Canada
July 22, 2024
Written by Ethan Bernard
| Second quarter ended June 30 | 2024 | 2023 | % Change |
|---|---|---|---|
| Net sales | $5,092 | $5,984 | -14.9% |
| Net earnings (loss) | $2 | $347 | -99.4% |
| Per diluted share | $0.00 | $0.67 | -100% |
| Six months ended June 30 | |||
| Net sales | $10,291 | $11,279 | -8.8% |
| Net earnings (loss) | $(65) | $290 | -122.4% |
| Per diluted share | $(0.13) | $0.56 | -123.2% |
Members of the Global Forum on Steel Excess Capacity (GFSEC) met in Wisconsin last week and unveiled an updated plan to combat market-distorting excess capacity. The Milwaukee Framework adds color to the 2017 “Berlin Principles.” It is also a positive step in the ongoing battle against global steel market distortions. However, the Framework is only a guidepost. It must be implemented correctly to make an impact as new problems loom.
The latest tally of active drilling rigs increased in Canada while slightly easing in the US this week, according to oil and gas rig count data published by Baker Hughes.
Algoma Steel Group Inc. expects the first heat from its second electric-arc furnace (EAF) in the coming days, even as it forecasts a quarterly EBITDA loss and a 20% decline in shipments.
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.