Worthington Industries announced that Ivan Meltzer has been named president of TWB Company, a laser welded blanking joint venture with Wuhan Iron and Steel Company. Meltzer will replace interim president and CFO Michael Lowrey, a 15 year veteran of the company, who will continue to serve as executive vice president and CFO. Meltzer is no […]
ISM Steel Buyers in August showed more optimism that orders will improve for the next three months. Buyers expecting an increase rose to 47.1 percent, up from 38.9 percent, while the percentage of buyers expecting business to remain the same rose to 41.2 percent from 33.3 percent last month. General economic activity over the next […]
Sooner Inc., the largest U.S. distributor of pipes for oil and gas, has been purchased by Tokyo-based Marubeni-Itochu Steel Inc. for $600 million in cash. MISI subsidiary Marubeni-Itochu Tubulars America, Inc., will gain a 100 percent of share of Sooner Inc. The two companies are both based in Houston. “We are pleased to complete […]
SunCoke Energy has signed an agreement to supply metallurgical coke to ArcelorMittal for another ten years. SunCoke’s Indiana Harbor cokemaking operation, located in East Chicago, Indiana, will provide more than 1.2 million tons of coke in an extension of an existing contract with ArcelorMittal that includes pass-through of coal costs and certain operating and maintenance […]
The Canada Border Services Agency (CBSA) is initiating an investigation into dumping of hot-rolled carbon steel plate and high-strength low-allow steel plate originating or exported from Brazil, Chinese Taipei, Denmark, Indonesia, Italy, Japan and the Republic of Korea. The investigation, announced on September 5, was prompted by complaints by Essar Steel, Sault Ste. Marie, […]
American Institute for International Steel Press Release Falls Church, VA, September 9, 2013 – Steel exports increased in July by 2.2 percent over June according to government reporting. “NAFTA steel demand improved in July compared to June by 6 percent, offsetting declines in other smaller international markets. NAFTA market’s increase reflects the timing of the […]
With a turnout of 79 percent of the membership on Friday, USW Local 8782 voted by a 57 percent margin to accept the contract offered by US Steel. Ratification of the contract ends a contentious battle between the Lake Erie Works union and US Steel and will get Canadian steel production rolling once again. In […]
The Chicago Business Barometer edged up 0.7 points in August, registering 53 from a reading of 52.3 in July, according to MNI Indicators. A gain in New Orders and Backlogs helped push the indicator upwards. The slight increase, however, indicates stabilization after an erratic second quarter. MNI reports the Barometer is still too close to […]
United Steelworkers (USW) Local 8782 is due to vote on a contract proposal on Friday that may end the long standoff between U.S. Steel and union employees at Lake Erie Works. Union members at Lake Erie Works have been locked out since April 28 after rejecting at that time a second and final contract offer […]
Cliffs Natural Resources announced Tuesday that it has entered a nine year agreement to provide iron ore pellets to AK Steel. The new agreement runs from 2014 through 2023. Cliffs will continue to supply AK Steel under its previous agreement from now until 2014. The new agreement sets minimum and maximum volume purchases from Cliffs […]
Severstal NA revenue for Q2 rose to $953 million from $930 million in the first quarter 2013. Demand growth was led by U.S. automotive, construction and pipe and tube industries. First half 2013 revenue, however, fell to $1,883 million from $2,158 million in H1 2012—a 12.7 percent loss. Severstal reported a utilization rate of almost […]
Oversupply is likely to weaken China steel prices in the second half of 2013 said Baosteel General Manger Dai Zhihao to analysts on Monday. Profit margins have fallen in China with Baosteel reporting a 61.47 percent year over year drop in earnings for the first half of 2013. Overcapacity of nearly 300 million surplus tonnes […]
Esmark Inc. announced management restructuring changes for Esmark Steel Group on Tuesday. Esmark Inc. Chairman and CEO James P. Bouchard will reassume the CEO duties of Esmark Steel Group formerly held by Thomas Modrowski. Esmark also advised Ohio Cold Rolling restart has been delayed. The restructuring affects management positions in both Esmark Steel Group and […]
The Pritzker Organization, LLC will acquire TMS International Corp. in a $1 billion cash transaction. TMS, a global provider of raw material procurement services to the steel industry, provides mill services at 81 customer sites in 12 countries and operates 36 brokerage offices on five continents. TMS is a partner with Onex Corporation which holds […]
Sims Metal Management, a metals and electronics recycler headquartered in Australia, announced North American results for FY 2013 ending June 30, 2013. Underlying EBITDA for North American operations rose 30 percent year-over-year to $102.3 million. (Underlying EBITDA is a measure of the actual profits realized by a company used for business process planning, rather than […]
New home sales plummeted 13.4 percent to an annualized pace of 394,000 in July, well below Junes’ initially reported 497,000 and the revised pace of 455,000. Economists expected sales to decrease in July to an annualized pace of 490,000, based on the initially reported June figure. Rising rates may be a factor in decreased home […]
Mario Longhi is faced with the daunting task of rebuilding a US Steel afflicted with financial difficulties and labor problems under former CEO John Surma. US Steel has lost money in five of the past seven quarters, most recently $78 million in the second quarter of 2013. When the mantle is passed on September 1, […]
USW Local 8782 and US Steel have concluded negotiations in Pittsburgh but rumors have been rampant about what kind of deal, if any, has been made to resolve the lockout that has been ongoing at Lake Erie Works since April 28. At least two media sources have said that the executive committee is not […]
The European economy finally seems to be on the road to recovery. In figures released by the European Commission, GDP in the second quarter rose by 0.3 percent in the Eurozone—a small but positive indicator of growth. The growth was led by Germany and France where GDP improved by 0.7 percent and 0.5 percent, respectively. […]
AGC of America Press Release – August 23, 2013 Construction employment gains spread to more metropolitan areas between July 2012 and July 2013 than in previous months but full recovery remained elusive as only a few areas have exceeded pre-recession employment records, according to a new analysis of federal employment data released today by the […]
Ternium, Tenaris and Tecpetrol will jointly build and operate a natural-gas fired combined cycle electric power plant in the Pesqueria area of the State of Neuvo Leon, Mexico. The joint venture, named Techgen, S.A. de C.V., will be owned 30 percent by Tecpetrol, 22 percent by Tenaris and 48 percent by Ternium. The power […]
JSW Steel Ltd. is considering selling its U.S. mill in Baytown, Texas said reports by Bloomberg. JSW, India’s third largest steel maker, hopes to pay off some of its debt and boost earnings margins by selling the USA asset. In its fourth quarter earnings statement in March 2013, the company reported a decline of 61.56 […]
Manufacturing activity is improving in the Tenth Federal District that includes the western third of Missouri, Kansas, Colorado, Nebraska, Oklahoma, Wyoming and the northern half of New Mexico. The summary from the Federal Reserve Bank of Kansas City follows: Tenth District manufacturing activity improved further in August, and producers’ expectations also edged higher after easing […]
The Architecture Billings Index jumped to 52.7 in July from 51.6 in June indicating a growing demand for construction design activity. The new project inquiry index, an indicator for future demand, surged 4.1 points to 66.7 in July. “There continues to be encouraging signs that the design and construction industry continues to improve,” said American […]
Completed existing home sales rose 6.5 percent in July to their highest level since November 2009 said the National Association of Realtors. Home sales rose to a seasonally adjusted annual rate of 5.39 million for the month and were 17.2 percent above sales in July 2012. The median home price shot up 14 percent […]
The Markit Flash U.S. Manufacturing PMI hit a five month high in August. The PMI registered 53.9 up from 53.7 in July indicating moderate growth in the manufacturing sector. New orders increased in August attributed to better demand. Export orders continued to rise this month but softened from July levels. Production output rose slightly in […]
The erosion of the rupee brought the currency to a new record low on Monday at 62.76 to the U.S. dollar. A growing deficit at 4.8 percent of the GDP is blamed for the currency weakness in India that some say may be the country’s worst financial crisis in decades. The Royal Bank of […]
Australian company BlueScope Steel announced EBIT of $66.7 million for its 50 percent ownership of U.S. based North Star BlueScope Steel for FY 2013 ending on June 30, 2013. Earnings for the fiscal year improved by 7 percent over FY 2012 due to improved cost control and decreased depreciation charges that offset slightly weaker spreads. […]
A Game Changer for the Domestic Steel Industry? The OCTG trade injury cases filed against nine countries will go forward said the US International Trade Commission on Friday. The ITC found there is “reasonable indication that a U.S. industry is materially injured by imports of certain oil country tubular goods.” The preliminary countervailing duty determinations […]
Iron ore prices continue to rise this month despite forecasts for a sharp correction in the last half of the year. The Steel Index reported 62% iron ore fines at Tianjin Port on August 14 was at a five month high of $142.8—a meteoric rise of more than 28 percent from $110.9/dry tonne on June […]