Steel Strip

EUROFER said that in line with earlier projections, the EU economy held up well in the first quarter of 2008 amidst weakening global fundamentals. However, indications that the EU economy will lose momentum heading into the second half of the year have become stronger. Confidence indicators cooled significantly in recent months due [...]

Steel maker Nucor Corp. says strong shipments and growing margins lifted its second-quarter profit by 68 percent, beating Wall Street expectations.
Nucor said Thursday it earned $580.8 million, or $1.94 per share, in the quarter ended June 28. That’s up from $344.9 million, or $1.14 per share, a year ago.
Nucor says its sales rose 70 [...]

Nabucco, the European Union’s natural gas pipeline project, intended to reduce the bloc’s dependence on Russian natural gas, has been dealt another setback — and this one could hit European consumers in the wallet.
The companies involved in the project, already plagued by delays in construction and financing, said Tuesday that its cost would grow by [...]

I came across the following article from Tim Huber at associated press, at signOnSanDiego.com. Anyone who has followed this blog for  a length of time will know my views on the speed at which the western economies abandoned coal mines in favour of cheap imports. It’s ironic that the industry that abandoned domestic resources should [...]

Germany’s biggest steel consumers banded together on Wednesday to send a warning to producers that high prices are driving a dangerous wedge between them.
"In the past, the partner-like relationship between our members and the steel industry was an element of our mutual success," a group of seven German industry associations said in a joint statement.
"This [...]

In an effort to curb the relentless rise in steel prices and bolster their own frail finances, some auto makers are beginning to push back on price increases, saying they won’t pay surcharges on agreed-upon supply contracts.
The resistance is one of the first strong signals to steelmakers that their hardest-hit customers have reached a tipping [...]

Sadly market conditions and raw material prices have lead to the closure of one of the UK’s independent cold rolling companies.
Based in Wednesbury, West Midlands, Pinnstrip Steel have specialised in manufacturing Cold Rolled mild steel products, for over 20 years.
An online auction of the plant and equipment is to be held by GoIndustry, details here.
I [...]

Two steel makers in North China were scheduled to formally merge on Wednesday in a deal that would supplant Baosteel as the country’s largest steel firm, state media said. Hebei Iron and Steel Group was expected to launch operations with a capacity of 31.75 mn tonnes of steel a year, overtaking Baosteel [...]

Corus has revealed it wants to open a new deep mine in Port Talbot to harvest the rich coal seam beneath its steelworks.The steel giant has been given an exploratory licence to see if a deep mine is feasible - making the works less reliant on coal brought in by sea.
Thanks to parent company [...]

Sharp increases in steel prices — up as much as $500 per vehicle since January — have left automakers and suppliers reeling. Tensions are rising as steel makers tear up contracts and demand immediate price increases. Steel and automotive executives say that ArcelorMittal — the world’s largest steel maker — and other steel mills notified [...]