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Economy & Markets

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

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Indian Steel Producers Face Lower Demand 

31 Mar 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 Mar 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 Mar 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 Mar 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 Mar 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 Mar 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 Mar 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 Mar 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 Mar 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 Mar 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. 

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