Canada
August 8, 2024
Stelco Q2'24 earnings slip over the year
Written by Stephanie Ritenbaugh
Canadian steelmaker Stelco saw second-quarter profit slip compared to a year ago.
Second-quarter results
Latest in Canada
Varsteel scoops up two more Quebec service centers
Varsteel Ltd. has acquired two additional steel and aluminum service centers in Canada. The Lethbridge, Alberta-based company has added to its portfolio Acier Simmonds of Sherbrooke, Quebec, and Acier Menard of Granby, Quebec. The acquisition builds on Varsteel’s three most recent acquisitions and further expands its market presence in Quebec.
Drilling activity recovers in the US, increases again in Canada
The latest tally of active drilling rigs rebounded in the US and moved higher in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count rose by five to 603 rigs this week, reaching a 17-month high. Compared to this time last year, there are 56 more rigs in operation today.
US steel imports reach 15-month high in August, rise further in September
Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.
Steel market chatter this week
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
Canadian government gives Cliffs five days to act over Stelco layoffs
The Canadian government has reportedly given Cleveland-Cliffs Inc. five days to respond to a letter from Canadian Industry Minister Mélanie Joly about the Stelco layoffs or face legal action.