Category: Canada

US oil and gas drilling activity continued to decline for the 11th consecutive week, while Canadian counts climbed for the sixth week in a row, according to the latest data from Baker Hughes.

The difference: The spat with Turkey was a big deal for steel. This time, the 50% reciprocal tariff for Brazil – if it goes into effect as threatened on Aug.1 – hits everything from coffee and to pig iron. It seems almost custom-built to inflict as much pain as possible on Brazil.

The rig count declined for the 10th consecutive week in the US, while Canadian count rose for the fifth straight week, according to Baker Hughes.

Canada has implemented tariff-rate quotas (TRQs) on steel imports to help stabilize its domestic market.

Oil and gas drilling activity declined for the ninth-consecutive week in the US, while Canadian counts rose for the fourth straight week, according to Baker Hughes.

The Canadian steel industry is bracing for thousands of job losses because of US tariffs, the Canadian Steel Producers Association says.

Oil and gas drilling activity declined in the US again this week the US, while Canadian counts improved, according to Baker Hughes.

CSPA, USW disappointed in Canadian government's actions on steel.

The moves include reciprocal procurement restrictions, import quotas, and the formation of stakeholder task forces for aluminum industries.

The actions, which includes tariffs, are necessary to protect the Canadian market from global overcapacity. They are also needed because other countries have redirected material to Canada as a result of higher US tariffs, Carney said.

Trade talks are progressing between the US and the market is contemplating the future of Section 232 tariffs.

Oil and gas drilling activity was mixed this week, according to Baker Hughes. US totals slipped for a sixth straight week, while Canada saw a slight bump in activity.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves offered full-throated support for Section 232 tariffs on imported steel being doubled to 50%. And the top executive of the Cleveland-based steelmaker said the steel industry wanted to see as few exceptions as possible to the tariffs.

Meanwhile, several US trade groups applauded the latest trade announcement.

Oil and gas drilling activity declined again this week in both the US and Canada, according to Baker Hughes.

Oil and gas drilling activity declined in both the US and Canada this week, according to Baker Hughes.

Here are highlights of what’s happened and a few things to keep an eye on this upcoming week.

Oil and gas drilling activity declined again this week in the US and Canada, according to Baker Hughes.

Cliffs came tantalizing close to buying U.S. Steel in 2023. There were rumors in 2024 that Cliffs might buy NLMK USA before it ultimately purchased Stelco for $2.5 billion in November of last year. Who would have thought that asset sales would have been the focal point of discussion just six months later?

Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.

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.

Oil and gas drilling activity eased in both the US and Canada this week, according to Baker Hughes. US rig counts remain near multi-year lows, and Canadian activity continues its seasonal slowdown.

Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.

The union is also urging stronger enforcement against countries such as China which break trade rules, and a coordinated Canada-US strategy to protect union jobs across the North America

Oil and gas drilling activity eased for the third consecutive week in both the US and Canada this week, according to Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.

The Trump tariff drama continues.

The Canadian steelmaker said its absorbing higher tariffs as it moves forward.

Investment firm Ancora Holdings Group has halted its play for U.S. Steel's board, citing Nippon Steel’s proposed bid for USS “gaining momentum.”

Ancora’s intention to replace U.S. Steel's leadership was first announced in late January.

The number of active oil and gas drill rigs declined this week in both the US and Canada, according to the latest data from Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.