AK Steel announced earnings on Tuesday and the big question in everyone’s mind was if AK Steel Ashland would be restarted. The answer is no, not at this time. CEO Roger Newport said the company does not want to get “hung up in the short term volatility” in the marketplace. AK Steel will be looking […]
Earlier today, Steel Market Update participated in a steel conference call hosted by HARDI. Every month the wholesalers who sell galvanized sheet and coil steel to the HVAC industry conduct an informational conference call to evaluate what is happening in the North American market. Over the past few months we have seen the wholesalers much […]
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 […]
US Steel Corp. announced a net loss of $340 million for first quarter 2016 and a segment EBIT loss of $242 million or $70 per ton. “It’s my perception that we have probably seen bottom,” said president and CEO Mario Longhi to reporters following U.S. Steel’s shareholder meeting Tuesday in Pittsburgh. US Steel began first […]
Joy Global Inc, a manufacturer of equipment for the mining industry, is looking for a buyer for its Longview, Texas steel plate mill. The Longview specialty mini-mill makes small batch, thick and extra thick steel plate for use in some of Joy Global’s premier mining equipment. Joy Global confirmed it is looking at a potential […]
First, Steel Dynamics Industries (SDI) reported an increase in steel shipments (+17%) and that they were continuing to grow, “…across all divisions but most significant in flat rolled.” They went on to report customer inventory levels are now “better aligned with actual demand, which is supporting increased domestic steel production and now also flat rolled […]
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 […]
SSAB Americas reported sales of SEK 2,428 million ($297.5 million) for first quarter 2016 up from 2,321 in Q4. Shipments increased 9 percent from Q4 to 475,000 tonnes. Operating profit, or EBIT, was SEK 55 million ($6.7 million) compared to a loss of SEK 100 mill in in Q4 and profit of SEK 296 million […]
SSAB Americas announced the launch of a new awareness program—EcoSmart, to demonstrate its commitment to environmental stewardship. SSAB Americas’ EcoSmart steel contains 97 percent recoverable scrap metal that has been diverted from landfills. The recycled steel contains everything from old automotive parts to discarded appliances. Along with the use of recycled scrap metal, SSAB Americas […]
Reliance Steel & Aluminum posted net income of $92.2 million on sales of $2.16 billion for first quarter 2016. Tons sold were up 8.9 percent from Q4 2015 with average selling price down 15.6 percent from a year ago and down 2.4 percent from the previous quarter. Reliance sold 1,216,700 tons of carbon steel in […]
Nucor announced first quarter 2016 consolidated net earnings within its projected range. Net income was $70.8 million and consolidated net sales were $3.72 billion, a 7 percent increase from Q4. Average sales price per ton decreased 11 percent from Q4, total shipments to outside customers was 5,148,000 tons. Nucor steel mills produced 5,390,000 tons of […]
Steel Dynamics announced a strong quarter with net income of $63 million on net sales of $1.7 billion for first quarter 2016. Steel operating income increased 104 percent to $136 million from fourth quarter due to a 17 percent improvement in shipments which totaled 2.12 million tons. Average steel selling price dropped $40 from Q4 […]
California Steel Industries (CSI) opened their July flat rolled order book this week. The mill moved prices up by $80 per ton compared to the previous month. We are investigating exactly what that means to buyers. We understand that the mill is on a strict allocation to their regular customers. We expect the mill to […]
NLMK USA crude steel production of 160,000 tonnes was a 94 percent increase quarter over quarter and a 68 percent increase year over year. The jump in production was due to the re-launch of steelmaking at NLMK Indiana after repairs at the end of 2015 as well as from improved steel demand. Capacity utilization improved […]
A worker was killed Saturday at Nucor-Yamato Steel in Blytheville, Ark., during an equipment malfunction. Jon Bishop, 34, was performing maintenance work on a roll mill stand when the malfunction occurred, said vice-president and general manager, Leon Topalian. Bishop was a two year employee of Nucor-Yamato and worked in the Rolling Mill Mechanical Area. The […]
There is still no light at the end of this tunnel except for coated products which have had three months of shipment growth on a tons / day, (t / d) basis. Total service center carbon steel shipments increased by 142,100 tons in March to 3.176 million tons. This increase was driven by the number […]
The Metal Service Center Institute (MSCI) reported Canadian steel service centers inventories dropped 1.9 percent by the end of March compared to the end of February. Shipments of steel (all products) were 392,200 tons and averaged 17,800 tons per day during the month of March. Total steel shipments were 11.3 percent lower than year ago […]
Total steel and flat rolled inventories declined during the month of March according to just released data provided by the Metal Service Center Institute (MSCI). U.S. steel service centers shipped a total of 3,333,300 tons of steel products during the month of March. Based on a 23 shipping days this equates to a 144,900 tons […]
US Steel CEO Mario Longhi criticized the European Union and United Kingdom for being “negligent” in in addressing dumping of steel from China and blamed the UK steel crisis on “misguided policies.” In an interview with the Financial Times, Longhi said the willingness of the British government to grant market economy status to China will […]
With lead times extended and supply constrained any surprise outages, or the rumor of an outage, could have a dramatic impact on an already spooked flat rolled market. On Sunday, US Steel suffered a short term unexpected outage on their largest blast furnace, #14 at Gary Works. The two day outage is projected to have […]
US Steel will lay off about 25 percent of its salaried workers in its latest cost cutting effort. It is estimated about 750 employees in the 3,000 North American salaried positions will be laid off. “This is part of the ongoing adjustment to staff levels and operations due to challenging market conditions, including fluctuating oil […]
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 […]
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 […]
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 […]