Steel Strip

German steel workers are striking for three days after pay talks broke down between the IG Metall union and employers.
Thousands of them walked out on Wednesday in the Ruhr Valley, Germany’s industrial heartland.
They want a six percent increase in wages which the employers have called unreasonable.
The steel workers are also opposed to government [...]

Came across this interesting article on the BBC website today
By Tim Bowler Business reporter, BBC World Service
Are the world’s iron ore mining companies putting the world recovery in jeopardy, by forcing up prices?
Iron ore is a key component in the manufacture of steel, and is used in construction and heavy [...]

Hot on the heels of the recent announcement by ArcelorMittal of possible steel production cutbacks, Bloomberg are reporting discussion of cuts in China:
Chinese steelmakers are likely to cut production in the third quarter because of “weak” demand from auto and appliance makers, according to the nation’s second- biggest mill.
Slower demand may prompt smaller makers to [...]

Despite  the European steel mills remaining bullish on third quarter prices, we are beginning to see signs that may indicate a weakening quite soon.
The price increases have never been demand driven, with the mills quoting cost increases and particularly iron ore as a driving factors.
A recent report from Platts reproduced at Yahoo finance indicates [...]

The latest MEPS report, shows rapid price increases
Despite relatively low activity levels and poor final demand, flat product steel prices are ascending rapidly. This trend is likely to continue into the third quarter as period two is virtually sold out at most European mills. Producers are justifying the increases on the grounds of their escalating [...]

LATEST REPORT FROM MEPS
The latest business in the US has been settled at marginally higher transaction values than in February. Producers are pressing for further increases next month, citing their growing input expenditure. They are claiming full melting schedules in the facilities open at present. However, several previously idled furnaces are set to come back [...]

Recent and anticipated escalating international raw material costs have led to sharply rising European steel prices against a backdrop of stagnant demand. At present, this is causing a real dilemma for the mills, distributors and end-users. Difficulties associated with obtaining credit insurance are exacerbating the low level of business activity. Many market players question whether [...]

Steel workers’ union Community has asked the Environment Agency to hold in trust the carbon credits accrued by Corus’s doomed plant in Redcar until production resumes.
Corus is mothballing its historic steel making operation in Teesside, which threatens the livelihoods of 1,600 workers in one of the country’s worst unemployment blackspots.
The closure has led to [...]

The Teesside Cast Products Plant (TCP) run by Corus, which is owned by Indian conglomerate Tata, will finally be mothballed on Friday - three weeks after the Redcar site was initially planned to shut down.
Local Labour MP Vera Baird said the rising price of steel could give the town’s major employer a future, and [...]

I came across this rather enlightening article by Christopher Booker writing at the Telegraph.co.uk
The owners of Corus, Tata, have recently announced the closure of the Redcar steel plant, which will have a devastating effect on the workers and the economy of an already deprived area. Whilst the stated reason for the closure of the plant [...]