The formal sale process for Tata Steel’s UK assets will begin on Monday and will last a reasonable amount of time, according to UK Business Secretary Sajid Javid. Several potential bidders have already come forward said Javid, adding that he hoped “many, many more” would do so. Liberty House, an international metals group, has been […]
Still no contract agreement for USW workers at ArcelorMittal who continue to work under terms of the previous labor contract that expired on September 1, 2015. In a text message update on March 18 the USW said the Committee was still bargaining over a few remaining important issues committee and that “unfair ArcelorMittal demands still […]
Reliance Steel & Aluminum Co. has acquired custom sheet metal fabricator Best Manufacturing as of April 1, 2016. The company will operate as wholly-owned subsidiary of Reliance with current management remaining in place. Headquartered in Jones Arkansas, Best Manufacturing provides various precision fabrication services including laser cutting, shearing, CNC punching, CNC forming and rolling, as […]
Essar Steel Algoma announced that it has entered Phase Two of the Sale and Investment Solicitation Process. The company reports receiving “several bids” in the first phase of the sale. During the second phase of the process, qualified bidders will be invited to a management presentation and participate in on-site tours and inspection of the […]
Reliance Steel & Aluminum Co. has acquired custom sheet metal fabricator Best Manufacturing as of April 1, 2016. The company will operate as wholly-owned subsidiary of Reliance with current management remaining in place. Headquartered in Jones Arkansas, Best Manufacturing provides various precision fabrication services including laser cutting, shearing, CNC punching, CNC forming and rolling, as […]
German steel giant and elevator manufacturer Thyssenkrupp is back in steel industry news again. The company will take full ownership of Companhia Siderúrgica do Atlantico (CSA) from Brazilian mining company Vale SA. Vale owns 27 percent of CSA and plans to sell it to Thyssenkrupp AG for a “symbolic price” while remaining sole supplier of […]
According to ArcelorMittal USA comments made during the Association of Steel Distributors meeting over the weekend which SMU attended, a trade case on steel plate imports will be filed within the next few weeks. ArcelorMittal along with Nucor and SSAB have been working on the documentation for an extended period of time and our understanding […]
ArcelorMittal has idled the hot strip mill at Indiana Harbor East Chicago but will not lay off the 300 affected workers. United Steelworkers District 7 Director Mike Millsap said the union is working to re-assign workers to East Chicago, Burns Harbor or Riverdale. ArcelorMittal spokeswoman Mary Beth Holdford said the company “expects to optimize our […]
We know our readers enjoy hearing comments from those with whom we speak on a regular basis regarding market trends and pricing. We have had an active week heading into the first full week of April so here are some of the things our readers and sources are talking about during the last week of […]
Tata Steel’s exit from the United Kingdom may be a precursor to a merger with Thyssenkrupp. Wall Street Journal reports Tata and Thyssenkrupp have been in high-level talks for more than a year about combining their European steel operations. Whether the two companies are considering a buyout or forming a joint venture is unclear at […]
Essar Steel Algoma and USW Local 2724 have agreed to extend bargaining discussions during the sales and solicitation process. A joint press release from Essar Steel Algoma and USW Local 2724 follows: SAULT STE. MARIE, ONTARIO – Essar Steel Algoma Inc., the USW and its Local 2724 have agreed to extend bargaining discussions in light […]
Nucor plans to invest $4.4 million in its Decatur steel manufacturing plant to upgrade the hot metal pickle line. On Monday, the Decatur Industrial Development Board approved an abatement of about $117,545 in non-educational state, city and county taxes over a 10-year period for the project. “We appreciate Nucor’s continued investment in their Decatur operations […]
Tata Steel announced yesterday that it will consider selling off all of its British operations. In a review of its UK operations, the Tata Steel Board concluded that due to deteriorating financial performance in the past twelve months the company will “explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, […]
AK Steel will get help to restart the Ashland Works furnace from Kentucky legislators. The state Senate passed a house bill on Tuesday that would extend economic incentives from a 2014 measure to help AK Steel refurbish and restart the idled blast furnace at Ashland. The incentives were due to expire in July. AK Steel […]
Bank lenders to Essar Steel Group have approached Tata Steel and JSW Steel to buy out the company according to sources quoted by CNBC. Bankers took matters in their own hands after expressing concern that Essar Steel cannot pay back Rs 40,000 crore (about $6 billion) in loans to State Bank of India and other […]
Bohai Steel Possible Test Case for China Steel Industry Restructuring The slowdown in China’s economy along with the push to reduce excess steel capacity is putting financial stress on the country’s banking system. Bohai Steel Group Co., a fully state-owned steel producer in the Tianjin province, is one of those who are struggling to make […]
The Canadian International Trade Tribunal (CITT) issued a final determination today (March 29) that finds Canadian producers have been injured due to the dumped and subsidized imports of certain carbon and alloy steel line pipe from China. The investigation was initiated by the CBSA on August 28, 2015 following complaints filed by EVRAZ North America […]
Business conditions are still terrible in the ocean freight market as vessel operators cope with oversupply of ships and weak demand. Wrote MID-SHIP in the March 24 MID-SHIP Report, “The freight markets are at levels not seen or experienced for 30-35 years and there is no silver bullet in sight, even though there is a […]
Japan steelmaker JFE Holdings and Nucor Corp reportedly are in talks to build a jointly run steel plant in Mexico. JFE plans to invest $264 million in the project, according to the Nikkei Asian Review. The plant will have an annual capacity of 400,000 tons and will service the Mexican auto industry, supplying steel for […]
Worthington Industries reported net sales of $647.1 million for third quarter 2016, ending February 29. Sales were down from second quarter and year over year as a result of lower volume in Pressure Cylinders and Engineered Cabs, combined with lower average selling prices in Steel Processing due to a decline in the market price of […]
ArcelorMittal announced it will sell its LaPlace and Vinton Long Carbon steel facilities to an affiliate of Black Diamond Capital Management. The LaPlace Louisiana mini-mill includes an electric arc furnace, ladle metallurgy station, two four-strand continuous billet casters, and a fifteen-stand Danieli medium section mill. The LaPlace facility, along with a rolling mill in Harriman, […]
“Welcome to March Madness..,” is what one HARDI member company had to say during the March 2016 HARDI galvanized steel conference call held earlier today. He went on to say, “Brackets are an indication of what we are seeing – a lot of chaos out there… The [index name removed] base price is up 23 […]
AK Steel announced Monday that its Board of Directors has approved the following executive promotions, effective immediately: Brian K. Bishop has been named Vice President, Carbon Steel Operations. He will also assume responsibility for Manufacturing Planning. Bishop has served as Director, Carbon Steel Operations since 2015 with overall responsibility for the company’s four carbon steel […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]
Big River Steel announced the commissioning of its batch anneal furnaces and skin pass mill. The start-up of the two operations is the first step in in phased process to bring equipment on line for the company’s Flex Mill. The $1.3 billion steel mill, when fully operational, will produce 1.6 million tons of niche and […]
US Steel says it will idle tubular operations in Alabama, Texas and Ohio, laying off nearly 800 workers. The steelmaker will temporarily idle Lone Star Tubular Operations in Texas and Fairfield Tubular Operations in Alabama in response to market conditions in the energy industry. “As we adjust operations throughout our tubular organization, we are right-sizing […]
Based on Steel Market Update (SMU) analysis of the recently released MSCI service center inventory and shipment data, total service center carbon steel shipments increased by 125,500 tons in February to 3.034 million tons. Shipping days at 21, were up by one from January. On a tons per day basis (t/d) shipments decreased from 145,400 […]
Sault Ste. Marie Mayor Christian Provenzano has appealed to Ontario Premier Kathleen Wynne for help in saving Essar Steel Algoma. Under terms of the sales and investment solicitation process, potential buyers for Essar Steel Algoma are to submit binding offers by May 13. “Based on my own assessment of the matter and taking into consideration […]
U.S. steel service centers shipped a total of 3,179,800 tons of steel products during the month of February 2016. Even with an extra day due to Leap Year total tonnage was down 4.6 percent over year ago levels. The 151,400 tons per day steel shipment rate was down from January’s 152,700 rate and well below […]