The Bureau of Labor Statistics (BLS) analysis of non-farm employment reported on Friday that 271,000 jobs were added in October, which was well above economist’s consensus expectations. August’s gains were revised up by 17,000, but September’s were revised down by 5,000. This followed September’s result of 137,000 which was well below consensus expectations of about […]
According to Baker Hughes data from November 6, 2015, the U.S rig count for the week was 771 rigs exploring for or developing oil or natural gas. This is a decrease of 4 rigs compared to last week, with oil rigs down 6 to 572 rigs, gas rigs up 2 to 199 rigs, and miscellaneous […]
US Steel continues to utilize its Carnegie Way initiative to find cost savings throughout the company to offset the challenges of unfairly traded imports, lower order rates, and falling steel prices. In third quarter 750 projects were completed, raising the total number of projects contributing savings benefits to the company this year to almost 2000. […]
Recent media reports indicate that Essar Steel Algoma may be heading for another return to insolvency as it struggles to meet its debts. According to media reports, the company has engaged a law firm and restructuring specialist to advise it and may file for insolvency by the end of the month. Although Essar Steel Algoma […]
The Institute of Supply Management released their October report on November 2nd. An explanation of the ISM index is given at the end of this piece. After seven straight months of decline the three month moving average (3MMA) of the index had positive growth on a month over month basis in June and July but […]
The following article was written by contributing writer Damon Sun of Daido International. The Asian ferrous scrap markets are still very weak, but there are some positives recently. Rebar demand seemed to have picked up some in the last two weeks and consequently, there has been more activity in the containerized scrap markets. For reference, […]
Gibraltar Industries reported net sales increased 30 percent in third quarter 2015 to $305 million. Adjusted net income was $15.7 million compared with $9.5 million in Q3 2014. “Gibraltar delivered strong financial results in the third quarter, as we continued to execute on the value-creation strategy we introduced late last year,” said Chief Executive Officer […]
At least one company is seeing better days ahead for the oil and gas industry. OCT Pipe announced it will build a one million square foot pipe mill in Norfolk, Nebraska. CEO Charley Havens, of the Rockwall, Texas based company, said the $125 million facility will break ground soon and be operational by mid-2017. OCT […]
Figure 1 shows historical gas and oil prices since January 2000. The daily spot price of West Texas Intermediate (WTI) closed at $45.91 on October 17th, according to the latest daily figure available from the Energy Information Administration (EIA). Brent closed at $47.51 on the same day. WTI was down from $46.67 in 30 days […]
The states compile their employment numbers independently of the Feds then both are reported by the Bureau of Labor Statistics. The results are very close. In the last six quarters since Q1 2014, the Feds reported total job creation of 4,849,000 and the states reported 4,475,000. Figure 1 and Figure 2 show the history of […]
The nation’s highways received some much needed attention last week. The House Transportation and Infrastructure Committee on Thursday approved a bipartisan bill to provide up to $325 billion for transportation projects over the next six years. The Surface Transportation Reauthorization and Reform (STRR) Act of 2015 (H.R.3763) would authorize $261 billion for highways, $55 billion […]
According to Baker Hughes data from October 23, 2015, the U.S rig count for the week was 787 rigs exploring for or developing oil or natural gas. This is unchanged overall compared to last week, with oil rigs down 1 to 594 rigs, gas rigs up 1 to 193 rigs, and miscellaneous rigs unchanged at […]
Steel earnings calls began this last week and all of them reference the downturn in the oil industry and its effect on production. Low oil prices, overcapacity, and resulting weak demand for OCTG products continues to force firms to adjust output and workforce. Vallourec Star Steel announced this week that it will begin a third […]
USW workers are contesting claims by Allegheny Technologies that the mills are currently “meeting and in many cases exceeding output, quality, and safety expectations” during the lockout of regular union employees. “ATI is trying to paint a rosy picture,” said USW Vice President Tom Conway, “but all indications suggest a company that is limping along […]
USW workers are contesting claims by Allegheny Technologies that the mills are currently “meeting and in many cases exceeding output, quality, and safety expectations” during the lockout of regular union employees. “ATI is trying to paint a rosy picture,” said USW Vice President Tom Conway, “but all indications suggest a company that is limping along […]
Allegheny Technologies reported a challenging flat rolled market in their third quarter results. Flat rolled sales were $358 million, down from $511 million in Q2 and $561 million in 2014. ATI’s lockout of USW workers resulted in 25 percent lower shipment volume during the quarter. Total ATI sales for the quarter were $833 million resulting […]
Allegheny Technologies reported a challenging flat rolled market in their third quarter results. Flat rolled sales were $358 million, down from $511 million in Q2 and $561 million in 2014. ATI’s lockout of USW workers resulted in 25 percent lower shipment volume during the quarter. Total ATI sales for the quarter were $833 million resulting […]
Cliffs Natural Resources is back pedaling after CEO Lourenco Goncalves said he would shut down a plant in the Iron Range if Essar Steel Minnesota goes into production. “If they go online, I will shut down a plant up there the same day,” Lourenco Goncalves said in an exclusive interview with the Mesabi Daily News […]
Esmark Inc. and Loeffel Steel Group, a steel processing and distribution service center in suburban Chicago, have announced the formation of a new joint venture. The partnership is expected to increase the commercial and operating efficiencies of the two companies and offer a broader portfolio of products and services. The new venture will operate under […]
USW negotiations with ArcelorMittal and US Steel continue to be bogged down. The USW bargaining committee with ArcelorMittal will take a brief break this coming week to conduct discussions with local membership. “We urge ArcelorMittal management to use this time away from the table to consider the uncertainty and strain this unnecessarily long, drawn-out process […]
According to Baker Hughes data from October 16, 2015, the U.S rig count for the week was 787 rigs exploring for or developing oil or natural gas. This is a decrease of 8 rigs when compared to last week, with oil rigs down 10 to 595 rigs, gas rigs up 3 to 192 rigs, and […]
Global steel demand will decrease by -1.7 percent to 1,513 million tonnes in 2015, according to the World Steel Association’s Short Range Outlook for 2015 and 2016. The 2015 decrease follows a gain of 0.7 percent in 2014, the same amount of growth that WSA expects to see again in 2016 as steel demand reaches […]
Below is the latest release issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through August 2015. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for August 2015 decreased 0.3 percent […]
According to Baker Hughes data from October 9, 2015, the U.S rig count for the week was 795 rigs exploring for or developing oil or natural gas. This is a decrease of 14 rigs when compared to last week, with oil rigs down 9 to 605 rigs, gas rigs down 6 to 189 rigs, and […]
The Bureau of Labor Statistics (BLS) analysis of non-farm employment reported on Friday that 142,000 jobs were added in September which was well below consensus expectations of about 200,000. In addition July was revised down from 245,000 to 223,000 and August was revised down from 173,000 to 136,000. An upward revision for August had been […]
US Steel announced on Tuesday that it is examining a possible consolidation of its North American flat rolled operations and may idle steelmaking operations and most finishing operations at Granite City. US Steel said it routinely adjusts production to align with market fluctuations. The potential consolidation is a result of challenging global market conditions, including […]
Today, the Department of Commerce announced its final determinations in the antidumping and countervailing duty investigations on imports of welded pipe from Korea and Turkey. The DOC determined that imports of welded line pipe from Korea and Turkey have been sold in the United States at dumping margins ranging from 2.53 percent to 6.19 percent […]
According to Baker Hughes data from October 2, 2015, the U.S rig count for the week was 809 rigs exploring for or developing oil or natural gas. This is a decrease of 29 rigs when compared to last week, with oil rigs down 26 to 614 rigs, gas rigs down 2 to 195 rigs, and […]
A check on port conditions in the Gulf region revealed that warehouses are low on steel inventory as customers cautiously anticipate the outcome of antidumping cases. SMU’s source in the Houston area had the following comments: “Our company predominantly handles flat rolled products and we have seen a depletion of inventory as our customers await […]
The September Institute of Supply Management (ISM) PMI registered 50.2 percent, a decrease of 0.9 percentage points from the 51.7 percent reading in August. The PMI is at its lowest point since May 2013 when it registered 50.1 percent. The three month moving average has been see-sawing since June when it gained points after seven […]