Letter to the Editor: I would like to add to Peter Brebach’s comments regarding the recently filed dumping suits against nine countries and up front can agree that the majority of the nine countries will be found guilty of dumping [oil country tubular goods]. Since 1969 the domestic steel industry has filed more dumping complaints with […]
According to Baker Hughes data from March 22nd, 2013, the U.S rig count for this week is 1,746 rigs exploring for or developing oil or natural gas. This number represents a decrease of 30 rigs from last week. Compared to last year the 1,746 count is a decrease of 222 rigs. Canadian rigs decreased by […]
Worthington Industries, a diversified metals manufacturing company, reported a one percent gain in net sales in the third quarter ending February 28, 2013, finishing at $619.5 million compared to $611.3 million the prior year. Gross margin improved to $97 million from $83.3 million in 2012, mostly due to gains from Pressure Cylinders and acquisitions. Steel […]
According to Baker Hughes data from March 15th, 2013, the U.S rig count for this week is 1,776 rigs exploring for or developing oil or natural gas. This number represents an increase of 24 rigs from last week. Compared to last year the 1,776 count is a decrease of 208 rigs. Canadian rigs decreased by […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for January 2013 increased 10.6 percent, to 363,004 units, up from 328,122 units shipped in January 2012. Residential electric storage water heater shipments increased 10.7 percent in January 2013, to 337,111 units, up from 304,529 units shipped in January 2012. Commercial Storage Water […]
Written by: Sandy Williams This year Nucor plans to spend $280 million on its Louisiana DRI facility and approximately $260 million towards its natural gas related investments. Essar Steel Minnesota is in talks to build a joint venture DRI plant. Voestalpine and Northstar Bluescope Steel are both considering DRI facilities. Severstal just postponed a DRI […]
According to Baker Hughes data from March 8th, 2013, the U.S rig count for this week is 1,752 rigs exploring for or developing oil or natural gas. This number represents a decrease of 5 rigs from last week. Compared to last year the 1,752 count is a decrease of 221 rigs. Canadian rigs decreased by […]
Written by: Peter Wright Net job creation in January exceeded expectations with a headline value of 236,000. Built into this number is data that can validate, (or not) other statistics of interest to steel producers and processors. The big picture is 1,966,000 jobs have been created in the last 12 months and we are tracking […]
According to Baker Hughes data from March 1st, 2013, the U.S rig count for this week is 1,757 rigs exploring for or developing oil or natural gas. This number represents a decrease of 4 rigs from last week. Compared to last year the 1,757 count is a decrease of 232 rigs. Canadian rigs decreased by […]
According to Baker Hughes data from February 22nd, 2013, the U.S rig count for this week is 1,761 rigs exploring for or developing oil or natural gas. This number represents a decrease of 1 rig from last week. Compared to last year the 1,761 count is a decrease of 220 rigs. Canadian rigs increased by […]
Written by: Sandy Williams Reliance Steel reported an 18 percent drop in net income of $80.4 million in fourth quarter 2012. Net income for the year rose 17.4 percent year over year to 403.5 million. Sales of $1.89 billion for the fourth quarter were 7.1 percent lower than a year ago and down 8.1 percent […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for December 2012 decreased 1.0 percent, to 360,568 units, down from 364,054 units shipped in December 2011. Residential electric storage water heater shipments decreased 6.7 percent in December 2012, to 325,435 units, down from 348,692 units shipped in December 2011. For the […]
Written by: Sandy Williams The Arkansas Senate and House questioned a panel of economic development and finance officials last week on plans for the $1.1 billion Big River Steel project in Osceola, Ark. The meetings were a preliminary step in legislature approval of a $125 million bond issue for the proposed steel plant. The state’s […]
According to Baker Hughes data from February 15th, 2013, the U.S rig count for this week is 1,762 rigs exploring for or developing oil or natural gas. This number represents an increase of 3 rigs from last week. Compared to last year the 1,762 count is a decrease of 232 rigs. Canadian rigs increased by […]
Written by: Sandy Williams The booming business in natural gas drilling is causing a flurry of new production facilities for the manufacture of seamless OCTG (oil country tubular goods) pipe in the United States. Most recently, Tenaris SA, a Luxembourg-based producer of steel pipes for the oil and natural gas industry, announced plans to build […]
According to Baker Hughes data from February 8th, 2013, the U.S rig count for this week is 1,759 rigs exploring for or developing oil or natural gas. This number represents a decrease of 5 rigs from last week. Compared to last year the 1,759 count is a decrease of 230 rigs. Canadian rigs increased by […]
According to Baker Hughes data from February 1st, 2013, the U.S rig count for this week is 1,764 rigs exploring for or developing oil or natural gas. This number represents an increase of 11 rigs from last week. Compared to last year the 1,764 count is a decrease of 233 rigs. Canadian rigs increased by […]
Steel Market Update likes to review the transcripts of the earnings conference calls between analysts and the steel mills to see what we can glean from the comments being made by the top executives at the mills. We found a number of items of interest in the U.S. Steel conference call. USS Running at 90% […]
As if the south is not already flooded with flat rolled steel mills, Arkansas Governor Mike Beebe and Big River Steel CEO John Correnti announced earlier today that if the bonds are approved by the Arkansas legislature a new $1 billion steel mill will be built in Arkansas. Details were lacking regarding the type of […]
Written by: Sandy Williams Nucor Corporation announced today that fourth quarter earnings were $136.9 million and flat compared to net earnings of $137.1 million in the same quarter of 2011. Earnings were up in the fourth quarter from $110.3 million in the third quarter of 2012. Total net earnings for 2012 were $504.6 million, compared […]
According to Baker Hughes data from January 25th, 2013, the U.S rig count for this week is 1,753 rigs exploring for or developing oil or natural gas. This number represents an increase of 4 rigs from last week. Compared to last year the 1,753 count is a decrease of 255 rigs. Canadian rigs increased by […]
Esmark Inc., Stahlschmidt Inc. and Bouchard Group LLC have announced the joint acquisition of Esmark Technologies. Esmark Technologies will provide technical management services across the steel, manufacturing and industrial sectors and will be based in Cleveland Ohio. Esmark Inc., founded by Chairman and CEO James Bouchard, has strong roots in the steel industry. Current interests […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]
According to Baker Hughes data from January 18th, 2013, the U.S rig count for this week is 1,749 rigs exploring for or developing oil or natural gas. This number represents a decrease of 12 rigs from last week. Compared to last year the 1,749 count is a decrease of 259 rigs. Canadian rigs increased by […]
Written by: Sophia Fain A. M. Castle & Co. announced restructuring plans to improve annual operating profit by $33 million once fully implemented in 2013. Changes to its metals business include an organizational restructuring, warehouse realignments and performance improvement programs. “This broad, performance-enhancing plan will enable us to better serve our customers by organizing our […]
Written by: Sandy Williams Construction employment is expected to rise in 2013 according to survey data presented by the Associated General Contractors of America in their construction industry outlook report for 2013. Of those firms surveyed in 30 states, 31 percent expect to add new staff this year while only 9 percent plan to make […]
Written by: Sandy Williams Iron ore prices are at a 15 month high but are unlikely to stay that way say analysts. Currently, 62% Fe ore is at $158 per tonne, soaring from November’s price of $116 and almost doubling from the low of $87 per tonne in September. Analysts say the increase is a […]
According to Baker Hughes data from January 11th, 2013, the U.S rig count for this week is 1,761 rigs exploring for or developing oil or natural gas. This number represents a decrease of 1 rig from last week. Compared to last year the 1,761 count is a decrease of 226 rigs. Canadian rigs increased by […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for November 2012 increased 23.9 percent, to 412,416 units, up from 332,886 units shipped in November 2011. Residential electric storage water heater shipments increased 6.9 percent in November 2012, to 331,237 units, up from 309,985 units shipped in November 2011. For the year-to-date, […]
On Friday, the U.S. Department of Commerce released final census data for the month of November and preliminary census data for the month of December. Based on that data, SMU forecast 2012 imports will be 17 percent higher than what was imported one year earlier. A large portion of those tons were imported by domestic […]