Steel Mills
NLMK USA Results Down in Q3
Written by Sandy Williams
October 24, 2019
NLMK USA noted weaker demand in the pipe manufacturing and construction segments in its third-quarter earnings report. Prices dropped 13 percent from the second quarter and shipments declined 6 percent to 550,000 metric tons, resulting in a loss for the company.
Revenue for the segment fell 18 percent from the second quarter to $391 million. EBITDA decreased to a loss of $33 million due to a decline in prices of finished rolled products and the accumulation of high-value slab inventory.
NLMK expects seasonally slow demand in the U.S. to restrain significant steel price moves in the coming quarter, but lower scrap prices could improve margins.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
AISI: Raw steel production drops to multi-month low
After being historically strong for more than four months, US raw steel production fell for a second week.
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.
Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.