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Two American long product steelmakers—Gerdau Ameristeel Corp., Tampa, Fla., and Steel of West Virginia Inc., Huntington, W.Va.—together are laying off three dozen more employees in the coming weeks.
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Two American long product steelmakers—Gerdau Ameristeel Corp., Tampa, Fla., and Steel of West Virginia Inc., Huntington, W.Va.—together are laying off three dozen more employees in the coming weeks.
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General Motors Corp. plans to slash nearly 2,000 more jobs at three plants in the United States and Canada as it struggles to cope with an auto market that “collapsed,” according to company spokesman.
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Quanex Building Products Corp.’s net income plummeted 84 percent to $21.6 million in fiscal 2008 from $134.6 million the previous year on sales that fell 9.9 percent to $868.9 million from nearly $964 million.
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Forbes magazine has ranked Universal Stainless & Alloy Products Inc., Bridgeville, Pa., 82nd on its annual list of the 200 Best Small Companies in America, up from 92nd last year.
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Nonfarm payroll employment fell sharply by 533,000 jobs in November, and the U.S. unemployment rate rose from 6.5 to 6.7 percent, the U.S. Bureau of Labor Statistics reported Friday.
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U.S. steel import licenses declined 23.3 percent in November from the previous month, with sources saying that the decline likely could continue.
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Aluminum prices tumbled another 3.5 percent Thursday to a four-and-a-half-year low as the market expressed concern over rising inventories and an ever-worsening demand outlook in the automotive and construction sectors.
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Steel futures are here to stay, according to a top executive at Russian steelmaker OAO Severstal.
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The Chinese government might start buying steel from the domestic market—as it reportedly is doing for base metals—to build up its strategic reserves and help loss-making mills, market sources said.
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China’s government is likely to focus on stimulating domestic demand next year rather than trying to buoy export-oriented industries, according to World Bank economist Louis Kuijs.
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Steel Dynamics Inc. (SDI) may not be profitable this quarter, but 2009 will be a better year financially than 2008, according to its top executive.
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Demand for steel products will lag behind the general recovery of the global economy due to the steel industry’s tie-ins with the construction sector and its reliance on capital spending, according to World Steel Dynamics Inc. (WSD), Englewood Cliffs, N.J.
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The move comes despite a rise in ferrous scrap prices to 290 euros ($369) per tonne c.f.r. from 130 euros ($165) previously. Weak end-user demand from the construction sector is keeping distributors and fabricators out of the market.
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Steel mills might not relinquish their pricing power in spite of the global recession and buyers staying out of the market in the expectation of further price reductions, according to Nasser Alaghband, chief executive officer of Balli Group.
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Nippon Steel Corp. and ArcelorMittal SA are halting construction of an expansion project at their I/N Kote facility in northern Indiana as a result of the auto industry downturn.
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Nippon Steel Corp. and ArcelorMittal SA are halting construction of an expansion project at their I/N Kote facility in northern Indiana as a result of the auto industry downturn.
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Providing access to worker dislocation services, Illinois Gov. Rod R. Blagojevich has deployed the state’s Rapid Response Team to aid workers impacted by Pittsburgh-based U.S. Steel Corp.’s announcement to temporarily close its facility in Granite City.
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Wabush Mines plans to lay off more than a third of its work force beginning in February as the company cuts production to about half its current capacity.
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AK Steel Corp., West Chester, Ohio, is cutting the pay of its salaried employees by 5 percent beginning Jan. 1 in response to the recent economic downturn.
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Providing access to worker dislocation services, Illinois Gov. Rod R. Blagojevich has deployed the state’s Rapid Response Team to aid workers impacted by Pittsburgh-based U.S. Steel Corp.’s announcement to temporarily close its facility in Granite City.
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Macsteel Service Centers USA, Newport Beach, Calif., has opened a new 100,000-square-foot service center in Portland, Ore., to serve customers in the Pacific Northwest, including Oregon, Washington and Idaho.
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AK Steel Corp., West Chester, Ohio, is cutting the pay of its salaried employees by 5 percent beginning Jan. 1 in response to the recent economic downturn.
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Wabush Mines plans to lay off more than a third of its work force beginning in February next year as the mine cuts production to about half its current capacity, according to Canada’s CBC News.