Analysis
July 2, 2026
Written by David Schollaert
Oil and gas drilling activity in the US picked up over the past week, while drilling in Canada slowed, according to the latest Baker Hughes rig counts.
The US rig count increased by seven rigs week over week to a 13-month high of 580 rigs. This count consisted of 445 oil rigs, 126 gas rigs, and nine miscellaneous rigs. There were 41 more rigs in operation this week than in the same week of 2025.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations.
SSAB Americas announced immediate changes to pricing extras on select products, according to a letter sent to customers Friday morning.
Kibar Americas said production has started at its aluminum plant in Fairmont, W.Va., where it will manufacture products for the HVAC, packaging, automotive and industrial sectors.
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...