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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
Indian Steel Producers Face Lower Demand
31 March 2020 - The COVID-19 pandemic and national lockdown will weaken India steel demand in India and could lead to an inventory build-up that pressures prices downward, reports the IANS news service.
AK Steel Banks Michigan Blast Furnace
31 March 2020 - With the COVID-19 pandemic having brought North American auto production to a halt, AK Steel is temporarily idling its Dearborn Works in Michigan, reports Fastmarkets AMM.
An Aging Population, Other Market Challenges Force JFE Steel to Resize
30 March 2020 - JFE Steel will permanently close a blast furnace in southeastern Japan as part of a plan to consolidate operations and refocus on key products, the company has announced.
SSAB Begins Layoff Negotiations
30 March 2020 - SSAB is preparing to initiate a round of temporary layoffs at its Finnish operations, citing weak demand due to the COVID-19 pandemic.
U.S. Imports Fall to 10-Year Low in February
26 March 2020 - U.S. steel imports fell slightly more than 38% in February 2020, dropping to a level not seen since 2009, reports commodities news and pricing service Argus.
Indian Steel Producers Set COVID-19 Curtailments
26 March 2020 - JSW Steel, Tata Steel and ArcelorMittal are all pulling back on production despite exceptions that allow them to run during the country’s national COVID-19 lockdown.
thyssenkrupp, Labor Union Agree to Long-Term Strategic Plan, Coronavirus Curtailments
25 March 2020 - thyssenkrupp and the IG Metall labor union have come to terms on a plan in which the company will shed 3,000 steel jobs over six years, but will invest EUR800 million in its plants during that time, thyssenkrupp has announced.
voestalpine Idles Blast Furnace; Closes Global Sites
25 March 2020 - voestalpine has closed facilities in Europe, South America and the U.S. and will temporarily reduce hours at other European sites as global economy slows.
North American Auto Plants Postpone Restarts
25 March 2020 - Ford, Toyota and Hyundai are extending coronavirus shutdowns of their North American plants, and Kia has announced its intention to temporarily stop production in the U.S., reports WardsAuto.
U. S. Steel Idles Ohio, Texas Tube Mills
24 March 2020 - United States Steel Corporation has informed workers that will indefinitely idle its seamless tube plant in Lorain, Ohio, as well as its Lone Star tubular operations in Texas, reports The (Elyria, Ohio) Chronicle-Telegram newspaper.
Report: Excess Steel Inventory Poses Major Challenge to Chinese Producers
23 March 2020 - China’s steel market will have to confront a crushing tidal wave of steel that is sitting in inventory and likely to put tremendous pressure on prices this spring, reports commodities news and pricing service S&P Global Platts.
Plummeting Oil Prices Force Tenaris to Reduce U.S. Workforce
23 March 2020 - Pipe and tube manufacturer Tenaris is laying off more than 900 people at its U.S. facilities as the sudden decline in oil prices have ground the energy tubular market to a halt.
U. S. Steel Issues Q1 Earnings Guidance
20 March 2020 - United States Steel Corporation expects to record a first-quarter loss due in part to difficulties in the tubular market and the European sheet market, both of which are occurring against the backdrop of a global pandemic, the company said on Friday.
U.S. Iron Ore Miners Say No Virus Impacts...Yet
19 March 2020 - Minnesota’s Iron Range is bracing for a potential recession, but for now iron ore operations are continuing as they have, reports the Duluth News Tribune.
Nucor, SDI Off to Solid 2020 Start, But Coronavirus Consequences Loom
19 March 2020 - Impacts from the coronavirus have so far been minimal, but Nucor and Steel Dynamics said Thursday that they each expect to see fallout further down the road.
Coronavirus Forces North American Automakers to Halt Production Lines
19 March 2020 - As the coronavirus pandemic worsens, North America’s automakers are temporarily closing plants to protect workers and help halt the spread of the virus, reports the Associated Press.
USMCA Clears Canadian Parliament, U.S. Targets June Implementation
18 March 2020 - Canada’s parliament has ratified the U.S.-Mexico-Canada agreement, officially bringing all of North America into the replacement NAFTA deal.
Coronavirus Stalls China’s Manufacturing Sector in February
02 March 2020 - China’s manufacturers saw record declines in new orders, output and employment last month as the coronavirus outbreak slowed the world’s second largest economy.
Japanese Steelmakers Tell China to Bring Production in Line With Demand
27 February 2020 - The chairman of the Japan Iron and Steel Federation has called on Chinese steelmakers to curtail steel production as steel inventories build due to the coronavirus outbreak.
JFE Steel to Idle Some Plate Mills in Japan
18 February 2020 - Citing falling demand and slowing growth, JFE Steel has announced plans to idle parts of its plate-making operations in Japan, the Jiji Press news service reports.
