US Steel Corp. lost its bid to keep objections to its debt claims out of the CCAA proceedings for US Steel Canada. US Steel claims it is owed $2.2 billion by USSC, an amount that the United Steelworkers, the province, and former Stelco president Bob Milbourne question. Justice Herman Wilton-Siegel in his decision wrote that […]
Lee Steel has sold all of the assets of its Wyoming, MI operations (Grand Rapids facility) and its working capital assets at the Romulus, MI facility to Union Partners I LLC, an affiliated group of service centers. The Romulus facility will be consolidated into the Wyoming facility and there will be no interruption in service […]
Based on Steel Market Update (SMU) analysis of the recently released MSCI service center inventory and shipment data, total service center carbon steel shipments decreased by 116,500 tons in July to 3.287 million tons. Shipping days at 22, were the same as June. On a tons per day basis (t/d) shipments decreased from 154,700 in […]
A huge hole has been made in the heart the US steel industry. Big River Steel CEO John Correnti died this morning while on an out-of-town business trip. John Correnti, 68, was no stranger to the development of steel mills. His plan to build the mini-mill in Osceola, Ark. was backed by almost 50 years […]
Big River Steel CEO John Correnti died this morning. He was found dead while on an out-of-town business trip. John Correnti was the driving force behind Big River Steel, the new flat rolled mini-mill under construction in Arkansas. Prior to Big River Steel he oversaw the construction of the SeverCorr steel mill in Columbus, Mississippi […]
Steel Market Update publisher, John Packard, participated in the monthly galvanized steel conference call held by HARDI for their wholesalers and other HARDI member companies. The wholesalers supply galvanized steel sheet and coil to the mechanical contractors who are involved in the residential and commercial HVAC markets. The group discussed a number of key market […]
US Steel announced Monday that it intends to permanently close its blast furnace and associated steelmaking operations at Fairfield Works in Alabama. Most of the flat-rolled finishing operations at Fairfield will also be shut down. About 1,100 employees will lose their jobs due to the closure. “We have made some difficult decisions over the last […]
The Metal Service Center Institute (MSCI) reported July steel service center shipments and inventory data for the month of July. Expectations had been running high that shipments would decent for the month and that inventories, which had been dropping over the past six months, would continue that trend. Unfortunately, 2015 is turning out to be […]
SMU requested a comment from the president of Steelscape regarding the challenges the mill will face if their parent companies’ supply of hot rolled coil is potentially cut off. We received the following note regarding their sources of supply which are named in the hot rolled antidumping and countervailing duty petition filed last week: “I […]
I was speaking with the owner of a manufacturing company late last week. He told me his company had a number of union plants and he has negotiated a number of union contracts over the past few years. “People don’t strike anymore,” he said, “unless someone puts a line in the sand and forces the […]
Essar Steel is in the running for purchase US Steel Canada according to an anonymous source close to the bidding process. According to the Hamilton Spectator, the source said Essar Steel Holdings is interested in purchasing both Hamilton Works and Lake Erie Works, the only bidder interested in the entire USSC operation. Other bidders are […]
The Steel Market Development Institute (SMDI), a business unit of the American Iron and Steel Institute (AISI), today announced Rick Blume, vice president, commercial, Nucor Corporation, will succeed Dan Mull, executive vice president, sales and marketing, ArcelorMittal USA, as chairman of SMDI’s Board of Directors. “We look forward to working under Rick’s leadership to further […]
US Steel Canada pensioners have won a court decision that will likely place them at the head of the queue of creditors for the CCAA protected entity. Lawyers for retired Hamilton steelworkers intervened in a case of Grant Forest Products that entered CCAA protection to avoid bankruptcy. After its assets were sold and divided among […]
Contract negotiations are continuing between US Steel and the United Steel Workers. The USW negotiation team was less than thrilled with the proposal received from management last week. A USW update to members stated, “The USW negotiating team explained that the union would be flexible and willing to solve problems, but that the USW was […]
Olympic Steel net sales fell to $316.3 million in second quarter and dropped 9.8 percent to $661.1 million for the first half of 2015. Declines in both periods were attributed to lower shipments and lower average selling prices due in part to the impact of subsidized imports on the market. The company reported a net […]
ArcelorMittal reported second quarter EBITDA of $1.4 billion and net income of $179 million. Results for the company were impacted by improved steel and mining volumes that were offset by lower price. Steel shipments totaled 22.1 million tons, up 3.4 percent year over year. Quarter sales fell 18 percent to $16.9 billion compared to $20.7 […]
US Steel is expecting higher steel prices and shipments in the second half of 2015 helped by the recent trade case on cold rolled steel and an upcoming trade case on hot rolled steel. The company reported a net loss of $261 million for second quarter which included a write down of $136 million on […]
U.S. Steel and four other domestic steel mills filed antidumping suits on cold rolled steel against 8 countries. The following information was released to the steel community this morning (Tuesday, July 28th). In an email last night, USS incorrectly named SSAB as one of the petitioners in the CR suit. SSAB did respond to our […]
As expected, five U.S. steel mills banded together and filed an antidumping petition against cold rolled steel from: China, Russia, India, South Korea, Netherlands, Japan, United Kingdom and Brazil. Reaction from steel buyers about the scope of the cold rolled suit ranged from relatively muted to surprised. Those who had a muted response expected that […]
AK Steel blamed low prices due to high levels of unfairly traded imports for its net loss of $64 million for the second quarter of 2015. Net sales for the quarter totaled $1.69, down from $1.75 billion sequentially and $1.53 billion in Q2 2014. Average selling price of $931 per ton was down 7 percent […]
Last night (Monday, July 27th) US Steel began advising some of their customers that a cold rolled trade suit had been filed against 8 foreign countries. We have learned from other mills mentioned in the text of the USS email below, that the case is actually being filed today. Here is the full text of […]
Essar Steel Algoma announced a return to profitability with income from operations of CDN $76.3 million at the closing of its fiscal year 2015 on March 31, 2015. “Fiscal 2015 marked a turnaround for Essar Steel Algoma. Through the recently announced Modernization and Expansion Program, we expect to offer a much broader range of advanced […]
US Steel wants “to turn back the clock” in contract demands said the United Steelworkers in a statement on the ongoing contract negotiations. “While we have yet to receive a formal, detailed proposal from the company, it’s clear from this initial outline that U.S. Steel is attempting to use the current industry downturn to gut […]
By a wide majority, buyers and sellers of flat rolled steel have little to no fear of a possible strike or lockout at either US Steel or ArcelorMittal. At least that is what we found during our most recent flat rolled market analysis conducted last week. Negotiations have started between ArcelorMittal and US Steel with […]
US Steel Canada has a new financial backer to help it through its credit protection period. A court hearing on Friday removed parent company US Steel as provider of debtor in possession (DIP) financing and installed Brookfield Capital Partners as the new lender. The new lending package gives USSC access to $150 million to keep […]
Essar Steel Algoma is investing CDN $240 million to modernize and expand its facilities to meet the global demand for advanced grades of steel. The investment includes $60 million in financial support from the governments of Ontario and Canada. Essar Steel Algoma received a $30 million grant from Ontario’s Ministry of Northern Development and Mines […]
Nucor Corporation announced net earnings of $124.8 million for second quarter. Sales of $4.36 billion were down 1 percent from Q1 and 18 percent from Q2 2014. Total tons shipped increased by 5 percent from first quarter to 6,055,000 tons but were down 13 percent year over year. Imports pressured average sales price per ton, decreasing […]
Reliance Steel & Aluminum Company reported strong profits despite sliding sales and shipments in the second quarter. Net income was $90.2 million, a 2.4 percent drop from first quarter. Earnings per diluted share of $1.20 were above second quarter guidance. Sales of $2.42 billion slipped 7.3 percent from first quarter and 7.4 percent year over […]
SSAB Americas reported sales of SEK 3,027 million ($351 million) in second quarter, down 14 percent from first quarter and 4 percent year over year. Steel shipments of 471,000 tonnes (519,180 tons) declined 1 percent sequentially and 10 percent year over year. Crude steel production was down 2 percent from the previous quarter and 8 […]
This morning, Steel Market Update participated in the monthly HARDI galvanized steel conference call. Each month HARDI hosts a conference call amongst the wholesalers who supply galvanized sheet and coil to the mechanical contractors who are producing the duct work and air handling systems for both residential and commercial construction. We discussed in the previous […]