Worthington Industries announced second quarter 2017 net earnings (ending Nov. 30, 2016) were $46.6 million on $727.8 million in net sales. In comparison Q2 earnings were down from first quarter earnings of $65.6 million but double that of Q2 2016. “We had a good second quarter with overall improving results and solid year-over-year growth,” said […]
M&M Manufacturing, a subsidiary of MiTek Industries and a leading producer of sheet metal products, for the air distribution and ventilation markets, has acquired Snappy Company. Snappy is a leading supplier of metal duct systems for the residential HVAC market, with manufacturing facilities in Detroit Lakes, MN; Medina, NY; and corporate offices in Marietta, GA. […]
US Steel indicated it may permanently close the Lorain Tubular No. 4 seamless mill, which has been idle since April 2015, as well as the No. 1 Electric-Weld Pipe Mill at Lone Star Tubular. USW Local 1104, in Lorain, Ohio, was notified of the plan on December 14. The 90-day notice does not mean that […]
Steel Dynamics is expecting fourth quarter profitability to decline from third due to lower shipments and metal spread compression. Shipments were down in both the flat and long products categories. In addition, lower steel pricing more than offset savings realized from lower ferrous scrap costs. Impairment charges for the quarter are still being assessed related […]
Housing starts retreated in November to a seasonally adjusted annual rate of 1,090,000. The rate is 18.7 percent below the revised October estimate of 1.34 million and 6.9 percent below the November 2015 rate. Sequentially, single family starts fell 4.1 percent and multifamily starts plunged 43.9 percent. On a year over year basis single family […]
Big River Steel announced that operations have begun at its melt shop and hot strip mill. The first hot rolled coil was purchased by Zekelman Industries and will be sent to Atlas Tube in nearby Blytheville, Arkansas. The coil was purchased for $100,000 with the entire amount jointly contributed by Big River and Zekelman Industries […]
The Empire State Manufacturing Survey for December indicated modest business growth for December and strong optimism for next year. The headline general business index rose 8 points while new orders picked up 11.4 points. The shipments index was unchanged for the month. Manufacturers in New York State reported declines in employment and hours worked. Inventories […]
General Motors announced it will invest $552 million in key U.S. manufacturing facilities in New York and Ohio. The New York manufacturing facilities Tonawanda Engine, Lockport and Rochester will receive a total of $333.66 million. The Parma Metal Center in Ohio is slated for a $218 million investment. “GM remains committed to investing in its […]
Manufacturers in the Philadelphia area were optimistic in December about general business activity, shipments, and employment. The index reading for current manufacturing activity increased from an index reading of 7.6 in November to 21.5 this month, according to the latest Manufacturing Business Outlook survey by the Philadelphia Federal Reserve. The reading for December was the […]
Nucor announced today that fourth quarter results are likely to be lower than third quarter due to lower margins in the steel mills segment, particularly at the company’s sheet mills, and seasonal slower activity. The raw materials segment is also expected to decline significantly, returning to a loss position due to lower pricing at Nucor’s […]
CHARLOTTE, N.C., Dec. 15, 2016 /PRNewswire/ — Nucor Corporation (NYSE: NUE) announced today that it has agreed to acquire Republic Conduit, a leading manufacturer of steel electrical conduit in North America, from Luxembourg-based Tenaris S.A. for $335 million, or approximately 6x the average of its 2015 and projected 2016 EBITDA. Republic Conduit’s annual shipment volume […]
Members of the USW were headed to court today for the hearing regarding the sale of Stelco, the former US Steel Canada, to Bedrock Industries. The sale has the support of the Ontario government and Stelco but is meeting some resistance from union workers and the City of Hamilton. The USW says the proposal leaves […]
US Steel announced today that it will begin processing slabs on the currently idled hot strip mill at Granite City Works in Granite City, Ill., in mid-February 2017. The slabs for the mill will be sourced from US Steel’s own domestic facilities. US Steel said in a press release that it is making the adjustment […]
Mingo Junction Steelworks has been sold to investor group Acero Junction by the Frontier Group of Companies. Frontier bought the former RG Steel facility in Mingo Junction four years ago out of bankruptcy. “Our goal was always to improve the site and find a viable buyer for the steel making assets at Mingo. Today, we […]
The fifteenth anniversary of China’s accession to the World Trade Organization has passed without China receiving its coveted market economy status. The United States, European Union and Japan said they will continue to treat China as a non-market economy. A change in status would protect Chinese exporters from tariffs that the U.S., EU and others […]
The Association of Women in the Metal Industries has elected a new President and Vice-President for 2017-2018. The election was held during the Association’s 2016 Annual Conference held in Florida in November. The positions are for a term of two years. The following roles were announced in a press release from AWMI. Carol Chizmar has […]
The Department of Commerce has assigned antidumping margins on large residential washing machines from China following an affirmative final determination on December 9, 2016. The imported machines, which are constructed of flat-rolled steel, were found to be sold at less than fair value in the United States. Although Commerce found critical circumstances existed during the […]
Stelco, the former U.S. Steel Canada, has officially requested to be sold to Bedrock Industries after more than two years in Canadian creditor protection. “Ontario welcomes this latest development in the effort to restructure Stelco as an important step toward saving 2,100 jobs, protecting pensions and supporting economic development in the Hamilton region while ensuring […]
Bankrupt iron ore producer Magnetation LLC has a buyer. Tom Clarke owner of ERP Iron Ore has made an offer for the iron ore operation that closed its last plant in October 2016. Magnetation was a joint venture of Magnetation Inc. and AK Steel. The company recovered waste tailing for conversion into iron ore pellets […]
The European Commission will begin a new antidumping investigation of Chinese steel imports after finding that a complaint by steel association Eurofer merits inquiry. Eurofer alleged in a complaint on Oct. 24, 2016 that imports of certain corrosion resistant steels from China are being dumped and causing material injury to the EU steel industry. The […]
House Speaker Paul Ryan and other Republicans removed the Buy America provision from the Drinking Water State Revolving fund sparking controversy among legislators in the House and Senate. The Buy America legislation in the Water Resources Development Act, introduced by Sen. Tammy Baldwin (D-WI), passed the Senate in September with broad bipartisan support. Said Baldwin, […]
Early December logistic reports show no major problems in the shipping markets. Shipments on most transportation modes are expected to slow as the holiday season approaches. A new Secretary of Transportation has been appointed by President-elect Donald Trump. Elaine Cho, former Secretary of Labor under President George W. Bush and Deputy Secretary of Transportation under […]
US Steel CEO Mario Longhi told CNBC the company may be able to bring back jobs if regulations and tax laws are improved under the new administration. I’d be more than happy to bring back the employees we’ve been forced to lay off during that depressive period,” he said, which “could be close to 10,000 […]
German steel maker Thyssenkrupp revealed technical trade secrets were stolen in a cyber attack earlier this year. “ThyssenKrupp has become the target of a massive cyber attack,” the company said in a statement on Thursday. Breaches at its plant engineering division were discovered in April and traced back to February. The attacks were attributed to […]
The Dodge Momentum Index gained 0.3 percent in November after breaking a five month streak of increases in October. The Dodge Momentum Index, published by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning which have been shown to lead construction spending for nonresidential […]
Wilbur Ross Jr. has been tapped by President-elect Donald Trump to serve as Commerce Secretary. Ross is a billionaire investor known as the “bankruptcy king.” Forbes estimates the Ross fortune at $2.9 billion made by buying and restructuring troubled companies. One of those companies was Donald Trump’s bankrupt casino in the 1990s. Ross was a […]
A punishment tax proposed by President-elect Trump is not sitting well with either Republicans or Democrats. In a series of tweets instead of a press conference, President-elect Trump rolled out his position on U.S. companies that produce products in foreign countries and sell them back to the United States. “The U.S. is going to substantially […]
Nucor Corp. announced today that it will acquire Southland Tube, a manufacturer of hollow structural section (HSS) tubing for $130 million. Southland Tube is located in Birmingham, Alabama and is the third largest provider of HSS steel tubing in the HSS market with annual shipments of approximately 240,000 tons. HSS is used in structural and […]
Automotive manufacturers reported strong sales for November with light-vehicle volumes up 3.5 percent year over year. Wards Auto data indicated the seasonally adjusted annual rate reached 17.75 million, in line with their forecast of 17.68 million. Analysts are unsure if 2016 sales will top last year’s record of 17.47 million but it is likely to […]
US Steel Canada has officially changed its name back to the Steel Company of Canada or, as better known, Stelco, during a ceremony held at Hamilton Works on Friday. The newly designed Stelco flags were raised alongside the flag of Canada as two young girls sang the Canadian national anthem. A similar ceremony was held […]