Economy & Markets
The latest on the economy's health and the markets driving the supply and demand of steel.
Latest News
Chinese Steel Exports Surpass 100-Million Mark
08 December 2015 - China’s steel industry reached a milestone in November – for the first time it exported more than 100 million metric tons, reported BloombergBusiness.
With No Alternative Plans in the Offing, Tata Steel Expected to Cut 720 Positions
04 December 2015 - Tata Steel and union representatives have failed to agree on a plan that would mitigate layoffs at its mini-mill operation in northern England, meaning that Tata likely will execute on its plan to cut 720 positions there and elsewhere, according to the The (London) Telegraph.
Chinese Mills Feeling Impact of Industry Downturn
04 December 2015 - Chinese mills in the Shanxi province are cooling blast furnaces and curtailing production due to weakening demand and crimped cash flows, according to the Reuters news service.
Allegheny Technologies Lockout Nearing Fifth Month
04 December 2015 - Specialty metals producer Allegheny Technologies Inc. (ATI) invested close to US$400,000 per job through its new hot rolled mill in southwestern Pennsylvania, according to Robert Wetherbee, ATI’s president of flat rolled products.
Index Shows U.S. Manufacturing Contracted in November
01 December 2015 - The overall U.S. economy grew during November, but the manufacturing sector contracted for the first time in three years, according to the Institute for Supply Management’s monthly Report on Business.
LME's New Steel Contracts Make Market Debut
23 November 2015 - The London Metal Exchange launched its new rebar and steel scrap contracts today, but so far there hasn’t been much interest, according to Reuters news service.
Ohio Steel Shop Temporarily Halting Production
19 November 2015 - U.S.-based Warren Steel Holdings is temporarily idling its plant in Warren, Ohio, citing “market conditions.”
Iron Ore Producer Might Impose Production Curtailments in Early 2016
18 November 2015 - U.S. iron ore producer Magnetation LLC has warned employees that it might curtail production at its No. 2 plant in Bovey, Minn., beginning on 31 January 2016.
Cliffs Natural Resources Idles Mine, Taconite Pellet Plant
18 November 2015 - Iron ore producer Cliffs Natural Resources Inc. is temporarily idling pellet production at its Northshore Mining operation in Minnesota, the company has announced.
Analysts: Cheap Debt Contributing to Steel's Oversupply
17 November 2015 - Inexpensive credit has allowed unprofitable production to be maintained, supporting the continued glut of steel on the market, according to analysts at financial services firm Macquarie Group.
Some Interest, But No Takers Yet for Tata Steel's European Division
17 November 2015 - Several parties reportedly have expressed interest in Tata Steel’s European long products division, although a deal doesn’t appear to be imminent, according to the Reuters news service.
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.
