Economy & Markets
The latest on the economy's health and the markets driving the supply and demand of steel.
Latest News
More Layoffs Planned at Kentucky Tube Mill
28 January 2016 - TMK IPSCO has given notice that it intends to lay off 126 employees at its Wilder, Ky., USA, tube mill.
Tenaris Closing U.S. OCTG Couplings Plant
27 January 2016 - OCTG producer Tenaris is planning to mothball its couplings facility in Houston, Texas, USA, by the end of March, the company has announced.
EUROFER: EU Steel Demand May Grow in 2016, But Uncertainty Abounds
27 January 2016 - Steel demand is relatively weak, prices are low and imports are continuing to pummel the European market. And with more than enough to go around, producers will be fighting for orders, creating uncertainty as the industry heads deeper into 2016, according to EUROFER, the European Steel Association.
U. S. Steel Posts US$1.5B Loss in 2015
27 January 2016 - 2015 will go down as a significant year for United States Steel Corporation, but for the wrong reasons: the integrated steelmaker posted a net loss of US$1.5 billion on the year, illustrating the difficult market conditions the company and other steelmakers are facing.
ArcelorMittal Mothballs Spanish Mini-Mill
25 January 2016 - ArcelorMittal is indefinitely idling its Sestao mini-mill in Spain, blaming “extremely adverse” market conditions.
Sanctions End, and Iran Goes Shopping
25 January 2016 - Italian mill builder Danieli expects to sign commercial agreements with Iran worth up to US$5.7 billion as economic sanctions end and the country set about to modernize.
Moody's Initiates Broad Credit Ratings Review of Energy, Mining Companies
22 January 2016 - Moody’s is considering whether to downgrade 175 of the world's oil, gas, mining and metals businesses on account of the ongoing commodities downturn, the credit ratings agency has announced.
Environmental Concerns Prompt Closure of Major Iron Ore Terminal in Brazil
22 January 2016 - A Brazilian court has ordered one of the world’s primary iron ore import-export terminals to shut down owing to recurring pollution problems.
EU Takes Belgium, Italy to Task for State Support of Steelmakers
21 January 2016 - The European Commission has ordered Belgium to recover EUR211 million in aid it granted to steel companies in the Duferco group, saying the assistance distorted competition and violated EU state aid rules.
U. S. Steel Warns of More Job Cuts at Lone Star Plant
20 January 2016 - United States Steel Corporation is planning to curtail production and lay off nearly 700 employees at its Lone Star tubular plant in Lone Star, Texas.
IEA: Oil Market Could Drown in Global Oversupply
20 January 2016 - Oil prices might continue to fall in 2016 as the world is poised to withdraw more from the Earth than it needs, according to the International Energy Agency.
Essar Steel Algoma to Begin Shopping Itself Around
20 January 2016 - Canada’s Essar Steel Algoma is to begin searching for a buyer or major investor in its Sault Ste. Marie, Ont., integrated mill, reports the online publication SooToday.com.
China's Steel Production Contracts for the First Time in 25 Years
19 January 2016 - For the first time in as long as many can remember, Chinese steelmakers produced less than they did the year before, according to reports.
Report: OMK Exploring Sale of U.S. Tube Mill
18 January 2016 - Russia’s United Metallurgical Co. (OMK) is looking into selling its U.S. pipe mill, which it opened three years ago to capitalize on the then-booming energy market, according to the Reuters news service.
China Iron and Steel Association: Our Steelmakers Are Hurting, Too
18 January 2016 - Overcapacity and falling domestic demand are impacting the Chinese steel industry -- the country’s major steel producers lost US$8.07 billion from January to November 2015, reports the Reuters news service.
Tenaris Trims 100 Jobs at Arkansas Mill; Blames Oil Downturn
18 January 2016 - Tube maker Tenaris is shedding approximately 100 jobs at its welded pipe mill in Blytheville, Ark., USA, due to the weak energy market, the company has announced.
Tata Steel to Let Go More Than 1,000 at UK Mills
18 January 2016 - Tata Steel UK Ltd. is laying off 1,050 people, mostly from its integrated Port Talbot mill in Wales, on account of continued pricing pressure from low-cost imports, the company has announced.
Labor Union to Meet With Tata Steel Leaders Over Layoff Reports
11 January 2016 - The United Kingdom’s Community labor union said it plans to meet with Tata Steel officials over reports that the company might lay off hundreds of people at its Port Talbot works in Wales, according to the BBC.
Update: Job Cuts Might Be on the Way at U.S. Steel's Ohio Tube Plant
08 January 2016 - United States Steel Corporation is planning to cut production and lay off approximately 260 employees at its Lorain, Ohio, tubular operation, according to The (Elyria, Ohio) Chronicle-Telegram newspaper.
Magnetation Idles Iron Ore Concentrate Plant
07 January 2016 - Minnesota-based Magnetation LLC is idling the second of its three iron ore concentrate plants and expects to lay off approximately 160 people, according to reports.
