US Steel reported a net loss of $1.79 billion for the third quarter due primarily to a non-cash goodwill impairment charge of $1.8 billion. Net loss for the quarter excluding the impairment charge totaled $20 million, compared to a net loss of$78 million the previous quarter, and profit of $44 million in Q3 2012. The […]
There has been great speculation and anticipation regarding the sale of the ThyssenKrupp Steel Americas steel mills since the parent company announced it was offering the plants for sale over one year ago. The Americas operations consist of the Calvert, Alabama facility as well as the CSA fully integrated slab mill with its two blast […]
The Federal Reserve publishes a trade weighted index of the value of the US$ (dollar) against a basket of the currencies of our major trading partners on a daily and monthly basis. As a result of the government shut-down we don’t have the very latest data for this index. The latest data we do have […]
US Steel announced management changes in the company’s raw materials and procurement organizations last week. Scott Conley will succeed Marc Stoken on Oct. 1 as general manager—raw materials. Stoken is retiring after 37 years with US Steel. Conley began his US Steel career in 1987 as an associate programmer in Pittsburgh and worked in purchasing […]
With a turnout of 79 percent of the membership on Friday, USW Local 8782 voted by a 57 percent margin to accept the contract offered by US Steel. Ratification of the contract ends a contentious battle between the Lake Erie Works union and US Steel and will get Canadian steel production rolling once again. In […]
United Steelworkers (USW) Local 8782 is due to vote on a contract proposal on Friday that may end the long standoff between U.S. Steel and union employees at Lake Erie Works. Union members at Lake Erie Works have been locked out since April 28 after rejecting at that time a second and final contract offer […]
Severstal NA revenue for Q2 rose to $953 million from $930 million in the first quarter 2013. Demand growth was led by U.S. automotive, construction and pipe and tube industries. First half 2013 revenue, however, fell to $1,883 million from $2,158 million in H1 2012—a 12.7 percent loss. Severstal reported a utilization rate of almost […]
Currency update August 22nd 2013. The Federal Reserve publishes a trade weighted index of the value of the US dollar against a basket of the currencies of our major trading partners on a daily and monthly basis. This is referred to as the Broad Index. The Broad Index appreciated strongly in the 3rd Quarter of […]
Mario Longhi is faced with the daunting task of rebuilding a US Steel afflicted with financial difficulties and labor problems under former CEO John Surma. US Steel has lost money in five of the past seven quarters, most recently $78 million in the second quarter of 2013. When the mantle is passed on September 1, […]
USW Local 8782 and US Steel have concluded negotiations in Pittsburgh but rumors have been rampant about what kind of deal, if any, has been made to resolve the lockout that has been ongoing at Lake Erie Works since April 28. At least two media sources have said that the executive committee is not […]
The three month moving average of global production in July was unchanged from June at an annual rate of 1.596 billion tons. Capacity utilization was 77.5 percent (Figure 1). For the July data, the World Steel Association increased the global capacity to 2.06 billion tons which reduced the capacity utilization value back to Q3 last […]
Surma to Step Aside on September 1st US Steel’s Board of Directors has elected Mario Longhi as chief executive officer effective Sept. 1. Longhi will succeed John Surma who will retain the position of executive chairman until his retirement from the company December 31. “In the tradition of the U. S. Steel CEOs who have […]
Written by: John Packard With other periodicals calling a top or “peak” to the market the pressure has been put on Steel Market Update to clear up the muddied waters. From our perspective, the peak is usually identified when one of the domestic mills breaks ranks and starts cutting deals at numbers less than what […]
With other periodicals calling a top or “peak” to flat rolled prices, the pressure has been put on Steel Market Update to clear up the muddied waters. From our perspective, the peak is usually identified when one of the domestic steel mills breaks ranks and starts cutting deals at numbers less than what they were […]
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 […]
Steel buyers are scratching their heads while steel mills begin to line up announcing identical $50 per ton price increases on all flat rolled products. AK Steel was the first to follow U.S. Steel when they put out a press release advising their customers of their intention to raise spot prices by a minimum of […]
Dear Editor, Once again, both Nucor and US Steel in their quarterly earnings calls partially blamed imports for their less than stellar results, and frankly, this is getting old. For the record, it is NOT illegal to import steel into the United States. It might be illegal if those imports were dumped (meaning sold below […]
Written by: Sandy Williams U.S. Steel celebrated the start-up of a new battery of environmentally friendly coke ovens at its Clairton plant on Thursday. The $500 million improvement project replaces three 50 year old coke ovens with new technology designed to significantly reduce emissions and improve the region’s air quality. The C Battery construction was […]
After speaking with Platts on Friday – Mr. Surma of US Steel was correct in his call with analysts, there is one index which has hot rolled coil (Midwest) at $630 this week. A split has developed amongst the indexes as various price points have been gathered over the past week to ten days (depending […]
This will most likely be the last time Steel Market Update will use the table below. We will begin rolling out some new products in the coming days which are meant to replace and improve upon what we have been providing our members to date. We will go into more details on the changes soon. […]
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 United States Steel Corporation reported a net loss of $50 million for the fourth quarter of 2012 compared to net income of $44 million in the third quarter and a net loss of $211 million in fourth quarter 2011. Total earnings for the year 2012 showed a net loss of […]
As Steel Market Update (SMU) checked with various market sources after the AK Steel price announcement we found most of the industry expecting the other domestic steel mills to follow the AK Steel pricing lead. At the same time, most buyers expect the net result to be an end to the current slide in pricing […]
Written by: Sandy Williams Natural gas is providing cost savings for steel plants while at the same time creating more demand for steel products used in pipelines, drilling equipment and rigs. It is a win-win situation for the steel and the natural gas industries One of the ways natural gas is utilized by the steel […]
SMU has been asked about the status of the negotiations regarding the sale of the ThyssenKrupp Steel Americas assets. This includes ThyssenKrupp Steel USA and their sister facility in Brazil which produces slabs – CSA. We understand the due diligence process continues and a number of mills have been through both facilities. Based on SMU […]