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Raw steel output in the United States totaled 1,966,000 tons last week, a 2.2-percent decline from 2,010,000 tons produced the previous week, as mills operated at an average capability utilization rate of 85.1 percent.
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The number of drill rigs running in the United States rose by six last week, with the largest increase in California (up seven), while Canadian drilling activity jumped by 18 rigs.
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Don't look for U.S. Steel Corp. to become the next Mittal Steel USA anytime soon.
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Despite a slight uptick in shipments of iron ore through the Great Lakes, a shipping organization said it believes sluggishness remains in steel production.
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Dofasco Inc.'s earnings plunged 95.5 percent in the third quarter, driven by a loss at its steel operations segment.
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Distributor Russel Metals Inc., Mississauga, Ontario, said its third-quarter net income fell 55.8 percent to Canadian $25.9 million ($22.1 million) on revenue that slipped 8.6 percent to C$629.6 million ($535.3 million) as declining steel prices reduced margins.
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Midrex Technologies Inc. has been contracted by Acindar SA for a plant expansion in Villa Constitucion, Argentina.
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Specialty and stainless steel producer Electralloy Corp. has joined the move by other mills to impose an energy surcharge.
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Steel imports declined again in September, but as is often the case major industry players put different spins on the significance and consequence to the U.S. market.
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Distribution giant Ryerson Tull Inc. has bucked a trend of reduced results among service centers, driven by lower third-quarter prices, by reporting net income that was 94.3 percent higher at $33.9 million on sales that rose 57.6 percent to $1.4 billion following the acquisition of Integris Metals Inc.
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Steel and plastics processor and distributor Samuel Manu-Tech Inc., Toronto, said lower steel pricing had contributed to a 34.8-percent fall in net income to Canadian $12.5 million ($10.7 million) on a 5.3-percent sales decline to C$213 million ($180.7 million) compared with the same period last year.
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A tax-rate increase helped grease a 13.9-percent decline in net income for Earle M. Jorgensen Co. (EMJ) in its fiscal second quarter.
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Continued strong demand for electrical steel is putting a jolt in AK Steel Corp., Middletown, Ohio, to expand capacity for the product.
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Brazilian mining magnate Eike Batista is seeking the support of Rio de Janeiro state for a new export-oriented iron ore pelletizing plant to be located at São João da Barra, sources close to the state governor said.
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JFE Steel Corp., Tokyo, plans to cut output by 500,000 tonnes in the first quarter of 2006 in an effort to reduce domestic inventories and offset a rise in imports of sheet from China, a company spokesman said.
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Olympic Steel Inc., Cleveland, posted an 88.3-percent decrease in third-quarter net income to $2.2 million on sales that fell 14.7 percent to $208.4 million vs. the third quarter last year. The volume of material sold also declined, slipping 5.5 percent to 305,578 tons in the same comparison.
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Consol Energy Inc. posted record earnings during the third quarter, driven by higher coal prices and production despite an outage at one of its metallurgical coal mines.
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Cleveland-Cliffs Inc. cited higher North American sales margins in posting record revenue and earnings for the first nine months of this year. However, third-quarter earnings trailed last year's pace by 2.2 percent despite a big jump in sales.
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United Steelworkers union president Leo W. Gerard and his executive team were re-elected this week, marking the first time in the union's 63-year history that a slate has won election unopposed.
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Arcelor SA logged its best third-quarter results on record, despite a difficult market in which the company cut 2.5 million tonnes of steel output in the first nine months of the year, Guy Dollé, the Luxembourg-based company's chief executive officer, said in a conference call.
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Arcelor SA, Luxembourg, will again raise its stake in Brazilian stainless and special steelmaker Acesita SA, having reached an agreement to purchase the 12.13 percent of Acesita's voting capital currently held by Brazilian pension fund Sistel.
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Commercial Metals Co.'s executives don't expect a tidal wave of finished steel exports from China, and even if Chinese steel shipments to the United States rise they are unlikely to impinge on the Dallas-based company's markets.
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Mittal Steel Co. NV, Rotterdam, will consider whether to bid for Anglo American Plc's Highveld Steel & Vanadium Corp. Ltd. subsidiary after more details become available, a spokesman for Mittal Steel South Africa said Wednesday.
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Talks between Gerdau Ameristeel Corp., Tampa, Fla., and workers locked out of the company's Beaumont, Texas, wire rod plant for the past five months have made some slight progress in recent weeks, a union official said.