Canada
September 17, 2021
Written by Michael Cowden
Olympic Steel Inc. has sold its Detroit operations to Canadian flat-rolled metal processor and distributor Venture Steel Inc. for $58.4 million in cash.
The Cleveland-based service center said the final sale price would be higher once working capital adjustments were taken into account.
Global raw steel production slowed for the third month in a row in August, according to the latest figures from the World Steel Association (worldsteel).
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.
The phrase “Fortress North America” seems to resurface anytime US, Canada, and Mexico trade negotiations roll around. The idea of an economic Fortress North America burst onto the scene in the late 1980s and early 1990s in the lead up to NAFTA. In theory...
United Steelworkers (USW) International President Roxanne Brown urged US and Canadian trade representatives to reach an agreement that puts working families first. Her words come as trade talks between the two nations remain at an impasse, and escalating tensions have led to new tariffs on both sides. “This conflict is hurting jobs. It’s hurting facilities. It’s hurting communities. And it’s creating uncertainty for workers and families in both countries,” Brown said at a press event on Tuesday.