Archive for February, 2009
Betting Against our Children’s Future: A $1 Trillion Gamble
I decided I should write to my local Senators more often to voice my opinion. Otherwise they might think I like what is going on in Washington. I received an email response from Senator Kyl which linked to the following editorial which was in last Sunday’s newspapers. By U.S. Senators John McCain and Jon Kyl [...]
U.S. Steelmakers Seek Import Tariffs
U.S. steelmakers are preparing a raft of complaints against foreign steel imports, a move that could result in tariff increases later this year and escalate trade tensions with China, say people familiar with the matter. Companies such as U.S. Steel Corp., Nucor Corp. and AK Steel Holding Corp. hope extra tariffs will hold off foreign [...]
What does the Latin American steel community say?
In early November of 2008 I attended a steel conference called Ilafa in Cancun. This is the main Latin American steel conference of the year. It was the early stages of the current economic tsunami, just after the time when all buyers collectively decided not to buy another ton of steel at any cost. At [...]
“US Stimulus may add 15 Million tons to demand”
Deutsche Bank says the $789 b(az)illion US stimulus package signed by President Obama could generate an additional 15m tonnes of steel demand over the next three years. The organization, in a research note predicts that the estimated $146 billion in infrastructure spending called for under the legislation will represent 5 million tons/year of new demand, [...]
Europe’s Steelmakers Brace
Tough First Quarter Expected, but Some See a Recovery LONDON — European steelmakers are braced for a first quarter that they expect to be even tougher than the end of last year, with demand still slack in Europe despite signs it might be picking up elsewhere. Steelmakers around the world have slashed production, cut jobs [...]
Will Kremlin bail out an Oregon steel plant?
Customers of Portland’s Evraz Oregon Steel say that support from the Russian government could help the 80-year-old Oregon business survive the global crash in steel prices. During their recent heyday, Russian billionaires bought far-flung companies, London mansions, massive yachts and private jets. Few of the reclusive oligarchs loomed larger than Roman Abramovich. The owner of [...]
Email joke of the day
I received this from one of my business partners today…. Three contractors are bidding to fix a broken fence at the White House. One is from Chicago, another is from Tennessee, and the third is from Minnesota. All three go with a White House official to examine the fence. The Minnesota contractor takes out a [...]
ArcelorMittal – 17% to 90% capacity at US Mills
Most of ArcelorMittal’s US steelmaking operations are running well below their capabilities, according to a United Steelworkers (USW) union document shown below. The highest capacity is at Wierton where tinplate is the major product being produced. Georgetown is producing wire rod only. ArcelorMittal US operating levels Source: USW document Operating Level East Chicago West 30% [...]
$150bn for infrastructure reportedly in new US stimulus bill
The $787 billion stimulus package expected to land on President Obama’s desk reportedly provides $150bn for infrastructure projects – about 19% of the overall spending called for in the bill. Most Democratic US House and Senate members, hope to have the bill approved and forwarded to the president for his signature by Monday. In one [...]
ArcelorMittal Steels Itself for Tough 2009
This time it’s different — or so ArcelorMittal would have us believe. The rest of the steel industry has largely matched the Luxembourg-based steel giant’s steep 45% cut in production in the past few months. That may enable the world to avoid a steel glut, the cause of so much pain during previous recessions. Even [...]
