Canada
November 22, 2023
Written by Becca Moczygemba
The active rig count for the US and Canada both inched up for the week ended Nov. 22, according to Baker Hughes. The rig count was released early this week due to the Thanksgiving holiday.
Nova Steel, a steel pipe fabricator based in Montreal, has announced layoffs it claims are related to an alleged surge of low-priced imports. The Canadian company announced the temporary layoff of 36 employees at its Saint-Patrick facility, effective Friday, Nov. 13.
Russel Metals’ earnings soared in the third quarter amid strong market conditions as revenue hit a quarterly record. The Mississauga, Ontario-based metals distributor reported net earnings of Canadian $125.5 million (USD$88.8 million), 259% higher than CAD$35 million a year earlier. Net sales increased 56% to CAD$1.82 billion in the same comparison, a record quarterly level.
Canadian Minister of Industry Melanie Joly has urged that Canada’s Competition Bureau examine Cleveland-Cliffs’ conduct in the Canadian marketplace following its Stelco acquisition. Minister Joly sent a letter to Jeanne Pratt, Commissioner of Competition, on Friday, regarding testimony Cliffs Chairman and CEO Lourenco Goncalves made to the US Congressional Steel Caucus, and a subsequent interview to the CBC. oly said that in the Caucus testimony, “Goncalves stated that his company had acquired Stelco to ‘block’ it from selling into the US market.”
The Aluminum Association is pushing for tariff rates to be aligned in Canada, the US and Mexico.
The latest tally of active drilling rigs moved marginally higher in the US, up for the first time in five weeks. Activity eased in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count increased to 604 rigs this week, setting an 18-month high watermark. Compared with this time last year, 56 more rigs are in operation today. Canada’s count declined by three to 223 rigs this week, easing for the first time in three weeks. Activity is up from the same week of 2025, with 32 more rigs operating today.