Steel RSS

  • Nucor’s profit in 4th qtr. to just beat break-even (UPDATE) Dec 09, 2008

    Nucor Corp. expects to turn a profit in the fourth quarter, but likely will be “only marginally above the break-even level,” the Charlotte, N.C.-based company said in issuing fourth-quarter guidance Tuesday.

  • US, Canada drilling slows down Dec 09, 2008

    The number of drill rigs running in the United States fell 0.8 percent to 1,852 rigs last week from 1,866 the previous week, with the largest decrease in Texas (down 38 rigs), while Canadian drilling activity fell 0.5 percent to 404 rigs from 406 in the same comparison.

  • Nucor sees marginal 4th-qtr. profit Dec 09, 2008

    Nucor Corp., Charlotte, N.C., expects to turn a profit in the fourth quarter, but it likely will be "only marginally above the break-even level" during the period.

  • US raw steel output drops another 1.3% Dec 09, 2008

    U.S. raw steel production fell to the lowest level in at least 24 years last week, shedding another 1.3 percent to 1,182,000 tons vs. 1,197,000 tons the previous week, as mills operated at an average capability utilization rate of 49.5 percent.

  • Analyst cuts Reliance earnings outlook Dec 08, 2008

    An uncertain near-term profit picture has prompted a securities analyst to lower his earnings outlook for Reliance Steel & Aluminum Co.

  • Steel shares rebound up to 25% on positive news Dec 08, 2008

    Steel stock prices surged Monday on news of President-elect Barack Obama’s plan to increase infrastructure spending, a ratings upgrade by one prominent analyst, rising scrap prices and the notion that steel prices may have hit bottom and are poised for a turnaround.

  • Citation wins ductile iron castings contracts Dec 08, 2008

    Citation Corp., Novi, Mich., has been awarded $200 million in new contracts covering a five-year period.

  • SMS Group sees order intake rising 5% in ’08 Dec 08, 2008

    SMS Group expects its order intake to rise about 5 percent this year due to electrical automation systems and services growth during the first three quarters despite the impact of the deepening global economic crisis.

  • Steel mart upbeat on Obama infrastructure plan Dec 08, 2008

    President-elect Barack Obama released details of his economic recovery plan that includes a large investment in infrastructure, giving industry leaders good news for the first time in months.

  • Assorted positive news lifts steel share prices Dec 08, 2008

    Steel stock prices surged Monday on news of President-elect Barack Obama’s plan to increase infrastructure spending, a ratings upgrade by one prominent analyst, rising scrap prices and the notion that steel prices may have hit bottom and are poised for a turnaround.

  • Republic Engineered, Westmet in sales accord Dec 08, 2008

    Republic Engineered Products Inc. has signed an agreement with Westmet International, Fullerton, Calif., to sell its cold-finished special bar quality (SBQ) steel in the western United States and western Canada.

  • NAS produces first coil on new line Dec 08, 2008

    North American Stainless Inc. (NAS) produced the first coil from its new No. 4 hot annealing and pickling line (AP4), one of the largest units of its type in the world.

  • Copper, aluminum rally on Obama plan Dec 08, 2008

    Base metals rallied Monday to overcome multiyear lows on news of President-elect Barack Obama’s promise to reinvigorate the U.S. economy with a massive infrastructure spending plan, though traders warned that it might be premature to expect any quick rise in physical metal demand.

  • TW Metals acquires assets of stainless pipe distributor Dec 08, 2008

    TW Metals Inc., an Exton, Pa.-based subsidiary of O’Neal Steel Inc.’s High-Performance Metals Group, has acquired the assets of Stainless Tubular Products Inc. (STP), Fairfield, N.J.

  • SSAB job cuts in US minimal as it lays off 1,300 workers globally Dec 08, 2008

    Swedish steelmaker Svenskt Stal AB (SSAB) will reduce its global work force by about 14 percent, but the cost-savings program will have only a minimal impact on its U.S. operations.

  • Heidtman Steel laying off 7% of its work force Dec 08, 2008

    Heidtman Steel Products Inc., a Toledo, Ohio-based steel processor, said a lack of business activity brought on by the global financial crisis is forcing it to temporarily lay off about 7 percent of its 800-strong work force.

  • US tells firms to return some of Byrd payouts Dec 08, 2008

    The U.S. Customs and Border Protection’s revenue division has sent a letter to companies requesting the return of funds received under the Continued Dumping and Subsidy Offset Act, commonly known as the Byrd Amendment, according to a source knowledgeable about the situation.

  • Cliffs matching lower demand with deep cuts Dec 08, 2008

    Cliffs Natural Resources Inc. reacted Monday to “current market uncertainties” with a sweeping array of cutbacks.

  • SSAB job cuts in US minimal as it lays off 1,300 workers globally Dec 08, 2008

    Swedish steelmaker Svenskt Stal AB (SSAB) will reduce its global work force by about 14 percent, but the cost-savings program will have only a minimal impact on its U.S. operations.

  • Heidtman Steel laying off 7% of work force Dec 08, 2008

    Heidtman Steel Products Inc., a Toledo, Ohio-based steel processor, said a lack of business activity brought on by the global financial crisis is forcing it to temporarily lay off about 7 percent of its 800-strong work force.

  • US seeking return of some Byrd payouts Dec 08, 2008

    The U.S. Customs and Border Protection’s revenue division has sent a letter to companies requesting the return of funds received under the Continued Dumping and Subsidy Offset Act, commonly known as the Byrd Amendment, according to a source knowledgeable about the situation.

  • Vale idles two more pellet plants in Brazil Dec 08, 2008

    Brazilian iron ore miner Vale has stopped operations at two more pellet plants due to the “unprecedented contraction of the global demand for iron ore and pellets,” the company said.

  • Worthington to shut 3 plants, lay off 300 Dec 08, 2008

    Steel processor and distributor Worthington Industries Inc. will reduce its work force by about 300 employees in the steel processing and metal framing business segments, or 4 percent of its total work force.

  • As the economy caves, contracts suddenly become options to buy Dec 08, 2008

    When is a contract not a contract? Apparently when people are desperate enough to say it’s not binding, damn the potential legal consequences.

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