Sooner Inc., the largest U.S. distributor of pipes for oil and gas, has been purchased by Tokyo-based Marubeni-Itochu Steel Inc. for $600 million in cash. MISI subsidiary Marubeni-Itochu Tubulars America, Inc., will gain a 100 percent of share of Sooner Inc. The two companies are both based in Houston. “We are pleased to complete […]
According to Baker Hughes data from September 6th, 2013, the U.S rig count for this week is 1,767 rigs exploring for or developing oil or natural gas. This count is a decrease of 9 rigs when compared to last week, with oil rigs down 23 to 1,365 rigs, gas rigs up 14 to 394 rigs, […]
According to Baker Hughes data from August 30th, 2013, the U.S rig count for this week is 1,776 rigs exploring for or developing oil or natural gas. This number is unchanged when compared to last week, with oil rigs up 6 to 1,388 rigs, gas rigs down 7 to 380 rigs, and miscellaneous rigs up […]
The Conference Board composite measure of consumer confidence increased slightly in August and the 3MMA improved from 79.1 also to 81.5 the highest value since February 2008 and up by 18.4 year over year. The view of both the present situation and expectations improved on a 3MMA basis. The consumer’s view of the present situation […]
According to Baker Hughes data from August 23rd, 2013, the U.S rig count for this week is 1,776 rigs exploring for or developing oil or natural gas. This number represents a decrease of 15 rigs compared to last week, with oil rigs down 15 to 1,382 rigs, gas rigs down 1 to 387 rigs, and […]
The European economy finally seems to be on the road to recovery. In figures released by the European Commission, GDP in the second quarter rose by 0.3 percent in the Eurozone—a small but positive indicator of growth. The growth was led by Germany and France where GDP improved by 0.7 percent and 0.5 percent, respectively. […]
JSW Steel Ltd. is considering selling its U.S. mill in Baytown, Texas said reports by Bloomberg. JSW, India’s third largest steel maker, hopes to pay off some of its debt and boost earnings margins by selling the USA asset. In its fourth quarter earnings statement in March 2013, the company reported a decline of 61.56 […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for June 2013 decreased 6.5 percent, to 330,948 units, down from 354,140 units shipped in June 2012. Residential electric storage water heater shipments decreased 9.5 percent in June 2013, to 307,959 units, down from 340,402 units shipped in June 2012. For the year-to-date, […]
A Game Changer for the Domestic Steel Industry? The OCTG trade injury cases filed against nine countries will go forward said the US International Trade Commission on Friday. The ITC found there is “reasonable indication that a U.S. industry is materially injured by imports of certain oil country tubular goods.” The preliminary countervailing duty determinations […]
According to Baker Hughes data from August 16th, 2013, the U.S rig count for this week is 1,791 rigs exploring for or developing oil or natural gas. This number represents an increase of 13 rigs compared to last week, with oil rigs up 12 to 1,397 rigs, gas rigs up 2 to 388 rigs, and […]
Written by: John Packard With other periodicals calling a top or “peak” to the market the pressure has been put on Steel Market Update to clear up the muddied waters. From our perspective, the peak is usually identified when one of the domestic mills breaks ranks and starts cutting deals at numbers less than what […]
With other periodicals calling a top or “peak” to flat rolled prices, the pressure has been put on Steel Market Update to clear up the muddied waters. From our perspective, the peak is usually identified when one of the domestic steel mills breaks ranks and starts cutting deals at numbers less than what they were […]
One of the major steel related news stories for the month of July was the OCTG dumping suits filed by 9 U.S. producers. Nine oil country tubular goods (OCTG) producers – U.S. Steel, Maverick Tube Corp., Boomerang Tube, Energex Tube (division of JMC Steel Group), Northwest Pipe Co., Tejas Tubular Products, TMK IPSCO, Vallourec Star, […]
By Brett Linton According to Baker Hughes data from August 9th, 2013, the U.S rig count for this week is 1,778 rigs exploring for or developing oil or natural gas. This number represents a decrease of 4 rigs compared to last week, with oil rigs down 3 to 1,385 rigs, gas rigs down 2 to […]
Written by Sandy Williams German industrialist, Berthold Beitz, the “grand old man of steel,” died on July 30 at 99 years of age. Beitz turned the privately run Krupp Steel company into a publically traded corporation that is now ThyssenKrupp Steel, but he is also credited for saving hundreds of Jews during World War II. […]
Written by Sandy Williams The Steel Manufacturers Association (SMA) has asked U.S. Trade Representative Michael Froman to protect domestic steel plate from an onslaught of imports from Europe. “We urge USTR to undertake a diplomatic initiative targeted at the European countries that are rapidly increasing their shipments of CTL plate and other products to the […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]
Written by: Brett Linton According to Baker Hughes data from August 2nd, 2013, the U.S rig count for this week is 1,782 rigs exploring for or developing oil or natural gas. This number represents an increase of 6 rigs compared to last week, with oil rigs down 13 to 1,388 rigs, gas rigs up 19 […]
Letter to the Editor: I would like to add to Peter Brebach’s comments regarding the recently filed dumping suits against nine countries and up front can agree that the majority of the nine countries will be found guilty of dumping [oil country tubular goods]. Since 1969 the domestic steel industry has filed more dumping complaints with […]
According to Baker Hughes data from March 22nd, 2013, the U.S rig count for this week is 1,746 rigs exploring for or developing oil or natural gas. This number represents a decrease of 30 rigs from last week. Compared to last year the 1,746 count is a decrease of 222 rigs. Canadian rigs decreased by […]
Worthington Industries, a diversified metals manufacturing company, reported a one percent gain in net sales in the third quarter ending February 28, 2013, finishing at $619.5 million compared to $611.3 million the prior year. Gross margin improved to $97 million from $83.3 million in 2012, mostly due to gains from Pressure Cylinders and acquisitions. Steel […]
According to Baker Hughes data from March 15th, 2013, the U.S rig count for this week is 1,776 rigs exploring for or developing oil or natural gas. This number represents an increase of 24 rigs from last week. Compared to last year the 1,776 count is a decrease of 208 rigs. Canadian rigs decreased by […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for January 2013 increased 10.6 percent, to 363,004 units, up from 328,122 units shipped in January 2012. Residential electric storage water heater shipments increased 10.7 percent in January 2013, to 337,111 units, up from 304,529 units shipped in January 2012. Commercial Storage Water […]
Written by: Sandy Williams This year Nucor plans to spend $280 million on its Louisiana DRI facility and approximately $260 million towards its natural gas related investments. Essar Steel Minnesota is in talks to build a joint venture DRI plant. Voestalpine and Northstar Bluescope Steel are both considering DRI facilities. Severstal just postponed a DRI […]
According to Baker Hughes data from March 8th, 2013, the U.S rig count for this week is 1,752 rigs exploring for or developing oil or natural gas. This number represents a decrease of 5 rigs from last week. Compared to last year the 1,752 count is a decrease of 221 rigs. Canadian rigs decreased by […]
Written by: Peter Wright Net job creation in January exceeded expectations with a headline value of 236,000. Built into this number is data that can validate, (or not) other statistics of interest to steel producers and processors. The big picture is 1,966,000 jobs have been created in the last 12 months and we are tracking […]
According to Baker Hughes data from March 1st, 2013, the U.S rig count for this week is 1,757 rigs exploring for or developing oil or natural gas. This number represents a decrease of 4 rigs from last week. Compared to last year the 1,757 count is a decrease of 232 rigs. Canadian rigs decreased by […]
According to Baker Hughes data from February 22nd, 2013, the U.S rig count for this week is 1,761 rigs exploring for or developing oil or natural gas. This number represents a decrease of 1 rig from last week. Compared to last year the 1,761 count is a decrease of 220 rigs. Canadian rigs increased by […]
Written by: Sandy Williams Reliance Steel reported an 18 percent drop in net income of $80.4 million in fourth quarter 2012. Net income for the year rose 17.4 percent year over year to 403.5 million. Sales of $1.89 billion for the fourth quarter were 7.1 percent lower than a year ago and down 8.1 percent […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for December 2012 decreased 1.0 percent, to 360,568 units, down from 364,054 units shipped in December 2011. Residential electric storage water heater shipments decreased 6.7 percent in December 2012, to 325,435 units, down from 348,692 units shipped in December 2011. For the […]