Economy & Markets

The latest on the economy's health and the markets driving the supply and demand of steel.

Latest News

Baosteel Pulls the Plug on Multi-Billion-Dollar Iron Ore Project

23 December 2015 - China’s Baosteel and its partners are mothballing a proposed US$5.4 billion iron ore project in Australia on account of market conditions, reports BloombergBusiness news service.

Tata Steel Negotiating Sale of European Long Products Business

22 December 2015 - Tata Steel is in talks with investment firm Greybull Capital to sell its European long products business, the company has announced.

AK Steel, Steel Dynamics Expecting Low-Cost Imports to Weigh Down Fourth-Quarter Results

18 December 2015 - AK Steel Corp. said it expects to report a greater-than-anticipated net loss of between 33 cents and 38 cents per share in the fourth quarter, due in part to costs associated with idling its Kentucky blast furnace.

U.K. Wins Approval to Offer New Energy Subsidy

18 December 2015 - The European Commission has approved a U.K. plan to help its steelmakers cover their energy costs, reports The (London) Telegraph newspaper.

Weak Demand Forces Nucor To Halt Production at DRI Plant

17 December 2015 - Nucor Corp. is temporarily halting production at its direct reduced iron (DRI) plant in Louisiana due to market conditions, the U.S.-based steelmaker has announced.

One Chinese Leader's Solution to Steel Glut? Require Builders to Use More of It

16 December 2015 - Chinese government leaders might be considering a policy that would increase – perhaps triple — the amount of steel used in housing construction as a way to soak up excess steel supply, according to BloombergBusiness.

Russian, Chinese Steel Exports to EU Now Under Registration Order

15 December 2015 - The European Commission has imposed a registration order on imports of Chinese and Russian cold rolled flat steel, according to the Reuters news service.

Tenaris Opens New Service Center in Argentina

14 December 2015 - OCTG manufacturer Tenaris has opened a new service center in Senillosa, Neuquén, Argentina, to better serve customers in Latin America’s largest shale play.

AK Steel to Begin Winding Down Ashland Works

14 December 2015 - AK Steel Corp. is to begin sending home employees at its Ashland, Ky., USA, works Christmas week, according to the Dayton Daily News.

U. S. Steel's Granite City Works To Close in Mid-February, Union Official Says

11 December 2015 - United States Steel Corporation will begin winding down its Granite City Works in Illinois later this month, with workers beginning to be sent home on 27 December, according to the Belleville News-Democrat newspaper.

High Imports and Low Prices Prompt Allegheny Technologies to Idle Two Mills

11 December 2015 - Citing the abundance of low-cost imports and depressed steel prices, stainless and specialty steel producer Allegheny Technologies Inc. is indefinitely idling two of its western Pennsylvania plants.

Canadian Ore Producer Delists Shares on OTCQX Exchange

10 December 2015 - Canada’s New Millenium Iron Corp. is voluntarily delisting its common shares on the OTCQX International exchange, the company has announced.

Hundreds Out of Work at ArcelorMittal Caribbean Steel Works

09 December 2015 - ArcelorMittal is laying off scores of workers at its Point Lisas steel works in Trinidad and Tobago after temporarily idling the operation in November, according to reports.

Chinese Steel Exports Surpass 100-Million Mark

08 December 2015 - China’s steel industry reached a milestone in November – for the first time it exported more than 100 million metric tons, reported BloombergBusiness.

With No Alternative Plans in the Offing, Tata Steel Expected to Cut 720 Positions

04 December 2015 - Tata Steel and union representatives have failed to agree on a plan that would mitigate layoffs at its mini-mill operation in northern England, meaning that Tata likely will execute on its plan to cut 720 positions there and elsewhere, according to the The (London) Telegraph.