Tag: Canada

The number of oil and gas rigs operating in the US fell this week, while Canadian activity recovered further, according to the latest data released from Baker Hughes.

The volume of steel shipped outside of the country increased 11% from September to October 2025 to a seven-month high of 662,000 short tons (st), according to recently released data from the US Department of Commerce.

According to recently released final US Commerce Department data, US steel imports rebounded 11% month on month (m/m) in October 2025 after falling to a multi-year low one month earlier. The latest license figures suggest imports eased back by 3% in November and by another 2% in December, with trade again nearing historical lows.

As we move into 2026, it’s time to look forward. While the “Donroe Doctrine,” Venezuela, and Greenland absorb significant press attention, important trade developments will also continue to make headlines this year. The unprecedented changes we saw in 2025 will continue in 2026, particularly in the areas of IEEPA and tariffs, USMCA, and the WTO.

The number of oil and gas rigs operating in the US fell this week, while Canadian activity surged, according to the latest data released from Baker Hughes. 

Algoma Steel Group Inc. is preparing to report another significant quarterly loss as it winds down its blast furnace operations and ramps up electric-arc furnace steelmaking.

The number of oil and gas rigs operating in the US ticked higher this week, while Canadian activity tumbled, according to the latest data released from Baker Hughes.

Canadian Prime Minister Mark Carney said the US probably won't reduce tariffs on steel, aluminum, and other goods from Canada anytime soon.

Following August’s modest 4% uptick, the volume of steel shipped outside of the country slipped 8% in September to 594,000 short tons, according to recently released data from the US Department of Commerce.

Canadian steelmaker Algoma's plans to bring forward the scheduled full transition to electric-arc furnace (EAF) steel production by one year merits a revisit. Why? Because of its potential impact on ferrous scrap flows between the US and Canada.

In our opinion, it is striking that for all the bold talk about establishing a "common external tariff" — or "Fortress North America" — the solutions being proposed fail to live up to their promises. As we have commented recently, USMCA certainly needs a rethink. But we have serious concerns about Canadian and Mexican proposals that suggest common trade policies that are, as we see it, more illusory than effective.

According to recently finalized US Commerce Department data, US steel imports tumbled to a near five-year low in September

Plans are in the works to save 500 steelworker jobs at Algoma Steel and to construct two new mills – a plate mill and a beam mill, according to various local media reports.

The American Iron and Steel Institute’s (AISI's) Kevin Dempsey gave a series of policy proposals ahead of the review of the USMCA trade agreement next year.

Canada’s Algoma Steel announced ~1,000 layoffs on Monday as a result of disruptions from the US tariff situation.

ArcelorMittal Dofasco and Stelco are aiming to increase spot market base prices by a minimum of CA$100 per short ton (US$72/st), effective immediately.

Canadian Prime Minister Mark Carney announced new measures on Wednesday to strengthen the country’s domestic steel industry, which include a tariff on some downstream steel-intensive goods.

US and Canadian rig counts both declined this week, according to the latest Baker Hughes data released on Wednesday, Nov. 26.

US steel imports declined considerably in September and October, with trade falling to reduced levels not seen in nearly five years.

SMU sits down with Barry Zekelman to talk North American trade and the state of the US and Canadian steel industries.

Sheet prices are in the middle of one of their most sustained rallies since the first quarter, and this time in the absence of any tariff or trade policy shocks.

Algoma Steel plans to continue its transition to electric-arc furnace (EAF) steelmaking using the CA$500 million in loans from the Ontario provincial and Canadian federal governments.

The latest Baker Hughes rig count report showed oil and gas drilling improved in the US this past week, while Canada saw its rig count decline.

ArcelorMittal sees green shoots in North America despite tepid demand.

Russel Metals posted mixed financial results in its third-quarter earnings report. The Mississauga, Ontario-based metals processing and distribution company generated Canadian $35 million (US$53.5 million) in net income for Q3'25, representing a 1.4% increase from the same quarter in 2024.

Want to know the latest on Trump, tariffs, and trade policy – and the impact on both steel and aluminum? Join Steel Market Update (SMU), Aluminum Market Update (AMU), and leading law firm Wiley for a Community Chat on Thursday, Nov. 13, at 11 am ET.

The latest Baker Hughes rig count report showed oil and gas drilling improved in both the US and Canada in the first week of November.

The Canadian Steel Producers Association (CSPA) applauded the passage of the Canadian federal budget, which includes several measures that aid their domestic steel industry.

Zekelman Industries said Canadians who report the use of foreign steel in active or future public construction projects are eligible for a CAD$1,000.00 (USD$711.62) payment.   

President Trump’s decision to suspend trade negotiations with Canada has crushed short-term expectations of any relief for Canadian producers or the US Midwest P1020 premium.