Category: Canada

Canada has announced a 25% tariff on Chinese steel and aluminum, along with a 100% tariff on Chinese EVs.

The number of US drill rigs in operation ticked lower last week while Canadian activity increased, according to the latest data released from Baker Hughes. US rig counts have gone up and down since June, hovering near multi-year lows. Canadian activity has trended upwards since a mid-May seasonal low, rising to a five-month high last week.

Canada’s government has ordered an end to the brief rail stoppage which had threatened to disrupt the movement of commodities.

CRU Aluminum Analyst Marziyeh Horeh shares a roundup of this week's news from the aluminum industry.

Two rail providers have locked out union workers at their operations in Canada.

A work stoppage could hit Canada’s rail network as two rail companies have said they will lock out union workers on Thursday if no labor agreement is reached.

Oil and gas drill rig activity in the US inched lower last week while holding steady in Canada, according to the latest report from oilfield services provider Baker Hughes.

Canada’s steel and aluminum industries joined forces to call on the government for the imposition of tariffs on steel, aluminum, and electric vehicles.

US drill rig activity recovered last week after slipping the prior week, according to the latest data from Baker Hughes. But Canada’s counts edged down following a five-week run-up. Despite the decline, Canada’s rig count remains near a five-month high. US rigs In the week ended Aug. 9, the number of active drilling rigs in […]

The company is in the process of being acquired by Cleveland-Cliffs in a deal valued at USD$2.5 billion.

US drill rig activity resumed its downward trend last week according to the latest data from Baker Hughes. Meanwhile Canadian counts ticked higher for the fifth consecutive week. They now stand near a five-month high.

SunCoke Energy Inc.’s earnings improved in the second quarter, with the company citing strong performances in its coke-making and logistics segments.

Drilling activity rose in both the US and Canada last week, according to the latest data release from Baker Hughes. US rig activity increased to a six-week high but remains near multi-year lows. Canadian counts continue to improve, now at a 20-week high.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.

Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.

Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.

Drilling activity in the US saw a slight uptick last week but continues to hover near multi-year lows, according to the latest data release from Baker Hughes. Meanwhile Canadian counts rose for the second-consecutive week and are now at a four-month high.

The recently announced acquisition of Stelco by Cleveland-Cliffs (Cliffs), priced at nearly three times book value, provides a great price for Stelco shareholders. And various synergies will likely leave Cliffs with tremendous runway for further growth in this deal. Cliffs expects to close this deal in 2024 Q4 upon government approval. This approval is expected but not a given.

The spread between hot-rolled coil (HRC) and prime scrap prices  narrowed for the third consecutive month, hitting a level not seen since 2020, according to SMU’s most recent pricing data.

Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]

Cleveland-Cliffs Inc. has agreed to purchase Canada’s Stelco Holdings Inc. in a deal valued at $2.5 billion (CA$3.4 billion).

US drill rig activity resumed its downward trend last week, while Canadian counts increased to a four-month high, according to the latest data release from Baker Hughes.

Flat-rolled steel prices have been largely falling since the beginning of the year. Even after a slight bump in early April when mills tried to halt the downtrend, the decrease resumed.

US drill rig activity moved back up last week after drifting lower for four straight weeks. Meanwhile, Canadian counts slipped for the first time after a seven-week rally, according to the latest data from Baker Hughes.

US drill rig activity eased for the fourth consecutive week last week, while Canadian counts increased for the seventh week in a row, according to the latest data release from Baker Hughes.

The Canadian Steel Producers Association (CSPA) has lauded Canada’s decision to launch an investigation into China’s unfair trade practices in electric vehicles (EVs). However, the association hopes the government will go even further and extend the investigation into other sectors.

US drill rig activity eased again last week, now down to levels not seen since late-2021, according to the latest data release from Baker Hughes. Canadian counts are moving in the opposite direction, inching higher for the sixth consecutive week to a three-month high.

US drill rig activity eased further last week, now down to a two-and-a-half-year low according to the latest update from Baker Hughes. In contrast, Canadian counts inched higher and are now at a three-month high.

Oil and gas drilling activity in the US ticked down last week, remaining near a two-year low, according to the latest update from Baker Hughes. In contrast, the Canadian count inched higher and is now at a 10-week high.

We’re just a few months away from SMU’s Steel Summit 2024 – North America’s premier flat-rolled steel conference.