Steel Strip

Worthington Industries Inc., a US metal processing company, announced Thursday it will reduce its work force by nearly 300 jobs as it struggles with declines in the automotive and construction industries.
The company said it will cut employment representing less than 4 percent of Worthington’s 8,000 workers, through layoffs and plant closings in Louisville, Ky., and [...]

Steel producers in China are facing serious financial problems according to The Economic Times
China’s steel industry faces a "cost crisis," as dropping demand for steel drives prices below the cost of raw materials, a senior adviser to the China Iron and Steel Association (CISA) said on Friday. Spot iron ore prices have dropped below term [...]

The crisis in the financial sector worldwide is now impacting badly on the EU steel market. The tightening of credit lines and a complete breakdown of confidence has stalled all business activity. For the small amount of orders being placed, prices are weakening, despite efforts by the mills to hold them fast. Several domestic steelmakers [...]

The prices for construction steel remain steady in the UK, despite the failure of the steel manufacturers to impose a £60.00 increase according to the Contract Journal.
Steel prices will not drop this year despite a dramatic downturn in demand and falls in raw material costs.
Steel construction specialists are predicting prices will stabilise at current levels [...]

CORUS has reassured workers at its Port Talbot plant there are no plans to axe jobs, after the steel giant confirmed plans to cut steel production by up to 20% over the next three months.
Company spokesman Robert Dangerfield said that, contrary to some reports, the figure was for its entire Western European operations and not [...]

Nissan Motor said Tuesday that it would cut production in Japan, Britain and Spain in response to falling demand around the world as fears of a global economic slowdown prompt consumers to delay car purchases.
Nissan, in which the French automaker Renault holds a 44 percent stake, will cut production by a total 65,000 vehicles at [...]

Falling demand for UK-made goods and a drop in output has caused the sharpest single-quarter fall in manufacturing confidence in 28 years, a survey says.
In the past three months, 16% of firms had seen a rise in new orders but 46% said they had fallen, the CBI’s Industrial Trends survey said.
It also found orders [...]

Tokyo Steel Manufacturing Co., Japan’s biggest maker of steel girders, slashed product prices for next month by record amounts after reductions by Chinese rivals and a decline in iron and steel scrap costs.
The price of hot-rolled coil will drop 26 percent to about 72,000 yen ($705) a metric ton under November contracts, compared with [...]

The United Steel Workers of America union said Friday that ArcelorMittal, the world’s leading steel maker, will cut back on operations in the United States.
However, statements by the USW and ArcelorMittal appeared to conflict on whether the cutbacks might affect the Cleveland mill.
Reports from the company already indicate that it will trim its steel [...]

Corus has decided to cut crude steel production by one million tonnes – a 20 per cent reduction – over the next three months.
The move was taken to mitigate the effects of a softening near-term steel demand outlook and align production with demand that has affected by the consequences of the global financial crisis.
“We [...]