US Steel narrowed its annual net loss in 2016, posting a full year loss of $440 million compared to a net loss of $1.6 billion in 2015. Net sales for the year totaled $10,261 million. Sales for fourth quarter were $2.65 billion, down from 2.69 billion in third quarter. The company posted a net loss […]
December service center daily shipments declined by 13.1 percent from November, a non event because since 2009 on average December has declined by 13.2 percent. Carbon steel shipments decreased by 369,100 tons, the number of shipping days was unchanged at 21, and tons per day (t/d) shipments decreased by 17,600 tons. Inventories at 6,754,200 tons […]
Two of America’s steel industry leaders are among a team of 28 business leaders assembled by President Trump to provide ideas on how to promote job growth in the manufacturing sector. US Steel president and CEO Mario Longhi, and John Ferriola, president and CEO of Nucor will be among those consulted by the President for […]
US Steel may be about to sell its Kosice plant in Slovakia to Chinese company He Steel, according to rumors in the Slovakian press. The Slovak Spectator reports that economic daily Hospodárske Noviny wrote that US Steel and He Steel signed a memorandum of understanding in Pittsburgh on July 26. US Steel Kosice spokesperson Jan […]
Acero Junction has started the process of running their first slabs. We, along with the rest of the world, were given a peak at the process when someone from within the mill took a video of the first “bar” which is the first step of the rolling process once the heated slab leaves the re-heat […]
Steel Dynamics announced net income of $20 million for fourth quarter 2016. Company net sales totaled $1.9 billion, down from $2.1 billion in third quarter. Operating income decreased to $239.5 million from $338.7 million in the previous quarter. Steel shipments for the quarter totaled 2.2 million; fabrication shipments totaled 131,186 tons. Average selling price for […]
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 inadvertently used third quarter data when reporting results for AK Steel in Tuesday’s issue. The information has been corrected on the website. For those of you who received the inaccurate information in your newsletter, please note the following changes to the first three paragraphs of the article. AK Steel Strategy Leads to […]
The following article has been revised as of 1-25-2017. Net income/loss was incorrectly reported. SMU apologizes for the confusion. AK Steel reported a net loss of $62.4 million in the fourth quarter of 2016 compared to net loss of 145.4 million in Q4 2015. Sales totaled $1.42 billion with an average selling price of $998 […]
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 […]
Allegheny Technologies Inc. reported fourth quarter sales of $796 million and net income of $10 million. Flat rolled sales increased 13.2 percent year-over-year in Q4 2016 to $18.9 million, but the segment posted an operating loss of $0.8 million, improved from a loss of $120.1 million in Q4 2015. Quarter results were impacted by “weak market […]
Another complication has hit Essar Steel Algoma in its efforts to restructure and pull its way out of CCAA protection. The United Steelworkers Local 2251 has been offered a new contract that asks hourly workers to accept a 10 percent wage cut, elimination of cost of living increases, and cuts to paid vacations. The local […]
NLMK USA sales grew 3.0 percent in 2016, said parent company NLMK due to stable customer demand, trader restocking and trade restrictions on rolled steel imports. Steel sales for 2016 totaled 1.817 million tonnes, up from 1.764 million tonnes in 2015. Total fourth quarter sales of 382,000 tonnes were down 14 percent from third quarter […]
The Metal Service Center Institute (MSCI) released shipment and inventories data for the month of December as well as the full calendar year 2016. Total steel products, carbon flat rolled, steel plate and pipe and tube saw shipments drop and inventories rise during the month of December compared to the prior year. The U.S. steel […]
Total Canadian steel shipments for all products in December were 289,900 net tons, a decrease of 27.2 percent from the month before but an increase of 6.2 percent from December 2015. Total steel inventories at the end of the month stood at 1,170,600 tons, up 7.6 percent from last month and up 0.4 percent from […]
Steel Market Update participates in a monthly steel conference call hosted by HARDI (Heating, Air-conditioning, Refrigeration Distributors International). The call is dedicated to a better understanding of the galvanized steel market. The HARDI wholesalers are responsible for the supply of sheet steel and coil as well as other products to the mechanical contractors involved with […]
BUTLER, IND. – January 12, 2017 – Jerry Henry, Jr. announced today that he has acquired the remaining 50 percent equity interest in Paragon Steel, LLC. Paragon Steel is a distributor and “toll processor” of flat-rolled steel products for a wide range of customers. The company was founded in 1994 as a joint-venture between Henry […]
The idled US Steel McKeesport Tubular mill in Pennsylvania is coming back to life in 2017. Dura-Bond Industries, a pipe manufacturer and coater headquartered in Export, PA, has leased the mill and plans to restart production after approval and upgrades are made. Jason Norris, president of Dura-Bond, confirmed the purchase of equipment from US Steel […]
Union Corrugating Company, based in Fayette, NC, has been acquired by Industrial Opportunity Partners. The acquisition preserves Union’s current managing team while adding IOP operating Principal Dave Mackin as Chairman. Keith Medick will continue to serve as Union’s President and Chief Executive Officer. “I am personally excited to work with Union’s management team and employees […]
Commercial Metals Company announced net sales of $1.1 billion for earnings of $7.2 million for first quarter 2017, ending Nov. 30, 2016. Metal margins in the Americas Mills segment took a hit of 17 percent in Q1 due to lower selling prices resulting from continued import pressure, scrap price volatility and market uncertainty. Average selling price […]
Essar Steel Algoma is continuing its restructuring process into the New Year despite hopes it would emerge from CCAA protection by the end of 2016. The year ended with the Term Loan Bidders trying to negotiate a deal to purchase Algoma and secure approval from the United Steelworkers. Algoma’s DIP financing will expire as of […]
Hebei province, one of China’s largest steel producing regions, vows to cut 32 million tonnes of iron and steel capacity in 2017. “2017 will be our toughest year in capacity reduction. No matter how difficult it is, we are determined to succeed.” said Governor Zhang Qingwei. The Chinese government has come down hard on steel […]
Outdated steel mills in China will pay about 66.7 percent more per kilowatt for electricity as of January 1 this year. The National Development and Reform Commission raised the rate on outdated steel companies that are scheduled to be phased out as part of the effort to reduce steel capacity and encourage supply side reform. […]
The following analysis of the steel markets in China is from Beijing Metal Import & Export Co.,Ltd and is being reproduced by Steel Market Update with permission. However, we did need to make some edits to help our readers to better understand the message that is trying to be portrayed: Please allow us to update […]
US Steel announced today that it plans to restart its Keetac iron ore plant in Keewatin, Minn. In a press release on Thursday, US Steel said new iron ore pellet agreements with third party customers prompted an adjustment of its iron ore pellet production to take advantage of the new opportunities. One of those opportunities […]
NLMK Group announced it has signed an agreement for purchase of the core processing equipment for the construction of a new reheating furnace at NLMK Pennsylvania. The new walking-beam reheating furnace will streamline the slab heating process at NLMK Pennsylvania and replace three outdated pusher-type furnaces currently operational at the facility. The reheating furnace, which […]
The following analysis of the steel markets in China is from Beijing Metal Import & Export Co.,Ltd and is being reproduced by Steel Market Update with permission: Please allow us to update China steel market (Dec 19 – Dec 25, 2016) as usual as following: In the past week, China steel market had a heavily […]
United Steelworkers Local 2251 wants clarification from the Ontario court on whether it has permission to talk with Essar Global backed Ontario Steelworks about its bid for Essar Steel Algoma. Local 2251 favors a bid by Ontario Steelworks saying it would preserve the pension plan and union rights under the collective agreement. In July, the […]
A worker at Nucor-Yamato was killed in an accident at the Blytheville facility on Tuesday. Locomotive operator Bobby Sellars was injured when caught between two rail cars while working in the rail yard on Tuesday afternoon. Nucor-Yamato vice president and general manager Leon Topalian released the following statement on Wednesday: Nucor-Yamato Steel Company is investigating […]
AK Steel has been awarded a $1.8 million grant from the U.S. Department of Energy to develop a new grade of energy efficient steel for electric motors. Under the scope of the project AK Steel will explore different chemical compositions added in to the existing composition of standard electrical steels to increase the resistivity of […]