Economy & Markets
The latest on the economy's health and the markets driving the supply and demand of steel.
Latest News
G20 Nations Pledge to Address Excess Steel Capacity
06 September 2016 - Leaders at the G-20 summit in China have agreed to create a group that will promote discussion and cooperation amongst nations on the world’s excess steelmaking capacity.
Blaming Soft Plate Market, Essar Algoma Cuts Workforce
06 September 2016 - Canada’s Essar Steel Algoma is laying off more than six dozen employees owing to weakness in the plate markets, reports the online SooToday.com.
Steel Not on the G-20 Agenda for China
30 August 2016 - China is keen on discussing its financial reforms during the upcoming Group of 20 summit – and less so on talking about the world’s excess steelmaking capacity, reports The Nikkei Asian Review.
Hebei Iron & Steel Begins Boosting Sales, Production at Serbian Mill
30 August 2016 - Nearly two months after acquiring Serbia’s ailing Železara Smederevo steel works, Hebei Iron & Steel has managed to lift the facility’s monthly sales and is targeting 1.7 million tons of production in 2017, reports Xinhua, China’s official news agency.
Magnetation Planning to Wind Down Operations
29 August 2016 - AK Steel Corp. will pay up to US$37.5 million to end its pellet supply agreement with its joint venture pellet producer, Magnetation LLC, which will begin to wind down its remaining operations unless it finds a buyer or new financing.
The Time is Now for Meaningful Commitments on Capacity Reductions, SMA Chairman Says
26 August 2016 - In spite of new trade laws and a spate of anti-dumping cases, unfairly traded steel imports continue to pose significant challenges for U.S. steelmakers, the chairman of the Steel Manufacturers Association said on Friday.
In Indiana, Steelworkers Rally Over U. S. Steel Layoffs, and ArcelorMittal Advances Optimization Plan
26 August 2016 - The United Steelworkers union is rallying this afternoon in downtown Gary, Ind., protesting U. S. Steel Corp.’s decision to layoff approximately three dozen maintenance workers at the Gary Works, reports The Times newspaper of northwest Indiana.
Temporary Mill Shutdowns in China May Halt Advancing Iron Ore Prices
25 August 2016 - Amid reports of orders for Chinese mills to shut down during the G20 summit in Hangzhou early next month, iron ore traders are likely to be keeping a close eye on the markets for signs of a retreat in prices.
United Steelworkers, Others Pressing Canadian Federal Government to Support Steel Industry
22 August 2016 - Calls are mounting for the Canadian federal government to step off the sidelines and take action in support of Canada’s steel industry and its employees, both retired and active, reports The Hamilton Spectator newspaper.
Aided by Its North American Sheet Mill, BlueScope's Fortunes Rise in Fiscal 2016
22 August 2016 - Australia’s BlueScope Steel more than doubled its underlying net profits in fiscal 2016 due in part to higher sales and cost reductions as well as to having taken full ownership of its U.S. sheet mill.
EVRAZ Sees North American Sales for Rail, Tube Decline
19 August 2016 - Russia’s EVRAZ saw its sales fall nearly 28 percent in the first half of 2016, primarily on lower prices and weaker demand. But the second quarter brought about improving conditions, and the company is therefore “cautiously optimistic” about the second half, it said on Thursday.
Report: The World's Biggest Steelmakers Owe More Than US$150B
18 August 2016 - The world’s 30 largest steelmakers are collectively saddled with net debts of US$150 billion, an average of US$5 billion apiece, and some steelmakers appear to be on the verge of bankruptcy, according to professional services firm Ernst & Young.
Gerdau to Idle Kentucky Bar Mill
17 August 2016 - Gerdau is planning to idle its Calvert City, Ky., USA, bar mill by the end of November, blaming the world’s excess steelmaking capacity, according to reports.
Bloomberg: China Falling Behind on Capacity Reduction Goal
16 August 2016 - A recent upturn in coal and steel prices is testing the determination of Chinese provinces and companies to cut excess capacity, and, in fact, have put the country behind early goals for doing so, according to the Bloomberg news service.
Report: Steel's Recovery Might Already Be Running Out of Gas
15 August 2016 - Despite signs of growth in 2016, the steel industry continues to face the same problems -- a glut of capacity throughout the world and high export volumes from China. And that is leading some to question the sustainability of the current recovery, reports the Bloomberg news service.
India Extends Import Protections on Certain Steels for Another 60 Days
08 August 2016 - The Indian government has extended its import price floor for certain steel products by an additional two months, reports The (India) Economic Times.
Report: China Weighing Plan to Combine Steelmakers
02 August 2016 - Chinese officials are thinking about consolidating some of the country’s largest steelmakers into two behemoth companies, according to the Bloomberg news service.
Indian Steelmakers Urge Government to Extend Import Price Floor
28 July 2016 - Indian steelmakers are pressing the government to retain the import price floor it imposed on 173 steel products earlier this year, arguing that it has helped hold back a flood of low-cost steel and improved margins.
POSCO Earnings Miss Analysts' Estimates
22 July 2016 - POSCO recorded an operating profit of US$597.7 million between April and June, falling short of analysts’ expectations, according to the Reuters news service.
Nucor Executives See Much Potential in Texas Plate Mill Acquisition
21 July 2016 - Nucor executives are upbeat about the company’s US$29 million investment in a Texas plate mill, saying it is a well-run, well-equipped facility that will give Nucor access to new value-added niche markets.
