The article below is normally reserved for our Premium members, but we thought our Executive members would appreciate seeing the MSCI data from a different viewpoint with more analysis than what they normally see from us. Based on Steel Market Update (SMU) analysis of the recently released MSCI service center inventory and shipment data, total […]
Essar Steel Algoma will begin the process of looking for a buyer or investor next month according to letters sent to suppliers by CEO Kalyan Ghosh. Under terms of the Debtor In Possession (DIP) Agreement, the company must get court approval for a “broad and investment solicitation process (SISP)” by February 1, 2016. “While we […]
The USW and Allegheny Technologies continue to wrangle over issues in an attempt to find a contract proposal that will appease both parties. Meetings were held at USW headquarters last week with a mediator present and without. The USW reports that there has been some progress on minor issues but ATI continues “to argue for […]
USW and ArcelorMittal negotiations resumed last week with hope of a possible compromise after a tentative contract was reached at US Steel. According to the latest information update from the USW, an impasse between the parties still continues concerning retiree benefits and contract language that could affect future labor agreements. “While ArcelorMittal has dropped its […]
The USW and Allegheny Technologies continue to wrangle over issues in an attempt to find a contract proposal that will appease both parties. Meetings were held at USW headquarters last week with a mediator present and without. The USW reports that there has been some progress on minor issues but ATI continues “to argue for […]
US Steel Canada has received court approval to begin again the sales process for Hamilton and Lake Erie Works. US Steel Canada argued in a motion before the court: “With potential SISP bidders showing interest in USSC’s business and with important operational decisions for 2017 needing to be made beginning in the second half of […]
LEIPSIC, Ohio, Jan. 14, 2016 /PRNewswire/ — PRO-TEC Coating Company, a 50/50 joint venture between United States Steel Corporation (NYSE: X) and Kobe Steel, Ltd., of Japan, announced today that Richard E. Veitch has been named the President of PRO-TEC Coating Company. This change is effective Jan. 18, 2016. Veitch succeeds Brent Rosebrook, who had […]
Steel Market Update participated in the monthly galvanized steel focused conference call sponsored by HARDI (*) earlier today. The wholesalers and manufacturers who participated in the call reported rising prices out of their domestic mill suppliers. Most reported the mills as having collected $20 to as much as $40 per ton since the increases were […]
Workers at US Steel will receive ballots and a summary of the tentative three-year contract this week. Over the next two weeks steelworkers will cast their votes on whether to ratify or reject the new contract. The USW said it expects to count ballots on February 1. The USW has urged the membership to ratify […]
Media reports indicate that ArcelorMittal Steelton, a producer of rail in Pennsylvania, may be up for sale. Local government officials and the president of USW Local 1688 say they have been informed by the company that the facility is for sale. A spokesperson for ArcelorMittal said the company “does not comment on rumors or market […]
Steelworkers in Lorain, Ohio are having a dismal start to 2016. In addition to this week’s announcement by Republic Steel that it would idle operations at its rolling mill, US Steel confirmed layoffs are coming to Lorain Tubular. A union official reports 261 workers at US Steel’s Lorain Tubular Operations will be laid off beginning […]
Nucor announced it will resume operations at its direct reduced iron (DRI) plant in Louisiana at the end of January. Operations were suspended at the end of last year due to market conditions following a scheduled maintenance outage. The company said in a statement: “Nucor’s raw materials strategy is built on flexibility, with the company […]
USW and ArcelorMittal resumed contract talks this week in Pittsburgh. The negotiating committees first met in June 2015 and USW members have been working under a contract extension since Sept 1. Mark Glyptis, president of the United Steelworkers Local 2911 in Weirton said he is hopeful that a settlement will be reached soon. “This has […]
Reliance Steel & Aluminum Co. has completed the acquisition of Tubular Steel, Inc., effective Jan. 1. TSI is a distributor and producer of carbon, alloy and stainless steel pipe, tubing and bar products. The company is headquartered in St. Louis, Mo., and ships from its seven U.S. service centers more than 2 million custom-cut lengths […]
USW and Allegheny Technologies Inc. resumed talks on Dec. 30 with a federal mediator in Pittsburgh. The meeting follows an announcement that the National Labor Relations Board would file unfair labor practice charges against ATI. USW officials said the parties discussed the NLRB decision, the US Steel tentative settlement, idling of operations, and the four-month […]
USW and Allegheny Technologies Inc. resumed talks on Dec. 30 with a federal mediator in Pittsburgh. The meeting follows an announcement that the National Labor Relations Board would file unfair labor practice charges against ATI. USW officials said the parties discussed the NLRB decision, the US Steel tentative settlement, idling of operations, and the four-month […]
The negotiating committee at US Steel reached a tentative agreement on a new labor contract on Saturday, Dec. 19. Although terms of the contract will not be officially released until after ratification, the Pittsburgh Post-Gazette obtained a copy and revealed some of the content. The new contract references slowdowns for the company including those at […]
US Steel Canada is doing better than expected despite still losing money. According to the 18th Monitor’s report for the CCAA protected company, November’s operation loss was $5.8 million, about half the forecast of $11 million. Operational loss year to date (as of November 30) was $109.4 million. Net loss for the eleven months was […]
US Steel Corp announced it will postpone construction of the electric arc furnace at its Fairfield Works operation in Alabama due to “continued challenging market conditions in both the oil and gas and steel industries.” The $230 million EAF was scheduled for completion next year, giving US Steel the flexibility of its first EAF. The […]
The USW and US Steel reached a tentative agreement late Saturday on a new contract for the more than 18,000 workers at US Steel’s flat-rolled, tubular and iron ore mining facilities in the United States. “This tentative agreement represents a major step forward from the position we found ourselves in earlier this summer when we […]
SMU anticipates that with US Steel and the USW coming to a tentative agreement that it is only a matter of time before the ArcelorMittal negotiations will also come to a resolution, most likely very similar to the one negotiated at USS. The union has not yet voted on the USS package and, if there […]
The National Labor Relations Board has sided with workers from Allegheny Technologies that have accused the company of illegal labor practices after a lockout was initiated on August 15. The NLRB on Friday said it would file a complaint against ATI that will be heard before an administrative law judge in Pittsburgh. “The determination was […]
AK Steel joins other steelmakers in reporting reduced shipment volumes for fourth quarter. In its guidance report, the company says it expects shipments of approximately 1.6 million tons, down 14 percent from Q3. The decrease is a result of reduced sales in the carbon steel spot market due to the adverse impact of pricing from […]
December 16, 2015 – ArcelorMittal today announces that Lou Schorsch, 66, senior executive vice president, member of the Group Management Board and CEO of ArcelorMittal Americas will retire from the company, effective end of February 2016. Mr. Schorsch joined the company in 2003 as CEO of Ispat Inland. Going forward it has been decided to […]
Worthington Industries posted net sales of $699.8 million and net earnings of $23.2 million for second quarter 2016 ending November 30, 2015. CEO John McConnell called it a “solid performance for the quarter in the face of some market weakness.” Sales were down 19.7 percent compared to the prior year’s second quarter as result of […]
Nucor is expecting weaker financial results in fourth quarter. Operating performance in the steel mill segment was down from third quarter, especially at sheet and bar mills, as lower selling prices outpaced the decline in raw materials pricing. “This performance is due to continued deterioration in global steel markets amplified by global excess capacity and […]
SSAB expects to report lower earnings for fourth quarter due to decreased volumes and falling prices in Europe and North America but is looking forward to better market conditions in Q1. Market conditions have deteriorated further than expected from the previous forecast for fourth quarter. Plate and strip market prices fell sharply during the quarter […]
Steel Dynamics expects reduced profitability from its steel operations in fourth quarter compared to third. Lower steel shipments, customer destocking and seasonal demand weakness are impacting the steel platform and, in particular, commodity grade hot roll products. Lower steel pricing will offset any benefits from lower ferrous scrap costs. Fabricated steel joist and decking products […]
The Metal Service Center Institute (MSCI) released shipment and inventory data for U.S. steel distributors. The headline for total steel products is shipments fell during the month of November both on a month over month basis (143,100 tons per day in November vs. 152,900 tons during October) as well as on a year-over-year basis (-8.1%). […]
USS/Posco (UPI) and California Steel both sent out letters over the past few working days advising their customers of their intention to raise prices on spot flat rolled orders. On December 11, 2015 USS/Posco sent out a letter announcing $40 per ton. On Monday, December 14, 2015 California Steel Industries (CSI) opened their February order […]