Canada
December 19, 2025
Written by Ethan Bernard
The US and Canadian rig counts both fell this week, according to the latest Baker Hughes data released on Friday, Dec. 19.
The rig count is significant for the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key end market for flat-rolled sheet.
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.