Nucor expects higher earnings in third quarter compared to second quarter due to improved performance at its raw materials division and steel mills. In its third quarter guidance, Nucor said higher average selling prices that have benefited in part from contract sales priced on a lagging quarterly basis would improve profitability of the company’s sheet […]
Mingo Junction Steel Plant in eastern Ohio may resume making steel in the near future, according to reports by The Intelligencer. In mid-August, Jefferson Country Commissioner Thomas Graham said he expected an announcement of the reopening in the next few week. It is rumored that Asian Colour Coated Ispat, Ltd. (ACCIL), a steel manufacturer […]
Australia has initiated a review of antidumping measures on imports of Aluminum Zinc Coated Steel from China. Jiangyin Zongcheng Steel Co. and Angang Steel Co. applied to the Antidumping Commission to review the import duties assessed on August 5, 2013. Angang Steel currently has AD duties of 5.8 percent and Jiangyin 18.1 percent. The review […]
The U.S. International Trade Commission announced its AD/CVD determinations on Monday in the investigation of imports of hot-rolled steel flat products from Australia, Brazil, Japan, Korea, the Netherlands, Turkey, and the U.K. A final determination of injury was found by the ITC in the antidumping investigation of imports from Australia, Brazil, Japan, Korea, the Netherlands, […]
US Steel President and CEO Mario Longhi said he is encouraged by the affirmative determinations in the recent AD/CVD investigations of hot-rolled, cold-rolled and corrosion resistant steels. Said Longhi in a statement released following the ITC determination on hot-rolled steel: “It is clear that the International Trade Commission recognized the significance of this case to […]
Brazil will fight the U.S. imposed dumping duties on steel products through a trade dispute at the World Trade Organization, according to Brazilian Trade Minister Marcos Pereira. Reuters reported on Tuesday, that Pereira expects the Brazilian foreign trade office to approve the initiation of cases regarding cold-rolled and hot-rolled steel. “I will defend that position… […]
MID-SHIP Group expressed optimism in its first report of the fall season. The Sept. 8 MID-SHIP Report said the group is “cautiously optimistic” about better dry bulk shipping demand in the second half of 2016. Oversupply of vessels continues to be a problem but as the seasonal grain shipments begin late in September demand should […]
Pensioners at US Steel Canada lost another court battle to put their pension claims ahead of US Steel’s debt claims. A ruling by the Ontario Court of Appeals on Friday, upheld a decision made by Justice Herman Wilton-Siegel in March. Pensioners, provincial government, and former Stelco president Bob Milbourne claimed that US Steel, the largest […]
The Dodge Momentum Index rose 1.3 percent in August to 134.9. Institutional construction planning gained 1.7 percent last month and commercial planning 1.0 percent. The index has made gains for five consecutive months. The Momentum Index is up 16 percent from August 2015 due to a 22 percent growth in institutional planning and 22 percent […]
The Department of Commerce announced an affirmative preliminary decision in the investigation of dumping of imports of stainless steel and strip from China. The China-wide rate assigned was 76.64 percent due to a failure of producers and exporters to respond to Commerce’s request for information. Non-selected separate rate respondents received a dumping rate of 63.86 […]
The duties on automotive steel from Korea due to antidumping (AD) may affect pricing of vehicles at Hyundai and Kia here in the U.S. Dumping and countervailing duties have been determined by the Department of Commerce on imports of Korean coated, hot-rolled, and cold-rolled steel. Hyundai Steel, part of Hyundai Group, exports approximately 545,000 tons […]
Essar Steel Algoma will lay off 300-330 personnel during a maintenance shutdown of the plate and strip complex this week, said Brenda Stenta, manager of corporate relations for Algoma. The layoffs are only temporary and employees should return to work after about a week. The maintenance shutdown coincides with a weakness in the plate market […]
The Congressional Steel Caucus introduced a House resolution last week that calls for the Administration to take action regarding non-market economy (NME) countries to protect U.S. manufacturing jobs and economic security. Chairman Tim Murphy (R-Pa) and Vice-chairman Peter J. Visclosky (D-IN) introduced the bill, along with 23 bipartisan cosponsors, that addresses market-distorting policies and subsidization […]
The Department of Commerce announced an affirmative preliminary determination in the countervailing duty investigation of cut-to-length steel plate from China but a negative determination in the CVD investigation of imports of CTL plate from Korea. Exporter and producers in the China investigation received subsidy rates of 210.5 percent based on available adverse facts (they did […]
US Steel presented its arguments to the US International Trade Commission on why its Section 337 price fixing claim should not be terminated. Counsel for US Steel told Administrative Law Judge Dee Lord that the Respondents from China have presented a “flawed misapplication of law governing pricing fixing and Section 337 investigations.” “Accepting Respondents’ erroneous […]
U.S. automotive sales took a 4.1 percent dip in August as demand softened after record breaking sales in 2015. Sales totaled 1.506 million vehicles last month, according to final tally by Wards Auto. The seasonally adjusted annual rate fell short of expectations at 16.9 million, well below July’s SAAR of 17.8 million and the August […]
Canadian autoworkers selected General Motors as target company as contract negotiations begin for approximately 23,000 union workers Unifor, which represents autoworkers at GM, Ford, and Fiat Chrysler NV in Canada, will use negotiations with GM to set the pattern for talks with the other two manufacturers. Jerry Dias, president of Unifor, called General Motors the […]
The United Steelworkers have filed a grievance regarding recent layoffs and demotions at US Steel Gary Works. USW District 7 Director Mike Millsap says the labor contract with US Steel does not permit layoffs and demotions without prior negotiation with union officials. So far the union estimates 75 maintenance workers have been laid off from […]
Global manufacturing continued to grow in August although falling from an eight-month high of 51.0 in July to 50.8 in August. Growth was sluggish in developed markets but improved in emerging markets. Of the 28 countries surveyed in the JP Morgan Global PMI, only nine reported worsening conditions in August. Manufacturers in China reported no […]
Essar Steel Algoma issued layoff notices to approximately 70-85 employees just before the Labor Day weekend citing low demand and pricing for steel plate. Plate demand is down in the energy, rail and agricultural markets and is coupled with prices below hot-rolled coil due to low priced and dumped imports. Said Brenda Stenta, spokesperson for […]
Home prices in June gained 5.1 percent year-over-year, according to the latest results of the S&P CoreLogic Case-Shiller Indices. The National Home Price NSA index was unchanged from last month. The 20-city composite gained 5.1 percent year-over-year, down from 5.3 percent in May. Portland, Seattle and Denver reported the highest annual gains. On a seasonally […]
Manufacturing contracted in August after five consecutive months of growth, according to the latest Manufacturing Report on Business from the Institute of Supply Management. ISM reported the August PMI at 49.4, down 3.2 points from July at 52.6 percent. It was the first time the index has slipped since February of this year. New orders […]
Business activity fell in the Chicago area in August. The MNI Chicago Business Barometer, or Chicago PMI as commonly called, dropped 4.3 points to register 51.5. The decline was steeper than expected by economists. “Economic activity slowed down into the summer, suggesting June’s momentum was only a temporary revival in activity. Overall, it wasn’t a […]
A final decision on the section 337 case brought against China by US Steel has been delayed until March 2, 2018 from the current target date of Oct. 2, 2017. Separate hearings have been scheduled for the allegations of theft of trade secrets and for the allegations of transshipment and price fixing. The trade secret […]
Lewis Leibowitz opened the 6th Steel Summit in Atlanta, GA with a recap of what is happening in the trade regulation of steel imports. In a quick poll preceding the presentation, the audience by a 53 percent to 47 percent vote said they were in favor of dumping suits. An overwhelming 97 percent said they […]
Essar Steel Minnesota has requested an investigation of Cliffs Natural Resources for violation of antitrust laws. Lawyers for the company filed a motion in bankruptcy court claiming that Cliffs CEO Lourenco Goncalves interfered with state mineral leases and contract negotiations with ArcelorMittal in an effort to thwart the completion of Essar’s iron ore plant. The […]
Iron ore mining company Magnetation announced on Friday that it may shutdown its Minnesota iron ore concentrate plant, rail loading facility and Pellet Plant located in Reynolds, Indiana on or after September 30, 2016. The company intends to continue normal operations until that time. WARN notices have been issued to local officials and the International […]
Cliffs Natural Resources announced it had reached a tentative agreement with the United Steelworkers for a new three year contract. The new agreement would cover 2000 members at Cliffs’ Tilden and Empire mines in Michigan and its United Taconite and Hibbing Taconite mines in Minnesota. Lourenco Goncalves, Chairman, President and CEO, stated, “We are pleased […]
The following report on steel imports is from the American Institute for International Steel (AIIS ): Falls Church, VA. August 25, 2016. Steel imports showed strong gains in July, growing by 12.3 percent from June to 3.17 million net tons. July imports, which were down 3.5 percent from July 2015, were boosted by a 77 […]
Durable goods orders gained 4.4 percent in July following two months of declines, according to the latest report by the Commerce Department. The rebound was led by a surge in commercial aircraft orders which soared 90 percent after a 50 percent tumble in June. Nearly all categories comprising the new orders index showed increases in […]