Steel

• NW Pipe reports errors in results again Dec 23, 2011

  Northwest Pipe Co. plans to restate its financial results again after discovering further errors in its accounting practices that could impact previously reported net income.

• Enbridge gets OK for $176.6M pipeline Dec 23, 2011

  Enbridge Inc. has received approval to build a Canadian $180.1-million ($176.6-million) oil pipeline system to serve the Bakken Shale, according to Canadian regulators.

• Innersprings duty review against China rescinded Dec 23, 2011

  An anti-dumping duty new shipper review covering uncovered innerspring units (in 30½- to 76-inch widths and 68- to 84-inch lengths) from China is being rescinded by the Commerce Department’s International Trade Administration (ITA).

• W. Coast sheet mills said filling up Feb. books Dec 23, 2011

  At least one West Coast steelmaker is said to have closed its February books, giving recent sheet price hike announcements some possible staying power in the regional market, sources told AMM.

• Peabody completes Macarthur acquisition Dec 23, 2011

  US energy major Peabody Coal has completed its $4.7 billion ($5.4 billion) acquisition of Australian pulverized injection coking coal producer, Macarthur Coal, the company said in a statement December 20.

• Gloucester Coal board backs $2.1bn Yanzhou takeover bid Dec 23, 2011

  The board of Australian coking coal producer Gloucester Coal has approved a $2.2 billion merger proposal from Chinese coal miner Yanzhou Coal, Gloucester Coal said in a filing to the Australian Stock Exchange (ASX) on Friday December 23.

• CHINA STEEL WRAP: Steel market mixed this week Dec 23, 2011

  Chinese steel prices were mixed this week, with long product prices slipping and hot rolled coil prices picking up.

• Taigang Stainless cuts prices for January Dec 23, 2011

  Taigang Stainless, China's largest stainless steel producer, has cut its January ex-works prices due to weak demand in the spot market.

• Schmolz & Bickenbach board chairman resigns after expenses probe Dec 23, 2011

  Schmolz & Bickenbach board chairman Michael Storm has resigned after being found to have charged the company about €1.5 million ($1.96 million) in private expenses.

• MILLING ABOUT: Junguito replaces Teicher as Cerrejon ceo Dec 23, 2011

  Colombian coal miner Cerrejón has appointed Roberto Junguito as its new chief executive, the company said in a statement on December 22

• ArcelorMittal prolongs EAF shutdown at Sestao to end-January Dec 23, 2011

  ArcelorMittal is extending the shutdown of its electric arc furnace (EAF) at Sestao in northern Spain to the end of January 2012 as a result of weak steel markets.

• Turkish HRC import prices hold steady despite lower offers Dec 23, 2011

  Import prices for hot rolled coil (HRC) into Turkey held steady this week in the face of increasingly competitive offers from Eastern European producers.

• Cold rolled coil in Turkey edges up as market thins Dec 23, 2011

  Prices for Turkish cold rolled coil (CRC) edged slightly higher in the domestic market, market participants told Metal Bulletin

• Spot 63.5% iron ore prices unmoved at $141-143 cfr Dec 23, 2011

  China’s iron ore import prices ended the week unchanged at $141-143 per tonne cfr China on Friday, as restocking by buyers remained tentative.

• ANALYSIS: Severstal and Evraz: Two peas in a pod? Dec 23, 2011

  Evraz and Severstal will have to overcome more than just than the personal differences between owners Aleksandr Abramov and Alexei Mordashov before a merger of the two Russian steel giants can happen; two very different business models will also have to find common ground, analysts told Metal Bulletin.

• Non-market-economy ruling has steel fired up Dec 22, 2011

  Domestic steel interests are blasting an appeals court ruling this week affirming that the Commerce Department can’t apply countervailing duties in a trade case involving non-market economies.

• Yalian Steel posts second year of losses Dec 22, 2011

  As losses mount at Yalian Steel Corp., both the line pipe maker and its independent auditor, KPMG LLP, have raised questions about its ability to continue as a "going concern," according to company documents.

• HSS price run-up could be short-lived: buyers Dec 22, 2011

  Hollow structural section (HSS) buyers expect prices to increase going into 2012, but just how long that trend will last remains to be seen, with some predicting the run-up could lose steam by the end of the first quarter.

• McJunkin in deal to buy OneSteel pipe unit Dec 22, 2011

  McJunkin Red Man Holding Corp. has signed a deal to acquire the piping systems business of OneSteel Ltd. for Australian $67 million ($67.9 million) in an effort to boost its presence in Australia and Asia.

• Vetorial stays in pig iron despite ambitious iron ore venture Dec 22, 2011

  Brazil’s Vetorial Participações will keep its merchant pig iron business despite moving into a 7.6 billion Reais ($4 billion), 20 million-tpy iron ore joint venture called Vetria Mineração.

• Maruichi, Leavitt get STINA's HSS certification Dec 22, 2011

  Two hollow structural sections (HSS) producers have been added to the Steel Tube Institute of North America’s (STINA’s) HSS certification list.

• SWAPS REPORT: OTC iron ore prices hold steady on thin trade Dec 22, 2011

  OTC iron ore prices held within established ranges on December 22, with levels holding steady amid thin trade, brokers told Metal Bulletin

• Atkore hiking fence product prices up to 8% Dec 22, 2011

  Atkore International Inc. is increasing prices on all fence products by 6 to 8 percent beginning Dec. 23 due to rising steel and other raw materials costs, the Harvey, Ill.-based company said in a letter to customers.

• LME billet prices edge up, low volumes traded Dec 22, 2011

  London Metal Exchange (LME) three-month steel billet official prices posted gains on December 22.