Don’t forget to tune into our next Community Chat with Jefferson Shaw, vice president of strategy for Evraz North America. The free webinar will be on Wednesday, Dec. 1, at 11 a.m. ET (10 a.m. CT). Click here to register. We’ll talk about Evraz NA’s plans to run its steel mill in Pueblo, Colo., on […]
Don’t forget to tune into our next Community Chat with Jefferson Shaw, vice president of strategy for Evraz North America. The free webinar will be on Wednesday, Dec. 1, at 11 a.m. ET (10 a.m. CT). Click here to register. We’ll talk about Evraz NA’s plans to run its steel mill in Pueblo, Colo., on […]
SMU is pleased to announce that our next Community Chat will feature Jefferson Shaw, vice president of strategy for Evraz North America. Mark your calendar for Wednesday, Dec. 1, at 11 a.m. ET (10 a.m. CT). And click here to register. It’s free. We’ll talk about Evraz NA’s plans to run its steel mill in […]
The number of active oil and gas drill rigs increased in the U.S. this past week, while Canadian rig counts declined by 1, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) […]
The Energy Information Administration’s November Short-Term Energy Outlook (STEO) forecasts oil prices to remain near current levels throughout the year, while natural gas prices could experience volatility as winter temperatures drive demand and prices. The EIA notes that evolving effects of consumer behavior on energy demand present a wide range of potential outcomes for energy consumption. Spot Prices The spot […]
Algoma Steel posted record profits in its fiscal second quarter, and the Canadian flat-rolled steelmaker expects money to continue to pour in as high spot prices roll into 2022 contracts. The Sault Ste Marie, Ontario-based company also thinks that the traditional relationship between sheet and plate prices will be restored as infrastructure spending increases demand for […]
By CRU Chief Economist and Head of Sustainability Jumana Saleheen and CRU Research Manager Paul Butterworth There are no low-cost options when it comes to tackling climate change. Renewable energy is not cheaper than fossil-based power once the price of investment and storage are considered. Low-carbon energy will cost more. The only way to incentivize […]
The number of active oil and gas drill rigs increased in U.S. this past week, while Canadian rig counts declined, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand. The number […]
Canada’s Russel Metals reported “an exceptionally strong third quarter built on the back of a really strong Q2.” Company executives on Friday’s earnings call pointed to the various moves the company has made in the past two years to position it to take advantage of the prevailing market conditions. Most recent was this week’s announcement […]
We’re all on the same price roller coaster, and that’s true whether we’re talking steel, plastic or wood. But we’re not all on the same car – and so your impression of the market might be vastly different if you’re in the front car instead of the back one. That’s the impression I got while speaking […]
This year’s third quarter was the best quarter on record for Reliance Steel & Aluminum Co., the nation’s largest service center organization. Reliance reported gross profit of $1.21 billion on sales of $3.85 billion in Q3. “Our resilient business model, favorable metal pricing trends and excellent execution combined to produce another quarter of record-setting financial […]
Cleveland-Cliffs Inc. has restarted the No. 7 blast furnace at its Indiana Harbor steel mill in northwest Indiana following a reline. “We just concluded the repair of Indiana Harbor No. 7. … We finished 24 hours ahead of schedule,” company Chairman, President and CEO Lourenco Gonvalves said during a conference call with analysts on Friday, […]
The number of active oil and gas drill rigs decreased in both the U.S. and Canada this past week, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
The Energy Information Administration’s October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty related to the ongoing recovery from the COVID-19 pandemic. That big caveat aside, the increase in economic activity continues to contribute to rising energy use. EIA expects average expenditures for heating fuels to increase significantly in the next several months from […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Before joining Metal Edge Partners, Bryan held a variety of commercial […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
By CRU Economist Frank Eich and CRU Research Analyst Clifton Hoong As addressing climate change has become an increasingly urgent political priority, policy makers have been keen to develop the available tool kit to address this challenge. Within that tool kit, carbon pricing plays an important role as it has been identified as one of […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released on Friday afternoon by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The Energy Information Administration’s August Short-Term Energy Outlook remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. That big caveat […]
Nucor plans to restart its direct-reduced iron (DRI) plant in Louisiana after pre-emptively idling the facility ahead of Hurricane Ida. “Our Nucor teammates and their families are safe, and the DRI plant did not sustain any major damage from the storm,” a company spokeswoman said. “We expect to resume operations in the coming days when […]
We often talk a lot about hot-rolled coil prices in Final Thoughts. I’d like to take a deeper dive into coated prices today. It’s been an almost straight line up for an entire year for flat-rolled steel prices. And galvanized is no exception. Galvanized base prices are at $2,070 per ton ($103.50 per cwt). That’s […]
The number of active oil and gas drill rigs increased in the U.S. this past week, while Canadian rigs declined, according to data released on Friday afternoon by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The […]
BlueScope Steel Ltd. posted record earnings in its 2021 fiscal year thanks to strong demand and record metal spreads. All told, the Australian steelmaker – the parent company of Delta, Ohio-based North Star BlueScope – recorded net profit of Australian $1.19 billion ($870 million U.S.) in its fiscal year ended June 30, 2021, up more […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released on Friday afternoon by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number […]
The Energy Information Administration’s August Short-Term Energy Outlook remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. That big caveat aside, the increase in economic activity continues to contribute to rising energy use. EIA anticipates a mostly balanced global oil market for the remainder of 2021. Crude oil […]
Toronto-based Russel Metals, Canada’s second largest metals distributor, posted its best second-quarter earnings ever off strong market conditions, the company said. Driven by rising demand and constrained supply chains, pre-tax earnings totaled $178 million, up 38% from Q1 on sales of $1.07 billion. That compares to EBITDA of $32 million on sales of $588 million in […]
Steel tube producer Tenaris saw global sales jump 29% sequentially to $1.53 billion in the second quarter of 2021, pushing results up 17% year-over-year. A 21% increase in volumes was aided by a 6% increase in selling prices. Sales surged by 37% in North America, supported by a continued recovery in energy drilling activity and […]
The number of active oil and gas drill rigs slipped in the U.S. yet increased in Canada this past week, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
What’s this world coming to when an integrated steelmaker – a leader in an industry notorious for taking a huge toll on the environment – spends much of his earnings call talking about cutting carbon emissions? Said Lourenco Goncalves, Cleveland-Cliffs’ chief executive, last week: “Cliffs sees decarbonization as part of our license to continue to […]
By Greg Wittbecker, Advisor, CRU Analysis U.S. Representative Scott Peters (D-CA) and U.S. Senator Chris Coons (D-DE) unveiled their FAIR Transition and Competition Act of 2021 on July 19. The stated objectives of the bill were: • Recognize the costs incurred by U.S. companies in producing cleaner products due to emissions-related laws and regulations • […]