The NLMK Group reports combines results for its Foreign Rolled Products Segment which includes NLMK USA and six strip and plate production sites in Europe, including NLMK Dansteel in Denmark. NLMK USA is comprised of NLMK Pennsylvania, NLMK Indiana and Sharon Coating. The segment saw Q3 sales decline to 541,000 tonnes, down 18 percent from […]
SSAB Americas, recorded a third quarter operating loss of SEK 73 million ($8.1 million) compared to a profit of SEK 162 million ($18 million) in Q2 2016. The loss was due mainly to the maintenance outage at Montpelier in the third quarter, higher variable costs, lower volumes and lower capacity utilization which was somewhat offset […]
Thyssenkrupp AG is in negotiations to sell its Brazilian steel plant Companhia Siderúrgica do Atlântico (CSA) to Ternium SA. According to the Wall Street Journal, talks are at an advanced stage but may hit a stumbling block over price for the Brazilian operations. Thyssenkrupp spent $6.8 billion to build CSA but it is currently valued […]
AK Steel’s efforts to focus on higher value products, cut costs and reduce exposure to commodity products has resulted in a net income of $50.9 million and the company’s best third quarter since 2008. Adjusted EBITDA margins improved to 10.8 percent from 7 percent a year ago. “De-emphasizing commodity products and introducing new products, such […]
Essar Steel Algoma has filed a legal proceeding against Essar Global Fund and its affiliates charging that the Essar Group has engaged in a course of conduct that consistently preferred the interests of the Essar Group and, in particular, Essar Global Fund, to those of Algoma and its stakeholders. This conduct, charges Algoma, includes the […]
The final three holdouts in the Standard Iron Works v. ArcelorMittal et al. antitrust litigation have come to a settlement. Steel Dynamics, Nucor and SSAB have agreed to settle price-fixing claims for a combined total of $30 million. Steel Dynamics issued an announcement on Tuesday that it will pay $4.6 million in the class action […]
Steel Dynamics reported higher flat rolled prices resulted in an 11 percent increase in earnings in the third quarter. Net earnings were $284 million on net sales of $2.1 billion. Adjusted net income, including a $5 million litigation settlement charge, was $157 million for the quarter. SDI steel production was at 85 percent capacity in […]
Nucor Corporation reported net earnings of $270 million for third quarter, up from 233.8 million in Q2 and 227.1 in Q3 2015. Consolidated net sales in third quarter increased 1 percent to $4.29 billion from the previous quarter and 2 percent from a year ago. Average sales price per ton increased 11 percent QoQ. Tons […]
Reliance Steel & Aluminum reported sales of $2.19 billion, down 0.8 percent from Q2 and down 4.4 percent from Q3 2015. Tons sold were down 4.9 percent from the previous quarter to 1,445,500 tons with average selling price per ton up 4.4 percent, sequentially. Reliance was able to maintain during most of the quarter the […]
EVRAZ North America increased third quarter crude steel production 5.7 percent to prepare for scheduled maintenance outages at its Regina and Pueblo mills. Regina will be out for three weeks for upgrades to the steelmaking and rolling mills while Pueblo is scheduled for a two week maintenance outage. Flat rolled production dropped 25.7 percent in […]
The trend for lower shipments and inventories out of the steel distributors in the United States continued during the month of September, according to just released Metal Service Center Institute (MSCI) data. The MSCI reported total steel shipments declined 6.6 percent compared to one year ago while inventories dropped 17.2 percent YOY. September MSCI carbon […]
Canadian shipments for all steel products in the month of September were 370,800 net tons, an increase of 1.6 percent from the month before but a decrease of 8.5 percent from September 2015. Inventories at the end of the month stood at 1,116,500 tons, down 2.8 percent from last month and down 15.6 percent from […]
September was another month in which shipments by service centers failed to live up to long term expectations. Carbon steel shipments decreased by 317,800 tons, mostly as a result of the number of shipping days declining from 23 in August to 21 in September. However tons per day shipments also declined being down from 139.7 […]
NLMK USA produced 100,000 tonnes of crude steel and 420,000 tonnes of finished steel in third quarter 2016. Sales volume decreased to 440,000 tonnes (485,000 net tons) from 522,000 tonnes (575,000 net tons) in second quarter, down 15 percent quarter-over-quarter and down 10 percent year-over-year. NLMK attributed the decline in sales to weaker client demand […]
US Steel Canada court monitor Alex Morrison reported sales were good in August, resulting in revenue of CAD $144.6 million. EBITDA increased by $30.7 million from July. Shipments were up 19.7 percent year-over-year to 192,734 tons. The company has been successful in replacing sales to automotive customers that were lost when US Steel cut ties […]
John Ferriola, Chairman, CEO and President of Nucor Corp., has been elected Chairman of the World Steel Association (worldsteel). The elections for officers and the 2016 Executive Committee were held at worldsteel’s 50th Annual Conference in Dubai, UAE. Officers for worldsteel will serve for a period of one year. The new officers for 2016/2017 are: […]
Essar Steel Algoma is approaching the end of one year of protection under the Canada’s Companies Creditors Arrangement Act. The company entered protection on November 9, 2015. The latest court monitor report by Brian Denega, senior vice principle of Ernst & Young, shows the company maintaining its production and stocking up on iron ore for […]
Nucor announced Tuesday that it has restructured its natural gas supply agreements to improve access to a long-term supply of natural gas. Nucor purchased 49 percent of Encana’s leasehold interest of 54,000 acres in the South Piceance Basin. In addition, Nucor and Encana have terminated the two Carry and Earning drilling agreements from 2010 and […]
ArcelorMittal USA told a District court last week that the Cleveland steel mill will suffer “catastrophic harm” if the Cuyahoga River shipping channel is not dredged this fall. ArcelorMittal told a U.S. district court that the sediment build-up in the shipping channel has caused cargo ships to lighten their loads resulting in a critically low […]
A welder at US Steel Gary Works died on Friday while working in the U.S. Steel Slab Storage Yard. Details about the fatality are still unclear and the incident is under investigation. US Steel issued the following statement: “On the evening of Friday, September 30, there was an incident at U. S. Steel’s Gary Works […]
Essar Steel Algoma’s court monitor, Ernst & Young, has received authorization to investigate a complicated deal that the company made with the Port of Algoma two years ago. The inquiry is the result of a request by the debtor-in-possession lenders (DIP) for Essar Steel Algoma. In 2014, Essar Steel Algoma leased its dock to the […]
Worthington Industries delivered record earnings in the first quarter of FY 2017 (ending August 31, 2016). Net sales totaled $737.5 million for net earnings of $65.6 million. Gross margin increased $34.3 million year-over-year to $147.3 million primarily due to inventory holding gains of $17 million in Steel Processing which were partly offset by lower volume […]
SAULT STE. MARIE – Essar Steel Algoma Inc. (“Essar Steel Algoma” or the “Company”) obtained an Order today from the Ontario Superior Court of Justice extending the stay of proceedings under the Companies’ Creditors Arrangement Act (CCAA) to January 31, 2017. The Court further approved an amendment and extension to the existing Debtor-in-Possession financing facility […]
US Steel Canada has moved closer to a resolution of creditor protection proceedings and a sale of the company. The government of Ontario and Bedrock Industries announced they have signed a Memorandum of Understanding to facilitate the restructuring of US Steel Canada. The MOU terms are confidential but Ontario says it has agreed to support […]
Earlier today Steel Market Update (SMU) participated in the monthly steel conference call hosted by HARDI. The call is for those wholesalers who supply galvanized sheet and coil to the HVAC mechanical contractors. During the course of the discussion it became clear that the wholesalers are quite concerned about the drop in galvanized spot prices […]
It’s official! On Sunday we reported rumored plans of an expansion at Nucor Steel Arkansas and this afternoon the company made a formal announcement. Nucor’s press release follows: Nucor Corp. announced that it is adding an additional cold mill at its Nucor Steel Arkansas division. The specialty cold mill complex will expand Nucor’s capability to […]
Steel Dynamics expects stronger profits in third quarter due to meaningful metal spread expansion. In the company’s third quarter guidance, SDI said higher steel pricing in Q3 will more than offset higher scrap prices, however, improved margins will be impacted by lower steel shipments across the product platform. Higher earnings for third quarter are driven […]
The week ending September 17, 2016 domestic raw steel production was 1,632,000 net tons while the capability utilization rate was 69.8 percent. Production was 1,687,000 net tons in the week ending September 17, 2015 while the capability utilization then was 70.5 percent. The current week production represents a 3.3 percent decrease from the same period […]
Steel service centers in the United States shipped a total of 3,378,700 tons of steel (all products) during the month of August, according to data just released by the Metal Service Center Institute (MSCI). The daily shipment rate improved by 1,000 tons per day during August compared to July as the distributors shipped 146,900 tons […]
Canadian steel service centers shipped a total of 364,800 tons of steel products during the month of August. Compared to the previous year shipments were 6.1 percent lower and the 364,800 ton level was the second lowest shipping month this calendar year (July was the lowest at 318,700 tons). Year to date the Canadian distributors […]