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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
With Profits Scarce, Steelmaking Has Entered an Ice Age, Says Producer
31 March 2016 - The world’s steel companies have entered an “ice age,” a Chinese steelmaker said in announcing a US$710 million net loss in 2015, reports BloombergBusiness.
Nine Years and Billions of Dollars Later, Tata Steel Calls it Quits in the United Kingdom
30 March 2016 - After spending billions to buy Anglo-Dutch steelmaker Corus in 2007, and then losing millions more on the investment, India’s Tata Steel has announced plans to sell its U.K. business, leaving thousands of jobs at risk.
Steel Industry Vets Investing Nearly US$37 Million in North America's 'Most Advanced' Cold Finished Bar Mill
29 March 2016 - A start-up company has selected Valparaiso, Ind., as the home of what it says will be North America’s most advanced cold drawn bar mill and plans to begin operations in 2017.
Further Investigation into Stainless Imports from China Warranted, U.S. Trade Commission Rules
28 March 2016 - The U.S. International Trade Commission has issued a preliminary ruling in a trade case involving stainless steel sheet and strip from China, saying that it appears overseas producers are undercutting prices and have harmed the U.S. industry.
Builder of Unfinished Taconite Facility Looks to Restructure Millions in Debt
28 March 2016 - Essar Steel Minnesota, the company building Minnesota’s first new taconite facility in years, owes approximately US$1 billion and has hired advisers to help it restructure its debt, reports the Reuters news service.
China Steel, Coal Sectors Owe More Than US$1T
23 March 2016 - China’s efforts to cut excess coal mining and steelmaking capacity could be thwarted by the US$1.56 trillion in debt being carried by those sectors and others, according to the Reuters news service.
Evraz Plans Further Curtailments at Colorado Mill
21 March 2016 - After announcing plans to indefinitely idle the seamless tube mill at its Colorado plant, Evraz North America has said it will temporarily halt steelmaking and idle the rail mill there as well, according to reports.
U. S. Steel Idling Tube Mills, Laying Off Nearly 800
18 March 2016 - United States Steel Corporation is temporarily idling tube mills in Texas and Alabama and laying off nearly 800 salaried and hourly employees, reports the Pittsburgh Post-Gazette.
Steel Dynamics Sees Some Market Improvement, And Profitability
16 March 2016 - U.S.-based Steel Dynamics Inc. said some market aspects have improved and expects to report first-quarter earnings of between 22 and 26 cents per diluted share, exceeding analysts’ estimates.
U.S. Announces Anti-Dumping Margins on Imported Hot Rolled Steel
16 March 2016 - The U.S. Commerce Department has set preliminary anti-dumping margins on hot rolled steel from seven countries, the department announced 15 March.
Falling Prices, Shipments Push U. S. Steel Canada Deep Into the Red
15 March 2016 - U. S. Steel Canada (USSC) posted a CAD144 million (US$107.8 million) operating loss in 2015 due to lower shipments and declining prices, according to a court filing.
Steel Imports Have Declined Slightly, Market Has Improved Modestly, Nucor Says
15 March 2016 - Nucor Corp. said its mills are benefiting from “modest” market improvements and expects to post a first-quarter profit of between 20 and 25 cents per share later this spring.
Cliffs Natural Resources to Resume Production at Idled Iron Ore Mine
14 March 2016 - Seeing some improvement on the horizon, Cliffs Natural Resources is restarting its idled Northshore Mining operation in Minnesota, the company has announced.
American Industries Bought Less Electricity in 2015, Says EIA
14 March 2016 - For the fifth year in the past eight, U.S. electricity sales have fallen, with declining industrial demand partly to blame, according the U.S. Energy Information Administration.
Deutsche Bank Plans to Reduce Credit Exposure to Steel, Mining Industries
14 March 2016 - The downturn in the steel and mining industries is prompting Germany’s largest bank to pull back on its lending to those areas.
Workers Vote Down Arrium Request for Pay Concessions
10 March 2016 - Approximately 400 unionized iron ore miners at Australia’s Arrium have rejected the company’s request for wage concessions, saying they won’t agree to it until the company provides a clear financial plan for continuing operations, according to Australian broadcaster ABC.
China's Planned Capacity Cuts Aren't Enough, says Veteran Steelmaker
10 March 2016 - China’s plan to shutter 100 million to 150 million metric tons of steelmaking capacity won’t be enough to restore balance to the sector, Zhang Wuzong, chairman of privately owned Shandong Shiheng Special Steel Group told, the Reuters news service.
China Intends to Idle More than 200 Mills in its Steelmaking Center
09 March 2016 - The Hebei province, China's steelmaking heartland, will close 60 percent of its steel mills by 2020 as part of the country's effort to curb excess capacity, reports Chinese business and finance magazine Caixin.
ArcelorMittal CEO Sees Improvement on the Horizon
07 March 2016 - There’s finally some light at the end of the tunnel, ArcelorMittal’s chief executive told The (London) Financial Times.
India Considers Additional Support for Steel Industry
02 March 2016 - India’s steel ministry is weighing the feasibility of bailing out indebted local metal producers, reports BloombergBusiness.
