Union workers at Canadian steel mill Algoma are seeking a cut of the company in return for concessions in contract negotiations. “It was made clear…during the December 2016 negotiations with the consenting creditors that if the members were called upon to make monetary concessions and/or to help Algoma mitigate business risk, then in keeping with […]
Nucor will shift production at subsidiary Kirby Building Systems to Portland, Tenn., laying off approximately 100 production workers. The shift in operations reflects production changes in the Nucor Buildings Group, which manufactures custom-engineered and standard metal buildings and components.” “In the coming months, Nucor will be transferring all production of our American Buildings Company (“ABC”) […]
Nucor’s Sheet Mill Group has informed customers of a change in the index used to calculate scrap and raw material surcharges. It could affect steel pricing beginning with the January 2018 index settlement price, which determines the February 2018 Nucor surcharge for some customers. See the letter below:
Operational problems this past fall impacted Algoma Steel earnings and the mill’s winter build-up of raw materials, according to the latest report from CCAA bankruptcy monitor Brian Denega. Delays on a stove rebuild project along with an unplanned shutdown of the blast furnace at the end of November affected Algoma’s production and shipments. The rebuild […]
Commercial Metals Company (CMC) has agreed to buy Gerdau’s rebar operations in the United States for $600 million. The acquisition includes 33 rebar fabrication facilities, as well as steel mills in Knoxville, Tenn.; Jacksonville, Fla.; Sayreville, N.J.; and Rancho Cucamonga, Calif., with annual mill rolling capacity of 2.5 million tons. The addition of the Gerdau facilities will bring CMC’s global […]
A steel slab mill in Pennsylvania plans to welcome a complementary industry to its grounds. U.S. Steel has leased 10 acres of land at its Edgar Thomson Plant at Mon Valley Works to Merrion Oil and Gas for the purpose of gas drilling and fracking in the Marcellus shale region. The agreement reportedly will provide […]
Steel Dynamics Inc. provided guidance on fourth-quarter earnings, predicting a lower sequential quarter. Planned outages at the company’s flat rolled divisions resulted in higher costs and lower value-added shipments, reducing pretax earnings by approximately $27 million. Flat rolled steel pricing declined at a steeper rate than prices for scrap raw material. The long products division […]
Service center shipments in November declined by 2.5 percent, close to the normal seasonal change for this time of year, according to Steel Market Update’s analysis of Metals Service Center Institute data. Daily shipments in November were 2.5 percent lower than in October. On average since 2009, November has decreased by 2.1 percent from the […]
Steel shipments by Canadian service centers in November totaled 398,900 net tons, up 1.8 percent from the previous month, and up 0.2 percent from November 2016, reports the Metals Service Center Institute (MSCI). On a daily basis, total shipments were 19,000 tons per day in November (a 21-day month), up from 18,700 tons per day […]
ArcelorMittal’s new headquarters in Luxembourg will be a testament to the strength and beauty of steel. The primarily steel and glass structure designed by Wilmotte & Associés will “showcase the diverse benefits of steel over other building materials,” said ArcelorMittal in a press release. Approximately 5,000 to 7,000 metric tons of steel produced in Luxembourg […]
A steelworker at ArcelorMittal Indiana Harbor died early on Monday after a golf cart-style buggy he was driving went under a stationary scrap trailer. Alfred Candena, 61, a line operator, was working with coworkers to move a strip of steel broken off from a weld on the trailer. “After initial response by coworkers, he was […]
Nucor offered fourth-quarter guidance on Wednesday, forecasting a decrease in earnings compared to the third quarter. Fourth-quarter results are expected to be in the range of $0.50 to $0.55 per diluted share compared to third-quarter consolidated net earnings of $0.79 per diluted share and comparable to year-ago earnings. Imports continue to negatively impact the U.S. […]
The Italian-Argentine industrial consortium Techint Group and its Ternium subsidiary are planning to construct a $1 billion hot rolled steel mill in Monterrey, Mexico. The mill will be part of an expansion of Techint’s industrial center in Nuevo León, where the consortium first started operations in 2013. The rolling mill will have an annual capacity […]
Argentinian steel pipe manufacturer Tenaris has begun full operations at its new Bay City, Texas, mill. The $1.8 billion facility southwest of Houston will provide seamless pipe for shale and gas wells in the region. “Tenaris is the architect of a new business model in the steel pipe sector,” said Germán Curá, Tenaris’ president for […]
In a news conference on Sunday, Chicago Mayor Rahm Emanuel said the city of Chicago intends to file a federal lawsuit against U.S. Steel alleging the steelmaker has violated the Clean Water Act. U.S. Steel’s Portage, Ind., mill has spilled more than its permitted amount of chromium into a Lake Michigan tributary in two incidents […]
Service center shipments in October exceeded expectations, led by long products and plate, according to Steel Market Update’s analysis of Metals Service Center Institute data. Daily shipments in October were 1.9 percent higher than in September. On average since 2009, October has decreased by 1.9 percent, therefore these latest numbers were better than the historical […]
The Metals Service Center Institute (MSCI) released service center shipment and inventories data earlier this week. According to the MSCI data, flat rolled inventories now average 2.1 months of supply based on the 104,600 tons per day shipment rate reported for the month of October. October 2017 shipments were 9.6 percent better than one year […]
Steel shipments by Canadian service centers in October totaled 391,700 net tons, up 9.8 percent from the previous month, and also up 9.8 percent from October 2016, reports the Metals Service Center Institute (MSCI). On a daily basis, total shipments were 18,700 tons per day in October (a 21-day month), up from 17,800 tons per […]
Canada’s Stelco, Inc., reported revenues totaling $1.15 billion (all figures Canadian) for the nine months ended Sept. 30, an increase of 16 percent over the prior-year period. Operating profit totaled $61 million, up from $8 million last year. The average selling price for the year to date was $814 per net ton, up from $654 […]
Members of the United Steel Workers Local 1915 have ratified a three-year labor agreement with AK Tube LLC, a subsidiary of AK Steel, covering about 100 hourly production employees at the company’s Walbridge, Ohio, facility. The new agreement is effective from Jan. 22, 2018, to Jan. 22, 2021. “We are pleased to have reached an agreement […]
The Chicago Tribune was the first to report that U.S. Steel released toxic chromium into Lake Michigan on Oct. 26 due to a malfunction in the wastewater treatment system at the steelmaker’s Midwest Plant in Portage, Ind. The 56.7 pounds of chromium was 89 percent higher than U.S. Steel’s water pollution permit allows in a […]
Will the rest of the domestic steel mills announce new coating extras in first-quarter 2018, raising the price on galvanized steel? There was no clear consensus among members of the Heating, Air-conditioning, and Refrigeration Distributors International (HARDI) during their monthly conference call earlier today. Recent mill price announcements have stemmed the decline in galvanized prices, […]
Stelco, Inc., Canada’s iconic steelmaker, has new life under the new ownership of Bedrock Industries. Bedrock Executive Chairman and CEO Alan Kestenbaum makes a strong case that the oft-troubled steelmaker is poised for a turnaround. Stelco went into creditor protection in 2004, was bought by U.S. Steel in 2007, then went back into bankruptcy in […]
ArcelorMittal reported its best third-quarter shipment performance since 2008. Shipments of 21.7 million tons were 1.0 percent higher than second-quarter due to a 1.2 percent increase in Brazil shipments, a 4.3 percent increase in NAFTA shipments, and a 3.2 percent increase from the ACIS segment. Shipments from the three segments offset a decline of 3.3 […]
Olympic Steel posted significantly improved results for third-quarter 2017. Demand is strong across all three business segments at Olympic, but is expected to soften due to seasonality and the holidays. “Looking ahead, we are encouraged by both the positive demand trends our customers are projecting for 2018 and by the market’s outlook for improved metal […]
ArcelorMittal Indiana Harbor will get a $100 million upgrade over the next year. The investment is part of $276 million in capital spending the steelmaker plans for it U.S. operations next year. Work is set to begin on Indiana Harbor’s continuous anneal line, No. 2 coating line and cold mill complex, said Indiana Harbor General […]
A rail line servicing Canada’s Algoma steel mill is in financial jeopardy over track maintenance costs. The Huron Central Railway, which connects Sault Ste. Marie and Sudbury, needs $46 million to cover infrastructure repairs over the next five years. This is the second time in the last decade that Huron Central has appealed to Ottawa […]
U.S. Steel is undertaking a massive asset revitalization program to reduce unplanned outages and improve profitability and competitiveness. The company plans to invest approximately $1.2 billion from 2017 through 2020 on repairs and upgrades. By 2020, slab production capability at Gary Works, Great Lakes Works and Mon Valley works will be increased by 1 million […]
Allegheny Technologies, Inc., has agreed to form a 50-50 joint venture with an affiliate of China’s Tsingshan Group to manufacture and sell 60-inch-wide stainless sheet in North America. Tsingshan is the world’s largest stainless steel producer. The joint venture, which still needs regulatory approval, expects to begin shipping products in early 2018. Tsingshan’s operation in […]
AK Steel reported a net loss of $5.8 million in the third quarter compared to net income of $50.9 million in Q3 2016. Results were impacted by $13.1 million in acquisition and debt refinancing costs and a LIFO charge of $49.0 million, compared to a LIFO credit of $24.2 million in the prior-year third quarter. […]