US Steel reports a third quarter net loss of $207 million compared to a loss of $1.791 billion during the second quarter 2014. Results include non-cash restructuring costs and $45 million in gains from sale of real estate. Adjusted net income was $325 million. Sales rose 11 percent to $4.59 billion and shipments were up […]
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 quarterly forecast to the HARDI members located in the […]
Reliance Steel & Aluminum Co reported record sales for third quarter of $2.71 billion on shipments of 1.5 million tons. Not only did the company have good results to report, the Reliance executives had good commentary to offer in their third quarter conference call. Reliance noted that their purchase of imported steel has increased from […]
On Thursday of this past week Nucor announced their earnings and conducted their quarterly earnings conference call with analysts. SMU has highlighted a number of subjects touched on during the conference call. The following information (minus the headers) was taken directly from The Street transcript of the call: Potential for Light Flat Rolled Trade Cases […]
Nucor beat guidance forecasts with earnings of $245 million for the third quarter of 2014, up from $147 million in both Q2 2013 and Q3 2013. Consolidated net sales increased 8 percent to $5.70 billion. Strong third quarter earnings were attributed to improved performance in sheet steel, structural, bar, and plate steel that was partially […]
Steel Dynamics third quarter net sales rose to $2.3 billion from $72 million in Q2 and $57 million in third quarter 2013. SDI shipped a record volume of steel in third quarter—1.9 million tons up from 1.58 million tons in Q3 2013 and 1.67 million tons in second quarter 2014. Production increased to 1.88 million […]
On Friday, October 16, 2014, the U.S. Department of Commerce terminated the Russian Hot Rolled Suspension Agreement. The agreement, which goes back to 1990 with numerous revisions over the years, covers all carbon flat rolled shipments out of Russia on the following ASTM numbers: A36 (plate), A568, A569, A572, A607 and A715. A few of […]
Steel Market Update received the following from a member of the financial community regarding consolidation and its impact on the steel industry both short and long term. I am reproducing the email in its entirety and you are welcome to add your comments: “Hope you are well. Wanted to touch base on your recent steel […]
NLMK USA crude steel production at NLMK Indiana grew 11.5 percent q/q in the third quarter to 175,000 tonnes (192,901 tons). Capacity utilization increased to 91 percent. Rolled steel output at NLMK USA totaled 515,000 tonnes (567,680 tons) a decline of 4.9 percent quarter over quarter. Sales for third quarter rolled-steel totaled 531,000 tonnes (585,317 […]
Total service center carbon steel shipments in September increased by 21,100 to 3.498 million tons. Shipping days were unchanged at 21. On a tons per day basis, (t/d) shipments increased from 165,600 tons in August to 166,600 in September. In each of the last four months t/d shipments for each particular month was the best […]
The Metal Service Center Institute (MSCI) reported steel shipment and inventory data for U.S. and Canadian service centers earlier this week. The headline you will read in most periodicals is inventories rose even with steel shipments rising by 8.3 percent over last year and 1 percent over the prior month. However, the headlines are speaking […]
Canadian shipments for all steel products in the month of September were 494,400 net tons, an increase of 8.3 percent from the month before and an increase of 4.1 percent from September 2013. Inventories at the end of the month stood at 1,511,400 tons, up 0.8 percent from last month and up 16.5 percent from […]
SMU was reading a blog post put up by Metal Miner this morning regarding the consolidation of the steel industry. The main premise of the guest article from James May of Steel-Insight out of Canada, was 81 percent of the hot rolled production in the United States and Canada is controlled by four companies: ArcelorMittal, […]
The United Steelworkers Local 1005, which represents most of the union workers at U.S. Steel Hamilton Works advised Steel Market Update this afternoon that they have come to a tentative agreement on a new contract. We believe this is the first contract that was settled between US Steel and their Hamilton workers, represented by Local […]
Essar Steel Algoma reported CDN $85.2 million EBITDA for second quarter FY 2015 ending September 30, 2014. Net income was CDN $52.9 million compared to a net losses of CDN $80.8 million in Q1 FY 2015 and CDN $110.1 million in the same period in 2013. Shipment volume increased 28 percent from the previous quarter […]
Big River Steel has asked the Arkansas court to dismiss a federal lawsuit by Nucor Corp aimed at preventing construction of the new mill. In documents filed Friday, Big River steel called the suit by Nucor “a scorched earth campaign.” Nucor claims that Big River Steel’s mill will violate the Clean Air Act, an allegation […]
A new steel mill for Ohio, that has been in planning since 2005, is getting closer to reality but in a revised version. New Steel International hoped to build a mini mill at Franklin Furnace in Scioto Country but it has agreed to downsize to a pig iron plant and a 300 megawatt cogeneration facility. […]
US Steel received approval on Wednesday from the Ontario Superior Court to proceed with its financing plan for US Steel Canada. A $185 million DIP (debtor-in-possession) loan will keep US Steel Canada operations running through December 2015 while parent company US Steel figures out a restructuring plan under the Canadian Companies Creditors Arrangement Act (CCAA). […]
Nucor Corp. has completed the acquisition of Gallatin Steel Company in Ghent, Ky., for a purchase price of approximately $770 million. Gallatin’s strategic location on the on the Ohio River will expand Nucor’s access to the Midwest flat-rolled steel market and strengthen its position in the pipe and tube sector. Gallatin Steel has an annual […]
The bankruptcy protection hearing for US Steel Canada was cut short on Monday morning and again on Tuesday as lawyers worked behind the scenes to negotiate a deal on the debtor in possession loan (DIP) and employee pensions. The first meeting scheduled for Monday at 10:00 a.m. in Toronto did not begin until 11:00 a.m. […]
The USW and Ontario officials are determined to not go down easily in the fight to keep US Steel Canada alive. The $185 million that US Steel is loaning to US Canada in DIP financing is under hot dispute by union members and the province. The DIP (debtor-in possession) filing has been called “a thinly […]
Hot-rolled coil steel from Germany, China and France may soon be subjected to antidumping duties from Mexico. Mexico’s Ministry of economy has launched an investigation following a complaint by Ternium Mexico and Altos Hornos de Mexico (AHMSA) that imports of HRC from the three countries between 2011 and 2013 lowered prices and harmed Mexican producers. […]
Italian mill, Ilva Steel Italy expects bids from Indian steel producer JSW and a joint venture of ArcelorMittal and Italian steel processor Marcegaglia sometime within the next few days. ILVA owner Riva Steel shut down all of its plants except the Taranto-based Ilva in September 2013 after more than 1 billion euros ($1.25 billion) of […]
Nucor Corporation has received approval from the Federal Trade Commission for the $770 million acquisition of Gallatin Steel. The Company expects to close the deal in approximately ten days. “We are excited to be able to begin the process of integrating Gallatin Steel and our new teammates into the Nucor family,” said John Ferriola, Chairman, […]
SSAB, following its successful merger with Finnish steelmaker Rautaruukki, expects to reduce its annual cost base by SEK 1.4 billion ($194.7 million) over a three year period. In addition to cost synergies, SSAB expects to free up cash flow in the amount of SEK 500 million ($69.5 million)—half of it during 2015. The savings may […]
Essar Steel Minnesota announced Wednesday that it has secured funding to move ahead with completion of its $1.8 million taconite plant. Last month a bond deal was called off after the company failed to raise the required equity by the bond deadline. The amount of the funding was not disclosed but Essar Assistant General Counsel […]
Schnitzer Steel Industries, Inc. expects significantly improved results for fourth quarter FY 2014, ending August 31, 2014. The company’s steel manufacturing business benefited from growing West Coast construction demand and productivity initiatives that resulted in operating income in the range of $13 to $14 per ton, the highest quarterly profit since FY 2008. Metals recycling […]
To cap off its 30th anniversary, California Steel Industries, Inc. (CSI) announced production of the first pipe from the new electrical resistance welded (ERW) pipe mill at CSI Tubular Products (CSITP). The announcement coincided with celebration, invitation-only tour of the $100 million pipe mill at CSITP. The new mill will feature API (American Petroleum Institute, […]
Metal Center News published their top 50 service centers based on volume with Reliance Steel & Aluminum taking top honors once again by a wide margin. Reliance 2013 revenues were $9.22 billion up from 2012 revenues of $8.44 billion. The next five service centers are closely bunched with revenues of at least $3.0 billion but […]