Nucor guidance for first quarter 2016 came in below analyst consensus. Nucor expects first quarter results in the range of $0.20 to $0.25 per diluted share compared to $0.21 in Q1 2015 and adjusted net earnings of $0.45 per diluted share in Q4 2015. Analysts polled by Reuters expected earnings results of $.29 per share. […]
Steelworkers at ArcelorMittal in Trinidad and Tobago were fired one day after winning a wage dispute in the Industrial Court. ArcelorMittal said it is closing the Point Lisas plant and workers would receive one-month’s salary and payment for any unused vacation time. In November 2015, 480 workers were laid off for six weeks and then […]
US Steel CEO Mario Longhi took a 35 percent pay cut last year after the company failed to meet financial targets. Longhi’s pay cut was due mostly to the elimination of a cash incentive award that in 2014 totaled $4 million dollars. A recent Securities and Exchange Commission filing shows the CEO’s compensation at $8.6 […]
Recently, Steel Market Update produced an article regarding a discussion between Dan DiMicco, former CEO of Nucor and another one of our LinkedIn members who, in a past life, was responsible for buying foreign slabs for a domestic steel mill. Here is a small clip of that conversation: LinkedIn member: Of course I don’t imagine […]
US Steel revealed a new corporate structure for its tubular operations last week. Ownership of the Lorain, Ohio and Fairfield, Ala., operations has been transferred to a new, wholly owned subsidiary US Tubular Operations, LLC. US Steel Seamless Tubular Operations, LLC and the existing US Steel Tubular Products, Inc. (a subsidiary of US Steel Corporation), […]
US Steel’s Lorain Tubular steel operations will be idled beginning March 27. The plant is expected to remain down for an unspecified time period until order books improve. US Steel spokesperson Sarah Casella said, “We continue to adjust operations at Lorain to meet customer demand.” The sprawling steel complex in Lorain workers includes both US […]
More than 3,000 workers at ArcelorMittal steel mill Lazaro Cardenas in Michoacan, Mexico went on what has been classified as an illegal strike on March 4 to protest job cuts and idled operations. Workers marched in a protest rally and placed red and black flags at the doors of the steel company to announce the […]
United Steelworkers voted by a 5:1 margin on Tuesday to ratify a new four-year contract at Allegheny Technologies. The ratification will put 2,220 workers back on the job after a six-month lockout, pending approval by the National Labor Relations Board. A contract was finally hammered out after the NLRB filed an unfair labor suit against […]
United Steelworkers voted by a 5:1 margin on Tuesday to ratify a new four-year contract at Allegheny Technologies. The ratification will put 2,220 workers back on the job after a six-month lockout, pending approval by the National Labor Relations Board. A contract was finally hammered out after the NLRB filed an unfair labor suit against […]
Ontario Superior Court Justice Herman Wilton-Siegel settled the question of whether a $2.2 million claim by US Steel on its former subsidiary US Steel Canada is equity or debt. It’s debt says the judge. In a decision on Monday, Wilton-Siegel said US Steel’s investment in its Canadian operation was in the form of loans that […]
An Essar Steel Algoma and US Steel Canada combo may be in the works. Bloomberg reports that bidders for US Steel Canada are looking at combining the operations at Algoma with those at Hamilton and Lake Erie Works. The resulting steel company could become a major competitor in the North American steel market. Potential bidders, […]
Workers at Allegheny Technologies received details of the tentative contract proposal on Saturday and were pleased by what they heard. According to TribLive the USW workers said the contract is “better than what we expected” and “overall, it’s not a bad contract.” The new contract includes a $3,500 signing bonus paid over the life of […]
Workers at Allegheny Technologies received details of the tentative contract proposal on Saturday and were pleased by what they heard. According to TribLive the USW workers said the contract is “better than what we expected” and “overall, it’s not a bad contract.” The new contract includes a $3,500 signing bonus paid over the life of […]
US Steel Canada supporters have been waiting a month for a decision by Justice Herman Wilton-Siegel on whether former parent company, US Steel, is owed $2 billion dollars debt or if that amount is an equity investment. Court hearings on the matter ended January 27 with a promise of a decision within two weeks. Trevor […]
The USW negotiating committee for ArcelorMittal posted a passionate 25th update to the USW website on Wednesday, Feb. 24. The committee called ArcelorMittal “hell bent” on ignoring the real issues and insisting on health care and contract demands on “principle” than on true cost savings. The committee and management have been in negotiations for a […]
ArcelorMittal USA has closed the aluminizing line at Indiana Harbor West. Workers have been transferred to a galvanizing line that restarted after being idled near the end of 2014. The closing has been in the works for more than a year and was actually expected in December. ArcelorMittal has been in talks with the USW […]
“It would be an understatement to say 2015 was a difficult year in the steel industry,” said Olympic Steel president and COO David Wolfort during the company’s earnings conference call. Olympic Steel reported a net loss of $5.0 million for fourth quarter 2015 and a net loss of $26.8 million for the full year 2015. […]
Once a month HARDI wholesalers conduct a conference call for those member companies who are involved in the sale of galvanized sheet and coils to the mechanical contractors involved in residential and commercial construction. Steel Market Update publisher, John Packard, has been involved with the HARDI organization for many years going back to his steel […]
“We will follow the market,” is what Mark Bula, Chief Commercial Officer at Big River Steel, told SMU during a phone interview late last week. We asked Bula to outline the progress of the mill and when they anticipate beginning production. We learned that with the strength of the cold rolled markets, Big River Steel […]
The United Steelworkers and Allegheny Technologies have reached a tentative agreement on a new four year contract. Approximately 2,220 workers have been out of jobs since August 2015 in what the USW and National Labor Relations Board has termed an illegal lockout. The new contract and back-to-work agreements are subject to ratification by the membership […]
The United Steelworkers and Allegheny Technologies have reached a tentative agreement on a new four year contract. Approximately 2,220 workers have been out of jobs since August 2015 in what the USW and National Labor Relations Board has termed an illegal lockout. The new contract and back-to-work agreements are subject to ratification by the membership […]
BlueScope Steel is one of only a handful of major steel companies around the world that is reporting profit. Underlying EBIT for the first half of FY 2016 was $166.5 million, up 35 percent year over year.. Commenting on the outlook for the company, CEO Paul O’Malley said, “Notwithstanding a challenging macroeconomic environment, we are […]
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 264,500 tons in January to 2.909 million tons. Shipping days at 20, were down by two from December. On a tons per day basis (t/d) shipments increased from 120,200 […]
The Metal Service Center Institute (MSCI) released shipment and inventory data for U.S. steel distributors this week. The headline for total steel products is shipments rose from December to January by 275,200 tons or 9.9 percent, but were still 470,400 tons or 13.3 percent below levels from one year ago. U.S. steel service centers shipped […]
A note from the Metals Service Center Institute (MSCI) regarding a change in data: “For this month’s Metals Activity Reports in Canada, and going forward, there have been changes in the companies in the sample. These changes result in a reduction in the number of product categories being reported. As indicated on the reports Carbon […]
SAULT STE. MARIE, ONTARIO – On January 29, 2016, Essar Steel Algoma appealed to the Federal Court of Appeal to overturn the January 6, 2016 decision of the Canadian International Trade Tribunal (“CITT”) regarding dumped and subsidized hot-rolled carbon steel plate and high-strength low-alloy steel plate imports from India and Russia. In their ruling, the […]
Reliance Steel & Aluminum reported net income of $68.8 million for fourth quarter of 2014, down 25.7 percent from fourth quarter 2014 but up 33.5 percent from third quarter. Total sales for Q4 were $2.03 billion down 21.4 percent year over year and down 11.4 percent from third quarter 2015. Total tons sold were down […]
FORT WAYNE, Ind., Feb. 16, 2016 /PRNewswire/ — Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced the creation of three new leadership positions which will coincide with the retirement of Richard P. Teets, Jr., a co-founder of the company and its Executive Vice President of Steelmaking, and President and Chief Operating Officer of Steel Operations. Effective […]
SSAB faced a tough market in fourth quarter resulting in an operating loss of SEK 802 million ($94.4 million). Low volumes and steel prices in North America and Europe and a maintenance outage at SSAB Special Steels were contributing factors. For the full year 2015, SSAB posted an operating loss of SEK 128 million ($15.2 […]
The National Labor Relations Board is taking Allegheny Technologies Inc. to task for alleged unfair labor practices. The NLRB filed a formal complaint on February 11 accusing ATI of bargaining in bad faith on a new labor agreement with the USW and unlawfully locking out workers on August 15. The 31-page document accuses the company […]