The American Institute for International Steel submitted comments and will provide testimony on overcapacity in the global steel industry at a hearing convened by the U.S. Trade Representative on April 12, 2016. AIIS recognizes the damage caused to the U.S. steel industry from sustained excess steel capacity and urges the United States and the Organization […]
The ocean bound freight market had a bit of good news last week—the Baltic Dry Index rose to 517 on April 7 and closed the week out on April 9 at 539, nearly an 86 percent increase from mid-February’s historic low of 290. MID-SHIP Report says a celebration is not yet warranted since the BDI […]
US Steel will lay off about 25 percent of its salaried workers in its latest cost cutting effort. It is estimated about 750 employees in the 3,000 North American salaried positions will be laid off. “This is part of the ongoing adjustment to staff levels and operations due to challenging market conditions, including fluctuating oil […]
The formal sale process for Tata Steel’s UK assets will begin on Monday and will last a reasonable amount of time, according to UK Business Secretary Sajid Javid. Several potential bidders have already come forward said Javid, adding that he hoped “many, many more” would do so. Liberty House, an international metals group, has been […]
Still no contract agreement for USW workers at ArcelorMittal who continue to work under terms of the previous labor contract that expired on September 1, 2015. In a text message update on March 18 the USW said the Committee was still bargaining over a few remaining important issues committee and that “unfair ArcelorMittal demands still […]
Reliance Steel & Aluminum Co. has acquired custom sheet metal fabricator Best Manufacturing as of April 1, 2016. The company will operate as wholly-owned subsidiary of Reliance with current management remaining in place. Headquartered in Jones Arkansas, Best Manufacturing provides various precision fabrication services including laser cutting, shearing, CNC punching, CNC forming and rolling, as […]
Essar Steel Algoma announced that it has entered Phase Two of the Sale and Investment Solicitation Process. The company reports receiving “several bids” in the first phase of the sale. During the second phase of the process, qualified bidders will be invited to a management presentation and participate in on-site tours and inspection of the […]
Reliance Steel & Aluminum Co. has acquired custom sheet metal fabricator Best Manufacturing as of April 1, 2016. The company will operate as wholly-owned subsidiary of Reliance with current management remaining in place. Headquartered in Jones Arkansas, Best Manufacturing provides various precision fabrication services including laser cutting, shearing, CNC punching, CNC forming and rolling, as […]
German steel giant and elevator manufacturer Thyssenkrupp is back in steel industry news again. The company will take full ownership of Companhia Siderúrgica do Atlantico (CSA) from Brazilian mining company Vale SA. Vale owns 27 percent of CSA and plans to sell it to Thyssenkrupp AG for a “symbolic price” while remaining sole supplier of […]
A new rule from OSHA takes aim at exposure to crystalline silica. Crystalline silica exposure is a serious health hazard affecting approximately 2 million construction workers and 300,000 general industry workers in the U.S., according to estimates by the Occupational Safety and Health Administration. Crystalline silica exposure occurs when construction workers drill, cut, crush, or […]
ArcelorMittal has idled the hot strip mill at Indiana Harbor East Chicago but will not lay off the 300 affected workers. United Steelworkers District 7 Director Mike Millsap said the union is working to re-assign workers to East Chicago, Burns Harbor or Riverdale. ArcelorMittal spokeswoman Mary Beth Holdford said the company “expects to optimize our […]
March U.S. automotive sales exceeded expectations on a year over year basis with total raw volume sales growing 3 percent due to higher volume of premium brands. The seasonally adjusted annual rate of 16.5 million units, however, fell below 17 million for the first time since April 2015. WardsAuto expects a major spike in SAAR […]
Tata Steel’s exit from the United Kingdom may be a precursor to a merger with Thyssenkrupp. Wall Street Journal reports Tata and Thyssenkrupp have been in high-level talks for more than a year about combining their European steel operations. Whether the two companies are considering a buyout or forming a joint venture is unclear at […]
In what is hoped to be good news for the steel industry, manufacturing as measured by the latest Manufacturing ISM Report on Business expanded for the first time in six months. The PMI, or Purchasing Managers Index, increased 2.3 percentage points to register 51.8 from a reading of 49.5, indicating expansion in manufacturing and the […]
A quick survey of ports shows good warehouse availability for incoming steel products. Los Angeles and Gulf ports saw a significant decline in steel imports in 2015. At the Port of Houston steel import tonnage dropped 28 percent from 6.5 million tons in 2014 to 4.6 million tons in 2015. Tubular product imports are expected […]
Essar Steel Algoma and USW Local 2724 have agreed to extend bargaining discussions during the sales and solicitation process. A joint press release from Essar Steel Algoma and USW Local 2724 follows: SAULT STE. MARIE, ONTARIO – Essar Steel Algoma Inc., the USW and its Local 2724 have agreed to extend bargaining discussions in light […]
Nucor plans to invest $4.4 million in its Decatur steel manufacturing plant to upgrade the hot metal pickle line. On Monday, the Decatur Industrial Development Board approved an abatement of about $117,545 in non-educational state, city and county taxes over a 10-year period for the project. “We appreciate Nucor’s continued investment in their Decatur operations […]
Tata Steel announced yesterday that it will consider selling off all of its British operations. In a review of its UK operations, the Tata Steel Board concluded that due to deteriorating financial performance in the past twelve months the company will “explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, […]
The Chicago Business Barometer, or Chicago PMI as it is commonly called, surged six points in March to 53.6. The bounce back from February’s 8 point contraction was due to strong gains in production, new orders and order backlogs. The employment index rose above 50 in March to its highest level since April 2015. Inventories […]
Members of the Precision Metalforming Association are expecting business conditions to falter a bit during the next three months. The March PMA Business Conditions Report indicated a minor downward trend with 25 percent of participants predicting that economic activity will improve in the next three months (down from 30 percent in February), 59 percent expecting […]
AK Steel will get help to restart the Ashland Works furnace from Kentucky legislators. The state Senate passed a house bill on Tuesday that would extend economic incentives from a 2014 measure to help AK Steel refurbish and restart the idled blast furnace at Ashland. The incentives were due to expire in July. AK Steel […]
Bank lenders to Essar Steel Group have approached Tata Steel and JSW Steel to buy out the company according to sources quoted by CNBC. Bankers took matters in their own hands after expressing concern that Essar Steel cannot pay back Rs 40,000 crore (about $6 billion) in loans to State Bank of India and other […]
Bohai Steel Possible Test Case for China Steel Industry Restructuring The slowdown in China’s economy along with the push to reduce excess steel capacity is putting financial stress on the country’s banking system. Bohai Steel Group Co., a fully state-owned steel producer in the Tianjin province, is one of those who are struggling to make […]
The Canadian International Trade Tribunal (CITT) issued a final determination today (March 29) that finds Canadian producers have been injured due to the dumped and subsidized imports of certain carbon and alloy steel line pipe from China. The investigation was initiated by the CBSA on August 28, 2015 following complaints filed by EVRAZ North America […]
Business conditions are still terrible in the ocean freight market as vessel operators cope with oversupply of ships and weak demand. Wrote MID-SHIP in the March 24 MID-SHIP Report, “The freight markets are at levels not seen or experienced for 30-35 years and there is no silver bullet in sight, even though there is a […]
Japan steelmaker JFE Holdings and Nucor Corp reportedly are in talks to build a jointly run steel plant in Mexico. JFE plans to invest $264 million in the project, according to the Nikkei Asian Review. The plant will have an annual capacity of 400,000 tons and will service the Mexican auto industry, supplying steel for […]
Home prices continued to rise in January, according to the S&P/Case-Shiller Home Price Indices. The 20-City Composite gained 5.4 percent in January, up slightly from a 5.3 percent increase in December. The 10-City Composite year over year over year gain was 5.1 percent. “Home prices continue to climb at more than twice the rate of […]
Orders for durable goods fell 2.8 percent in February for the third decline in four months. The latest report from the Commerce Department shows transportation equipment leading the decrease, down 1.2 percent last month. Civilian aircraft orders plunged 27.1 percent leading the transportation equipment descent. Inventories continued to decrease as manufacturers struggle to bring inventories […]
The Architecture Billings Index made a slight gain in February, posting a score of 50.3 after falling to 49.6 in January. The score above 50 indicates a minor increase in design services for the month. The new projects inquiry index was 59.4, up from 59.3 the previous month. The design contract index was 51.7. “March […]
Orders for durable goods fell 2.8 percent in February for the third decline in four months. The latest report from the Commerce Department shows transportation equipment leading the decrease, down 1.2 percent last month. Civilian aircraft orders plunged 27.1 percent leading the transportation equipment descent. Inventories continued to decrease as manufacturers struggle to bring inventories […]