December energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through December
Category: Canada
Join SMU and AMU for a Community Chat with Wells Fargo Managing Director Timna Tanners
SMU and AMU are pleased to announce that Wells Fargo Managing Director Timna Tanners will be joining us for a Community Chat webinar on Wednesday, Dec. 17, at 11 am ET.
Steel export volumes weaken in September
Following August’s modest 4% uptick, the volume of steel shipped outside of the country slipped 8% in September to 594,000 short tons, according to recently released data from the US Department of Commerce.
Steel imports historically weak through November license data
According to recently finalized US Commerce Department data, US steel imports tumbled to a near five-year low in September
US rig count slips as Canadian count ticks up
The US rig count edged down this week while the Canadian count inched up, according to the latest Baker Hughes data released on Friday, Dec. 12.
Canadian government could help Algoma build two new heavy structural mills: Reports
Plans are in the works to save 500 steelworker jobs at Algoma Steel and to construct two new mills – a plate mill and a beam mill, according to various local media reports.
Varsteel acquires Victoria Steel
Canadian service center Varsteel Ltd. has acquired Victoria Steel (also known as Acier Victoria) of Victoriaville, Quebec.
AISI's Dempsey gives proposals to USTR ahead of USMCA review
The American Iron and Steel Institute’s (AISI's) Kevin Dempsey gave a series of policy proposals ahead of the review of the USMCA trade agreement next year.
Algoma lays off workers, slates BF closure amid US tariff woes
Canada’s Algoma Steel announced ~1,000 layoffs on Monday as a result of disruptions from the US tariff situation.
Update: AM Dofasco, Stelco up prices by CA$100/ton
ArcelorMittal Dofasco and Stelco are aiming to increase spot market base prices by a minimum of CA$100 per short ton (US$72/st), effective immediately.
Canadian PM releases measures to protect steel, including derivatives tariff
Canadian Prime Minister Mark Carney announced new measures on Wednesday to strengthen the country’s domestic steel industry, which include a tariff on some downstream steel-intensive goods.
US and Canadian rig counts fall back
US and Canadian rig counts both declined this week, according to the latest Baker Hughes data released on Wednesday, Nov. 26.
Algoma's Garcia named 'CEO of the Year' by The Globe and Mail
Algoma Steel CEO Michael Garcia has been recognized by Canada’s The Globe and Mail newspaper as “CEO of the Year: Corporate Citizen.”
Price on Trade: Changes to USMCA needed to support American steelmaking
Wiley attorneys Alan Price and Ted Brackmeyer argue that significant changes to the USMCA and continued Section 232 tariffs on Canada and Mexico are needed to support American steelmaking.
Barry Zekelman says it's a 'fantastic' time for steel in the US
SMU sits down with Barry Zekelman to talk North American trade and the state of the US and Canadian steel industries.
Algoma finalizes CA$500M loan from Canadian government
Algoma Steel plans to continue its transition to electric-arc furnace (EAF) steelmaking using the CA$500 million in loans from the Ontario provincial and Canadian federal governments.
US rig count ticks higher, Canada falls
The latest Baker Hughes rig count report showed oil and gas drilling improved in the US this past week, while Canada saw its rig count decline.
ArcelorMittal exec upbeat on N. America
ArcelorMittal sees green shoots in North America despite tepid demand.
Russel Metals reports mixed Q3 results
Russel Metals posted mixed financial results in its third-quarter earnings report. The Mississauga, Ontario-based metals processing and distribution company generated Canadian $35 million (US$53.5 million) in net income for Q3'25, representing a 1.4% increase from the same quarter in 2024.
US and Canadian rig counts tick higher
The latest Baker Hughes rig count report showed oil and gas drilling improved in both the US and Canada in the first week of November.
AM Dofasco and Stelco push sheet prices up, Atlas Tube follows
ArcelorMittal Dofasco and Stelco joined recent moves by US mills to push sheet prices higher.
Canadian Steel Producers Association cheers federal budget safeguards for steel
The Canadian Steel Producers Association (CSPA) applauded the passage of the Canadian federal budget, which includes several measures that aid their domestic steel industry.
Zekelman offers cash to Canadians who report foreign steel in public projects
Zekelman Industries said Canadians who report the use of foreign steel in active or future public construction projects are eligible for a CAD$1,000.00 (USD$711.62) payment.
Drilling activity slows at October's end in US and Canada
The latest Baker Hughes rig count report showed oil and gas drilling slowing in both the US and Canada last week.
AMU: What’s next for Canada trade talks and the Midwest premium?
President Trump’s decision to suspend trade negotiations with Canada has crushed short-term expectations of any relief for Canadian producers or the US Midwest P1020 premium.
Algoma's losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.
Algoma Steel CEO Mike Garcia to retire at year end
Algoma Steel Group Inc. CEO Michael Garcia will retire at the end of the year, the company said on Tuesday. Rajat Marwah, CFO of the Canadian flat-rolled steelmaker, will be appointed president on Nov. 1 and CEO on Jan. 1.
Trump pulls plug on trade talks with Canada after anti-tariff Reagan ad
US President Donald Trump took to social media late Thursday night to announce he was canceling trade talks with Canada.
US and Canadian rig counts inch higher
Baker Hughes reported higher oil and gas drilling activity this week in both the US and Canada.
Active rig counts rise in US and Canada
Drilling activity increased in both the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.