse of an obscure subprime mortgage lender in January 2007 could eventually take down some of the greatest names on Wall Street by September 2008, wreaking massive economic destruction that Americans are still struggling with today.

-- Kenneth Cline, managing editor, Banking Strategies Magazine

US Steel expects DOJ to clear Nippon Steel bid amid delay, market doubt

US Steel continues to make "progress" toward clearing regulatory scrutiny from the US Department of Justice in its heightened antitrust review of Nippon Steel's bid to acquire the company, bolstered by overwhelming shareholder approval on April 12, the company said in a press release on Thursday May 2.

May 3, 2024

By Robert England
Fastmarkets Metal and Mining

Both Nippon Steel and US Steel reported on Thursday that the deal will now likely close in the second half of the year, compared with earlier estimates it would close in the second or third quarter, representing a potential deadline that could move approval from September to December.

"The company and Nippon Steel Corporation each received, and are working to respond to, a request for additional information and documentary materials from the US Department of Justice in connection with antitrust review," US Steel said in its release.

Liberty Steel to pause wire rod production in Georgetown

Liberty Steel will "temporarily pause" production at its wire rod mill in Georgetown, South Carolina, and shift the plant's production to making steel wire mesh and welded steel products, the company announced on Friday April 19.

April 19, 2024

By Robert England
Fastmarkets Metals and Mining

“Current market forces, along with a surge in imported steel, have led to a decrease in rod prices, causing the mill to incur higher production costs than the selling price of the rod,” the company said in a press release.

“Unfortunately, market forces are working against us in the rod market with the increase in imports and significant pressure on transportation costs. We fully intend to bring the rod mill back up as soon as it makes financial sense to do so,” chief operating officer Pieter Vanderwesthuizen said.

NANO Nuclear Energy looks to mining as key market for microreactors

Portable micro Small Modular Reactors (SMRs) developed by NANO Nuclear Energy Inc. will be able to provide carbon-free energy to power remote mining operations — "one of the most prolific end users" of its technology, according to nuclear physicist James Walker, NANO's chief executive officer and head of nuclear reactor development

November 7, 2023
By Robert England
Fastmarkets Metals and Mining

NANO has targeted remote mining operations run by diesel fuel in locations where the logistics of providing a constant source of fuel “may be a challenge,” the CEO said.

The company’s microreactors could also expand mining opportunities to more new locations. “It can make thousands of potential mines economic and come online, whereas before, they weren’t economic enough to be commissioned,” Walker said.

Cliffs-US Steel combo's pricing power could roil auto steel market: sources

A combination of Cleveland-Cliffs and US Steel into a single automotive steel market behemoth, if approved, is widely expected to wield considerable pricing power. Even so, its ability to bolster prices will face competitive pressure from lower-priced imports and potential curtailment of demand from automakers that may choose to substitute steel for other materials in some of the parts that make up vehicles, according to market participants.

By Robert England

August 22, 2023

Fastmarkets Metals and Mining

"The consolidation of supply will give Cliffs leverage with its customers," an auto parts maker said. This may not mean higher prices in the current market but "it could mean steel prices won't fall", the source added.

The two integrated steel companies, if combined, would dominate automotive steel with a share that "would be well over 50% of the market," Phil Gibbs, Michael Leshock, and Samuel McKinney said in an analyst note last week from KeyBanc Capital Markets.

Optimus Steel’s doubling of Texas mill capacity aimed at expanding rebar, wire rod market share

Optimus Steel’s ongoing expansion and upgrades at its Beaumont, Texas facility since 2021 will – by the time of completion in late 2024 – double its rolling capacity from 800,000 tons per year to 1.6 million tpy

By Robert England and Rijuta Dey Bera
Fastmarkets Metals and Mining
June 15, 2023

It will also provide the plant with two separate rolling mills, one for wire rod and the other for rebar production, a company spokesperson confirmed to Fastmarkets.

The electric-arc-furnace (EAF) long steel producer has completed the first phase of melt shop upgrades that will boost its production of wire rod, coiled and straight rebar production, according to a June 5 press release from the company.

“This is a doubling of rolling capacity,” a company spokesperson said on Friday June 9. “The rebar outlet will commission in the late third quarter of this year. The new reheat [plus] roughing [plus] intermediate project will commission in late 2024.”

Premiums constrain green steel's wider adoption

The acceptance of green steel so far has been limited by competitive market forces, but it is likely to remain a fundamental focus in the industry, according to market participants.

By Robert England
Fastmarkets Metals and Mining

November 22, 2022

There are some steelmakers who offer green steel versions of their entire product line at a premium price, and other producers have developed specific green steel products that also sell at a premium.

While making a zero-premium green steel is currently elusive, there is a race on among entrepreneurs, metallurgists and engineers to accomplish that goal through new steelmaking technologies.

It remains to be seen if any of those new technologies can both achieve decarbonization and be priced competitively enough to gain market share.

Nucor chooses West Virginia for state-of-the-art steel mill

Nucor Corp will build a $2.7-billion steel sheet mill in Mason County, West Virginia, the company announced on Wednesday January 12. The mill will employ 800 when it is fully operational, and it will be able to produce 3 million tons of steel annually.

By Robert England

Fastmarkets AMM

January 14, 2022

Auto steel recovery hinges on steel supply

The semiconductor chip shortage that has restrained a rebound in the automotive sector is poised to extend into mid-2022 or later, contributing to a steel inventory overhang that could dampen prices, according to analysts and forecasters.

Fastmarkets AMM

September 28, 2021

Solar to power CMC's new Arizona mill

Is the switching to scrap-based electric-arc furnace (EAF) steel production enough to get the industry to net-zero carbon dioxide emissions? The answer is probably not.

Fastmarkets AMM (American Metal Markets)

July 20, 2021

Truck shortages hit US steel shipments

A shortage of truck drivers and flat-bed trucks is delaying steel shipments at critical points in the supply chain and further driving up shipping costs and lead times, Fastmarkets has learned.

Fastmarkets AMM

April 7, 2021

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