General Motors, Ford and Fiat-Chrysler (FCA US) all reported strong fourth quarter earnings driven by sales of trucks, SUVs and crossovers. GM reported net income of $1.1 billion in Q4, with 669,000 vehicles sold. GM executive vice president and CFO Chuck Stevens said in GMs conference call that with “recent fuel prices and strength in […]
SSAB Americas posted sales of SEK 3.5 billion ($421.8 million) in Q4, a 17 percent increase from third quarter. For the full year 2014, the Americas segment had sales of SEK 13.2 billion ($159 million) up from SEK 11.1 billion ($133 million) in 2013. Fourth quarter external steel shipments were down 13 percent year over […]
The American Institute for International Steel (AIIS) reports that U.S. steel exports declined 5 percent year over year in 2014. Exports fell 2.6 percent in the last month of the year with a drop in NAFTA exports accounting for most of the November to December decline. AIIS statistics and commentary follows: Falls Church, VA. February […]
The American Institute for International Steel (AIIS) reports steel imports declined for the second consecutive month in December. Despite the month over month reduction, steel imports were 44.4 percent higher than December 2013. AIIS says falling oil prices may support a continued downward trend due to reduced demand for OCTG and line pipe. The full […]
EUROFER, the European Steel Association, says high levels of steel imports into the European market are “distorting traditional steel trade flows.” Steel imports into the European Union (EU) rose by more than 14 percent. EU steel use grew hesitantly in the second half of 2014, rising just 3.3 percent in 2014. “Weak business conditions in […]
The International Longshore and Warehouse Union and Pacific Maritime Association are closing the gap on negotiation demands. The latest offer by the PMA includes higher wages, continuation of a fully paid health care package and jurisdiction over maintenance and repair of truck chassis. The ILWU said a contract agreement is “extremely close” and the few […]
Dan DiMicco continues to make economic and political waves with his newest book, American Made: Why Making Things Will Return Us to Greatness. In his book, the outspoken former Nucor CEO and chairman tells how restoring American manufacturing to greatness will make America strong. Publisher St. Martin’s Press, says that DiMicco, with his usual blunt […]
The Material Works, Ltd, (TMW) announced it has dropped plans to open a flat rolled toll processing center adjacent to Big River Steel in Arkansas. The company will instead expand the capacity of its present facility in Red Bud, Illinois, adding a new Eco Pickled Service (EPS) processing and technology center to process advanced high […]
January auto sales set monthly records for automotive manufacturers. The Detroit big three made double digit gains for the month as did the top three Japanese manufacturers. Light trucks and SUVs led the stellar sales for the month. Ford’s F-series pickup had the best January sales volume since 2004. A CNBC analyst said, “F-150 has […]
Even the Cliffs Natural Resources CEO weighed in on the food of foreign steel imports and what the domestic steel industry should do to protect their markets. Lourenco Goncalves is never at a loss for words and his comments made during Cliffs quarterly earnings conference call was no exception. First, the results posted by the […]
The United States Senate passed the Keystone XL oil pipeline bill by a vote of 62-36 on Thursday, Jan. 29. Nine Democrats joined the Republican-controlled Senate in supporting the bill. The House is expected to vote on the Senate version of the bill early next week. The Keystone XL legislation includes two energy-efficiency programs that […]
Global manufacturing continues to grow steadily with expansion in production and new orders in January. The JP Morgan Global Manufacturing PMI rose slightly last month to 51.7 from 51.5 in December. “The PMI turned higher in January, including moderate gains in the indexes of output and new orders,” commented David Hensley, Director of Global Economics […]
United Steel Workers in the oil industry went on strike on Sunday after failing to agree on new labor contracts. The strike will affect approximately 3,800 employees at nine U.S. sites. It is the largest national USW walkout since a 1980 strike that lasted three months. About 10 percent of the oil refinery capacity will […]
According to The TEX Report, Japan will decrease its shipment of hot rolled coil to South Korea beginning in February. Orders from South Korea for February shipments of HRC have dropped, in some cases by nearly half, due to weakened demand for OCTG in the U.S. Last year Japan exported 2,045,000 tonnes (2,254,188 net tons) […]
Barge activity on the lower Mississippi remains strong. Winter weather has hindered freight movement in a few northern regions and barge availability is tight in some areas, according to the latest MID-SHIP Report. Northbound barges are showing strong steel and salt cargoes. Stevedores have been working vessels as they arrive in New Orleans and elsewhere […]
The Chicago Business Barometer rose 0.6 points in January to 59.4 from a revised reading of 58.8 in December. The increased manufacturing activity follows two consecutive months of declines. The index showed a modest increase in a new orders, order backlogs and production, driving employment to a 14-month high. Inflationary pressures eased for the fourth […]
On Wednesday, US Steel CEO Mario Longhi announced that a number of equipment outages would occur at various U.S. Steel mills due to maintenance or a lack of orders in the energy segment of their business. US Steel will begin replacing a caster at Granite City with one acquired from the former Sparrows Point facility. […]
The 32-story L blast furnace at Sparrows Point was reduced to rubble on Wednesday, Jan. 28. The steel mill site, once operated under Bethlehem Steel and then RG Steel, has been cleared to make way for new industrial businesses at Sparrows Point Terminal. At 1:15 pm a series of 12 explosives were set off, toppling […]
Steel Dynamics reported a record setting year and fourth quarter 2014. Steel shipments for the quarter were up 51 percent to 2.3 million tons from 1.5 million tons in Q3 2013. Steel fabrication had operating income of $22 million following a loss of $122,000 a year ago. For the full-year 2014 steel shipments totaled 7.4 […]
Steel imports continue to flood U.S. shores and were a priority issue for CEOs during earnings calls this month. Low cost imports are creating competition for market share as well as depressing prices in the carbon steel spot market. Nucor CEO John Ferriola summed up the current market condition: “The other major headwind is from […]
The 32-story L blast furnace at Sparrows Point was reduced to rubble on Wednesday, Jan. 28. The steel mill site, once operated under Bethlehem Steel and then RG Steel, has been cleared to make way for new industrial businesses at Sparrows Point Terminal. At 1:15 pm a series of 12 explosives were set off, toppling […]
Nucor Corp. reported net earnings of $210.4 million for the fourth quarter of 2014, compared to $245.4 million in the third quarter of 2014 and $170.5 million in the fourth quarter of 2013. The drop was expected due to typical seasonality in the fourth quarter and downward pressure on the industry from steel imports. Net […]
AK Steel claimed its best quarter in three and a half years and its best annual performance since 2008. AK Steel reported shipments of 2,010,200 tons in fourth quarter 2014 compared to 1.42 million tons in Q4 2013. The increase exceeded analyst expectations and was due primarily to strong demand from automotive and the addition […]
US Steel earnings reported 2014 net income of $102 million, attributing its Carnegie Way for its first profitable year since 2008. In 2013, US Steel reported a full-year net loss $1.645 billion that included $1.5 billion in impairment and restructuring costs. Net income for fourth quarter was $275 million, compared to $297 million in Q4 […]
Fourth quarter crude steel production at NLMK Indiana decreased 7.6 percent to 162,000 tonnes (178,571 tons) quarter over quarter and was down 1.3 percent year over year. Steel mill capacity was running at 84 percent during Q4. Rolled steel output totaled 483,000 tonnes (532,407 tons), dropping 9 percent sequentially. Decreased sales of hot and cold […]
Ship owners are reporting “staggering losses” says the January 15 MID-SHIP Report. “Dry cargo freight rates are basically in “free fall” because of very low bunker costs coupled with major over supply of ships thus forcing freight levels down to where they were in 1982-1986,” according to MID-SHIP. The Baltic Indices all registered declines in […]
The U.S. and Canadian Coast Guard are working to keep maritime lanes open in the Great Lakes as the shipping season draws to a close. Operation Coal Shovel, an ice-breaking operation that commenced January 8, has been clearing ice from the southern portion of Lake Huron, Lake St. Clair, the St. Clair and Detroit River […]
Metalforming companies reported softening in shipments at the end of 2014 but are generally optimistic about prospects for 2015. The January 2015 Precision Metalforming Association (PMA) Business Conditions Report follows. CLEVELAND, OH—January 21, 2015—According to the January 2015 Precision Metalforming Association (PMA) Business Conditions Report, metalforming companies are optimistic about business conditions during the next […]
ArcelorMittal intends to idle its Indiana Harbor Long Carbon facility and shut down the rolling mill, resulting in the potential layoff of 304 employees. The facility will be idled beginning with the electric arc furnace on March 1, 2015, followed by the rolling mill operation in second quarter, pending customer requirements. The mill was previously […]
Alaskan plans to upgrade the Prince Rupert ferry terminal have been scrapped after Canada moved to bar a Buy America requirement for contract bids on the project. The enactment of a ruling under the Foreign Extraterritorial Measures Act would have imposed fines of up to $1.5 million (US $1.2 million) and/or jail time for corporations […]