Steel Mills
Algoma Union Ratifies Agreement
Written by Sandy Williams
June 29, 2018
United Steelworkers at Algoma Steel have ratified a tentative agreement with Algoma’s secured creditors. Members of USW Local 2251 and salaried workers in USW Local 2724 voted to accept the agreement that includes no concessions and some gains, said union leaders.
Algoma, formerly Essar Steel Algoma, has been in Companies’ Creditors Arrangement Act proceedings since November 2015. Ratification of the agreement reached in May was one of the few remaining obstacles for the company to emerge from bankruptcy protection.
The agreement is goods news for Algoma, but comes at a difficult time with the industry facing 25 percent tariffs on steel exports to the United States. Retaliatory tariffs by Canada will go into effect on July 1 on $12.6 billion of U.S. goods.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
Topalian puts focus on “unfair” trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Nucor posts lower Q2 earnings, predicts tough Q3 too
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.