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Economy & Markets
The latest on the economy's health and the markets driving the supply and demand of steel.
Latest News
Report: The World's Biggest Steelmakers Owe More Than US$150B
18 August 2016 - The world’s 30 largest steelmakers are collectively saddled with net debts of US$150 billion, an average of US$5 billion apiece, and some steelmakers appear to be on the verge of bankruptcy, according to professional services firm Ernst & Young.
Gerdau to Idle Kentucky Bar Mill
17 August 2016 - Gerdau is planning to idle its Calvert City, Ky., USA, bar mill by the end of November, blaming the world’s excess steelmaking capacity, according to reports.
Bloomberg: China Falling Behind on Capacity Reduction Goal
16 August 2016 - A recent upturn in coal and steel prices is testing the determination of Chinese provinces and companies to cut excess capacity, and, in fact, have put the country behind early goals for doing so, according to the Bloomberg news service.
Report: Steel's Recovery Might Already Be Running Out of Gas
15 August 2016 - Despite signs of growth in 2016, the steel industry continues to face the same problems -- a glut of capacity throughout the world and high export volumes from China. And that is leading some to question the sustainability of the current recovery, reports the Bloomberg news service.
India Extends Import Protections on Certain Steels for Another 60 Days
08 August 2016 - The Indian government has extended its import price floor for certain steel products by an additional two months, reports The (India) Economic Times.
Report: China Weighing Plan to Combine Steelmakers
02 August 2016 - Chinese officials are thinking about consolidating some of the country’s largest steelmakers into two behemoth companies, according to the Bloomberg news service.
Indian Steelmakers Urge Government to Extend Import Price Floor
28 July 2016 - Indian steelmakers are pressing the government to retain the import price floor it imposed on 173 steel products earlier this year, arguing that it has helped hold back a flood of low-cost steel and improved margins.
POSCO Earnings Miss Analysts' Estimates
22 July 2016 - POSCO recorded an operating profit of US$597.7 million between April and June, falling short of analysts’ expectations, according to the Reuters news service.
Nucor Executives See Much Potential in Texas Plate Mill Acquisition
21 July 2016 - Nucor executives are upbeat about the company’s US$29 million investment in a Texas plate mill, saying it is a well-run, well-equipped facility that will give Nucor access to new value-added niche markets.
Nucor's Profits Rise in Second Quarter
21 July 2016 - Nucor Corp.’s second-quarter profit rose to US$233.8 million on and improving supply-side conditions, the company reported Thursday.
There's More to Be Done on Meeting Fuel-Efficicency Standards, and Steel Still Has a Role to Play, Government Report Says
20 July 2016 - A new government report estimates that the U.S. vehicle fleet will average between 50 and 52.6 mpg in model year 2025, short of the goal laid out by the Obama administration in 2012. Nevertheless, automakers have made strides in improving fuel efficiency and can do even better.
China Makes a Record Amount of Steel in June
15 July 2016 - Chinese steel mills produced crude steel at a rate of 2.32 million metric tons per day in June, making the month the busiest ever -- on a daily basis -- for the country’s steelmakers, reports the Bloomberg news service.
'We Must Fulfill the Plan to Cut Overcapacity of Steel,' Says China Economic Planner
14 July 2016 - Chinese officials reaffirmed the country's intentions to cut coal and steel production on Thursday as the American Iron & Steel Institute urged the U.S. government to vigorously enforce its trade laws.
Tenaris Announces Job Cuts at Arkansas Mill
11 July 2016 - Oil country tubular goods maker Tenaris is laying off approximately 100 people at its welded pipe mill in Arkansas, the company has announced.
China Threatens to Punish Provinces That Don't Follow Through on Capacity Cuts
08 July 2016 - China is telling its provincial governments that they’ll be “seriously punished” if they don’t close redundant steel mills and coal mines, according to the Bloomberg news service.
'Brexit' Puts the Brakes on Sale of Port Talbot Works
05 July 2016 - The uncertainty arising from the U.K.’s Brexit vote is prompting Tata Steel to pause the sale of its Port Talbot works, reports The (London) Sunday Times.
Steel Dynamics Expands SBQ Finishing Capabilities Through US$126M Deal
30 June 2016 - U.S.-based Steel Dynamics Inc. is acquiring America’s largest maker of threaded rod for US$126 million, the company announced on Thursday.
Workers Return to Idled U.S. Steel Corp. Mill
28 June 2016 - Steadily improving market condtions have allowed United States Steel Corp. to recall most of the laid-off employees at its East Chicago tin mill in northwest Indiana, reports The Times newspaper.
Proposed 10M-Ton Mill Wins Environmental Approval
27 June 2016 - The Indian government has given environmental clearances to an integrated steel plant that JSW Steel is proposing to build in the state of Jharkhand.
U.S. Trade Commission Upholds Duties on Corrosion-Resistant Steel
27 June 2016 - The U.S. International Trade Commission has affirmed that domestic producers are being harmed by imports of corrosion-resistant steel from five countries, including China.
