U.S. Section 232 tariffs have cost Canada’s Essar Steel Algoma about $55 million from June through August, according to Brian Denega, court appointed monitor overseeing the Algoma restructuring. In addition, the company is required to post a tariff surety bond with U.S. Customs and Border Protection in the amount of $5.25 million. “The U.S. Customs […]
Stelco is enjoying an unaccustomed perspective, the view from the catbird’s seat in the North American steel market. The once-troubled Canadian steelmaker reported operating income of $161 million on sales of $711 million (Canadian dollars) for the second quarter as steel shipping volumes increased by 49 percent over the prior-year quarter. Sales were up 67 […]
Canada’s retaliatory tariffs will go into effect on July 1 in response to U.S. tariffs on steel and aluminum, said Foreign Minister Chrystia Freeland on Friday. The tariffs on $12.6 billion of U.S. goods are equivalent to the value of steel and aluminum products hit by the Section 232 tariffs. Freeland, accompanied by Industry Minister […]
The Canada Border Services Agency initiated an investigation on May 25 into the dumping and subsidizing of certain cold-rolled steels in coils or cut lengths from China, South Korea, and Vietnam. The investigation was prompted by a complaint from ArcelorMittal Dofasco. Cold rolled imports under the investigation increased from 85,075 metric tons in 2015 to […]
Demand remains strong and prices for galvanized steel have begun to level off after rising for most of the year, which is positive news for the HVAC industry. However, a big decline in foreign imports could dramatically reduce the availability of coated steel later in the year. “In the fourth quarter, there could be quite […]
Pointing to improving market conditions and favorable pricing trends, Canada’s Stelco forecasts Q1 earnings of $60-70 million and Q2 earnings of $120-150 million. The integrated steel producer expects first-quarter 2018 shipments to be 3-5 percent higher than fourth-quarter 2017. In late Q1 2018, the company expanded its distribution capabilities by adding 200 rail cars to […]
President Trump wants the NAFTA talks concluded before upcoming elections in Mexico and the U.S., as he told Canadian Prime Minister Justin Trudeau in a phone call on Monday. Trudeau has been meeting with Canadian steel and aluminum workers this week with stops planned at Stelco and ArcelorMittal Dofasco on Tuesday. The call came on […]
Canadian steel mills like Algoma and Stelco are getting a reprieve from steel and aluminum tariffs, at least for now. The Section 232 tariffs imposed by President Trump will not affect Canada or Mexico provided they can complete a NAFTA agreement quickly and on U.S. terms. “For now, Canada and Mexico will be excluded from […]
NLMK USA told Steel Market Update this afternoon that if the 25 percent tariff on steel, and specifically on steel slabs, goes into effect, the future of their company and the people who work for it is in jeopardy long term. Steel Market Update spoke with Bob Miller, President of NLMK USA and Executive Vice […]
NLMK USA told Steel Market Update this afternoon that if the 25 percent tariff on steel, and specifically on steel slabs, goes into effect, the future of their company and the people who work for it is in jeopardy long term. Steel Market Update spoke with Bob Miller, President of NLMK USA and Executive Vice […]
The American Iron and Steel Institute (AISI) Board of Directors recently approved its 2018 public policy agenda outlining the institute’s aggressive pro-manufacturing public policy priorities. “The impact public policies have on manufacturers must be carefully considered to ensure both economic growth and our national security,” said Thomas J. Gibson, president and CEO of AISI. “AISI’s […]
The SMU Steel Summit Conference is THE fastest growing steel conference in North America and THE one conference manufacturing, distribution, suppliers to the industry and steel mills want to attend. Details about the agenda, speakers, location and costs, as well as how to register, can be found on our website: www.SteelMarketUpdate.com/Events/Steel-Summit or you can contact […]
Canadian steel mill Stelco held its first earnings call since becoming a publically held company and reported stellar results for the fourth quarter. The company, formerly owned by U.S. Steel, presented a strong balance sheet, no debt and no legacy liabilities. Revenue for the quarter increased 45 percent from a year ago to $452 million. […]
The American Iron and Steel Institute welcomed Canada’s integrated steel company Stelco to its membership at AISI’s recent board meeting in Washington, D.C. “With its significant presence in North America, Stelco will be a great partner in our continued advocacy to fight unfairly traded foreign imports and level the playing field for the North American […]
Canada’s Stelco, Inc., reported revenues totaling $1.15 billion (all figures Canadian) for the nine months ended Sept. 30, an increase of 16 percent over the prior-year period. Operating profit totaled $61 million, up from $8 million last year. The average selling price for the year to date was $814 per net ton, up from $654 […]
Stelco, Inc., Canada’s iconic steelmaker, has new life under the new ownership of Bedrock Industries. Bedrock Executive Chairman and CEO Alan Kestenbaum makes a strong case that the oft-troubled steelmaker is poised for a turnaround. Stelco went into creditor protection in 2004, was bought by U.S. Steel in 2007, then went back into bankruptcy in […]
Stelco Holdings, Inc., closed its initial public offering today, successfully raising $230 million to be used for select capital investments, new product development and early payments to pension trusts. The 13.5 million shares were offered at a price of $17 per share. As of midday Friday, the stock was trading around $19.50 per share. Bedrock […]
Stelco President Mike McQuade will retire at the end of 2017, according to the company’s IPO prospectus. McQuade joined Stelco in 1981. He was appointed Vice President and CFO under U.S. Steel management and assumed the position of President and General Manager in 2014. McQuade lead the company through its restructuring and transition from U.S. Steel […]
Canadian steel producer Stelco Holdings will go public with the sale of at least $150 million in shares. The company filed for an initial public offering on Wednesday with security regulators in Canada. Stelco, the former U.S. Steel Canada, was acquired out of bankruptcy by Bedrock Industries in June. The restructuring relieved Stelco of $3 […]
The following steel mills are registered to attend this year’s SMU Steel Summit Conference at the end of this month: ArcelorMittal Mexico, ArcelorMittal Dofasco, ArcelorMittal/Nippon Sumitomo Calvert, Ternium USA, Ternium Mexico, NLMK USA, Nucor, Nucor Mexico, Nucor Canada, Kandil Steel (Egypt), California Steel Industries, AK Steel, CSN USA, North Star BlueScope, Steel Dynamics Inc., The […]
I was advised late on Friday afternoon that we should expect a Nucor price increase early next week. With scrap prices firming $10 to $30 per ton our expectation is for the increase to be $25-$30 per ton. Then the question will be will the industry support another increase after tepid (at best) support for […]
Essar Steel Algoma, rebranded as Algoma, is requesting a fourth extension to its financing as it continues toward emergence from bankruptcy protection. The last Debtor In Possession extension was denied by the court due to concerns that the financing would not cover the winter material build-up and could provide too much transaction leverage for the […]
Stelco has been officially acquired by Bedrock Industries as of June 30. The former U.S. Steel Canada entered protection under the Companies’ Creditors Arrangement Act in September 2014 and will now stand on its own as Stelco Inc. “This is an exciting day for Stelco and for all of those who have worked so hard […]
Bedrock Industries received a deal on the purchase of Canada’s Stelco, acquiring it for less than $500 million, according to a report by the Hamilton Spectator. U.S. Steel originally purchased what was then a much larger Stelco for $1.1 billion in 2007. The many transactions required to satisfy creditors, pension payouts, retiree benefits, taxes and […]
Canada’s Stelco has finally arisen from the ashes of the U.S. Steel bankruptcy. The Ontario Superior Court approved the sale of the mill to Bedrock Steel on Friday, June 9. The company hopes to close the transaction by June 30 and emerge from CCAA protection. “Today marks the turning of the page on a new chapter for […]
Union members at Hamilton Works approved a new contract on Tuesday. June 7, 2017, bringing Stelco, the former U.S. Steel Canada, a step closer to emerging from three years in CCAA protection, Canada’s version of Chapter 11. Ninety percent of the membership cast ballots with 63.8 percent voting in favor of the new collective agreement. […]
Essar Steel Algoma is asking for debtor-in-possession financing to be extended a fourth time until Aug. 30, 2017. In the 31st report of the Monitor, Brian Denega asked that the extension be approved and that a Restructuring Committee be established to take some of the burden of negotiations and restructuring off key executives who can […]
Stelco, the former US Steel Canada, is getting nearer to emerging from CCAA protection. A “sanction hearing” is scheduled for June 9 during which the court will decide whether Bedrock Industries will be the new owner. Bedrock has the support of most of the stakeholders but is still facing resistance from the local unions who […]
US Steel stunned analysts and the financial community on Tuesday/Wednesday when the company announced a large loss when the street was expecting the company to make money. During the conference call the mill advised that they essentially need to upgrade their facilities in order for the company to remain competitive. The stock price dropped 25 […]
HAMILTON, ON, April 19, 2017 /CNW/ – Stelco, the name under which U. S. Steel Canada Inc. carries on business (“Stelco” or the “Company”), announces that it and Bedrock Industries Group LLC (Bedrock) have reached an agreement in principle (the “Agreement”) with the Stelco salaried employees and retirees and certain others represented by court-appointed representatives […]