Canada
May 7, 2025
Written by Michael Cowden
| First quarter ended March 31 | 2025 | 2024 | % Change |
|---|---|---|---|
| Net sales | $4,629 | $5,199 | -11% |
| Net earnings (loss) | ($495) | ($67) | -639% |
| Per diluted share | ($1.00) | ($0.14) | -614.3% |
Cleveland-Cliffs Inc. gushed red ink in the first quarter, and pledged to stem the bleeding by idling inefficient, “loss-making operations” and increasing focus on its core automotive business.
Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.
The phrase “Fortress North America” seems to resurface anytime US, Canada, and Mexico trade negotiations roll around. The idea of an economic Fortress North America burst onto the scene in the late 1980s and early 1990s in the lead up to NAFTA. In theory...
United Steelworkers (USW) International President Roxanne Brown urged US and Canadian trade representatives to reach an agreement that puts working families first.
Service centers and manufacturers report a tight, seller-driven market for galvanized sheet. Lead times are long, deliveries are late, inventories are thin, imports are down, and demand is strong, causing a shortage of galvanized material.
The Canadian Steel Producers Association (CSPA) has named Blair Dickerson as its new president and CEO, effective Sept. 17.