Saturday, July 31, 2004
Yahoo! News - Algoma Steel employees ratify new three-year labour agreements: "The unionized workers, 2,500 members of Steelworkers locals 2251 and another 500 at local 2724, voted yes to a settlement reached earlier this week with Algoma that sets out wage increases totalling seven per cent, along with cost of living adjustments and $10,000 in advance profit sharing.
Workers will also be able to access renewed pension windows and will enjoy better pensions once they do retire, the Steelworkers said.
The company will make a $30-million pension contribution to the plan for members of 2251 and a $10-million contribution to the plan for members of 2724.
'We could not have achieved this kind of an agreement if we did not have the outstanding support of the membership,' the Steelworkers' bargaining committee said in a letter to members. 'A 96-per-cent strike vote gave the company a lot to think about, especially when it is doing so well this year.' "
Workers will also be able to access renewed pension windows and will enjoy better pensions once they do retire, the Steelworkers said.
The company will make a $30-million pension contribution to the plan for members of 2251 and a $10-million contribution to the plan for members of 2724.
'We could not have achieved this kind of an agreement if we did not have the outstanding support of the membership,' the Steelworkers' bargaining committee said in a letter to members. 'A 96-per-cent strike vote gave the company a lot to think about, especially when it is doing so well this year.' "
Friday, July 30, 2004
Yahoo! News - Canadian Manufacturers More Upbeat on Output-Poll: "Almost a quarter of Canadian manufacturers see better prospects for production in the third quarter o[f] 2004, while 13 percent expect them to be worse, according to a Statistics Canada survey released on Friday. "
Economy Cools Amid Shopping Slowdown: "U.S. economic growth braked more sharply than expected in the second quarter as shoppers curbed their free-spending ways amid a sharp advance in energy prices, government data released on Friday showed."
Yahoo! News - Gov't Takes Over Kaiser Aluminum Pensions: "The federal government on Thursday assumed control of a Kaiser Aluminum Corp. pension plan covering about 2,900 former employees of the nation's third-largest aluminum producer. "
I found this an interesting parallel (and contrast) to the current situation in China ...
Yahoo! News - How Russia Went Down A Dead End: "before the Bolshevik Revolution, Russia's was the fastest-growing economy in Europe. Industrial production doubled in just 15 years, productivity was up by half. Russia was a contender in steel, textiles and oil. It had a popularly elected Parliament, the Duma. A large and growing peasant population were becoming landowning farmers. Its middle-class, capitalist sector was asserting itself. 'On the eve of (WWI) Russia was quite rapidly entering an era of prosperity.' So wrote Leonard Schapiro, an outstanding scholar of the Russian revolution, adding that what Russian development required was simply more time. "
Yahoo! News - How Russia Went Down A Dead End: "before the Bolshevik Revolution, Russia's was the fastest-growing economy in Europe. Industrial production doubled in just 15 years, productivity was up by half. Russia was a contender in steel, textiles and oil. It had a popularly elected Parliament, the Duma. A large and growing peasant population were becoming landowning farmers. Its middle-class, capitalist sector was asserting itself. 'On the eve of (WWI) Russia was quite rapidly entering an era of prosperity.' So wrote Leonard Schapiro, an outstanding scholar of the Russian revolution, adding that what Russian development required was simply more time. "
Thursday, July 29, 2004
Yahoo! News - Chinese demand drives record output at BHP: "China's voracious appetite for industrial metals has been a key driver for BHP, with demand for steel helping iron ore production for the year grow 14 per cent to 84.2m tonnes. "
Wednesday, July 28, 2004
PMA: Increase in Steel Imports in June is Good News for U.S. Steel Consumers: "'steel consumers in the U.S. desperately need access to competitively priced steel.' [...] June (preliminary) steel import data: total steel imports 2.9 million tons, an increase of 9% over May 2004. Year-to-date import levels through June are 14 million tons, an increase of 30% from 2003 levels.
'PMA is encouraged by the rise in steel imports,' said PMA President William E. Gaskin. 'Since domestic steel production is not sufficient to meet U.S. steel consumers' demand, it is imperative that steel consumers have access to imports. While the current increase in steel imports is positive news for U.S. steel consumers, the year-to-date steel import figures for 2004 are still 24% lower than the 'normal' pre-tariff levels of 2000.'
[C]ompared to the pre-tariff levels of 2001 and 2000, imports of hot- and cold- rolled steel are down 10% and 49% respectively.
'There is still a shortage of hot- and cold-rolled steel in the United States that is causing steel consumers to be uncompetitive in the global marketplace,' Gaskin said. 'Prices are higher by $100 to $200 per ton in this country compared to elsewhere in the world.'
'PMA is encouraged by the rise in steel imports,' said PMA President William E. Gaskin. 'Since domestic steel production is not sufficient to meet U.S. steel consumers' demand, it is imperative that steel consumers have access to imports. While the current increase in steel imports is positive news for U.S. steel consumers, the year-to-date steel import figures for 2004 are still 24% lower than the 'normal' pre-tariff levels of 2000.'
[C]ompared to the pre-tariff levels of 2001 and 2000, imports of hot- and cold- rolled steel are down 10% and 49% respectively.
'There is still a shortage of hot- and cold-rolled steel in the United States that is causing steel consumers to be uncompetitive in the global marketplace,' Gaskin said. 'Prices are higher by $100 to $200 per ton in this country compared to elsewhere in the world.'
Yahoo! News - Durable Goods Disappoint with Modest Rise: "The Commerce Department said orders for big-ticket items meant to last at least three years rose 0.7 percent after shrinking 0.9 percent in May. May's drop was revised from a 1.8 percent decline.
Wall Street had predicted a much stronger rebound after two months of losses, forecasting a 1.9 percent rise. "
Wall Street had predicted a much stronger rebound after two months of losses, forecasting a 1.9 percent rise. "
Tentative agreements may avert strike at Algoma Steel Inc.: "Days before a strike deadline of midnight July 31, tentative agreements have been reached between the United Steelworkers' Locals 2251 and 2724 and Algoma Steel Inc., says Wayne Fraser, the Steelworkers' Ontario/Atlantic Director."
Tuesday, July 27, 2004
Yahoo! News - U.S. Steel Posts Profit on Surging Prices: "United States Steel Corp. on Tuesday posted higher-than-expected quarterly earnings and said it expects strong profitability through year-end on surging demand and higher prices that have revived the U.S. steel industry. "
Yahoo! News - Consumer Confidence Hits Two-Year High: "Consumer confidence rose for the fourth straight month in July thanks to steady improvements in the job market"
Friday, July 23, 2004
Yahoo! News - Russel Metals Q2 net surges to $50.4M; revenue up 76% to $597M; dividend up: "Profits at Russel Metals Inc. surged in the second quarter as revenue jumped 76 per cent thanks to a major acquisition and solid internal growth, the company said Thursday. "
Thursday, July 22, 2004
Yahoo! News - U.S. Jobless Claims Fall 11,000 Last Week: "The number of Americans signing up for unemployment benefits last week fell more steeply than expected, while the total number of people on the jobless rolls fell to the lowest level in more than three years, a government report showed on Thursday. "
Wednesday, July 21, 2004
Stelco to close Rod Mill: "Reflects reduced shipments, enables Company to focus on other product lines"
Labels: stelco
Friday, July 16, 2004
Yahoo! News - Consumer Inflation Moderates in June: "Consumer Price Index, the most widely used gauge of inflation, rose 0.3 percent -- half the 0.6 percent jump posted in May when gasoline prices were soaring but slightly ahead of Wall Street economists' forecasts for a 0.2 percent rise.
So-called core CPI, which strips out volatile food and energy costs, edged up a smaller-than-expected 0.1 percent in June following a 0.2 percent May increase. Over the past 12 months, core inflation has risen 1.9 percent.
Energy costs remained a key factor behind higher consumer prices. The Labor Department said energy accounted for about two-thirds of the overall rise in the overall index. Gasoline, natural gas, fuel oil and electricity costs all were higher than in May. "
So-called core CPI, which strips out volatile food and energy costs, edged up a smaller-than-expected 0.1 percent in June following a 0.2 percent May increase. Over the past 12 months, core inflation has risen 1.9 percent.
Energy costs remained a key factor behind higher consumer prices. The Labor Department said energy accounted for about two-thirds of the overall rise in the overall index. Gasoline, natural gas, fuel oil and electricity costs all were higher than in May. "
Yahoo! News - China Says Economy Grew by 9.7 Percent: "Such high growth - far above the official 2004 target of 7 percent - has sparked fears of inflation and financial problems. But the figures released Friday were below analysts' forecasts of a 10.6 percent rise, suggesting that government efforts to rein in the surging growth are working.
Consumer prices rose 3.6 percent in the first half of the year, the bureau said. That was below the 5 percent level that officials have said might prompt the central bank to consider raising interest rates for the first time in nine years.
China's economy grew 9.1 percent last year. Booming expansion in some industries such as steel, cement and construction have strained energy and transport, pushing prices higher. "
Consumer prices rose 3.6 percent in the first half of the year, the bureau said. That was below the 5 percent level that officials have said might prompt the central bank to consider raising interest rates for the first time in nine years.
China's economy grew 9.1 percent last year. Booming expansion in some industries such as steel, cement and construction have strained energy and transport, pushing prices higher. "
Thursday, July 15, 2004
Yahoo! News - Wholesale Prices See Biggest Drop in Year: "Wholesale prices fell by 0.3 percent in June, the biggest decline in a year, as energy and food costs retreated. The report underscored Federal Reserve policy-makers' belief that inflation isn't currently a threat to the economic recovery. "
House Passes PMA-Endorsed Resolution on Disparate Tax Treatment by World Trade Organization: "The resolution, H. Res. 705, which was strongly endorsed by the Precision Metalforming Association (PMA), requests that the President report to Congress within 120 days of the convening of the 109th Congress, on proposed alternatives for redressing the tax disadvantage faced by U.S. companies."
Wednesday, July 14, 2004
PMA Member Wes Smith Testifies Before House Small Business Committee; Calls on Congress to Change Protectionist Trade Laws That Penalize Downstream Industries: "Wes Smith testified on behalf of the Consuming Industries Trade Action Coalition (CITAC) Steel Task Force today before the House Small Business Committee, calling on Congress to enact trade law reform in order to protect U.S. downstream industries who are being damaged by trade laws intended to protect an industry at the expense of the wider economy.
In his testimony, Smith, [...] stated 'All too often ... trade remedies intended to provide protection for one industry cause damage to other industries, particularly so-called 'downstream' industries. This is because our trade laws do not require and in some cases, do not permit the Department of Commerce and the U.S. International Trade Commission to consider the total effects of trade policy decision on the overall economy.''"
In his testimony, Smith, [...] stated 'All too often ... trade remedies intended to provide protection for one industry cause damage to other industries, particularly so-called 'downstream' industries. This is because our trade laws do not require and in some cases, do not permit the Department of Commerce and the U.S. International Trade Commission to consider the total effects of trade policy decision on the overall economy.''"
Yahoo! News - Retail Sales: Larger-Than-Expected Fall: "The June decline was the largest since a matching 1.1 percent drop in February 2003. Stripping out a large decline in auto sales, retail purchases fell a smaller 0.2 percent. Both measures were weaker than anticipated by Wall Street economists who had projected a smaller 0.6 percent fall overall and a 0.2 percent rise in sales aside from autos.
Taking some of the sting out of the report, however, were upward revisions to May sales data. The Commerce Department said May sales were up 1.4 percent overall and 0.9 percent excluding the auto sector. May retail sales had previously been reported as up 1.2 percent overall and up 0.7 percent ex-autos.
While prices at the pump have come down slightly in recent weeks, economists had expected them to drag on consumer spending in June. As gas prices rise, consumers have less money to spend on other items. "
Taking some of the sting out of the report, however, were upward revisions to May sales data. The Commerce Department said May sales were up 1.4 percent overall and 0.9 percent excluding the auto sector. May retail sales had previously been reported as up 1.2 percent overall and up 0.7 percent ex-autos.
While prices at the pump have come down slightly in recent weeks, economists had expected them to drag on consumer spending in June. As gas prices rise, consumers have less money to spend on other items. "
Yahoo! News - Steel company ADF ready for return to profitability, says CEO: "Company president Jean Paschini predicted a turnaround following the sale of two plants, cuts to administration costs and hundreds of layoffs. 'There aren't many people who would have been able to do what we have done in the last year, year and a half,' Paschini told ADF's annual shareholders' meeting.
Our game plan is to. . .concentrate on profitability.'
The designer and supplier of complex steel superstructures lost $59 million last year amid a turbulent non-residential construction market in the United States.
The company near Montreal recently struck deals with long-term lenders that followed two other agreements reached with a banking syndicate and the debtor of a temporary loan. "
Our game plan is to. . .concentrate on profitability.'
The designer and supplier of complex steel superstructures lost $59 million last year amid a turbulent non-residential construction market in the United States.
The company near Montreal recently struck deals with long-term lenders that followed two other agreements reached with a banking syndicate and the debtor of a temporary loan. "
Tuesday, July 13, 2004
Three different steel companies, 3 totally different scenarios .... Yahoo! News - Algoma Steel workers give union leaders go-ahead for strike if necessary: "The United Steelworkers union said Tuesday that members of its Local 2251 voted 96 per cent in favour of strike action.
Algoma Steel has twice emerged from a restructuring under bankruptcy protection - in 1992 and in 2002. Both times, workers were asked to agree to labour cost concessions.
With Algoma having returned to profitability, the union says it wants 'to share in the company's good times.' Algoma reported in April a first-quarter profit of $22.1 million - triple what it made in the same 2003 period, as it benefited from rising demand and, in turn, higher prices for steel.
Algoma's unionized workforce 'have repeatedly responded to the company's requests in time of need,' the Steelworkers said in a statement.
'The union is seeking a collective agreement that is fair to all the workers, who have already given so much and are entitled to a fair share when there is a profit,' the union added. "
Algoma Steel has twice emerged from a restructuring under bankruptcy protection - in 1992 and in 2002. Both times, workers were asked to agree to labour cost concessions.
With Algoma having returned to profitability, the union says it wants 'to share in the company's good times.' Algoma reported in April a first-quarter profit of $22.1 million - triple what it made in the same 2003 period, as it benefited from rising demand and, in turn, higher prices for steel.
Algoma's unionized workforce 'have repeatedly responded to the company's requests in time of need,' the Steelworkers said in a statement.
'The union is seeking a collective agreement that is fair to all the workers, who have already given so much and are entitled to a fair share when there is a profit,' the union added. "
Wabush Mines strike shouldn't affect Stelco production through balance of 2004: "Wabush Mines, one of Stelco's raw material suppliers, is an iron ore operation in Labrador and Quebec jointly owned by Stelco (44.6%), Dofasco (28.57%) and Cliffs Mining (26.83%). [...] On July 5, 2004, 575 members of Local 6285 of the USWA went on strike putting the operation on idle.
'Because we have committed purchases and secure supply from other mining properties in which Stelco holds an ownership interest, our steel production should not be affected through the balance of 2004,' said Stelco Chief Operating Officer, Colin Osborne."
'Because we have committed purchases and secure supply from other mining properties in which Stelco holds an ownership interest, our steel production should not be affected through the balance of 2004,' said Stelco Chief Operating Officer, Colin Osborne."
Yahoo! News - Steelmaker Dofasco expects to beat analysts' profit estimates for Q2: "The steel market has enjoyed a resurgence in recent months, with companies benefiting from rising steel prices resulting from improved demand over last year. In the second quarter of 2003, Dofasco's profits fell more than 40 per cent to $38.8 million amid an industry slump.
'The quarter's results will be better than expected as a result of continued strengthening in the pricing environment and continued very high market demand at both our Hamilton operations and at Gallatin Steel,' Dofasco president and CEO Don Pether said in a statement. "
'The quarter's results will be better than expected as a result of continued strengthening in the pricing environment and continued very high market demand at both our Hamilton operations and at Gallatin Steel,' Dofasco president and CEO Don Pether said in a statement. "
Labels: Dofasco
Small Business Optimism Gains in June: "U.S. small businesses grew more optimistic last month as rising demand helped many increase prices but caused some problems in keeping shelves stocked, a survey released on Tuesday showed."
Yahoo! News - The U.S. Trade Gap Falls Unexpectedly: "The deficit narrowed for the first time in six months despite the highest prices for imported oil in nearly 22 years, which helped pushed overall imports to a record as well. "
Friday, July 09, 2004
Yahoo! News - China's Industrial Output Slows Again: "Growth in China's industrial output slowed for the fifth straight month in June as efforts to rein in dangerously fast economic growth appeared to be taking effect, the government reported Friday.
Industrial output grew at an annual rate of 16.2 percent, down from 17.5 percent in May and 19.1 percent in April.
Regulators have limited bank lending, restricted new permits for construction of steel mills and ordered a review of major construction projects. "
Industrial output grew at an annual rate of 16.2 percent, down from 17.5 percent in May and 19.1 percent in April.
Regulators have limited bank lending, restricted new permits for construction of steel mills and ordered a review of major construction projects. "
Wednesday, July 07, 2004
IPSCO's President and CEO Promotes Safety for North American Steel Workers: "David Sutherland, the Chairman of the American Iron and Steel Institute (AISI), signed a historic one-year Alliance with the U.S. Occupational Safety and Health Administration (OSHA). On behalf of AISI member producers, Sutherland signed the Alliance to launch a cooperative partnership between the steel industry and OSHA designed to enhance worker safety and health in the nation's steel mills. Two other major trade associations representing basic and specialty steel producers also signed the Alliance, agreeing to work together to improve employee safety."
Monday, July 05, 2004
Yahoo! News - N.Y. Begins Construction of Freedom Tower: "When it is ready for occupancy in 2009, the twisting glass and steel tower, topped by a 276-foot spire designed to evoke the Statue of Liberty, will include 2.6 million square feet of office space on 72 floors. Sixty stories of office space will be topped by 10 stories of open-air retail and restaurant space, an observation deck and energy-generating windmills. "
Saturday, July 03, 2004
Yahoo! News - Russian Raid on YUKOS Could Stop Its Oil Output: "Up to 40 plainclothes police entered the steel and glass office block in south central Moscow in the early afternoon and Interior Ministry special forces in gray fatigues and black berets stood guard and cordoned off the building.
"The investigative actions are being undertaken as part of a criminal case into fraud and tax evasion by entities controlled by YUKOS," a spokeswoman for the general prosecutor's office told Reuters.
Although it pumps more oil than Libya, YUKOS is in crisis: its founder Mikhail Khodorkovsky is on trial for fraud and tax evasion, it faces tax bills of almost $7 billion -- half to be paid within days -- and a court has frozen its bank accounts.
YUKOS has until Wednesday night to pay a $3.4 billion tax demand for 2000 and it faces an almost identical bill for 2001."
"The investigative actions are being undertaken as part of a criminal case into fraud and tax evasion by entities controlled by YUKOS," a spokeswoman for the general prosecutor's office told Reuters.
Although it pumps more oil than Libya, YUKOS is in crisis: its founder Mikhail Khodorkovsky is on trial for fraud and tax evasion, it faces tax bills of almost $7 billion -- half to be paid within days -- and a court has frozen its bank accounts.
YUKOS has until Wednesday night to pay a $3.4 billion tax demand for 2000 and it faces an almost identical bill for 2001."
Friday, July 02, 2004
Yahoo! News - Wheeling-Pitt to Sell 3.5 Million Shares: "About 357,600 of those shares will be sold by the Voluntary Employee Beneficiary Association Trust, created to fund medical and life insurance coverage for thousands of retirees"
Yahoo! News - Warning to China on danger of hard landing: "The warning, from Xia Bin of the State Council's Development Research Centre, reflects vigorous debate in government circles about the mix of policy measures needed to rein in unsustainable expansion in some sectors of the economy without endangering overall growth.
Mr Xia, head of the DRC's Financial Research Institute, acknowledged that administrative action to stop overheating was necessary in some sectors. But he said that the central bank's target for loan growth of 17 per cent was below the level needed by China's investment-reliant economy. "
Mr Xia, head of the DRC's Financial Research Institute, acknowledged that administrative action to stop overheating was necessary in some sectors. But he said that the central bank's target for loan growth of 17 per cent was below the level needed by China's investment-reliant economy. "
Thursday, July 01, 2004
Yahoo! News - A Million Pennies Saved, Nothing Earned: "Ron England has amassed 3.6 tons of copper in his garage in the Los Angeles suburb of Granada Hills after making a bet with his brother 30 years ago that he could collect 1 million pennies.
But neither the U.S. Mint, the U.S. Comptroller of Currency, coin collectors nor the local bank is interested in cashing in his stash -- at least without a charge. "
But neither the U.S. Mint, the U.S. Comptroller of Currency, coin collectors nor the local bank is interested in cashing in his stash -- at least without a charge. "
Labels: Copper
In Need of Competitively Priced Steel, U.S. Steel Consumers Welcome Rising Steel Imports: "'Steel imports are up modestly for the first five months of 2004, but U.S. steel-consuming companies, especially those using hot- and cold-rolled steel, are in desperate need of increased supplies and prices that are competitive globally. Until the U.S. steel marketplace gets in step with the rest of the world, I am very concerned for the continued viability of large numbers of U.S. steel-consuming companies. We can only look at these steel import numbers and hope that imports continue to increase in order to meet U.S. manufacturers' requirements before even more damage is done.'"
