AK Steel will get help to restart the Ashland Works furnace from Kentucky legislators. The state Senate passed a house bill on Tuesday that would extend economic incentives from a 2014 measure to help AK Steel refurbish and restart the idled blast furnace at Ashland. The incentives were due to expire in July. AK Steel […]
Bank lenders to Essar Steel Group have approached Tata Steel and JSW Steel to buy out the company according to sources quoted by CNBC. Bankers took matters in their own hands after expressing concern that Essar Steel cannot pay back Rs 40,000 crore (about $6 billion) in loans to State Bank of India and other […]
Bohai Steel Possible Test Case for China Steel Industry Restructuring The slowdown in China’s economy along with the push to reduce excess steel capacity is putting financial stress on the country’s banking system. Bohai Steel Group Co., a fully state-owned steel producer in the Tianjin province, is one of those who are struggling to make […]
Japan steelmaker JFE Holdings and Nucor Corp reportedly are in talks to build a jointly run steel plant in Mexico. JFE plans to invest $264 million in the project, according to the Nikkei Asian Review. The plant will have an annual capacity of 400,000 tons and will service the Mexican auto industry, supplying steel for […]
Worthington Industries reported net sales of $647.1 million for third quarter 2016, ending February 29. Sales were down from second quarter and year over year as a result of lower volume in Pressure Cylinders and Engineered Cabs, combined with lower average selling prices in Steel Processing due to a decline in the market price of […]
ArcelorMittal announced it will sell its LaPlace and Vinton Long Carbon steel facilities to an affiliate of Black Diamond Capital Management. The LaPlace Louisiana mini-mill includes an electric arc furnace, ladle metallurgy station, two four-strand continuous billet casters, and a fifteen-stand Danieli medium section mill. The LaPlace facility, along with a rolling mill in Harriman, […]
“Welcome to March Madness..,” is what one HARDI member company had to say during the March 2016 HARDI galvanized steel conference call held earlier today. He went on to say, “Brackets are an indication of what we are seeing – a lot of chaos out there… The [index name removed] base price is up 23 […]
AK Steel announced Monday that its Board of Directors has approved the following executive promotions, effective immediately: Brian K. Bishop has been named Vice President, Carbon Steel Operations. He will also assume responsibility for Manufacturing Planning. Bishop has served as Director, Carbon Steel Operations since 2015 with overall responsibility for the company’s four carbon steel […]
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 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 […]
Big River Steel announced the commissioning of its batch anneal furnaces and skin pass mill. The start-up of the two operations is the first step in in phased process to bring equipment on line for the company’s Flex Mill. The $1.3 billion steel mill, when fully operational, will produce 1.6 million tons of niche and […]
US Steel says it will idle tubular operations in Alabama, Texas and Ohio, laying off nearly 800 workers. The steelmaker will temporarily idle Lone Star Tubular Operations in Texas and Fairfield Tubular Operations in Alabama in response to market conditions in the energy industry. “As we adjust operations throughout our tubular organization, we are right-sizing […]
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 125,500 tons in February to 3.034 million tons. Shipping days at 21, were up by one from January. On a tons per day basis (t/d) shipments decreased from 145,400 […]
Sault Ste. Marie Mayor Christian Provenzano has appealed to Ontario Premier Kathleen Wynne for help in saving Essar Steel Algoma. Under terms of the sales and investment solicitation process, potential buyers for Essar Steel Algoma are to submit binding offers by May 13. “Based on my own assessment of the matter and taking into consideration […]
U.S. steel service centers shipped a total of 3,179,800 tons of steel products during the month of February 2016. Even with an extra day due to Leap Year total tonnage was down 4.6 percent over year ago levels. The 151,400 tons per day steel shipment rate was down from January’s 152,700 rate and well below […]
Canadian shipments for all steel products in the month of January were 396,900 net tons, an increase of 1.8 percent from the month before and an increase of 2.0 percent from February 2015. Inventories at the end of the month stood at 1,211,700 tons, down 3.1 percent from last month and down 21.6 percent from […]
Steel Dynamics anticipates stronger earnings results in first quarter 2016 due to higher steel shipments. A significant increase in flat rolled product volume is expected due to better aligned customer inventories and a decrease in import volumes. Lower average realized steel product pricing will more than offset savings from lower ferrous scrap costs, said SDI. […]
ArcelorMittal has offered its Trinidad steel mill to the government of Trinidad & Tobago for price of $1.00, according to Ramumar Narinesingh, vice-president of The Steel Workers Union (SWUTT). The one dollar price comes with $1.3 billion of debt, however, and the question of whether it would be a good or bad investment for the […]
ArcelorMittal and the Mexican Mining and Metal Workers Union have reached an agreement to end a strike at the company’s Lazaro Cardenas steel mills. In negotiations mediated by the Labor Ministry, ArcelorMittal agreed to relocate 125 workers following the recent closure of a coke plant and pay severance to 81 others, and to extend for […]
US Steel Canada continues to lose money due to low steel prices said Court Monitor Alex Morrison in the 22nd monitor’s report. January steel shipments at the CCAA protected steel mill increased by 9 percent to 150,878 tons. Revenue was *$79.0 million resulting in an average selling price per ton of $524. Selling price was […]
Nucor guidance for first quarter 2016 came in below analyst consensus. Nucor expects first quarter results in the range of $0.20 to $0.25 per diluted share compared to $0.21 in Q1 2015 and adjusted net earnings of $0.45 per diluted share in Q4 2015. Analysts polled by Reuters expected earnings results of $.29 per share. […]
IHS Global Insight China Steel Analyst reported Hebei province was to remove 200 million metric tons of steelmaking capacity. Steel Market Update asked the IHS analyst (Brian Jackson) whether the Chinese mills were taking the issue of closing down capacity seriously, as these sort of promises have been made in the past with little to […]
Steelworkers at ArcelorMittal in Trinidad and Tobago were fired one day after winning a wage dispute in the Industrial Court. ArcelorMittal said it is closing the Point Lisas plant and workers would receive one-month’s salary and payment for any unused vacation time. In November 2015, 480 workers were laid off for six weeks and then […]
US Steel CEO Mario Longhi took a 35 percent pay cut last year after the company failed to meet financial targets. Longhi’s pay cut was due mostly to the elimination of a cash incentive award that in 2014 totaled $4 million dollars. A recent Securities and Exchange Commission filing shows the CEO’s compensation at $8.6 […]
Recently, Steel Market Update produced an article regarding a discussion between Dan DiMicco, former CEO of Nucor and another one of our LinkedIn members who, in a past life, was responsible for buying foreign slabs for a domestic steel mill. Here is a small clip of that conversation: LinkedIn member: Of course I don’t imagine […]
Ryerson CEO Eddie Lehner called 2015 “one of the harshest and most difficult metal environments we have seen in terms of magnitude and duration.” Ryerson Holding, a service center company, announced fourth quarter and full year results on Thursday. The company posted a net loss of $20.5 million for the quarter. Revenue was down 23 […]
Brian Jackson, China economist for IHS Global Insight, issued the following note on China’s Steel Production Capacity. Key Points At the National People’s Congress, Hebei Province governor Zhang Qingwei announced he plans to cut just under 200 million of steel production capacity by 2020, or about 60% of current production capacity. By the end of […]
US Steel revealed a new corporate structure for its tubular operations last week. Ownership of the Lorain, Ohio and Fairfield, Ala., operations has been transferred to a new, wholly owned subsidiary US Tubular Operations, LLC. US Steel Seamless Tubular Operations, LLC and the existing US Steel Tubular Products, Inc. (a subsidiary of US Steel Corporation), […]
The Association of Steel Distributors (ASD) has selected the Fabricators & Manufacturers Association, International® (FMA) to manage their association. ASD will continue to operate as an independent association, but will rely on FMA for management of its day-to-day affairs, membership relations and development, event planning, compliance and reporting issues, and general operation needs. For 73 […]
Platts publishes a monthly China Steel Sentiment Index. The following is a press release from Platts regarding the latest survey results: BEIJING, March 8, 2016 – Optimism has returned to the Chinese steel market on the back of buoyant domestic demand for steel and stronger prices, resulting in the Platts China Steel Sentiment Index (CSSI) […]