Steel Products
Russel Metals: OCTG Cases Not Having Much Impact on Market (yet)
Written by Sandy Williams
August 12, 2013
By Sandy Williams
Russel Metals reported second quarter earnings of $20 million on sales of $758 million, as compared to $23 million on sales of $719 millions in 2012.
Revenues dropped 13 percent in the metals service center segment and 29 percent in the steel distributors segment due to lower demand levels and pricing. Energy products increased 63 percent due to acquisition of Comco Pipe and Supply.
President and CEO Brian Hedges was asked to comment on the antidumping and countervailing actions in the OCTG market. So far, he said, the actions have not significantly impacted OCTG markets in the U.S. There has been a slight price increase in seamless products but not much movement in line pipe due to high inventories.
“The importance [of offshore imports] has dropped, the spread between the offshore and the importing and domestic prices is not big enough, I mean, safe enough for lead times,” he said.
Commenting on overcapacity and trade, Hedges said closure of some mills and new products in seamless pipe will have an impact.
“However, we’ve got to remember there’s a large import market in the pipe market, that can be at times 50% of the supply. So if you can block that, then there’s obviously extra capacity for extra product to be sold.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
US HR prices surge above offshore tags
Hot-rolled (HR) coil prices leaped in the US this week, while tags abroad saw more measured gains. The result: US hot band prices have become even more expensive than imports on a landed basis. In fact, the premium US HR prices carry over HR prices abroad now stands at a 12-month high.
US rig counts inch up again, Canadian activity slips
The latest oil and gas rig count in the US increased slightly from last week, while Canadian activity edged lower, according to Baker Hughes.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
CRU: Rising protectionism impacts global steel trade
US sheet prices surge following tariff announcement
SMU Community Chat replay now available
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]