Steel News

US scrap prices show improvement

US scrap prices inched up a little more this week, as mills are buying despite so much capacity being offline at the moment. The selling price between the varying grades is narrow, which is a contrast from earlier in the year when there was a spread of at least $100[…]

Construction Industry Is Poised for a Rebound

The construction industry, beset by one of the biggest drops in employment in the current economic downturn, could be poised for a rebound under President-elect Barack Obama’s expected stimulus package. Mr. Obama hasn’t offered details, but anticipating a surge in public-works spending, investors bid up construction and engineering stocks. URS[…]

Ring the bell, scrap prices rebound !

A Mid-West steel mill decided to add scrap to their inventory in November to do some cost averaging, and take advantage of the current low published scrap prices of about $125 pgt.  However, they ran into a dead end and couldn’t find any scrap dealers willing to sell at the[…]

Things may be bad in the USA, but Russia has it worse

Steel makers join hunt for Russian state funds Nov 18 (Reuters) – Russian steel makers Severstal, TMK and Evraz Group are in talks to secure loans from state-controlled banks to help refinance debt incurred to fund expansions in North America this year. Russia plans to channel at least $50 billion[…]

Russia industry slowdown prompts new government action

By Gleb Bryanski and Denis Dyomkin MOSCOW, Nov 18 (Reuters) – Russia pledged fresh efforts to boost its economy on Tuesday after data showed industry growth slumping and the World Bank said further weakness in the rouble looked inevitable. Official statistics showed double-digit falls in production of materials such as[…]

The G-20 and GM: Economics, Politics and Social Stability

An interesting analysis of the current global financial crisis by Dr. George Friedman, founder of Strategic Forecasting, Inc. Reprinted (in part) with permission. By George Friedman Recession and the U.S. Auto Industry For the United States, this choice has been posed in stark terms with regard to the dilemma of[…]

Evraz Gets A Kremlin-Style Bailout

Moscow gives money to steelmaker so it can pay its taxes. In a new sign that Russia’s corporate sector is reeling from its own branch of the global credit crunch, billionaire Roman Abramovich‘s Evraz steelmaker said Thursday it would borrow money from the government—to pay its taxes. Many of Russia’s[…]

ThyssenKrupp optimistic for steel outlook in 2009

By Christiaan Hetzner FRANKFURT, Oct 4 (Reuters) – The top executive at ThyssenKrupp’s (TKAG.DE: Quote, Profile, Research, Stock Buzz) core steelmaking division expressed confidence that emerging markets would keep the steel boom alive next year even as economic growth slows. “We are confident. The optimism is based on the continued[…]

Outlook for iron ore said strong despite current downturn

The global iron ore market is strong and prices are expected to rise over the next few years, the Euroforum iron ore conference in Berlin was told yesterday.

”Market fundamentals are very strong. I am convinced iron ore price rises will continue for a few more years, and when they do[…]

Posco Dispels Steel Worries

By Song Jung-a Posco, Asia’s biggest steelmaker by market value, yesterday gave an upbeat earnings guidance, dispelling investors’ concerns about slowing steel demand and higher raw material costs. The South Korean steelmaker said it expected third-quarter earnings to be better than expected and full-year profit to exceed its target, helped[…]