Steel

• Edgen Group proposes public offering Dec 30, 2011

  Energy distributor Edgen Group Inc. has proposed an initial public offering (IPO), according to documents filed with the U.S. Securities and Exchange Commission (SEC).

• OCTG tags holding, but supply concerns linger Dec 30, 2011

  Oil country tubular goods (OCTG) tags should hold their ground going into the new year due to high oil prices and strong drilling activity on shale plays, market sources told AMM. Renewed demand for OCTG, however, may not be enough to curb a possible oversupply at domestic and foreign mills when buyers look to restock in 2012.

• US wind tower coalition files trade petitions Dec 30, 2011

  The Wind Tower Trade Coalition, which represents domestic manufacturers of utility-scale wind towers, has petitioned the Commerce Department and the International Trade Commission (ITC) to conduct anti-dumping investigations into imports of Chinese and Vietnamese wind towers as well as a countervailing duty investigation into Chinese wind towers.

• Steel trading 'alive and well': AIIS Dec 30, 2011

  The American Institute for International Steel (AIIS) hopes that the trading community can find common ground with its domestic counterparts as it continues to expand its membership base up and down the supply chain, board executives told AMM.

• ITC formally posts cut-to-length plate decision Dec 30, 2011

  The International Trade Commission (ITC) has determined in a five-year sunset review that revoking anti-dumping duty orders on cut-to-length steel plate from Italy and Japan would not negatively affect the U.S. industry, but the ITC reaffirmed the need for anti-dumping duties on imports from India, Indonesia and South Korea.

• Steel execs look for repeat of ’11 in new year Dec 30, 2011

  Executives up and down the steel supply chain say they are gearing up for stronger first- and second-quarter pricing and demand ahead of a softer second half as 2012 looks poised to largely mirror 2011.

• Officials press RG Steel on Sparrows Point plans Dec 30, 2011

  A number of high-level Maryland officials are seeking answers—and action—as RG Steel LLC’s Sparrows Point mill concludes its first week on shutdown without a word from the company.

• Processor installs coil polish line Dec 30, 2011

  Specialty Metals Processing Inc., a flat-rolled products toll processor, is now offering coil-to-coil polishing.

• Distributor adds water-jet cutter Dec 30, 2011

  Penn Stainless Products Inc. has installed a new water-jet cutter at its Quakertown, Pa., operation.

• Pacific Steel hit with class-action lawsuit Dec 30, 2011

  Pacific Steel Casting Co. is facing its third labor-related challenge in less than a year with a class-action lawsuit seeking an estimated $31 million in damages from the company.

• LME approved warehouses set to increase rent for steel billet in April Dec 30, 2011

  London Metal Exchange (LME) approved warehouses are set to increase their rent from April 2012, according to data from the bourse.

• Two U.S. Steel workers hurt in accident Dec 30, 2011

  Two workers were injured at U.S. Steel Corp.’s Edgar Thomson steelmaking facility in Braddock, Pa.

• LME billet three-month and cash officials rise at week end Dec 30, 2011

  Billet prices on the London Metal Exchange (LME) increased this week with both the cash and three-month contract bid/offer spreads narrowing further on Friday.

• SWAPS REPORT: iron ore paper trading unmoved as buyers/sellers wait on sidelines Dec 30, 2011

  OTC iron ore swaps volumes were thin this week as buyers and sellers remained on the sidelines for the most part, awaiting further direction from the physical market

• CHINA STEEL WRAP: Steel prices hit by exw price cut Dec 30, 2011

  Chinese spot steel prices dipped this week after numerous steel makers reduced their ex-works prices on weak demand.

• Spot 63.5% iron ore price gains $2 week on week Dec 30, 2011

  China's imported iron ore market ended $2 up on the last week of the year due to bullish market sentiment ahead of the Chinese New Year.

• Posco keeps January stainless price unchanged Dec 30, 2011

  Posco will keep its domestic stainless steel prices unchanged for the fourth consecutive month in January, in order to support the domestic market.

• Sheet prices said on upward trajectory for 2012 Dec 29, 2011

  Flat-rolled steel prices appear poised to hit the ground running in 2012 as the expectation of higher January scrap tags and a temporary blast furnace curtailment by RG Steel LLC provide the domestic market some welcome support.

• Evraz refinances credit facilities Dec 29, 2011

  Evraz Plc has closed on a $610 million, five-year revolving credit facility for its wholly owned U.S. and Canadian subsidiaries.

• RG Steel lays off 750-plus at Sparrows Point Dec 29, 2011

  More than 750 employees have been laid off at RG Steel LLC’s Sparrows Point, Md., steelmaking complex as the company looks to cut costs in a cash-strapped environment, a source familiar with the operation told AMM Thursday.

• Chinese steel exports jump 45% in November Dec 29, 2011

  Chinese steel exports jumped 45 percent in November compared with the same month a year earlier, with much of the tonnage going to Brazil, India, South Korea, Thailand and Vietnam.

• Icahn adopts all-or-nothing CMC approach Dec 29, 2011

  Icahn Enterprises Holdings LP has advised Commercial Metals Co. (CMC) shareholders that it has adopted an all-or-nothing approach in its quest to acquire the company at $15 per share.

• November steel imports tumble 13.4% Dec 29, 2011

  U.S. steel imports totaled just under 1.84 million tonnes in November, according to preliminary license data, down 13.4 percent from October’s final count of 2.12 million tonnes but up by a similar percentage from November 2010.

• REVIEW OF 2011: Vale takes prudent stance under Ferreira leadership Dec 29, 2011

  For Vale, the world's largest iron ore producer and its second largest miner, 2011 marked a year of major change.