Canadian shipments for all steel products in the month of October were 422,400 net tons, a decrease of 6.5 percent from the month before and decrease of 18.3 percent from October 2014. Inventories at the end of the month stood at 1,355,300 tons, down 7.3 percent from last month and down 12.3 percent from the […]
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 104,700 tons in October to 3.201 million tons. Shipping days at 22, were up by one from September. On a tons per day basis (t/d) shipments decreased from 147,900 […]
USW/ArcelorMittal talks are continuing this week with meetings scheduled through Friday, November 20. Healthcare benefits will be the focus of discussions. The USW reminded members that the extension of the existing contract with the US Steel remains in force and that the company remains bound by the basic labor agreement, including grievance procedures. Retirees received […]
USW/ArcelorMittal talks are continuing this week with meetings scheduled through Friday, November 20. Healthcare benefits will be the focus of discussions. The USW reminded members that the extension of the existing contract with the US Steel remains in force and that the company remains bound by the basic labor agreement, including grievance procedures. Retirees received […]
US Steel Canada presented its arguments against revealing the confidential settlement between USSC, US Steel and the government of Canada. In a response filed with the Court of Appeal for Ontario on November 11, 2015, US Steel Canada asked that the appeal by the USW, USSC employees and pensioners, and the City of Hamilton be […]
Essar Steel Algoma announced Monday that it has entered Companies Creditors Arrangement Act (CCAA) protection. It is the third time Algoma will seek restructuring under CCAA—the first time in 1991 and again in 2001. In November 2014 Algoma completed a recapitalization and refinancing plan supported by Essar Global Fund Ltd. Essar Algoma has struggled to […]
The lockout of USW employees at Allegheny Technologies is now in its 13th week. The USW has registered 18 complaints against ATI to the National Labor Relations Board charging unfair labor practices. The charges include, among others, refusal to bargain, coercive statements, repudiation/modification of contract, and lockout. To find out more about the process, SMU […]
ArcelorMittal USA has introduced a new Consumer Driven Health Plan (CDHP) for non-represented salaried employees, effective January 1, 2016. Employee contributions for single coverage under CDHP will average $65 per month and family coverage will be $198 per month. ArcelorMittal says the plan is still highly competitive with other plans in the industry. Employees will […]
Olympic Steel reported a net loss of $600,000 for third quarter but managed to expand gross margin 21.2 percent, compared to Q3 2104, despite pressure on pricing and volume. Olympic lowered operating expenses by almost $20 million so far in 2015 as well as lowering debt by a total of $60 million. Sales volume decreased […]
ArcelorMittal reported a $700 million loss for third quarter which it blamed on falling prices and dumping of steel by China. Third quarter EBITDA was $1.35 billion. “Operating conditions have deteriorated in recent months, both in terms of the international steel price environment which has been driven by unsustainably low export prices from China and […]
US Steel continues to utilize its Carnegie Way initiative to find cost savings throughout the company to offset the challenges of unfairly traded imports, lower order rates, and falling steel prices. In third quarter 750 projects were completed, raising the total number of projects contributing savings benefits to the company this year to almost 2000. […]
Recent media reports indicate that Essar Steel Algoma may be heading for another return to insolvency as it struggles to meet its debts. According to media reports, the company has engaged a law firm and restructuring specialist to advise it and may file for insolvency by the end of the month. Although Essar Steel Algoma […]
The USW has filed 18 unfair labor practices against Allegheny Technologies with the National Labor Relations Board. The first set of charges was filed in September in NLRB Region 6, Pittsburgh. Additional charges have been filed with the NLRB in Cleveland, OH, Hartford, CT, and Portland, OR. “These charges cover numerous topics involving ATI’s conduct […]
The USW has filed 18 unfair labor practices against Allegheny Technologies with the National Labor Relations Board. The first set of charges was filed in September in NLRB Region 6, Pittsburgh. Additional charges have been filed with the NLRB in Cleveland, OH, Hartford, CT, and Portland, OR. “These charges cover numerous topics involving ATI’s conduct […]
US Steel Corp. reported a net loss of $173 million for third quarter 2015. Results included a $53 million loss due to shutdown of the blast furnace and associated operations at Fairfield Works. It also included a charge of $10 million for pension obligations to US Steel Canada and $7 million in restructuring costs. In […]
Altos Hornos de Mexico (AHMSA) reported a net loss of 1.28 billion pesos ($77.8 million) for third quarter 2015, almost double its loss from the same period in 2014. Revenue dropped to 10.2 billion pesos ($619 million) for the quarter. Steel production fell 1.16 percent to 922,138 tonnes. Production of thermal coal increased 5.31 percent […]
According to a media reports, Essar Steel Algoma is in talks with senior lenders regarding entering insolvency. Bloomberg sources say a court filing is possible within the next month. Reuters said the company has hired law firm Weil Gotshal & Manges LLP and restructuring specialists Evercore Partners Inc. to advise it. Canadian steelmaker, Essar Steel […]
Big River Steel and Nucor were back in court on Wednesday arguing over Nucor’s claim that legal requirements were not followed in granting an air permit to Big River Steel. The Arkansas Court of Appeals will decide if the permit was properly issued. “We’re dealing with a very motivated opponent, Nucor, who wants to stop […]
The USW is taking a brief break from talks with US Steel. In an Oct. 27 update, the USW said US Steel continues to demand “major changes to health care benefits that would amount to thousands of dollars per year in added costs” for active works and retirees. The parties also wrangling over contract provisions […]
US Steel has filed court documents seeking a process trial date of November 20 to request approval of repayment of $2.2 billion in debt that it claims is owed by US Steel Canada. The court date was delayed by other restructuring issues and has been hotly contested by the USW, former Stelco president Bob Milbourne, […]
ArcelorMittal Burns Harbor experienced a fire on a raw material conveyor on Oct. 27. The fire, which started at about 7:20 p.m., was quickly contained. No injuries were involved and there was no disruption to blast furnace operations. Alternative methods of handling raw materials are being used while the conveyor belt is repaired. “There is […]
AK Steel announced today that James L. Wainscott is retiring as President and Chief Executive Officer of AK Steel, effective January 1, 2016. Wainscott will continue to serve as Chairman of the Board of Directors in a non-executive capacity. Roger K. Newport has been named as the new Chief Executive Officer and will serve as […]
Australian steel producer, BlueScope Steel has agreed to acquire Cargill Incorporated’s 50 percent share of North Star BlueScope for $720 million and $40 million in assumed debt, making BlueScope sole owner of the profitable Delta, Ohio mini-mill. BlueScope exercised its right of last refusal after Cargill was offered a bid for the North Star. BlueScope […]
“Cost is the enemy of profitability,” said AK Steel CEO James Wainscott in the company’s third quarter earnings call. AK Steel proved it can cut costs, trimming $58 million at Dearborn Works and $60 million for the company as a whole for 2015, and delivering a positive net income of $6.7 million in third quarter. […]
Claimants in a steel anti-trust suit that has been ongoing since 2008 will finally receive some satisfaction. Last week, a U.S. District Court judge in Illinois approved the distribution of settlement funds for 1,857 claims totaling almost $103.7 million. The settlement stems from a 2008 price fixing case involving eight steel manufacturers. Standard Iron Works […]
Swedish steel company SSAB posted a loss of SEK 191 million ($22.4 million*) in third quarter. Earnings were down by SEK 600 million ($70.4 million) due to lower margins on heavy plate in North America, the costs of relining the blast furnace in Lulea, and negative currency effects. The company plans to cut approximately 500 […]
Reliance Steel & Aluminum Co. posted net income of $54.4 million in third quarter despite falling prices, decreased sales, and a restructuring charge of $55.5 million related to businesses serving the energy industry. End market demand was relatively steady in third quarter, except in the energy market where shipments dropped approximately 40 percent year over […]
Nucor third quarter earnings exceeded analyst expectations with earnings per share of $0.71 compared to estimates of $0.49. Nucor posted net income of $227.1 million, up from $124.8 million in second quarter due to a larger than forecasted LIFO credit and improved performance in the steel segment. Consolidated net sales were $4.23 billion on shipments […]
USW workers are contesting claims by Allegheny Technologies that the mills are currently “meeting and in many cases exceeding output, quality, and safety expectations” during the lockout of regular union employees. “ATI is trying to paint a rosy picture,” said USW Vice President Tom Conway, “but all indications suggest a company that is limping along […]
USW workers are contesting claims by Allegheny Technologies that the mills are currently “meeting and in many cases exceeding output, quality, and safety expectations” during the lockout of regular union employees. “ATI is trying to paint a rosy picture,” said USW Vice President Tom Conway, “but all indications suggest a company that is limping along […]