ArcelorMittal reported a $700 million loss for third quarter which it blamed on falling prices and dumping of steel by China. Third quarter EBITDA was $1.35 billion. “Operating conditions have deteriorated in recent months, both in terms of the international steel price environment which has been driven by unsustainably low export prices from China and […]
The UAW announced the completion of voting for a new labor contract with General Motors. The overall vote was 55.43 percent in favor and 44.57 percent against. Production workers voted for the contract by a 58.3 percent to 41.7 percent margin. Skilled trades, however, voted against the agreement, with 40.5 percent in favor and 59.5 […]
US Steel continues to utilize its Carnegie Way initiative to find cost savings throughout the company to offset the challenges of unfairly traded imports, lower order rates, and falling steel prices. In third quarter 750 projects were completed, raising the total number of projects contributing savings benefits to the company this year to almost 2000. […]
The House of Representatives passed a six-year transportation bill that will provide up to $325 billion for transportation projects including $261 billion for roads and bridges. The funding is expected to last three years although a last minute amendment was adopted that could provide an additional $40 billion during the life of the bill. “I […]
The American Iron and Steel Institute, the Steel Manufacturers Association, the Canadian Steel Producers Association, CANACERO (the Mexican steel association), Alacero (the Latin American steel association), EUROFER (the European steel association,) Instituto AcoBrasil (the Brazil Steel Institute), the Specialty Steel Industry of North American and the Committee on Pipe and Tube Imports today released a […]
Recent media reports indicate that Essar Steel Algoma may be heading for another return to insolvency as it struggles to meet its debts. According to media reports, the company has engaged a law firm and restructuring specialist to advise it and may file for insolvency by the end of the month. Although Essar Steel Algoma […]
The USW has filed 18 unfair labor practices against Allegheny Technologies with the National Labor Relations Board. The first set of charges was filed in September in NLRB Region 6, Pittsburgh. Additional charges have been filed with the NLRB in Cleveland, OH, Hartford, CT, and Portland, OR. “These charges cover numerous topics involving ATI’s conduct […]
The USW has filed 18 unfair labor practices against Allegheny Technologies with the National Labor Relations Board. The first set of charges was filed in September in NLRB Region 6, Pittsburgh. Additional charges have been filed with the NLRB in Cleveland, OH, Hartford, CT, and Portland, OR. “These charges cover numerous topics involving ATI’s conduct […]
US Steel Corp. reported a net loss of $173 million for third quarter 2015. Results included a $53 million loss due to shutdown of the blast furnace and associated operations at Fairfield Works. It also included a charge of $10 million for pension obligations to US Steel Canada and $7 million in restructuring costs. In […]
The J.P. Morgan Global Manufacturing PMI indicated manufacturing is expanding at a slightly faster rate as the world enters fourth quarter. The October Global PMI registered at 51.4, up from 50.7. The UK led the rise in manufacturing with solid improvement in output and new orders. The U.S. took second place in manufacturing growth alongside […]
Altos Hornos de Mexico (AHMSA) reported a net loss of 1.28 billion pesos ($77.8 million) for third quarter 2015, almost double its loss from the same period in 2014. Revenue dropped to 10.2 billion pesos ($619 million) for the quarter. Steel production fell 1.16 percent to 922,138 tonnes. Production of thermal coal increased 5.31 percent […]
Gibraltar Industries reported net sales increased 30 percent in third quarter 2015 to $305 million. Adjusted net income was $15.7 million compared with $9.5 million in Q3 2014. “Gibraltar delivered strong financial results in the third quarter, as we continued to execute on the value-creation strategy we introduced late last year,” said Chief Executive Officer […]
The Chicago Business Barometer gained 7.5 points to register 56.2 in October. The bounceback was due mainly from strong gains in production and new orders. All three indicators were at their highest reading since January of this year. On a three month moving average the Barometer was 53.1, up 15.4 percent from September. Production leapt […]
Seaborne freight is still experiencing low rates due to limited cargo volume in a general global economic slowdown, according to the latest MID-SHIP Report. Dry bulk market rates have been at historic lows this year as operators struggle with low demand and vessel oversupply. The Baltic Dry Index stood at 721 on Oct. 30, falling […]
At least one company is seeing better days ahead for the oil and gas industry. OCT Pipe announced it will build a one million square foot pipe mill in Norfolk, Nebraska. CEO Charley Havens, of the Rockwall, Texas based company, said the $125 million facility will break ground soon and be operational by mid-2017. OCT […]
According to a media reports, Essar Steel Algoma is in talks with senior lenders regarding entering insolvency. Bloomberg sources say a court filing is possible within the next month. Reuters said the company has hired law firm Weil Gotshal & Manges LLP and restructuring specialists Evercore Partners Inc. to advise it. Canadian steelmaker, Essar Steel […]
Big River Steel and Nucor were back in court on Wednesday arguing over Nucor’s claim that legal requirements were not followed in granting an air permit to Big River Steel. The Arkansas Court of Appeals will decide if the permit was properly issued. “We’re dealing with a very motivated opponent, Nucor, who wants to stop […]
The USW is taking a brief break from talks with US Steel. In an Oct. 27 update, the USW said US Steel continues to demand “major changes to health care benefits that would amount to thousands of dollars per year in added costs” for active works and retirees. The parties also wrangling over contract provisions […]
US Steel has filed court documents seeking a process trial date of November 20 to request approval of repayment of $2.2 billion in debt that it claims is owed by US Steel Canada. The court date was delayed by other restructuring issues and has been hotly contested by the USW, former Stelco president Bob Milbourne, […]
Cliffs Natural Resources reported net income of $6 million for third quarter compared to a net loss of $6.9 million in Q3 2014. Cost cutting brought US Iron Ore Operations cash production costs down 16 percent to $49 per ton; Asian Pacific Iron Ore cash production costs decreased a record 49 percent to $27 per […]
ArcelorMittal Burns Harbor experienced a fire on a raw material conveyor on Oct. 27. The fire, which started at about 7:20 p.m., was quickly contained. No injuries were involved and there was no disruption to blast furnace operations. Alternative methods of handling raw materials are being used while the conveyor belt is repaired. “There is […]
AK Steel announced today that James L. Wainscott is retiring as President and Chief Executive Officer of AK Steel, effective January 1, 2016. Wainscott will continue to serve as Chairman of the Board of Directors in a non-executive capacity. Roger K. Newport has been named as the new Chief Executive Officer and will serve as […]
Australian steel producer, BlueScope Steel has agreed to acquire Cargill Incorporated’s 50 percent share of North Star BlueScope for $720 million and $40 million in assumed debt, making BlueScope sole owner of the profitable Delta, Ohio mini-mill. BlueScope exercised its right of last refusal after Cargill was offered a bid for the North Star. BlueScope […]
“Cost is the enemy of profitability,” said AK Steel CEO James Wainscott in the company’s third quarter earnings call. AK Steel proved it can cut costs, trimming $58 million at Dearborn Works and $60 million for the company as a whole for 2015, and delivering a positive net income of $6.7 million in third quarter. […]
New orders for manufactured durable goods fell 1.2 percent in September, following a decrease of 3.0 percent in August, according to the U.S. Census Bureau. Manufactured goods have been pressured by a decrease in exports due to weak global economic conditions and a strong U.S. dollar that makes pricing for U.S. products less competitive. Transportation […]
New home sales fell in September to a seasonally adjusted annual rate of 468,000, a decline of 11.5 percent from the August rate of 529,000. “It is not surprising to see sales pull back in September following a strong August reading, especially after a few months of weak job creation,” said NAHB Chief Economist David […]
The Texas manufacturing Outlook Survey released by the Federal Reserve Bank of Dallas showed manufacturing increasing in October after nine months of flat or declining output. The production index rose to 4.8 for the first growth in output for the region in 2015. New orders continued a third month of negative reading, falling 3 points […]
The UAW and General Motors reached a proposed Tentative Agreement at 11:43 p.m. Sunday, avoiding a strike deadline of 11:59 p.m. “We believe that this agreement will present stable long-term significant wage gains and job security commitments to UAW members now and in the future,” said UAW President Dennis Williams. “We look forward to presenting […]
The United Autoworkers set a strike deadline of 11:59 Sunday, Oct. 25 for General Motors. VP and Director Cindy Estrada at the UAW General Motors Department sent GM the following notice: “In accordance with the parties’ September 14, 2015 Memorandum of Understanding extending the termination date of the September 16, 2011 National Agreement and Salaried […]
Claimants in a steel anti-trust suit that has been ongoing since 2008 will finally receive some satisfaction. Last week, a U.S. District Court judge in Illinois approved the distribution of settlement funds for 1,857 claims totaling almost $103.7 million. The settlement stems from a 2008 price fixing case involving eight steel manufacturers. Standard Iron Works […]