Union workers are objecting to the layoff of 38 workers at US Steel Gary Works on Friday. USW District 7 director Mike Millsap said the workers were laid off after consulting firm McKinsey & Co determined there were too many maintenance workers at the plant. “Under the contract, they can only lay off workers under […]
A wolf in sheep’s clothing is still a wolf. Essar Global clothed in the nomenclature of Ontario Steel Investments works is still Essar Global according to US Steel Canada. The bid by Ontario Steel Investments (Ontario Steelworks), announced on Tuesday, was rejected by US Steel Canada on Wednesday. US Steel Canada said it had already […]
PITTSBURGH, AUGUST 10, 2016 – Esmark Steel Group, one of the nation’s largest processors and distributors of flat-rolled steel, steel fabrication manufacturing and tinplate production, today announced that Michael Ogrizovich, currently President of Esmark Steel Group, has been named a Director to the company’s Board of Directors and been promoted to Vice Chairman of Mill […]
Ontario Steel Investments Limited (Ontario Steelworks) said on Tuesday that it has submitted a bid to buy US Steel Canada. The August 5th offer includes the assumption of the US Steel Canada pension plan, currently estimated at C$954 million ($724 million) and a commitment to provide C$25 million per year for post-employment benefits for current […]
NLMK USA flat steel product sales grew by 11 percent in second quarter 2016. Sales for the first half of 2016 were up 9 percent to 1 million tonnes (1.2 million net tons). One hundred percent of NLMK USA products are sold domestically to the processing, pipe, and automotive industries. North American sales for second […]
Olympic Steel announced net income of $3.6 million in the second quarter 2016, up substantially from the $22.3 million loss in Q2 2015. Consolidated net sales for the quarter were $273.6 million. Second quarter shipments of carbon flat products totaled 272,000 tons, up 2 percent from first quarter, and 2 percent below Q2 2015. Net […]
ArcelorMittal posted net income of $1.1 billion second quarter 2016 compared to a net loss of $400 million in first quarter. Second quarter EBITDA nearly doubled from first quarter due to higher steel selling prices and volumes. Crude steel production was 13.1 million tonnes with shipments of 22.1 million tonnes. Sales increased to $14.7 billion […]
US Steel narrowed its losses in second quarter, reporting a net loss of $46 million compared to a loss of $340 million in first quarter, and $261 million in Q2 2016. Net sales for the company totaled $2.58 billion. Earnings for the flat rolled and US Steel Europe segments returned to positive numbers at $6 […]
California Steel Industries, Inc. (CSI) announced that Marcelo Botelho will be the new president and CEO of CSI, effective August 1, following the retirement of Toshiyuki Tamai. Botelho most recently served as Controller Global Director at Vale S.A. His background also includes positions in the utility, aerospace, and aluminum industries in Brazil. Tamai will retire […]
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 […]
US Steel Kosice, located in Slovakia, is attracting attention from Chinese, Russian and South Korean investors according to a report by BNE Intellinews. The steelworks is Slovakia’s biggest employer in an area of high unemployment. Local media outlet SME said analysts are suggesting the mill may be taken over by South Korean steel mill POSCO […]
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 […]
AK Steel reported net income of $17.3 million for second quarter 2016 compared to a net loss of $64.0 million a year ago. Net sales were 1.49 billion a decrease from $1.69 billion in in Q2 2015 as a result of lower automotive contract pricing as well as a decrease in shipments. Shipments totaled 1,555,500 […]
ArcelorMittal North America will be led by a new chief executive officer, Robrecht Himpe, effective July 1, 2016. Himpe will continue to serve as executive vice president of ArcelorMittal and CEO of AM/NS Calvert. He will be based in Calvert, Alabama and provide leadership for both organizations. “ArcelorMittal North American organization will continue to focus […]
SSAB Americas results in improve in second quarter due to higher volumes and prices. Sales were SEK 2.8 billion ($323 million) compared to SEK 2.4 billion ($277 million) in first quarter. Shipments improved 11 percent to 526,000 tonnes from 475,000 tonnes in Q1. The company reports good demand from steel service centers and the wind […]
Reliance Steel & Aluminum Co. reported net income rose 11.9 percent to $100.9 million in second quarter 2016. Sales of $2.20 billion were down 9.1 percent from a year ago but up from first quarter by 1.9 percent. Gregg Mollins, President and CEO of Reliance, said, “The metals pricing environment for carbon steel products was […]
CHARLOTTE, N.C., July 20, 2016 — Nucor Corporation announced today that it has agreed to acquire Joy Global’s steel plate mill in Longview, Texas, for approximately $29 million. The mill produces carbon and alloy plate products with heat-treating capabilities and has an annual capacity of 180,000 tons. “This acquisition builds on our strategy to capture […]
Based on Steel Market Update (SMU) analysis of the recently released MSCI service center inventory and shipment data, total service center carbon steel shipments increased by 169,300 tons in June to 3.220 million tons. The number of shipping days increased by one to 22. On a t/d basis shipments increased from 145,200 in May to […]
U.S. steel service centers shipped a total of 3,385,100 net tons of all steel products during the month of June 2016 according to recently released data from the Metal Service Center Institute. This is 5.1 percent lower than one year ago. The daily shipment rate was 153,900 tons up slightly from the 152,600 tons shipped […]
HARDI wholesalers reported today that the key to this current market is to be disciplined as you go about your business. The wholesalers, who provide galvanized steel and other products to the mechanical contractors around the United States and Canada, told SMU and other wholesalers on their monthly steel conference call, that business conditions continue […]
Steel Dynamics announced second quarter 2016 net income of $142 million on net sales of $2.0 billion. In comparison, net sales in Q1 totaled $1.7 billion with net income of $63 million and year ago sales were $2.0 billion with adjusted net income of $53 million. A decline in imports of flat rolled steel and […]
Canadian shipments for all steel products in the month of June were 374,100 net tons, a decrease of 3.7 percent from the month before and a decrease of 14.4 percent from June 2015. Inventories at the end of the month stood at 1,120,500 tons, down 2.6 percent from last month and down 26.0 percent from […]
A new bidder may step forward for Essar Steel Algoma, according to UK publication Financial Times. According to the Financial Times, Liberty House, a metal trade and integrated steel producer, hopes to secure deals for both Essar Steel Algoma and US Steel Canada. Liberty is also watching the developments in the Chapter 11 bankruptcy at […]
SAULT STE. MARIE – Essar Steel Algoma Inc. (Algoma) has received notice from the Term Lenders that the Consortium Agreement between KPS Capital Partners LP and certain Term Lenders has been terminated. The Term Lenders have indicated that they remain committed to a going-concern outcome for Algoma and all of its stakeholders, and to closing […]
Ontario Steel Investment says it signed a letter of intent with USW Local 2251 for the acquisition of Essar Steel Algoma. Ontario Steel says it will assume all employer liabilities for Essar Steel Algoma’s pension plan in return for a purchase price of US $900 million for the acquisition of the company. Ontario Steel is […]
ArcelorMittal has made a joint bid with Marcegaglia SpA to purchase Italian steel plant Ilva. In an announcement on June 30, the consortium outlined their plans to bring the troubled mill up to environmental standards and increase production. If successful in it its bid, ArcelorMittal plans to return the three blast furnaces at the plant […]
A strong finish to the 2016 fiscal year drove annual earnings per share to a record $2.22 for Worthington Industries. Earnings for fourth quarter, ending May 31, 2016, were were $58.8 million with sales of $714.7 million. Net earnings were more than double Q4 2015 earnings of $28.9 million. “While we expect some headwinds to […]
It appears that Essar Global has been eliminated from the bidders vying for the assets of US Steel Canada. The Hamilton Spectator is reporting that the USSC board of directors has rejected a bid from Essar Global because of concerns that the company lacks the financial resources to complete a purchase. Essar was rejected as […]
Essar Steel Algoma filed a formal motion for approval of the sale of the company to KPS Capital. The asset purchase agreement will sell the assets of Algoma for a combination of cash sufficient to pay the outstanding liabilities under the DIP facility, a credit bid of the term loan debt, and assumption of certain […]
USW members overwhelmingly ratified a new contract with ArcelorMittal today (June 23). The new agreement covers nearly 14,000 union-represented hourly production, maintenance, and technical workers at the company’s 15 locations through Sept. 1, 2018. “We have settled our differences with management at the table, so together now we can focus on addressing the industry’s real […]