“When the rules are ignored, circumvented or broken, all Americans lose,” said US Steel President and CEO Mario Longhi to the United States Senate Committee on Finance. Mr. Longhi’s testimony on trade enforcement regarding foreign steel imports is reprinted below for our readers. United States Senate Committee on Finance Testimony of Mario Longhi President and […]
According to Baker Hughes data from June 27th, 2014, the U.S rig count for this week is 1,873 rigs exploring for or developing oil or natural gas. This count is an increase of 15 rigs when compared to last week, with oil rigs up 13 to 1,558 rigs, gas rigs up 3 to 314 rigs, […]
Each month the Bureau of Labor Statistics, (BLS) puts out its series of producer price indexes, for thousands of goods and materials. The latest release on Friday reported May results. These statistics are a useful way to evaluate any changes in the competitive position of steel against competing materials and this month for the first […]
Figure 1 shows historical gas and oil prices since January 2000. West Texas Intermediate closed at $107.08 and Brent at $115.19 on June 19th. In 10 days prior to the 19th WTI increased by $1.99 and Brent by $4.64 as the ISIS situation in Iraq increased market uncertainty. Oil and gas prices have both been […]
According to Baker Hughes data from June 13th, 2014, the U.S rig count for this past week was 1,854 rigs exploring for or developing oil or natural gas. This count is a decrease of 6 rigs when compared to the prior week, with oil rigs up 6 to 1,542 rigs, gas rigs down 10 to […]
A federal crackdown is needed on the import and dumping of cheap products in the U.S. said US Steel Corp CEO Mario Longhi to attendees at the West Virginia Manufacturers Association Leadership Summit on Monday. Longhi, known for his strong stance on foreign import trade regulations, told manufacturers at the meeting that stronger trade laws […]
According to Baker Hughes data from June 6th, 2014, the U.S rig count for this week is 1,860 rigs exploring for or developing oil or natural gas. This count is a decrease of 6 rigs when compared to last week, with oil rigs unchanged at 1,536 rigs, gas rigs down 6 to 320 rigs, and […]
According to Baker Hughes data from May 30th, 2014, the U.S rig count for this week is 1,866 rigs exploring for or developing oil or natural gas. This count is an increase of 9 rigs when compared to last week, with oil rigs up 8 to 1,536 rigs, gas rigs up 1 to 326 rigs, […]
According to Baker Hughes data from May 23rd, 2014, the U.S rig count for this week is 1,857 rigs exploring for or developing oil or natural gas. This count is a decrease of 4 rigs when compared to last week, with oil rigs down 3 to 1,528 rigs, gas rigs down 1 to 325 rigs, […]
According to Baker Hughes data from May 16th, 2014, the U.S rig count for this week is 1,861 rigs exploring for or developing oil or natural gas. This count is an increase of 6 rigs when compared to last week, with oil rigs up 3 to 1,531 rigs, gas rigs up 3 to 326 rigs, […]
The Economic Policy Institute (EPI) and the law firm of Stewart and Stewart recently released its publication “Surging Steel Imports Put Up to Half a Million U.S. Jobs at Risk.” The publication was released in support of the domestic steel industry and their unions and contends that unfairly traded imports are costing the U.S. jobs […]
According to Baker Hughes data from May 9th, 2014, the U.S rig count for this week is 1,855 rigs exploring for or developing oil or natural gas. This count is an increase of 1 rigs when compared to last week, with oil rigs up 1 to 1,528 rigs, gas rigs unchanged at 323 rigs, and […]
According to Baker Hughes data from May 2nd, 2014, the U.S rig count for this week is 1,854 rigs exploring for or developing oil or natural gas. This count is a decrease of 7 rigs when compared to last week, with oil rigs down 7 to 1,527 rigs, gas rigs unchanged at 323 rigs, and […]
Severstal NA reported revenue of $1,016 million in first quarter 2014, an increase of 1.4 percent from fourth quarter due to stronger steel selling prices. Revenue increase 9.2 percent year over year. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 18.5 percent sequentially to $75 million but was 50 percent higher than Q1 2013. […]
US Steel reported a net income of $52 million for the first quarter of 2014 on net sales of $4.4 billion, compared to net income of $270 million (adjusted net income of $38 million) in fourth quarter 2013. Shipments for the quarter totaled 4.1 million tons. Flat rolled steel sales operating income in first quarter […]
According to Baker Hughes data from April 25th, 2014, the U.S rig count for this week is 1,861 rigs exploring for or developing oil or natural gas. This count is an increase of 30 rigs when compared to last week, with oil rigs up 24 to 1,534 rigs, gas rigs up 7 to 323 rigs, […]
Reliance Steel & Aluminum, the largest metals service center in the United States, announced earnings earlier today. The company reported net income of $87.2 on sales totaling $2.09 billion. Sales included the recent acquisitions of Metals USA and Haskins Steel. The company reported an 8.4 percent improvement in same store sales over the same quarter […]
This month (April 2014) the EIA (U.S. Energy Information Administration) released its report on petroleum reserves for 2012. Proved reserves are estimated volumes of hydrocarbon resources that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions. Reserves estimates change from year to year as new discoveries […]
Steel Dynanics CEO Mark Millett and other officers of the steel mill provided their review of the company’s first quarter earnings as well as their insights into the various markets they serve as well as the challenges and opportunities they see in front of them. SMU found one comment interesting as Mr. Millett feels there […]
According to Baker Hughes data from April 17th, 2014, the U.S rig count for this week is 1,831 rigs exploring for or developing oil or natural gas. This count is unchanged when compared to last week, with oil rigs down 7 to 1,510 rigs, gas rigs up 6 to 316 rigs, and miscellaneous rigs up […]
Severe winter conditions negatively impacted Steel Dynamic’s first quarter earnings causing a 25 percent drop in consolidated operating income as compared to the previous quarter. SDI reported net income of $39 million for first quarter 2014, on net sales of $1.8 billion, down from $55 million on net sales of $1.9 billion Q4 2013. Steel […]
First quarter sales for Severstal North America flat rolled steel products increased 1.0 percent quarter over quarter to 1.83 million tonnes (2 million tons). Production at Severstal Dearborn fell 8 percent q/q due to severe weather and resulting higher natural gas prices. Prices for steel products were mostly flat. Average price for steel rolled products […]
According to Baker Hughes data from April 11th, 2014, the U.S rig count for this week is 1,831 rigs exploring for or developing oil or natural gas. This count is an increase of 13 rigs when compared to last week, with oil rigs up 19 to 1,517 rigs, gas rigs down 6 to 310 rigs, […]
According to Baker Hughes data from April 4th, 2014, the U.S rig count for this week is 1,818 rigs exploring for or developing oil or natural gas. This count is an increase of 9 rigs when compared to last week, with oil rigs up 11 to 1,498 rigs, gas rigs down 2 to 316 rigs, […]
The following article was written by contributing writer David Phelps. Mr. Phelps is recently retired from his duties as the Director of the American Institute for International Steel. In that capacity he had occasion to interact with the domestic steel mills. The following article contains the viewpoint of Mr. Phelps regarding Big River Steel and […]
According to Baker Hughes data from March 28th, 2014, the U.S rig count for this week is 1,809 rigs exploring for or developing oil or natural gas. This count is an increase of 6 rigs when compared to last week, with oil rigs up 14 to 1,487 rigs, gas rigs down 8 to 318 rigs, […]
The following article was written by contributing writer David Phelps. Mr. Phelps is recently retired from his duties as the Director of the American Institute for International Steel. In that capacity he had occasion to interact with the domestic steel mills. The following article contains the viewpoint of Mr. Phelps regarding Big River Steel and […]
US Steel is considering replacing additional blast furnaces with electric arc furnaces (EAF) according to President and CEO Mario Longhi. In January, US Steel announced it was seeking permits to replace the blast furnace at Fairfield, Ala., with an EAF, a process that would take approximately three years from application to completion. The EAF would […]
SMU’s John Temples attended the Platts Steel Market’s North America Conference this week. Panelist focused on market forecast, natural gas, service center operations, and a healthy dose of business promotion. One discussion of interest was on the recovery and outlook of the construction sector. Throughout the conference, many people were optimistic about the non-residential construction […]
Following an unsuccessful attempt to block the air pollution permit for Big River Steel, Nucor Corp. finds itself on the on the receiving end of tighter air pollution orders from the Environmental Protection Agency (EPA). The EPA has ordered the Louisiana Department of Environmental Quality (LDEQ) to require Nucor Steel Louisiana to take additional steps […]