North American auto assemblies rallied in October, rising 11.3% above September, reaching the best output year to date. Assemblies were also up 7% year on-year (y/y), according to LMC Automotive data.
After rising to a one-year high in August, the volume of steel that exited the country in September fell 10% month on month (m/m) to 760,000 short tons (st).
September steel imports were 10% less than August levels, marking the lowest monthly import rate seen this year
Canada’s Stelco Holdings Inc. is now officially owned by Cleveland-Cliffs Inc.
The Canadian government announced a remission process for businesses for recently announced tariffs on Chinese steel and aluminum products and electric vehicles .
North American auto assemblies fell by nearly 7% from August, but were still ahead of July’s 20-month low. Assemblies were also down just under 1% year on year (y/y), according to LMC Automotive data.
August steel imports totaled 2.38 million short tons (st) according to final data released this week by the US Commerce Departmen
US drill rig activity saw a slight increase from last week but continues to hover near multi-year lows. In Canada, rig counts dipped last week but near one of the highest levels recorded in the past seven months.
China is challenging Canada’s decision to put tariffs on imports of Chinese steel, aluminum, and electric vehicles.
US drilling activity remains near multi-year lows, while Canadian counts increased to one of the highest levels recorded in seven months.
US rig counts remain near multi-year lows, which is the territory they have been in for the last three months. Canadian counts have edged lower in the past two weeks, slipping from a six-month high earlier this month.
In a candid fireside chat with SMU Senior Analyst/Editor David Schollert, Stelco’s CEO Alan Kestenbaum opened up about Stelco’s pending sale to Cliffs, his business strategy, outlook for the industry, and plans for the future. The chat took place on Tuesday, Aug. 24, at the 2024 SMU Steel Summit in Atlanta.
CRU Aluminum Analyst Marziyeh Horeh shares a roundup of news making headlines in the aluminum markets this week.
Canada has announced a 25% tariff on Chinese steel and aluminum, along with a 100% tariff on Chinese EVs.
Canada’s government has ordered an end to the brief rail stoppage which had threatened to disrupt the movement of commodities.
Two rail providers have locked out union workers at their operations in Canada.
A work stoppage could hit Canada’s rail network as two rail companies have said they will lock out union workers on Thursday if no labor agreement is reached.
Despite this summer’s “challenging near-term pricing and uncertain macroeconomic conditions,” Algoma Steel CEO Michael Garcia said the company is focusing on what it can control: operating safely, providing exceptional customer service, and successfully executing its capital programs.
North American auto assemblies slumped by more than 14% from June, falling to a 20-month low in July. Assemblies were also down 1.5% year on year (y/y), according to LMC Automotive data.
Russel Metals has completed the acquisition of seven service center locations from Samuel, Son, & Co.
Canada’s steel and aluminum industries joined forces to call on the government for the imposition of tariffs on steel, aluminum, and electric vehicles.
US drill rig activity resumed its downward trend last week according to the latest data from Baker Hughes. Meanwhile Canadian counts ticked higher for the fifth consecutive week. They now stand near a five-month high.
When we last talked to Jared Rowe in May, he had just been appointed Reibus International's new CEO and chairman of the board. Now two months into the job, SMU caught up with him on our July 24 Community Chat for the latest on the online metals marketplace.
Drilling activity rose in both the US and Canada last week, according to the latest data release from Baker Hughes. US rig activity increased to a six-week high but remains near multi-year lows. Canadian counts continue to improve, now at a 20-week high.
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
The United Kingdom and other countries are using the “green” label to subsidize bailouts of obsolete, inefficient, and excess capacity that should exit the market. US steelmakers have invested billions of dollars in technologies that curb greenhouse gas output. These investments have been market-based and led by EAF producers such as Nucor, Steel Dynamics, and CMC.