Steel RSS

  • Securities buys spark Hanna Steel lawsuit vs. Wachovia Dec 29, 2008

    Hanna Steel Corp., a Fairfield, Ala.-based manufacturer of mechanical tubing and hollow structural sections, has sued Wachovia Corp. and related companies, alleging the bank steered the company into buying auction rate securities that weren’t liquid, or cash equivalents, as required in its credit agreement with the bank.

  • Three pipe, tube makers slate layoffs Dec 29, 2008

    More steel-related worker layoffs are on the way, with three manufacturers of pipe and tube products—Tenaris SA, Allegheny Technologies Inc. (ATI) and U.S. Steel Corp.—responding to the global economic crisis by slating staff cutbacks.

  • Rio Tinto idles pig iron plant, shuts 11 mines in Australia Dec 29, 2008

    Rio Tinto has idled a pig iron plant in Kwinana, Western Australia, for at least three months and closed its 11 iron ore mines in the Pilbara region of the country for two weeks in an effort to cut production there by 10 percent before the end of the year, according to press reports.

  • . . .and slapping Salem Steel with a suit Dec 28, 2008

    Perspectives loves nothing more than a juicy legal fight. And that’s what we’ve got on our hands between Plymouth Tube Co. and Salem Steel North America LLC.

  • Good luck in 2009 . . . if Fitch Ratings is right, you’ll need it Dec 28, 2008

    Surely you’ve read this issue’s top story already . . . More than 1.8 million tons of new spiral-weld line pipe capacity!

  • Good luck in 2009 . . . if Fitch Ratings is right, you’ll need it Dec 28, 2008

    Surely you’ve read this issue’s top story already . . . More than 1.8 million tons of new spiral-weld line pipe capacity!

  • MSCI Pipe and tube inventories, shipments retreat Dec 28, 2008

    Plumbing new lows, pipe and tube shipments and inventories fell sharply in November, according to Michelle Applebaum Research Inc. and the latest data from the Metals Service Center Institute.

  • Pipe makers want more detail on promised infrastructure bonanza Dec 28, 2008

    You might think an economic stimulus package that could top $850 billion in cost and likely includes at least $150 billion for infrastructure would work some steel pipe and tube producers into a lather.

  • Plymouth to sack 31 workers . . . Dec 28, 2008

    Plymouth Tube Co. has warned that it will lay off 31 employees at its East Troy, Wis., facility in the New Year.

  • Spiral-weld mill honchos are upbeat despite slippery energy mart Dec 28, 2008

    The economic sky might be falling, but that doesn’t appear to be dimming the optimism of executives at new, large outside-diameter (OD) spiral-weld pipe mills in North America.

  • Tenaris Don’t believe the hype, $1.6-billion pipe mill is still on track Dec 28, 2008

    Some folks in the pipe and tube business have been abuzz with gossip that Tenaris SA backing off a planned $1.6 billion small-diameter seamless pipe mill project in Veracruz, Mexico.

  • West Coast tuber tags tumble big time Dec 28, 2008

    The West Coast market for structural steel tubing continued to reel from a price cut of more than $200 per ton by one of North America’s largest producers.

  • WTC drills deeper into energy patch Dec 28, 2008

    Welded Tube of Canada (WTC) is moving ahead with a plan kicked off in 2005 to expand into the energy sector, according to a recent announcement.

  • China taking case vs. US duties to WTO Dec 24, 2008

    China has asked the World Trade Organization (WTO) to establish a panel to investigate U.S. anti-dumping and countervailing duties on Chinese exports, including steel pipe, that it claims may violate WTO trade rules, the state-owned Xinhua News Agency reported.

  • Hot-roll band tags still sliding Benchmarker Dec 24, 2008

    The steady decline in hot-rolled band prices in most of the world continued over the past two weeks.

  • When Norman met Warren A tale of Christmas past Dec 24, 2008

    With the news in early December that Reliance Steel & Aluminum Co. had called a temporary hiatus to new acquisitions, it became clear that the age of consolidation in the U.S. service center industry hit a speed bump. After all, the more than 40 purchases engineered by the Los Angeles-based distribution network since it went public in 1994 has been largely responsible for Reliance becoming the nation’s largest metals distributor.

  • When Norman met Warren A tale of Christmas past Dec 24, 2008

    With the news in early December that Reliance Steel & Aluminum Co. had called a temporary hiatus to new acquisitions, it became clear that the age of consolidation in the U.S. service center industry hit a speed bump. After all, the more than 40 purchases engineered by the Los Angeles-based distribution network since it went public in 1994 has been largely responsible for Reliance becoming the nation’s largest metals distributor.

  • Inventory impairments also to take toll Dec 24, 2008

    Steel companies with significant or even higher-than-average levels of inventory and long or slowing inventory turns are particularly exposed to material inventory impairments due to the sudden and dramatic drop in steel prices during the fourth quarter, Moody’s Investors Service said in an outlook report released Tuesday.

  • Spanish shipper suing over ‘abandoned’ steel Dec 24, 2008

    Spain’s Barna Conshipping SL has filed suit in U.S. District Court for the Eastern District of Virginia to appropriate 2,000 tonnes of “abandoned” steel sitting on board a ship anchored off the coast of Norfolk.

  • Inventory impairments also to take toll Dec 24, 2008

    Steel companies with significant or even higher-than-average levels of inventory and long or slowing inventory turns are particularly exposed to material inventory impairments due to the sudden and dramatic drop in steel prices during the fourth quarter, Moody’s Investors Service said in an outlook report released Tuesday.

  • Hot-roll band prices still sliding Benchmarker Dec 24, 2008

    The steady decline in hot-rolled band prices in most of the world continued over the past two weeks.

  • NW Pipe in line for $7M contract Dec 24, 2008

    Northwest Pipe Co. is in line to supply about $7 million of large-diameter pipe for a Mexican hydroelectric plant.

  • Weak markets add up to a negative ’09 for US mills Moody’s Dec 24, 2008

    The free-fall in steel demand may stabilize during the first quarter but demand in key end markets, particularly automotive and commercial construction, will remain “lackluster,” according to an outlook issued Tuesday by Moody’s Investors Service, New York.

  • Weak markets add up to a negative ’09 for US mills Moody’s Dec 24, 2008

    The free-fall in steel demand may stabilize during the first quarter but demand in key end markets, particularly automotive and commercial construction, will remain “lackluster,” according to an outlook issued Tuesday by Moody’s Investors Service, New York.

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