Essar Steel Algoma has been granted funding relief for the Company’s defined benefit pension plan by the Ontario government. The new regulation allows Essar Algoma make fixed payments over the next three years and extends the amortization period through 2024. The regulation is effective as of December 1, 2013. Essar Steel Algoma’s pension contribution requirements […]
An explosion and fire at the US Steel Great Lakes Works in Ecorse, Mich., has killed a worker and halted steel production. The Ecorse fire department was called to the scene of the fire at 2:50 am on Sunday morning. US Steel spokesman Courtney Boone said that the explosion occurred at the plant’s steel shop […]
We communicated with one of our main Asian contacts over the past few days. We wanted to know what they have been seeing regarding new carbon sheet price offers out of China for their European customers (this source does not ship steel to the USA). We also wanted to learn more about iron ore prices […]
Shipments of sheet and strip products in the first 10 months of 2013 were 29,178,320 tons, a decrease of 0.3 percent from the same period last year. Shipments in the three months August through October averaged 4,216,504 tons / month, an increase of 2.4 percent from the previous 3 months May through July and an […]
Year to date net imports of all hot worked products combined was 10,025,543 tons, down by 26,420 tons from the first ten months of 2012. This reduction was entirely driven by tubulars and plate. Pipe and tube had a decline in net imports of 925,617 tons and plate a decline of 509,778 tons. All other […]
Imports of most rolled products and semi finished declined in November. The only exceptions were rail and tin plate. Sheet products were down by 21.5 percent in total but within that group coated products were down over 40 percent. An analysis of the 3 month moving averages (3MMA) of imports results in a very different […]
There is a lot of interest in what direction spot flat rolled prices will move from here. It appears there is a split between some of the domestic steel mills regarding the most recent price announcements made by AK Steel and Severstal NA. We understand that spot prices on hot rolled are hitting a bit […]
Each month the Bureau of Labor Statistics puts out its series of producer price indexes, for thousands of goods and materials. The latest release on Thursday reported October results. These statistics are a useful way to evaluate any changes in the competitive position of steel against competing materials. For the purpose of this report, SMU […]
Apparent supply is defined as domestic mill shipments to domestic locations plus imports. Sources are the American Iron and Steel Institute and the Department of Commerce. The three month moving average (3MMA) of the total tonnage of flat rolled sheet and strip supply was 4,469,473 tons per month in the period July through September. This […]
WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) reported today that for the month of September 2013, U.S. steel mills shipped 7,879,747 net tons, a 5.6 percent decrease from the 8,343,075 net tons shipped in the previous month , August 2013, and a 8.9 percent increase from the 7,233,375 net tons shipped in […]
Severstal NA reported sales volume increased 2.6 percent quarter-over-quarter to 1.2 million tonnes in the third quarter due to improved sales of CRC and galvanized products. Revenue was reported at $993 million, up 4.2 percent from $953 million in the second quarter. Higher sales volume and pricing along with lower costs at Severstal Columbus resulted […]
ArcelorMittal reported a net loss of $193 million in the third quarter. Sales of $19.6 billion were down from $19.7 in the second quarter and $20.2 billion in the third quarter of 2012. EBITDA of $1.7 billion was reported for the quarter, 24 percent higher than the same quarter in 2012 and well above analyst […]
CHARLOTTE, N.C., Nov. 5, 2013 /PRNewswire/ — Daniel R. DiMicco has announced that he is retiring from the Board of Directors of Nucor (NYSE: NUE) and from his position as Executive Chairman on December 31, 2013. In appreciation for his distinguished and exemplary service to Nucor as CEO, Chairman and Executive Chairman of the Company, […]
Olympic Steel announced net income of $1.3 million compared to $1.6 million in third quarter 2012. Net sales dropped 11.3 percent year-over-year to $304 million for the third quarter. Flat products sales were $248 million and tubular and pipe product sales totaled $55.5 million for the quarter, both down from the same period last year. […]
Olympic Steel announced net income of $1.3 million compared to $1.6 million in third quarter 2012. Net sales dropped 11.3 percent year-over-year to $304 million for the third quarter. Flat products sales were $248 million and tubular and pipe product sales totaled $55.5 million for the quarter, both down from the same period last year. […]
Based on recently released data from the U.S. Department of Commerce, exports of steel rose slightly during the month of August to 1,147,411 net tons (all products). This represents an increase of 60,102 tons compared to the exports shipped during the month of July which totaled 1,087,309 tons. August exports of hot rolled totaled 86,065 […]
The 3 month moving average (3MMA) of imports of the combined tonnage of billets, blooms and slabs through September reached the highest level since February last year. We use the 3MMA to avoid getting too wrapped up in a single months numbers which can be a fruitless exercise. On the same basis flat rolled products […]
New orders for manufactured durable goods in September came in slightly above trend at $233.411 billion, (Fig 1). This monthly data is very spiky mainly due to erratic orders for civil aircraft. However it is one of the earliest indicators for US manufactured goods and though we are not involved in aviation the overall trend […]
Pencil them in as non-believers. During our monthly steel conference call held with HARDI wholesalers who distribute steel sheet and coil, we were advised that it is only a matter of time before steel prices begin to falter. One of the wholesalers told the group, “…Forty dollars per hundredweight – How many months out of […]
Total service center carbon steel shipments declined by 241,500 tons in September compared to August but shipping days also declined by two. As a result, tons per day shipments increased from 158,100 to 161,800. Month end inventory increased by 2,000 tons to 7,604,000 tons. Intake improved from 162,210 tons per day in August to 166,940 […]
Steel Dynamics reported a strong third quarter net income of $57 million on net sales of $1.9 billion. In comparison, SDI reported $13 million net income on net sales of $1.7 billion in September 2012, and $29 million on net sales of $1.8 billion in second quarter 2013. “Our consolidated operating income increased 64 percent […]
Nucor announced consolidated net earnings of $147.6 million for the third quarter of 2013 as compared to net earnings of $85.1 million reported in the previous quarter and $110.3 million in third quarter of 2012. Net sales increased 6 percent to 4.94 billion, up slightly from $4.67 billion in the second quarter […]
CHARLOTTE, N.C., Oct. 7, 2013 — Nucor Corporation NUE +0.08% announced that The Steel Manufacturers Association (SMA) presented Nucor’s Executive Chairman Dan DiMicco with its Iverson-Selig award, recognizing his outstanding contributions to the minimill steel industry. The award is named after Nucor’s founder Ken Iverson and Marvin Selig, founder of CMC Steel, who were two […]
ArcelorMittal plans to invest $25 million in improvements in its hot-dip galvanizing line at Cleveland Works bringing its total investment over the past ten years to more than $95 million. Louis Schorsch, of the company’s group management board, told attendees at a City Club Business Leaders event last week that Cleveland Works will be a […]
Nippon Steel & Sumitomo Metal Corp. and Ternium SA announced the start-up of its joint venture steel operation, Tenigal, near Monterrey City, Mexico on Sept. 18. Tenigal is part of Ternium’s Pesqueria Project, a $1.1 billion steel complex that includes a cold-rolling plant with a 1.5 million ton annual capacity. Tenigal will produce automotive […]
Steel Dynamics offered guidance on Tuesday saying it anticipates a better third quarter as compared to the second quarter due to increase in shipments and average metal spread (spread being the difference between steel costs and selling prices). In the sheet steel segment higher volumes and better spread increased profits, while in the long products […]
In guidance remarks released Tuesday, Nucor Corp. said it expects the third quarter to outperform the second due to strong performance from its sheet and structural steel segment. Sheet steel improvements are attributed to competitor supply disruptions, customer inventory restocking and market demand improvement. The structural segment benefited from higher production following a planned maintenance […]
Other metallic coated (mainly Galvalume) imports July 2013 and YTD by source and port of entry. This is the fourth of an expanded series of analyses, exclusive to the Steel Market Update that is designed to provide a much more comprehensive view of actual flat rolled steel volume by product. This will enable a steel […]
Each month the Bureau of Labor Statistics puts out its series of producer price indexes, for thousands of goods and materials. The latest release on Friday reported August results. These statistics are a useful way to evaluate any changes in the competitive position of steel against competing materials. For the purpose of this report, Steel […]
This is one of an expanded series of analyses, exclusive to Steel Market Update that is designed to provide a much more comprehensive view of actual flat rolled steel imports by product, volume, port of arrival and country of origin. This series of reports includes hot rolled, cold rolled, hot dipped galvanized (HDG) and other […]