
Canada agrees to drop most retaliatory tariffs
Canada has agreed to drop some retaliatory tariffs on US products, effective Sept. 1.
Canada has agreed to drop some retaliatory tariffs on US products, effective Sept. 1.
Oil and gas drilling activity slowed in the US and Canada this past week. An unfamiliar trend after both regions saw repeated gains of late.
The Canadian Steel Producers Association expressed dismay upon the news that the Trump administration had added over 400 products to the list of derivative products covered by the 50% Section 232 tariffs on steel and aluminum.
China has requested dispute consultations with Canada at the WTO about Canadian measures on Chinese steel and aluminum imports.
North American auto assemblies declined in July, down 16.4% vs. August. But, according to GlobalData, assemblies were 2.4% ahead year on year (y/y).
Oil and gas drilling in the US was unchanged this past week following three straight weeks of declining activity. Canada saw another gain, reaching a 22-week high.
Canada has launched an investigation into the alleged dumping of imports of oil country tubular goods (OCTG) by five countries – Korea, the Philippines, Turkey, Mexico, and the United States.
Oil and gas drilling in the US slowed for a third consecutive week, while activity in Canada hovered just shy of the 19-week high reached two weeks prior.
Russel Metals posted its strongest quarterly revenue in three years, fueled by higher steel prices, steady demand, and near-record shipments across its service center network.
The volume of steel shipped outside of the country in June fell 3% from the prior month to 618,000 short tons (st), according to recently released data from the US Department of Commerce.
Following January’s pre-tariff surge, imports have remained low since February compared to post-pandemic volumes
Drilling activity slowed in the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
Atlas Holdings has completed its acquisition of Evraz North America (Evraz NA) and its subsidiaries.
Canada’s Algoma Steel saw a sharp loss in the second quarter amid a continued challenging market environment and “tariff uncertainties.”
North American auto assemblies declined in June, down 10.6% vs. May. And, according to GlobalData, assemblies were 3.1% down year on year (y/y).
Drilling activity slowed in the US and increased in Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
President Trump said a negotiated deal with Canada might not occur, and all existing tariffs, along with those set to take effect soon, will stay in place, according to media reports.
Cleveland-Cliffs lost more than $400 million for the third consecutive quarter but predicted results would improve in the second half of the year. And shares of the Cleveland-based steelmaker surged after company executives said during its Q2 earnings call on Monday that they could make billions by courting foreign investors or selling assets.
Drilling activity increased in both the US and Canada for the week ended July 18, according to the latest data from Baker Hughes.
The Chinese government has threatened countermeasures on Canada following the Canadian government's announcement on curbing steel imports, according to media reports.
Canadian Prime Minister Mark Carney has announced new measures to limit steel imports into the country.
The Canada Border Services Agency has terminated a self-initiated dumping investigation of corrosion-resistant steel sheet (CORE) from Turkey.
Evraz NA and Welded Tube of Canada have lodged an unfair trade complaint against imports of OCTG, including those from USMCA trading partners Mexico and the US.
US steel exports rose 10% from April to May but remained low compared to recent years. This came just one month after exports fell to the lowest level recorded in nearly five years.
US oil and gas drilling activity continued to decline for the 11th consecutive week, while Canadian counts climbed for the sixth week in a row, according to the latest data from Baker Hughes.
Algoma Steel reached a milestone in its transformation from blast furnace to electric arc furnace (EAF) steelmaking, with its Unit One EAF achieving its first steel production this week.
The rig count declined for the 10th consecutive week in the US, while Canadian count rose for the fifth straight week, according to Baker Hughes.
Canada has implemented tariff-rate quotas (TRQs) on steel imports to help stabilize its domestic market.
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.
The Canadian steel industry is bracing for thousands of job losses because of US tariffs, the Canadian Steel Producers Association says.