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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.
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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.
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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.
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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.
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Surely you’ve read this issue’s top story already . . . More than 1.8 million tons of new spiral-weld line pipe capacity!
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Surely you’ve read this issue’s top story already . . . More than 1.8 million tons of new spiral-weld line pipe capacity!
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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.
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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.
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Plymouth Tube Co. has warned that it will lay off 31 employees at its East Troy, Wis., facility in the New Year.
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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.
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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.
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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.
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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.
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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.
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The steady decline in hot-rolled band prices in most of the world continued over the past two weeks.
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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.
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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.
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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.
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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.
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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.
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The steady decline in hot-rolled band prices in most of the world continued over the past two weeks.
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Northwest Pipe Co. is in line to supply about $7 million of large-diameter pipe for a Mexican hydroelectric plant.
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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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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.