Olympic Steel navigated through falling metal prices for a first quarter net income of $1.1 million. Income was down from $2.8 million in Q1 2014, but better than anticipated by analysts due to higher revenue of $346 million, stronger than expected gross margin (19.1 percent) and lower operating expenses. In the carbon flat products segment, […]
US Steel spoke at length on the impact that unfairly traded imports have had on results in first quarter. Although, CEO Mario Longhi could not give an estimate for when the next trade case will be filed he did respond, “What I can tell you, it’s not a question of if; it’s a question of […]
AK Steel earnings in first quarter were challenged by high levels of imported carbon steel products, said CEO James Wainscott. “The first quarter of 2015 was certainly more challenging than we anticipated. That because of the extremely high level of imported carbon steel products–unfairly traded imports, in our opinion–that hit our countries shores at the […]
US Steel reported a first quarter net loss of $75 million–$65 million of which was due to the shutdown of coke production facilities. Net sales were $3.27 billion on total steel shipments of 4.1 million tons. Commenting on results, U. S. Steel President and Chief Executive Officer Mario Longhi said, “Our results reflect extremely challenging […]
SSAB reports a relatively weak steel market in the US in first quarter due primarily to high inventory levels at distributors and imports that pressured prices in the North American market. Despite challenging market conditions, sales at SSAB Americas rose 24 percent year over year to $407.8 million (SEK 3,508 million). Sales were relatively unchanged […]
US Steel Canada has filed for an extension of creditor protection with the Superior Court. It will be the third time that protection has been extended under the Companies Creditors Arrangement Act (CCAA). The new requested deadline is September 11. Chief restructuring officer or USSC, Bill Aziz, said in an affidavit that progress has been […]
Reliance CEO Gregg Mollins is expecting a steel price increase in the “not too distant future.” Steel prices have been bouncing near bottom due to a flagging energy industry and competition from extraordinary levels of steel imports. The spread between domestic and foreign is now thin, said Mollins, business is good, and demand is there. […]
Nucor Corp. announced net earnings of $67.8 million. Consolidated net sales decreased 14 percent year over year to $4.4 billion in the first quarter 2015. Earnings were down 12 percent compared to fourth quarter 2014. Total tons shipped to outside customers were 5.6 million tons, down 7 percent from Q4 and 9 percent from Q1 […]
The drop in galvanized steel pricing from the domestic mills is creating havoc at the HARDI wholesalers. As one of the wholesalers put it during the HARDI sponsored galvanized steel conference call Steel Market Update participated in earlier today, “Demand is still reasonable. My concern is that we will have a poor second half of […]
Steel Dynamics Inc. reported high levels of steel import and customer inventory reduced shipments for first quarter resulting in a 44 percent drop in consolidated operating income compared to fourth quarter. SDI adjusted net income was $40 million for first quarter 2015 with $2 billion in net sales. The adjusted income excludes $17 million in […]
The Ontario Superior Court reserved judgment Monday on releasing the terms of an agreement made between US Steel Corp. and the Canadian federal government in 2011. Last week the Canadian government refused to release the documents that outline what was agreed by US Steel in return for the government dropping its suit against the company […]
US Steel announced another round of production adjustment cuts that affect the company’s tubular operations. Notice of potential layoffs were issued to 1,404 employees on Friday, April 17. The latest round of notifications impact 404 management employees in Houston and other U.S. Steel tubular operations, 579 employees at Lone Star Tubular, 166 at Offshore Operations […]
The Canadian government says it will not release the agreement made with US Steel after it dropped a lawsuit against the company in 2011. “It would be against the law for us to release this information without the agreement of the company,” said Industry Canada spokesperson Jake Enwright as quoted in the Hamilton Spectator. “On […]
A worker at US Steel Great Lakes Works in Ecorse, Mich., was killed on Saturday evening when run over by a semi-truck. According to reports, Heather Warren was directing truck traffic when hit by a truck operated by ALCO Transportation at Great Lakes Works Cold Mill Shipping. The incident is under investigation. The Ecorse plant […]
According to the Metal Service Center Institute (MSCI,) U.S. steel service centers shipped 3,672,900 tons of carbon steel (all products) at an average of 167,000 tons per day during the month of March 2015. Total carbon shipments were up 10.1 percent over the previous month but 0.1 percent lower than one year ago. However, the […]
NLMK Group reports steel output was down 6 percent in first quarter 2015 to 3.87 million tonnes (4.27 million tons). The decrease was due to scheduled maintenance at NLMK USA and the Lipetsk plant. Group utilization rates were 96 percent for Q1. Sales grew by 3 percent quarter over quarter to 3.96 million tonnes (4.37 […]
Total service center carbon steel shipments increased in March by 321,400 tons to 3.507 million tons. Shipping days at 22 were 2 more than February. On a tons per day basis (t/d) shipments increased from 159,300 in February to 159,400 in March. In the twelve years since 2004, March shipments on average have been 1.2 […]
Twice per month Steel Market Update (SMU) conducts an analysis of the flat rolled steel market utilizing our proprietary questionnaire which is presented to approximately 600 companies for review. We receive well over 100 responses every time we canvass the market with the vast majority of respondents falling into either the manufacturing or service center/wholesaler […]
Alton Steel says it will temporarily lay off 62 employees, 25 percent of its total workforce, until demand improves in the SBQ market. According to ASI President and CEO, Jim Hrusovsky, “We have reviewed three factors: orders, inventory and scheduling, and ASI is confident that we will maintain the excellent on-time delivery performance that our […]
Lee Steel Corp, a privately owned steel service center in Novi, Michigan, filed for Chapter 11 bankruptcy protection on April 13, 2015. In a court filing the company cited “financial difficulties resulting from the present severe collapse in steel prices.” The company listed debt of approximately$10.8 million. The vast majority of the debt owed is […]
The United Steelworkers are challenging US Steel’s claim that it is owed more than $2 billion from its own subsidiary, US Steel Canada. Union workers are concerned that US Steel will give itself creditor preference over the pensions of USW workers at Lake Erie Works and Hamilton Works. “Basically U.S. Steel says it owes itself […]
US Steel Corp. President and CEO Mario Longhi is the recipient of the 2015 AIST Steelmaker of the Year Award. The annual award is presented by the Association for Iron and Steel Technology to notable leaders for their impact on the steel industry. The prestigious honor will be conferred at the AISTech 2015—Iron and Steel […]
Another steel mill bites the bullet and lays off employees as a result of poor market conditions. Alton Steel laid off 88 union workers at its melt shop and bar mill for a period of at least three weeks or more. According to a union member in report by local news source The Telegraph, the […]
US Steel Canada (USSC) has received approval by the Ontario Superior Court of Justice to commence sale of its steel mills in Hamilton and Nanticoke. The April 2, 2015 order for the sale and restructuring/recapitalization process (SARP), as agreed to under the Companies’ Creditors Arrangement Act (CCAA), was described in a press release by USSC […]
The following article was released by ArcelorMittal this past week to the greater steel community. The article deals with the challenges that ArcelorMittal says are “eerily similar” to those seen in 1998 which resulted in the bankruptcy of several steel mills, including LTV and Bethlehem Steel. Steel Market Update has a separate article normally produced […]
Another steel mill bites the bullet and lays off employees as a result of poor market conditions. Alton Steel laid off 88 union workers at its melt shop and bar mill for a period of at least three weeks or more. According to a union member in report by local news source The Telegraph, the […]
Randall Metals Corporation, a distributor of prime tin mill products in North America, announced the commissioning of a multi-million dollar, 50,000-pound capacity 72-inch Slitter line at its East Chicago Service Center. The line, designed with Athader, a global coil processing and technology leader, features the latest advancements in processing automation, operator control and display systems, […]
On Easter Sunday, US Steel began the layoff of 165 employees at its Irvin plant at Mon Valley Works in West Mifflin, Pa. The layoffs are expected to be short term and according to Local Union 2227 President Kevin McKelvey, some of the workers could be back on the job as early as next week. […]
There have been so many announcements made by the integrated steel mills (US Steel and ArcelorMittal especially) since the beginning of 2015 we thought we would provide details on various blast furnace outages and other equipment and plants associated with steel making that have been affected by slowing order books in the energy sectors and […]
US Steel Canada will be in court on Thursday to settle the terms of sale for its steel mills, Hamilton Works and Lake Erie Works. Workers and the provincial government objected to a clause in the proposed plan which would freeze the sale process if any bidder’s offer included settlement of debts owed to it […]