Canada
November 16, 2022
Written by Michael Cowden
Canadian steelmaker Stelco posted sharply lower earnings in the third quarter on falling steel prices and higher raw material tags.
The Hamilton, Ontario-based integrated sheet producer expects lower prices and short lead times to characterize the market through the end of 2022.
Canadian Prime Minister Mark Carney has threatened legal action against Cleveland-Cliffs over the layoffs announced earlier this week at its Stelco mill in Hamilton, Ontario.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
The latest tally of active drilling rigs increased in both the US and Canada this week, according to oil and gas rig count data published by Baker Hughes.
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.