UAW workers have ratified a new four-year collective bargaining agreement with Fiat Chrysler in a 77 percent majority vote. “The recent bargaining process that took place on behalf of our members at FCA is a testament to the UAW’s democratic values and commitment to our members. The resolve of our membership and the dedication of […]
The Precision Metalforming Association expects continuing weaker business conditions for the next three months. The PMA’s October Business Conditions Report showed a “minor, but continuing,” downturn in economic activity along with anticipation that orders will soften in the coming months. Current daily shipping levels dipped in October with 33 percent of survey participants reporting a […]
“The UK steel industry is struggling for survival in the face of extremely challenging market conditions.” That’s how Tata Europe CEO Karl Koehler summed up the condition of the industry that is facing an onslaught of cheap steel imports, particularly from China, high energy costs and a weak export market due to a strong British […]
The nation’s highways received some much needed attention last week. The House Transportation and Infrastructure Committee on Thursday approved a bipartisan bill to provide up to $325 billion for transportation projects over the next six years. The Surface Transportation Reauthorization and Reform (STRR) Act of 2015 (H.R.3763) would authorize $261 billion for highways, $55 billion […]
Swedish steel company SSAB posted a loss of SEK 191 million ($22.4 million*) in third quarter. Earnings were down by SEK 600 million ($70.4 million) due to lower margins on heavy plate in North America, the costs of relining the blast furnace in Lulea, and negative currency effects. The company plans to cut approximately 500 […]
Reliance Steel & Aluminum Co. posted net income of $54.4 million in third quarter despite falling prices, decreased sales, and a restructuring charge of $55.5 million related to businesses serving the energy industry. End market demand was relatively steady in third quarter, except in the energy market where shipments dropped approximately 40 percent year over […]
Nucor third quarter earnings exceeded analyst expectations with earnings per share of $0.71 compared to estimates of $0.49. Nucor posted net income of $227.1 million, up from $124.8 million in second quarter due to a larger than forecasted LIFO credit and improved performance in the steel segment. Consolidated net sales were $4.23 billion on shipments […]
Steel earnings calls began this last week and all of them reference the downturn in the oil industry and its effect on production. Low oil prices, overcapacity, and resulting weak demand for OCTG products continues to force firms to adjust output and workforce. Vallourec Star Steel announced this week that it will begin a third […]
The September Architecture Billings Index rebounded from August’s dip into negative territory. September’s ABI score was 53.7 up from 49.1 the previous month, continuing the see-saw pattern the index has shown throughout 2015. “Aside from uneven demand for design services in the Northeast, all regions are project sectors are in good shape,” said AIA Chief […]
USW workers are contesting claims by Allegheny Technologies that the mills are currently “meeting and in many cases exceeding output, quality, and safety expectations” during the lockout of regular union employees. “ATI is trying to paint a rosy picture,” said USW Vice President Tom Conway, “but all indications suggest a company that is limping along […]
USW workers are contesting claims by Allegheny Technologies that the mills are currently “meeting and in many cases exceeding output, quality, and safety expectations” during the lockout of regular union employees. “ATI is trying to paint a rosy picture,” said USW Vice President Tom Conway, “but all indications suggest a company that is limping along […]
Steel Dynamics reported decreased third quarter profit as a result of high levels of low priced imports and elevated domestic inventory. SDI posted net sales of $2.0 billion for a net income of $61 million in Q3. The three percent drop in sales was due to lower pricing and reduced volume in the recycling and […]
Allegheny Technologies reported a challenging flat rolled market in their third quarter results. Flat rolled sales were $358 million, down from $511 million in Q2 and $561 million in 2014. ATI’s lockout of USW workers resulted in 25 percent lower shipment volume during the quarter. Total ATI sales for the quarter were $833 million resulting […]
Allegheny Technologies reported a challenging flat rolled market in their third quarter results. Flat rolled sales were $358 million, down from $511 million in Q2 and $561 million in 2014. ATI’s lockout of USW workers resulted in 25 percent lower shipment volume during the quarter. Total ATI sales for the quarter were $833 million resulting […]
Shipping in the various transportation sectors is relatively subdued in October. Low freight rates for seaborne cargo continues to be a problem for carriers, according to the Oct. 15 MID-SHIP Report. Low volumes, weak worldwide economies, and a strong dollar are affecting rates for both bulk carriers and container lines. The Baltic Dry Index was […]
Cliffs Natural Resources is back pedaling after CEO Lourenco Goncalves said he would shut down a plant in the Iron Range if Essar Steel Minnesota goes into production. “If they go online, I will shut down a plant up there the same day,” Lourenco Goncalves said in an exclusive interview with the Mesabi Daily News […]
NLMK USA third quarter 2015 sale volume totaled 494,000 tonnes, up 3 percent from Q2 but 7 percent below sales for third quarter 2014. Automotive demand and recovery of the construction sector contributed to the quarterly increase in sales. Hot rolled sales of 271,000 tonnes were up 2 percent from Q2 but 13 percent below […]
Esmark Inc. and Loeffel Steel Group, a steel processing and distribution service center in suburban Chicago, have announced the formation of a new joint venture. The partnership is expected to increase the commercial and operating efficiencies of the two companies and offer a broader portfolio of products and services. The new venture will operate under […]
USW negotiations with ArcelorMittal and US Steel continue to be bogged down. The USW bargaining committee with ArcelorMittal will take a brief break this coming week to conduct discussions with local membership. “We urge ArcelorMittal management to use this time away from the table to consider the uncertainty and strain this unnecessarily long, drawn-out process […]
AK Steel announced on Friday that it will temporarily idle the blast furnace and related steelmaking operations at the Ashland, Kentucky Works facility as a result of challenging domestic market conditions. AK Steel said it does not intend to idle the hot-dip galvanizing line at Ashland Works that primarily services automotive customers. The company has […]
A settlement in the RG Steel Chapter 11 bankruptcy case will give the USW a 70 percent share of the $17.4 million that will be distributed to creditors. The union will receive $12 million, including $6.3 million in vacation and severance pay owed workers. The USW has been working to recover funds for workers and […]
A new report by the American Trucking Association reveals that by the end of 2015 the industry will be short nearly 48,000 drivers. By 2024, if the current trend continues, the industry may find itself in need of almost 175,000 drivers. The shortage is not a new issue. According to ATA, the problem has been […]
Essar Steel Algoma announced it has secured an alternate, interim iron ore supply and is withdrawing its motion for a Temporary Restraining Order against Cliffs Natural Resources. Essar will continue to pursue resolution of the matter of breach of contract through the court system. Cliffs Natural Resources, as of Oct. 5, canceled its 3 million […]
Two of the nation’s most watched manufacturing indicators showed weakening business conditions in October. Surveys of manufacturing firms conducted by the Federal Reserve Banks of Philadelphia and New York also indicated muted optimism for business conditions during the next six months. Empire State Manufacturing Survey Manufacturing activity declined for the third consecutive month in New […]
A new report by the American Trucking Association reveals that by the end of 2015 the industry will be short nearly 48,000 drivers. By 2024, if the current trend continues, the industry may find itself in need of almost 175,000 drivers. The shortage is not a new issue. According to ATA, the problem has been […]
US Steel Canada and its parent company US Steel Corp. are parting ways but uncertainty about the future of the Canadian steel mill lingers. In a Superior Court decision last week, Justice Herman Wilton-Siegal agreed to sever the connection between the companies and allow US Steel Canada to suspend health care benefits to more than […]
Contract negotiations continue to progress at ArcelorMittal and US Steel but at a very slow rate. The USW reported that the ArcelorMittal bargaining committee reached a “basic understanding with the company on some non-economic issues.” At US Steel talks are at an impasse with the USW resisting concession demands. The bargaining committee headed home last […]
Global steel demand will decrease by -1.7 percent to 1,513 million tonnes in 2015, according to the World Steel Association’s Short Range Outlook for 2015 and 2016. The 2015 decrease follows a gain of 0.7 percent in 2014, the same amount of growth that WSA expects to see again in 2016 as steel demand reaches […]
Hamilton MPs are urging legal action against US Steel Canada to force them to honor pension obligations. “It is unacceptable that US Steel Canada is abandoning these workers and their families,” said Industry Minister James Moore in a statement on the recent court decision that frees USSC from paying pension health benefits and property taxes. […]
The Ontario Superior Court has reserved judgment on a plan by US Steel Corporation for the company and US Steel Canada to “go their separate ways.” Justice Herman J. Wilton Siegal said it is one of the toughest decisions he has had to make from the bench and will issue a summary of his decision […]