Canada
November 17, 2022
Written by Michael Cowden
Steel market conditions might be tough for the balance of the year, but Stelco sees the early signs of better times in the first quarter.
The Hamilton, Ontario-based integrated sheet producer is also keeping a keen eye out for potential distressed acquisitions, company executives suggested during an earnings conference call with analysts on Wednesday, Nov. 16.
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.