Gerdau Long Steel North America sent a letter to customers late Wednesday stating that in response to recent announcements from domestic competition, the mill will reduce the previously announced wide flange beam (WFB) price increase for July 1 by $10/nt ($11/mt or $0.50 cwt.), leaving WFB transaction prices up $20/nt ($22/mt or $1.00 cwt.) from June.
Earlier in the day Wednesday, Nucor sent a similar letter to customers, revising its July price increase to $20/nt after Steel Dynamics Inc. announced a $20/nt price increase on June 23.