Worthington Industries completed a successful third quarter in FY 2021, shed underperforming businesses, and now looks forward to accelerating strategic growth initiatives. “Our fiscal third quarter was a record financial performance,” said CEO Andy Rose. “We faced some lingering operational challenges including steel supply shortages, staffing issues related to COVID quarantines and some extreme weather, […]
The number of active U.S. rotary drill rigs increased this past week, while the Canadian rig count declined, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs […]
NLMK USA has slated an approximately one-week maintenance outage in June on the melt shop and hot strip mill at its facility in Portage, Ind., a company official confirmed. The plant-wide outage is for routine semi-annual maintenance and “isn’t a big deal,” said NLMK USA Executive Vice President James Banker. The Portage electric-arc furnace (EAF) […]
U.S. Steel expects a solid first quarter thanks to firm demand and as record high flat-rolled steel prices flow through to its bottom line. “Strong market conditions and our well-timed acquisition of Big River Steel are allowing us to drive significant earnings growth,” U. S. Steel President and Chief Executive Officer David B. Burritt said […]
Now that the presidential election is behind us, Congress has passed an historic stimulus package and there is light at the end of the pandemic tunnel as the vaccines proliferate, executives at Klöckner & Co. look forward to a stronger year for steel, especially for demand in the second half. “We expect the $1.9 trillion […]
After dismal reports for the U.S. labor market in December and January, February saw positive gains in employment. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 379,000 to their payrolls in February, as vaccinations and business reopenings gave the economy a boost. Despite the added jobs this past month, the unemployment rate […]
The number of active U.S. rotary drill rigs was relatively unchanged this past week, while the Canadian rig count declined, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. SMU Note: Our last […]
Economic activity grew modestly in the U.S. from January to mid-February, reports the Federal Reserve in its latest Beige Book. The vaccine rollout has boosted confidence that business conditions will improve over the next 6-12 months. The leisure and hospitality sector continues to be impacted by COVID-19 restrictions with only slight improvement reported by some […]
The energy sector is definitely improving, stated Rick Preckel, partner at the consulting firm Preston Pipe, during Wednesday’s SMU Community Chat. Excess inventory of crude oil is beginning to move and rig counts are getting better. As rig counts and drilling pick up, OCTG product demand will flow quickly through the cycle. OCTG price increases are […]
The Energy Information Administration’s February Short-Term Energy Outlook, which was published prior to the hazardous winter weather that swept across the country in mid-February, remained subject to heightened levels of uncertainty as responses to COVID-19 continue to evolve. Reduced economic activity from the pandemic caused a decline in 2020 energy demand and supply. As of […]
How close is the United States to adopting some form of carbon border tax to address climate change? What seemed highly unlikely one administration ago is now even supported by the likes of the trade groups representing the American oil and steel industries. The Wall Street Journal reported this week that the powerful American Petroleum […]
Tomorrow (Wednesday), we will host one of our SMU Community Chat Webinars with Rick Preckel of Preston Pipe and Michael Cowden of SMU. The two will discuss the energy segment and how higher oil prices will impact oil well drilling, use of line pipe and other OCTG products, and how quickly we may see demand […]
Preston Pipe Partner Rick Preckel will be the speaker at Steel Market Update’s next Community Chat webinar. The webinar will be held tomorrow, Wednesday, March 3, at 11 a.m. ET and is free to those looking to learn more about the interplay between the steel and energy markets. Joining Rick will be SMU Senior Editor […]
Preston Pipe Partner Rick Preckel will be the speaker at Steel Market Update’s next Community Chat webinar. The webinar will be held tomorrow, Wednesday, March 3, at 11 a.m. ET and is free to those looking to learn more about the interplay between the steel and energy markets. Joining Rick will be SMU Senior Editor […]
Tenaris, a leading manufacturer of pipe and tube for the energy sector, saw sales rise 12% in the fourth quarter as drilling activity improved in the Americas and sales expanded in the Middle East. Sales of OCTG products rose 11% from the prior quarter in the U.S. and Canada, totaling $391 million for the region. Fourth-quarter […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
Preston Pipe Partner Rick Preckel will be the speaker at Steel Market Update’s next Community Chat webinar. The webinar will be held on Wednesday, March 3, at 11 a.m. ET and is free to those looking to learn more about the interplay between the steel and energy markets. Joining Rick will be SMU Senior Editor […]
Preston Pipe Partner Rick Preckel will be the speaker at Steel Market Update’s next Community Chat webinar. The webinar will be held on Wednesday, March 3, at 11 a.m. ET and is free to those looking to learn more about the interplay between the steel and energy markets. Joining Rick will be SMU Senior Editor […]
Steel prices will likely stay elevated until supplies catch up with demand, say the experts, so is there enough foreign steel on the way here to make a difference? Two out of three respondents to a recent SMU survey said foreign offers are very competitive versus domestic prices. With steel prices in the U.S. at […]
TC Energy is considering liquidating excess equipment and steel following the cancellation of the Keystone XL pipeline. “Our project team … is evaluating what we can do with all of our equipment and its uses,” Bevin Wirzba, president of liquid pipelines for the Calgary, Alberta-based energy company, said during an earnings conference call earlier this […]
“Snowmageddon” did not help. Steel buyers are telling Steel Market Update that last week’s “Snowmageddon,” as one buyer called it, has caused steel orders into the South and South Central sections of the United States to be pushed out an additional one to two weeks. “We’re seeing some adjustments arising out of last week’s weather with […]
The number of active U.S. rotary drill rigs was unchanged this past week, while the Canadian rig count declined, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. […]
It is my opinion the U.S. is entering a “super cycle” that will be good for the steel industry and could well keep steel prices above the historical $600-$650 per ton average on benchmark hot rolled coils. This does not mean prices won’t scale back once more supply comes into the market. I am of […]
It is my opinion the U.S. is entering a “super cycle” that will be good for the steel industry and could well keep steel prices above the historical $600-$650 per ton average on benchmark hot rolled coils. This does not mean prices won’t scale back once more supply comes into the market. I am of […]
Black Swan Events One of the areas I cover when I am teaching my segment of our Steel 101 workshop is Black Swan Events and how they can impact the steel market – especially steel prices. Most of the United States appear to be having a Black Swan Event in the form of unusually cold […]
Black Swan Events One of the areas I cover when I am teaching my segment of our Steel 101 workshop is Black Swan Events and how they can impact the steel market – especially steel prices. Most of the United States appear to be having a Black Swan Event in the form of unusually cold […]
A division of PTC Alliance has acquired “substantially all” of the assets of oil country tubular goods (OCTG) producer Boomerang Tube. The subsidiary, PTC Liberty Tubulars LLC, has in addition scooped up the assets of Southern Tube LLC in Houston, the company said. Financial terms of the deal were not disclosed. “This acquisition brings together two […]
Russel Metals, a Canada-based metals processor and distributor, saw profitability fall in 2020 due to “extraordinary market volatility” caused by the global pandemic. The company posted net earnings of $25 million for 2020, down from $77 million in 2019. Earnings for the year included a $26 million non-cash impairment charge related to the U.S. energy […]
U.S active rotary drill rig counts increased again last week, while Canadian rig counts declined, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs rose by 8 […]
Nucor is investing to grow in capability not capacity, said Nucor President and CEO Leon Topalian in remarks Tuesday during the virtual Tampa Steel Conference, co-hosted by Steel Market Update. “It’s not about tons and volume, but about servicing customers’ long-term needs,” he said. One growing customer segment for Nucor is the auto industry. Nucor […]