Despite significant decreases in iron ore, steel, and metallurgical coal pricing, Cliffs Natural Resources, Inc. was able to achieve revenue of $446 million (excluding North American Coal) with adjusted EBITDA of $94 million. US iron ore shipments of 2.9 million tons were less than the 4 million anticipated, but in the US iron ore business […]
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 […]
The Chicago Business Barometer rose 6 points to 52.3 in April, beating analyst expectations for a reading of 50. The index fell to a five and a half year low in February before bouncing up five points to 46.3 in March. The index grew in four of its five components in April with New Orders […]
The March AIIS imports report shows steel imports falling for the second month in a row. Imports from South Korea rebounded 16.6 percent from February. The AISI report in its entirety follows: Falls Church, VA. April 29, 2015. Steel imports fell for the second straight month in March – and the fourth of the last […]
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 […]
The Trade Promotion Authority bill S.995, or “fast track bill” as it being called, passed the Senate Finance Committee last week by a vote of 20-6. The fast track portion gives the President the authority and guidelines to negotiate trade deals in exchange for a vote by Congress passing resulting trade agreements without amendment. The […]
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 […]
Eight steel organizations across the world have united to address Chinese steel exports and overcapacity. In a letter to China, industry associations from North America, Latin America and Europe offered comments on China’s draft Steel Industry Adjustment Policy (2015 Revision) . The Policy is intended to realign the Chinese steel industry to market demand but […]
Latin America is China’s second largest market for steel exports, receiving 8.3 million tons of steel in 2014. Alacero, the Latin American Steel Association, was one of eight steel organizations representing steel interests in North America, Latin America and Europe to express concern over China’s “Steel Adjustment Policy 2015.” SMU asked Alacero to comment on […]
EUROFER, the European Steel Association, is among the eight steel organizations that united to present comments to the Chinese government on its Steel Industry Adjustment Policy 2015. SMU asked the organization provide their view on the Policy and the impact of Chinese steel exports on the EU steel market and industry. The following comments are […]
The seaborne freight market has been relatively flat in the past few weeks. The Baltic Dry Index was at 602 at the end of March but has been under 600 for most of April. As of Friday, April 24, it registered at 600. The BDI tracks dry-bulk rates based on vessel size and shipping route […]
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. […]
New home sales fell 11.4 percent in March for the biggest decline since July 2013. The seasonally adjusted annual rate was 481,000 below the forecast of 515,000. Analysts, however, say the drop is not as worrisome as it looks, coming off a strong revised February sales pace of 543,000 from a previously reported 539,000. Home […]
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 […]
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 […]
Businesses expect costs from inflation to rise 1.7 percent over the next 12 months according to the latest survey by the Federal Reserve Bank of Atlanta. Respondents to the survey indicated their current costs are 1.5 percent higher than levels in April 2014. Sales and profit margins are normal or above normal according to those […]
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 […]
Respondents in the April 2015 Precision Metalforming Association (PMA) Business Conditions Report found little to get excited about for the coming months. A third of participants in the monthly survey expect improved economic activity during the next three months but 58 percent forecast no change. Incoming orders are expected to remain steady during the period. […]
The 2015 Ford F-150 pickup passed its crash test safety rating with flying colors. The aluminum bodied pickup received a five out of five star rating—one star higher than its traditional steel model—from the National Highway Safety Traffic Administration. The Ford achievement is critical to ease consumer minds’ on the safety of aluminum. 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 […]
Manufacturing activity in New York was essentially flat in April. The General Business Index of the Empire State Manufacturing Survey fell 8 points to -1.19, dropping into negative territory for the first time since December 2014. The survey is published monthly by the Federal Reserve Bank of New York and is on based responses from […]
The Philadelphia Federal Reserve Manufacturing Business Outlook was stronger than expected in April. The index for current activity increased from 5.0 in March to 7.5, beating economist expectations of a reading of 6. The index has been in single digits so far this year indicating only modest growth. The new orders index registered 0.7, a […]
The US Department of Commerce issued final results on anti-dumping duty order on certain circular welded non-alloy steel pipe from Mexico on Monday, April 13, 2015. The DOC determined a weighted-average margin of 7.33 percent for steel pipe products from Productos Laminados for the period November 1, 2012 through October 31, 2013. In December of […]
U.S. senators are hoping to present a bipartisan trade promotion authority (TPA) bill to Congress this afternoon (April 16) that will “fast track” trade agreements. The TPA defines U.S. negotiating objectives and priorities for trade agreements and establishes consultation and notification requirements for the President to follow. A trade agreement would then be presented by […]
On Tuesday, April 14, China announced it will terminate antidumping and countervailing duty tariffs on grain-oriented electrical steel exports from the U.S. U.S. Senators Sherrod Brown (D-OH) and Rob Portman (R-OH), who have been leaders in pushing for fair trade practices, applauded the decision. “This announcement is great news for Ohio steel producers like AK […]