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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
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.
Chinese Mills Feeling Impact of Industry Downturn
04 December 2015 - Chinese mills in the Shanxi province are cooling blast furnaces and curtailing production due to weakening demand and crimped cash flows, according to the Reuters news service.
Allegheny Technologies Lockout Nearing Fifth Month
04 December 2015 - Specialty metals producer Allegheny Technologies Inc. (ATI) invested close to US$400,000 per job through its new hot rolled mill in southwestern Pennsylvania, according to Robert Wetherbee, ATI’s president of flat rolled products.
Index Shows U.S. Manufacturing Contracted in November
01 December 2015 - The overall U.S. economy grew during November, but the manufacturing sector contracted for the first time in three years, according to the Institute for Supply Management’s monthly Report on Business.
LME's New Steel Contracts Make Market Debut
23 November 2015 - The London Metal Exchange launched its new rebar and steel scrap contracts today, but so far there hasn’t been much interest, according to Reuters news service.
Ohio Steel Shop Temporarily Halting Production
19 November 2015 - U.S.-based Warren Steel Holdings is temporarily idling its plant in Warren, Ohio, citing “market conditions.”
Iron Ore Producer Might Impose Production Curtailments in Early 2016
18 November 2015 - U.S. iron ore producer Magnetation LLC has warned employees that it might curtail production at its No. 2 plant in Bovey, Minn., beginning on 31 January 2016.
Cliffs Natural Resources Idles Mine, Taconite Pellet Plant
18 November 2015 - Iron ore producer Cliffs Natural Resources Inc. is temporarily idling pellet production at its Northshore Mining operation in Minnesota, the company has announced.
Analysts: Cheap Debt Contributing to Steel's Oversupply
17 November 2015 - Inexpensive credit has allowed unprofitable production to be maintained, supporting the continued glut of steel on the market, according to analysts at financial services firm Macquarie Group.
Some Interest, But No Takers Yet for Tata Steel's European Division
17 November 2015 - Several parties reportedly have expressed interest in Tata Steel’s European long products division, although a deal doesn’t appear to be imminent, according to the Reuters news service.
