Steel Mills
Stelco Invests in “Actionable Intelligence” Software
Written by Sandy Williams
March 12, 2019
Stelco, one of the most technologically advanced integrated steelmaking facilities in North America, will take another step forward in the technology realm. Stelco has signed an agreement with Canvass Analytics to use the Canvass AI software to transform operational data into “actionable intelligence.”
“By partnering with Canvass Analytics, we are systematically transforming our facilities into intelligent operations environments and augmenting a digitally oriented workforce in order to take the efficiency of our operations to the next level,” said CEO Alan Kestenbaum. “Canvass Analytics quickly demonstrated to us the usefulness of AI in certain areas of our operations and the potential of applying AI across our operations in order to increase our profitability and competitiveness.”
AI software automatically collects data during operations and identifies patterns and correlations that it uses to predict potential problems and to optimize production.
Canvass Analytics describes its AI platform as helping firms “transform plant operations to become more analytical-minded, giving them predictive insights that empower them to make decisions based on operational data rather than intuitions or gut feeling.”
BI Intelligence predicts manufacturers will invest about $70 billion worldwide on IoT (Internet of Things) solutions in 2020, compared to $29 billion spent in 2015. As IoT adoption in manufacturing accelerates, this leaves steel plants challenged with untapped real-time data being processed across legacy systems, devices and machines.
“As manufacturers digitize their operations floor, they are inundated with volumes of data coming from a multitude of sources ,” said Canvass Analytics CEO Humera Malik. “The next step towards intelligent operations requires real-time analytics power that transforms operational data into actionable intelligence. Canvass Analytics empowers industrial operating teams to take control and make data-driven decisions that improves their performance, reduces costs and unlocks new revenue streams.”
Canvass Analytics is funded by Google’s Gradient Ventures. Customers include leading manufacturing and oil and gas companies.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
Steel Summit: Burritt says USS and Nippon are fast-tracking modern steelmaking
U.S. Steel President and CEO David Burritt told audiences at SMU's Steel Summit 2025 that the iconic American steelmaker’s partnership with Nippon Steel is fast-tracking smarter steel production.
Nucor moves to stop HRC price slide with $10/ton hike
Nucor is attempting to halt the decline in hot-rolled coil prices with the announcement of a $10-per-short-ton increase in its weekly consumer spot price on Monday.
Explosion rocks ArcelorMittal’s DR plant in Mexico
ArcelorMittal reported a "strong" explosion at the direct reduction part of its massive Lazaro Cardenas mill in Mexico.
SDI to acquire remaining stake in New Process Steel
Steel Dynamics Inc. (SDI) announced that it has agreed to acquire the remaining 55% equity interest in New Process Steel.