Economy & Markets
The latest on the economy's health and the markets driving the supply and demand of steel.
Latest News
Ohio Blast Furnace Being Taken Off-Line
09 April 2020 - ArcelorMittal is preparing to idle the No. 6 blast furnace at its Cleveland, Ohio, USA, facility, reports The Times newspaper of northwest Indiana.
Nippon Steel Adjusts Production
08 April 2020 - Nippon Steel Corp. will bank two blast furnaces later this month and curtail coke production as it adjusts to lower demand, the company has said.
BlueScope Pushes Back Ohio Expansion Project
07 April 2020 - BlueScope Steel Ltd. is delaying the expansion of its North Star sheet mill as it looks to preserve cash during the COVID-19 pandemic.
Weak Energy Demand Forces EVRAZ to Close Pipe Mill
07 April 2020 - With energy pipeline projects falling to the wayside, EVRAZ North America is idling its spiral-weld pipe mill in Oregon, reports The Oregonian newspaper.
Honda, FCA Extend Plant Shutdowns
07 April 2020 - Honda and Fiat Chrysler Automobile will keep their U.S. and Canadian plants closed through the remainder of April, reports trade publication WardsAuto.
Infrastructure Ought to Be Part of COVID-19 Relief, Steel Groups Say
01 April 2020 - Five U.S. steel trade organizations have urged Congress to provide for public infrastructure investments in the next phase of COVID-19 economic stimulus.
Ford Delays Plant Restarts
01 April 2020 - Ford Motor Co. has pushed back the planned restart of North American plants, saying that it is taking the step to help better protect workers.
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.
