Flat rolled steel prices continued to drop this week as the domestic steel mills struggled with holes in their order books due to growing inventories at the service centers, a sharp drop off in pipe and tube orders associated with the energy markets, and the continued flow of imported steel (which is part of the […]
Low oil prices and the proliferation of pipe and tube imports at below market prices are causing manufacturers to idle mills and lay off workers. The latest round of layoffs comes from Tenaris which announced it will lay off 500 employees in Conroe, Texas and in Blytheville, Arkansas. “The energy industry’s present circumstances have driven […]
Ferrous scrap prices were forecast to be up $30 per gross ton as little as one week ago. According to one of our East Coast dealers there were some early sales at up $20 to $30 to those steel mills who needed to buy immediately. However, those deals were few and far between and the […]
This will be our last issue before Christmas and the last day of Hanukkah. We wish each and everyone one of you and your family all the best over the Holidays. I drove from Atlanta to Chicago over the weekend as we prepare to celebrate the Holidays with our son. One of the first gifts […]
Total service center carbon steel shipments in November decreased by 763,700 tons to 2.979 million tons. This was mainly due to a decrease in shipping days from 23 to 19. On a tons per day basis (t/d) shipments also decreased from 162,700 in October to 156,800. In the eleven years 2004 through 2014 November shipments […]
In a complicated appeals decision on Monday, the World Trade Organization reversed the majority of a July ruling against India that said US duties had wrongly penalized India for subsidizing steel imports of pipe produced by Tata Steel. The decision, however, also admonished the US for breaking Subsidies and Countervailing Measures (SCM) rules and called […]
Big River Steel has asked a federal court to block the Clean Air Act challenge mounted by Nucor last August. In a court filing on Friday, Big River Steel said the challenge is a “collateral attack” by Nucor. Big River Steel received the necessary permits from the Arkansas Department of Environmental Quality (AEDQ) to build […]
Total service center carbon steel shipments in October increased by 244,000 tons to 3.742 million tons. This was due to an increase in shipping days from 21 to 23. On a tons per day basis (t/d) shipments decreased from 166,600 tons in September to 162,700 in October. In every month this year since March, t/d […]
Yesterday the Metal Service Center Institute (MSCI) released their inventory and shipment data. According to the latest data total steel inventories dropped by 0.40 percent from the previous month and stood at 9,312,500 tons as of the end of October. Although down from the prior month steel inventories were 15.5 percent higher than October 2013. […]
PITTSBURGH, Nov. 18, 2014 /PRNewswire/– United States Steel Corporation (NYSE: X) today announced the executive leadership for three of the company’s newly created commercial entities. Joseph R. Scherrbaum will serve as acting vice president – Industrial Solutions, Geoff M. Turk will serve as vice president – Service Center Solutions and Lawrence W. Sutherland will serve […]
PITTSBURGH, Nov. 18, 2014 — United States Steel Corporation (NYSE: X) today announced the executive leadership for three of the company’s newly created commercial entities. Joseph R. Scherrbaum will serve as acting vice president – Industrial Solutions, Geoff M. Turk will serve as vice president – Service Center Solutions and Lawrence W. Sutherland will serve […]
US Steel announced a realignment of its reporting segments in order to meet strategic goals set forth in its Carnegie Way transformation. The North American flat-rolled segment will include creation of commercial entities to address specific markets. The realignment will take effect by January 1, 2015. “These commercial entities will put our company in a […]
The House of Representatives passed legislation approving construction of the Keystone XL Pipeline. The project has been delayed for more than five years while seeking presidential approval for the line to cross the U.S./Canada border. The House voted 252-161-1 in support of the pipeline. The Senate will vote on Tuesday and will need 60 votes […]
Total service center carbon steel shipments in September increased by 21,100 to 3.498 million tons. Shipping days were unchanged at 21. On a tons per day basis, (t/d) shipments increased from 165,600 tons in August to 166,600 in September. In each of the last four months t/d shipments for each particular month was the best […]
The Metal Service Center Institute (MSCI) reported steel shipment and inventory data for U.S. and Canadian service centers earlier this week. The headline you will read in most periodicals is inventories rose even with steel shipments rising by 8.3 percent over last year and 1 percent over the prior month. However, the headlines are speaking […]
Canadian shipments for all steel products in the month of September were 494,400 net tons, an increase of 8.3 percent from the month before and an increase of 4.1 percent from September 2013. Inventories at the end of the month stood at 1,511,400 tons, up 0.8 percent from last month and up 16.5 percent from […]
Nucor Corp. has completed the acquisition of Gallatin Steel Company in Ghent, Ky., for a purchase price of approximately $770 million. Gallatin’s strategic location on the on the Ohio River will expand Nucor’s access to the Midwest flat-rolled steel market and strengthen its position in the pipe and tube sector. Gallatin Steel has an annual […]
Nucor Corporation has received approval from the Federal Trade Commission for the $770 million acquisition of Gallatin Steel. The Company expects to close the deal in approximately ten days. “We are excited to be able to begin the process of integrating Gallatin Steel and our new teammates into the Nucor family,” said John Ferriola, Chairman, […]
Steel Market Update attended the groundbreaking ceremony for Big River Steel in Osceola, Arkansas which was held on Monday, September 22nd. According to Big River Steel Chairman and CEO John Correnti (and the sign at the entrance to the work site), the mill will be making steel in 550 days. A groundbreaking ceremony is much […]
The Metals Service Center Institute (MSCI) released shipment and inventory data on the U.S. service centers this week. Total steel shipments of all steel products rose on a daily basis in August compared to July. The daily shipment rate was 173,000 net tons and shipments totaled 3,634,000 tons. The number of tons shipped was essentially […]
Canadian shipments for all steel products in the month of August were 456,600 net tons, a decrease of 5.3 percent from the month before and a decrease of 4.6 percent from August 2013. Inventories at the end of the month stood at 1,499,500 tons, up 2.2 percent from last month and up 8.0 percent from […]
Nucor announced this morning that they have reached an agreement to purchase all of the equity in Gallatin Steel for $770 million. Gallatin Steel is located in Ghent, Kentucky and has the capacity to produce approximately 1.8 million tons of hot rolled steel. Gallatin is an electric arc furnace (EAF) mini mill and complements Nucor’s […]
Are foreign steel prices too low or are US steel prices too high? That is a question faced by trade litigation attorneys Robert Schagrin and Lewis Leibowitz at the recent SMU Steel Summit conference in Atlanta. There is a $300 delta between China and US prices and a $200 delta between Europe and the US […]
Jindal SAW Ltd, through its subsidiary Jindal Tubular USA LLC, will acquire all of pipe and tube producer PSL North America LLC in a bankruptcy purchase agreement. The purchase price was undisclosed but assets of PSL North America and PSL USA (which owns a majority stake in PSL North America) were listed at $50 million […]
The US International Trade Commission announced Friday that it will impose anti-dumping duties on imports from six of the nine countries accused by U.S. steel producers of dumping OCTG in the US market. The decision includes Korea, who was previously excluded in the preliminary decision, India, Taiwan, Turkey, Ukraine and Vietnam. The Philippines and Thailand […]
According to data just released by the Metal Service Center Institute (MSCI) total steel shipments were 168,300 tons per day during the month of July 2014. This represents a 6.9 percent improvement over the July 2013 shipment rate. The total number of tons shipped during the month of July by U.S. steel distributors was 3,702,100 […]
Canadian shipments for all steel products in the month of July were 482,400 net tons, an increase of 0.3 percent from the month before and an increase of 5.0 percent from July 2013. Inventories at the end of the month stood at 1,467,800 tons, up 5.5 percent from last month and up 0.4 percent from […]
Total service center carbon steel shipments in July increased by 11,600 tons to 3.539 million tons. Shipping days also increased, from 21 to 22. On a tons per day basis, (t/d) shipments decreased from 168,000 tons in June to 160,900 in July but the latest data has the best shipments of any July since 2008. […]
The following article was written by SMU contributing writer, Peter Brebach. Peter is the owner of Iron Angels of Colorado which is a company that deals with foreign steel and specifically with pipe and tube. SMU understands that the final vote by the ITC which was originally scheduled for today (14th) has been moved to […]
Olympic Steel & Aluminum posted the highest net sales in its history. Second quarter sales increased 16.7 percent year-over-year to $386.0 million, due to increased market share and higher sales volume. Net income jumped 38 percent to $3.5 million from $2.5 million in Q2 2013. Flat product volume was up 17 percent in Q2 to […]