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 […]
“The UK steel industry is struggling for survival in the face of extremely challenging market conditions.” That’s how Tata Europe CEO Karl Koehler summed up the condition of the industry that is facing an onslaught of cheap steel imports, particularly from China, high energy costs and a weak export market due to a strong British […]
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 […]
The HARDI wholesalers held their monthly galvanized steel conference call earlier today. During the call the wholesalers provided insights into business conditions affecting the companies and discussed the status of the flat rolled steel markets. HARDI wholesalers supply galvanized sheet and coil steels to the mechanical contractors associated with residential and commercial construction in North […]
Steel Dynamics reported decreased third quarter profit as a result of high levels of low priced imports and elevated domestic inventory. SDI posted net sales of $2.0 billion for a net income of $61 million in Q3. The three percent drop in sales was due to lower pricing and reduced volume in the recycling and […]
Allegheny Technologies reported a challenging flat rolled market in their third quarter results. Flat rolled sales were $358 million, down from $511 million in Q2 and $561 million in 2014. ATI’s lockout of USW workers resulted in 25 percent lower shipment volume during the quarter. Total ATI sales for the quarter were $833 million resulting […]
Allegheny Technologies reported a challenging flat rolled market in their third quarter results. Flat rolled sales were $358 million, down from $511 million in Q2 and $561 million in 2014. ATI’s lockout of USW workers resulted in 25 percent lower shipment volume during the quarter. Total ATI sales for the quarter were $833 million resulting […]
NLMK USA third quarter 2015 sale volume totaled 494,000 tonnes, up 3 percent from Q2 but 7 percent below sales for third quarter 2014. Automotive demand and recovery of the construction sector contributed to the quarterly increase in sales. Hot rolled sales of 271,000 tonnes were up 2 percent from Q2 but 13 percent below […]
Esmark Inc. and Loeffel Steel Group, a steel processing and distribution service center in suburban Chicago, have announced the formation of a new joint venture. The partnership is expected to increase the commercial and operating efficiencies of the two companies and offer a broader portfolio of products and services. The new venture will operate under […]
Based on Steel Market Update (SMU) analysis of the recently released MSCI service center inventory and shipment data, total service center carbon steel shipments decreased by 55,000 tons in September to 3.105 million tons. Shipping days at 21, were unchanged from August. On a tons per day basis (t/d) shipments decreased from 150,500 tons in […]
USW negotiations with ArcelorMittal and US Steel continue to be bogged down. The USW bargaining committee with ArcelorMittal will take a brief break this coming week to conduct discussions with local membership. “We urge ArcelorMittal management to use this time away from the table to consider the uncertainty and strain this unnecessarily long, drawn-out process […]
AK Steel announced on Friday that it will temporarily idle the blast furnace and related steelmaking operations at the Ashland, Kentucky Works facility as a result of challenging domestic market conditions. AK Steel said it does not intend to idle the hot-dip galvanizing line at Ashland Works that primarily services automotive customers. The company has […]
The Metal Service Center Institute (MSCI) released shipment and inventory data for the month of September from their member companies earlier today. Service centers shipped 3,260,800 tons during the 21 days available to ship during the month. This equates to a daily shipment rate of 155,276 tons of all steel products combined. Shipments were down […]
Canadian shipments for all steel products in the month of September were 451,600 net tons, an increase of 5.5 percent from the month before but a decrease of 8.7 percent from September 2014. Inventories at the end of the month stood at 1,462,000 tons, down 5.7 percent from last month and down 3.3 percent from […]
Essar Steel Algoma announced it has secured an alternate, interim iron ore supply and is withdrawing its motion for a Temporary Restraining Order against Cliffs Natural Resources. Essar will continue to pursue resolution of the matter of breach of contract through the court system. Cliffs Natural Resources, as of Oct. 5, canceled its 3 million […]
US Steel Canada and its parent company US Steel Corp. are parting ways but uncertainty about the future of the Canadian steel mill lingers. In a Superior Court decision last week, Justice Herman Wilton-Siegal agreed to sever the connection between the companies and allow US Steel Canada to suspend health care benefits to more than […]
SMU watches service center spot flat rolled steel prices to their end user customers very closely. As markets ebb and flow we have found that steel service centers reach a point of “capitulation,” which is seen as a point when distributors will support a change in the market environment – including accepting mill price increases. […]
Contract negotiations continue to progress at ArcelorMittal and US Steel but at a very slow rate. The USW reported that the ArcelorMittal bargaining committee reached a “basic understanding with the company on some non-economic issues.” At US Steel talks are at an impasse with the USW resisting concession demands. The bargaining committee headed home last […]
Hamilton MPs are urging legal action against US Steel Canada to force them to honor pension obligations. “It is unacceptable that US Steel Canada is abandoning these workers and their families,” said Industry Minister James Moore in a statement on the recent court decision that frees USSC from paying pension health benefits and property taxes. […]
Late on Friday, a Canadian judge ruled U.S. Steel could sever ties with U.S. Steel Canada and that the Canadian facility would to forward as a new entity. The judge also ruled in favor of U.S. Steel as he permitted the company to suspend health care benefits to 20,600 pensioners as well as property taxes. […]
The Ontario Superior Court has reserved judgment on a plan by US Steel Corporation for the company and US Steel Canada to “go their separate ways.” Justice Herman J. Wilton Siegal said it is one of the toughest decisions he has had to make from the bench and will issue a summary of his decision […]
Cliffs Natural Resources has terminated its iron ore supply agreement with Essar Steel Algoma alleging Essar made multiple and material breaches under the agreement. “While the agreement has been terminated, Cliffs remains open to discussing supplying Essar with pellets on commercially reasonable terms consistent with a just-in-time iron ore supply arrangement,” said Cliffs in a […]
US Steel announced on Tuesday that it is examining a possible consolidation of its North American flat rolled operations and may idle steelmaking operations and most finishing operations at Granite City. US Steel said it routinely adjusts production to align with market fluctuations. The potential consolidation is a result of challenging global market conditions, including […]