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Outdated steel mills in China will pay about 66.7 percent more per kilowatt for electricity as of January 1 this year. The National Development and Reform Commission raised the rate on outdated steel companies that are scheduled to be phased out as part of the effort to reduce steel capacity and encourage supply side reform.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 […]
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 12 – Dec 18, 2016) as usual as following: In the past week, China steel still stood at […]
Worthington Industries announced second quarter 2017 net earnings (ending Nov. 30, 2016) were $46.6 million on $727.8 million in net sales. In comparison Q2 earnings were down from first quarter earnings of $65.6 million but double that of Q2 2016. “We had a good second quarter with overall improving results and solid year-over-year growth,” said […]
M&M Manufacturing, a subsidiary of MiTek Industries and a leading producer of sheet metal products, for the air distribution and ventilation markets, has acquired Snappy Company. Snappy is a leading supplier of metal duct systems for the residential HVAC market, with manufacturing facilities in Detroit Lakes, MN; Medina, NY; and corporate offices in Marietta, GA. […]
Canadian shipments for all steel products in the month of November were 398,000 net tons, an increase of 11.6 percent from the month before and an increase of 11.3 percent from November 2015. Inventories at the end of the month stood at 1,087,700 tons, up 0.7 percent from last month but down 5.7 percent from […]
US Steel indicated it may permanently close the Lorain Tubular No. 4 seamless mill, which has been idle since April 2015, as well as the No. 1 Electric-Weld Pipe Mill at Lone Star Tubular. USW Local 1104, in Lorain, Ohio, was notified of the plan on December 14. The 90-day notice does not mean that […]
Steel Dynamics is expecting fourth quarter profitability to decline from third due to lower shipments and metal spread compression. Shipments were down in both the flat and long products categories. In addition, lower steel pricing more than offset savings realized from lower ferrous scrap costs. Impairment charges for the quarter are still being assessed related […]
November service center daily shipments declined by 3.7 percent from October which was disappointing because since 2009 on average November has declined by 2.1 percent. Carbon steel shipments decreased by 107,400 tons, the number of shipping days was unchanged at 21 and tons/day shipments decreased by 5,100 tons. Intake and shipments In November total carbon […]
Big River Steel announced that operations have begun at its melt shop and hot strip mill. The first hot rolled coil was purchased by Zekelman Industries and will be sent to Atlas Tube in nearby Blytheville, Arkansas. The coil was purchased for $100,000 with the entire amount jointly contributed by Big River and Zekelman Industries […]
Nucor announced today that fourth quarter results are likely to be lower than third quarter due to lower margins in the steel mills segment, particularly at the company’s sheet mills, and seasonal slower activity. The raw materials segment is also expected to decline significantly, returning to a loss position due to lower pricing at Nucor’s […]
CHARLOTTE, N.C., Dec. 15, 2016 /PRNewswire/ — Nucor Corporation (NYSE: NUE) announced today that it has agreed to acquire Republic Conduit, a leading manufacturer of steel electrical conduit in North America, from Luxembourg-based Tenaris S.A. for $335 million, or approximately 6x the average of its 2015 and projected 2016 EBITDA. Republic Conduit’s annual shipment volume […]
Members of the USW were headed to court today for the hearing regarding the sale of Stelco, the former US Steel Canada, to Bedrock Industries. The sale has the support of the Ontario government and Stelco but is meeting some resistance from union workers and the City of Hamilton. The USW says the proposal leaves […]
US Steel announced today that it will begin processing slabs on the currently idled hot strip mill at Granite City Works in Granite City, Ill., in mid-February 2017. The slabs for the mill will be sourced from US Steel’s own domestic facilities. US Steel said in a press release that it is making the adjustment […]
Mingo Junction Steelworks has been sold to investor group Acero Junction by the Frontier Group of Companies. Frontier bought the former RG Steel facility in Mingo Junction four years ago out of bankruptcy. “Our goal was always to improve the site and find a viable buyer for the steel making assets at Mingo. Today, we […]
Stelco, the former U.S. Steel Canada, has officially requested to be sold to Bedrock Industries after more than two years in Canadian creditor protection. “Ontario welcomes this latest development in the effort to restructure Stelco as an important step toward saving 2,100 jobs, protecting pensions and supporting economic development in the Hamilton region while ensuring […]
US Steel CEO Mario Longhi told CNBC the company may be able to bring back jobs if regulations and tax laws are improved under the new administration. I’d be more than happy to bring back the employees we’ve been forced to lay off during that depressive period,” he said, which “could be close to 10,000 […]
German steel maker Thyssenkrupp revealed technical trade secrets were stolen in a cyber attack earlier this year. “ThyssenKrupp has become the target of a massive cyber attack,” the company said in a statement on Thursday. Breaches at its plant engineering division were discovered in April and traced back to February. The attacks were attributed to […]
Earlier today Dr. Alan Beaulieu of the Institute for Trends Research spoke to the HARDI annual conference in Colorado Springs, Colorado. He started by telling the 1300 people attending the conference, “We did not change our forecast due to the election.” He went on to say that in government things don’t happen quickly, “The economy […]
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 (Nov 28 – Dec 04, 2016) as usual as following: In the past week, China markets still stood at high […]