Steel News

$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[…]

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[…]

The Stimulus is a Step Towards a Soviet America

Written by Senator Tom Coburn Tuesday, 10 February 2009 [Senator Coburn recently gave this speech on the floor of the Senate] We are going in exactly the wrong direction. We ought to be standing on the principles that made this country great. There ought to be a review of every[…]

What will spur renewed demand?

Here we are in early February, seeing a few more inquiries and a trickle of orders, but when will real demand return? Some are hoping the government stimulus package will help the steel industry.  We could surely use some new bridges, updated highways and other steel intensive building projects.  While[…]

Posco Cuts Steel Output for Third Straight Month

Feb. 2 (Bloomberg) — Posco, Asia’s third-largest steelmaker, will cut production in February, bringing output lost since December to 2.3 percent of last year’s total as the global recession reduces demand. Crude steel output will drop by about 200,000 metric tons this month and take total cuts to 770,000 tons,[…]

Miners Stall on Iron-Ore Price Talks

The world’s steelmakers want at least a 10% reduction in iron-ore prices, but miners are determined to keep prices level as the two sides begin secretive contract negotiations in what looks to be a bust year for all commodities. The outcome of those annual talks will affect the price of[…]

Steelmakers Move Cautiously To Raise Prices, Reopen Mills

In an early sign that some steel prices may have bottomed out, steelmakers in the U.S., China and some other countries are attempting limited price increases and reopening a handful of mills that were closed because of weak demand a few months ago. It isn’t clear whether the price increases[…]

Best course, Chapter 11 or Bail out, who decides?

There has been plenty written about the bailout of the Detroit automakers.  From my understanding about 61% of Americans are against this bailout.  It appears our elected government officials are of mixed opinion as well.  The following is an article from Dec. 16th’s Wall Street Journal.  What do you think? […]

Corus threatens to quit EU to avoid carbon regime

The Independent reported that Mr Philippe Varin CEO of Corus is threatening to shift the steel maker’s European operations to China unless regulations governing carbon emissions are overhauled. He warned that politicians had to help fund new clean energy technologies or face the prospect of Corus quitting the UK and[…]

China’s the Underdog in ’09 Iron Ore Talks

Best of luck to Chinese steelmakers pushing the notion that iron ore prices should be dialed back to 1994 to account for the collapse in their markets. One should always root for the underdog, after all. Informal talks have just begun for the 2009 iron ore contract between China’s steel[…]