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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
World Steel Association Chairman: Europe Has Too Much Steelmaking Capacity
16 November 2015 - Europe has too much steelmaking capacity, and the industry likely will have to lop half of it over the next 15 years, World Steel Association chairman Wolfgang Eder told The (London) Telegraph newspaper.
Global Steel Markets Bottoming Out, Says Mill Executive
16 November 2015 - An executive at Japan’s largest scrap-based steelmaker said the global market is hitting a pricing bottom, arguing that loss-making mills are going to be confronting their commercial limits, according to BloombergBusiness.
Steelmakers Press for Action Against China Imports
13 November 2015 - Unfairly traded steel products exported to North America pose a serious and immediate threat to the industry, the leaders of several steelmakers said on Thursday.
Canadian Iron Ore Miner Trims Payroll
12 November 2015 - Canada’s New Millenium Iron Corp., which is sitting one of the world’s largest undeveloped magnetic iron ore deposits, is laying off six full-time employees, about 25 percent of its workforce, the company has announced.
Steel Executive Expects China Production to Decline
12 November 2015 - Chinese steel production probably will fall 10 percent within the next decade, according to Shen Wenrong, chairman of Shagang Group, China’s largest privately owned steelmaker.
EU Steel Summit Yields No Action, But More Discussions
10 November 2015 - European Union ministers agreed they must take steps to protect their steelmakers from the onslaught of imported Chinese steel, but failed to come to terms on a plan for how to do so during a summit meeting held 9 November in Brussels, Belgium.
With Debt Payment Coming Due, Essar Steel Algoma Files for Creditor Protection
09 November 2015 - Canada’s Essar Steel Algoma Inc. has filed for creditor protection under Companies' Creditors Arrangement Act (CCAA), marking its second round of debt restructuring in recent years.
Chinese Imports Take a US$711M Toll on ArcelorMittal
06 November 2015 - The world’s largest steelmaker lost US$711 million between July and September -- and about US$1.3 billion through nine months of 2015, the company reported.
U.S. House Passes Partially Unfunded $325B Transportation Bill
06 November 2015 - U.S. House passage of a six-year transportation bill is a step toward giving manufacturers some market certainty, but Congress needs to see it the rest of the way through, American Iron and Steel Institute officials said.
Trade Associations Opposing China's Claims to WTO Market Economy Status
05 November 2015 - Nine steel associations in North America, South America and Europe are jointly opposing China’s attempts to gain World Trade Organization market economy status.
SAIL Wins Big Rail Order From Iran
02 November 2015 - State-owned Steel Authority of India Ltd. (SAIL) will supply about 100,000 metric tons of rail for a system expansion in Iran, according to reports.
Swedish Steelmaker Closing Rolling Mill, Reducing Shifts
30 October 2015 - Swedish engineering steel manufacturer Ovako is implementing a two-year restructuring program in order to reduce costs, the company has announced.
Task Force To Seek Out Buyer for Closing Scottish Mills
29 October 2015 - A task force organized to address the closure of two Tata Steel Europe plants in Scotland has agreed to seek a buyer for the facilities, reports the BBC.
Analyst: U.S. Integrated Mills Now Among the Costliest Operations
27 October 2015 - Falling prices of seaborne coking coal and iron ore, along with other factors, have pushed America's integrated steel mills up the global cost curve, CRU senior consultant Adrian Doyle said on Tuesday.
Infrastructure Spending Not a Panacea for Steel Demand, Says SDI Executive
26 October 2015 - Despite a school of thought that says otherwise, an increase in public spending on America's crumbling infrastructure likely won't do much to lift steel demand, according to Steel Dynamics Inc. (SDI) Vice President Christopher A. Graham.
Analyst: Chinese Steel Demand Will Again Grow, But at a Much Slower Pace
26 October 2015 - The best days of Chinese demand for steel may be over, but it will likely resume growth in the next decade, according to CRU research manager Chris Houlden.
Universal Stainless' Net Sales Expected to Drop 19 Percent
16 October 2015 - Specialty steelmaker Universal Stainless & Alloy Products Inc. said that it expects to record a third-quarter loss of US$2.40 to US$2.45 per share, partly on account of costs associated with throttling back production.
AK Steel Temporarily Idles Kentucky Steel Works
16 October 2015 - U.S.-based AK Steel Corp. is idling the blast furnace and other steelmaking operations at its Ashland Works in Kentucky, the company has announced.
Analyst: Despite Cost-Cutting Measures, Steel Works Unlikely to Remain Open
09 October 2015 - Wage freezes and layoffs will delay, but likely won’t prevent, the eventual closure of BlueScope Steel Ltd.’s Port Kembla works, according to a Deutsche Bank analyst.
Unions Agree to Wage Freeze, Job Cuts at Australian Steel Works
08 October 2015 - Employees at an Australian steel works have accepted concessions in a bid to keep the operation afloat.
