Australian company BlueScope Steel’s Hot Rolled Products North America segment turned in strong operating results for the second half FY 2016, ending June 30, 2016. Second half EBITDA was AUD$132.5 million (US$ 101 million). Second half revenue for the segment, which included a 47 percent share of Castrip LLC and 100 percent of North Star […]
Essar Steel Algoma generated positive earnings in May and June, due to higher steel pricing, resulting in net revenue of C$136 million in June and total net revenue of C$753 million for the first half of 2016. EBITDA before restructuring costs was negative C$49 million for the first six months of 2016. For the reporting […]
Benefits will not be reinstated to US Steel Canada retirees ruled Justice Herman Wilton-Siegel in Superior Court on Friday. US Steel Canada has been given permission, however, to utilize $1.57 million in cash to pay retention bonuses to key employees. The judge also directed USSC to follow through on $2.7 million of funding to the […]
On Wednesday of this week HARDI hosted their monthly steel conference call. Steel Market Update participates in these calls which are dedicated to a better understanding of the galvanized steel market. The participants are wholesalers, service centers and manufacturing companies who either buy or sell galvanized sheet products used in the HVAC industry. SMU advised […]
Canadian shipments for all steel products in the month of July were 318,700 net tons, a decrease of 14.8 percent from the month before and a decrease of 14.9 percent from July 2015. Inventories at the end of the month stood at 1,100,800 tons, down 1.8 percent from last month and down 25.6 percent from […]
Sims Metal Management announced the sale of its metals recycling facilities in Memphis, Tenn., and Mississippi to Steel Dynamics Inc. No purchase price was disclosed and the transaction was completed August 12, 2016. Sims Metal Management CEO Galdino Claro said the sale is part of the company’s strategy to divest non-core assets and reallocate capital […]
The USITC issued a final determination today that the U.S. industry is materially injured by the import of heavy walled rectangular welded carbon steel pipes and tubes from Korea, Mexico and Turkey and that the products from Turkey are sold in the U.S. at less than fair value and subsidized by the Turkish government. Antidumping […]
A Superior Court decision is expected Friday on whether US Steel Canada will be forced to restore benefits to retirees. Benefits were stopped in October after US Steel Canada petitioned the court saying it needed to reduce costs to stay in operation. Health benefits for retirees, payments to top-up pension plans and property taxes were […]
We normally reserve our expanded service center data analysis for our Premium members but felt this would be a good piece to share with all of our members. Based on Steel Market Update (SMU) analysis of the recently released MSCI service center inventory and shipment data, total service center carbon steel shipments declined by 443,300 […]
China has issued a new policy that outlines steps it will take to address overcapacity in major industrial areas. The report focuses on adherence to market rules and environmental and energy guidelines with punishment for those who fail to meet governmental standards. China has pledged to reduce overcapacity by 2020 in the iron and steel, […]
Mexican steel mill Altos Hornos de Mexico SA (AHMSA) filed a petition on August 16, 2016 for Chapter 15 protection in the U.S. Bankruptcy Court for the District of Delaware. AHMSA, has ended a drawn out Mexican bankruptcy process that provided court protection to the company for the past 17 years. A payment plan was […]
Union workers are objecting to the layoff of 38 workers at US Steel Gary Works on Friday. USW District 7 director Mike Millsap said the workers were laid off after consulting firm McKinsey & Co determined there were too many maintenance workers at the plant. “Under the contract, they can only lay off workers under […]
The Canadian International Trade Tribunal has renewed its dumping finding against China, Brazil and Ukraine and its subsidy finding against India in regards to the import of hot rolled steel sheet and strip. The CITT decision extends antidumping and subsidy duties another five years. In a press release from Essar Steel Algoma, applauding the decision, […]
The International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) will enter contract negotiations an historical two and a half years before the current contract expiration of July 1, 2019. Earlier this year the PMA proposed beginning contract discussions early to avoid the debacle that occurred on the West Coast during the […]
Ryerson Holding Corp, a leading metals distributor and processor, reported net income of $5.6 million for second quarter 2016. Sales of $739.8 million declined 12 percent year over year due to lower average selling price, but increased 5.3 percent from Q1. Tons shipped increased 3.5 percent. Ryerson expects manufacturing growth to remain slow in the […]
A wolf in sheep’s clothing is still a wolf. Essar Global clothed in the nomenclature of Ontario Steel Investments works is still Essar Global according to US Steel Canada. The bid by Ontario Steel Investments (Ontario Steelworks), announced on Tuesday, was rejected by US Steel Canada on Wednesday. US Steel Canada said it had already […]
Mexican steel association CANACERO welcomed antidumping duties placed on galvanized sheet steel and wire rod imported from China and Taiwan. The Mexican Ministry of Economy placed duties of up to USD$0.563 per kilogram on galvanized sheet from China and Taiwan and USD$0.49 per kilogram on wire rod from China. Said CANACERO in a statement: “Unfair […]
PITTSBURGH, AUGUST 10, 2016 – Esmark Steel Group, one of the nation’s largest processors and distributors of flat-rolled steel, steel fabrication manufacturing and tinplate production, today announced that Michael Ogrizovich, currently President of Esmark Steel Group, has been named a Director to the company’s Board of Directors and been promoted to Vice Chairman of Mill […]
Another round of antidumping duties was imposed on hot rolled steel products on Tuesday, August 9, but this time from the Commerce Ministry of India. India slapped duties of hot rolled flat products of alloy or non-alloy steel from China, Japan, Korea, Russia, Brazil and Indonesia. The duties range between $474-557 per tonne. Duties of […]
Ontario Steel Investments Limited (Ontario Steelworks) said on Tuesday that it has submitted a bid to buy US Steel Canada. The August 5th offer includes the assumption of the US Steel Canada pension plan, currently estimated at C$954 million ($724 million) and a commitment to provide C$25 million per year for post-employment benefits for current […]
Korean steel producer POSCO said it will take action against antidumping and countervailing duties imposed by the U.S. Department of Commerce last week on exports of hot-rolled steel. Countervailing duties of 57.04 percent were levied against POSCO while competitor Hyundai Steel, and all other Korean producers, received duties of 3.89 percent. A POSCO official called […]
We thought now would be a good time to revisit each of the antidumping and countervailing duty trade suits to report exactly where each one stands at this time. We are reaching the point where most will be through the entire process with the last step being the ITC (International Trade Commission) final determination. As […]
We thought now would be a good time to revisit each of the antidumping (AD) and countervailing duty trade suits associated with flat rolled steel or plate to report exactly where each one stands at this time. We are reaching the point where most will be through the entire process with the last step being […]
A.M. Castle & Co., a specialty metals distributor, announced that it will sell its 50 percent joint venture ownership in Kreher Steel Business to partner Duferco. Duferco will become the 100 percent owner of Kreher in exchange for a purchase price of approximately $31.6 million. The transaction is expected to close August 22, 2016. The […]
There were some surprises on Friday afternoon when the U.S. Department of Commerce came out with their final determinations regarding antidumping and countervailing duties on hot rolled steel. Perhaps the biggest surprise was saved for POSCO out of Korea and the joint venture partner with US Steel on USS/POSCO mill in California. The UPI mill […]
On Friday the U.S. Department of Commerce announced their final determination findings on hot rolled steel dumping margins and countervailing subsidy rates for Brazil, South Korea, Australia, Turkey, Japan, United Kingdom and the Netherlands. In the article above we reproduced the press release provided by the Commerce Department. In this article we are going to […]
The US International Trade Commission voted Friday to reverse the suspension of the Section 337 investigation into the imports of carbon and alloy steel products from China. The investigation was initiated on June 2, 2016 following a complaint filed by US Steel Corp alleging price fixing, theft of trade secrets and false designation of origin […]
The U.S. International Trade Commission (USITC) has voted to expedite its five-year (“sunset”) review concerning the antidumping duty order on hot-rolled flat-rolled carbon-quality steel products from Russia. As a result of the vote, the Commission will conduct an expedited review to determine whether revocation of the order would be likely to lead to continuation or […]
NLMK USA flat steel product sales grew by 11 percent in second quarter 2016. Sales for the first half of 2016 were up 9 percent to 1 million tonnes (1.2 million net tons). One hundred percent of NLMK USA products are sold domestically to the processing, pipe, and automotive industries. North American sales for second […]
The European Commission issued on July 29, 2016 final duties on the import of cold rolled flat steel products originating from China and Russia. The investigation was initiated on May 14, 2015 following a complaint by the European Steel Association (Eurofer) that dumping of CRC from Russia and China resulted in injury to the EU […]