Sunday, April 30, 2006
EU Is Raising U.S. Sanctions to $37 Mln Over Company Handouts
Bloomberg.com
The European Union will raise its sanctions on some U.S. goods by a third on May 1 to retaliate against a law that illegally hands competitors' customs duties to American companies rather than the U.S. Treasury.
The EU's 15 percent sanctions will target eight additional U.S. imports including blankets and drills and cover $36.9 million worth of goods, an increase on the $27.8 million imposed for the past 12 months. [...]
Congress agreed Feb. 1 to repeal the law, known as the Byrd Amendment, on Sept. 30, 2007. The law has given companies including Timken Co., Lancaster Colony Corp. and Nucor Corp. revenue from customs tariffs worth more than $1 billion since 2001. The distributions may be worth more than $2 billion over the next two years, the EU estimates.
``As a result of the United States' failure to bring'' its law into ``compliance with its obligations under the WTO agreements,'' the EU has the right to ``adjust the level'' of its sanctions in line with the duties paid by its companies every year, the European Commission said in the Official Journal of April 25.
Any handouts approved as late as September next year won't be paid to the U.S. companies until 2009, the EU has said. The bloc says that until the disbursements stop, it's entitled to slap levies worth 72 percent of the U.S. duties in retaliation, under the WTO ruling.
Under the Byrd Amendment's rules, duties the U.S. Customs Service collects on goods deemed to be ``dumped'' at below- market rates into the domestic market are given to the U.S. companies that initially filed the complaints.
The EU's new targets also include paper products and photocopying equipment, supplementing the current list of products such as textiles, machinery and sweet-corn.
The European Union will raise its sanctions on some U.S. goods by a third on May 1 to retaliate against a law that illegally hands competitors' customs duties to American companies rather than the U.S. Treasury.
The EU's 15 percent sanctions will target eight additional U.S. imports including blankets and drills and cover $36.9 million worth of goods, an increase on the $27.8 million imposed for the past 12 months. [...]
Congress agreed Feb. 1 to repeal the law, known as the Byrd Amendment, on Sept. 30, 2007. The law has given companies including Timken Co., Lancaster Colony Corp. and Nucor Corp. revenue from customs tariffs worth more than $1 billion since 2001. The distributions may be worth more than $2 billion over the next two years, the EU estimates.
``As a result of the United States' failure to bring'' its law into ``compliance with its obligations under the WTO agreements,'' the EU has the right to ``adjust the level'' of its sanctions in line with the duties paid by its companies every year, the European Commission said in the Official Journal of April 25.
Any handouts approved as late as September next year won't be paid to the U.S. companies until 2009, the EU has said. The bloc says that until the disbursements stop, it's entitled to slap levies worth 72 percent of the U.S. duties in retaliation, under the WTO ruling.
Under the Byrd Amendment's rules, duties the U.S. Customs Service collects on goods deemed to be ``dumped'' at below- market rates into the domestic market are given to the U.S. companies that initially filed the complaints.
The EU's new targets also include paper products and photocopying equipment, supplementing the current list of products such as textiles, machinery and sweet-corn.
EU imposes more trade sanctions on U.S.
Did anyone really believe that repealing Byrd but crossing their fingers would really work?
Boston.com
The European Union imposed $9.1 million in additional retaliatory sanctions against the United States on Monday in response to antidumping measures meant to protect U.S. companies. The World Trade Organization had declared the U.S. rules illegal.
Boston.com
The European Union imposed $9.1 million in additional retaliatory sanctions against the United States on Monday in response to antidumping measures meant to protect U.S. companies. The World Trade Organization had declared the U.S. rules illegal.
Thursday, April 27, 2006
Sago Mine Survivor's Letter
AP via Yahoo! News
Excerpts of a letter sent to victims' families this week by Randal McCloy Jr., the sole survivor of the Sago Mine disaster. The letter mentions several mining terms: a 'man-trip' is a vehicle that transports miners, a 'rescuer' is an emergency air pack, and a 'coal rib' is a mine wall.
Excerpts of a letter sent to victims' families this week by Randal McCloy Jr., the sole survivor of the Sago Mine disaster. The letter mentions several mining terms: a 'man-trip' is a vehicle that transports miners, a 'rescuer' is an emergency air pack, and a 'coal rib' is a mine wall.
The explosion happened soon after the day shift arrived at the mine face ...
The first thing we did was activate our rescuers, as we had been trained. At least four of the rescuers did not function. I shared my rescuer with Jerry Groves, while Junior Toler, Jesse Jones and Tom Anderson sought help from others. There were not enough rescuers to go around.
We attempted to signal our location to the surface by beating on the mine bolts and plates. We found a sledgehammer, and for a long time, we took turns pounding away. ...
We eventually gave out and quit our attempts at signaling, sitting down behind the curtain on the mine floor, or on buckets or cans that some of us found. The air behind the curtain grew worse, so I tried to lie as low as possible and take shallow breaths ...
North American Steel Prices Firm Up Despite Import Threat
MEPS STEEL NEWS
The large price gap between North American steel markets and the rest of the world has been sucking in high volumes of imports. But this increased foreign competition does not appear to be damaging US domestic mills’ ability to raise their selling prices.
In the first two months of this year, US steel imports were [...] about 18 percent more than the figures recorded during the previous two months, and a substantial 26 percent above January/February 2005.
The strong prices available in the US market are the main reason why imports are rising. As MEPS has regularly reported, North America has the world’s highest steel prices for most products. And the premiums are far from negligible: some types of steel have been selling for hundreds of dollars more in the USA and Canada than in many Asian and European countries.
The recent narrowing of these wide price differentials may put a brake on imports. But the inflow of steel has also been spurred by other factors such as the strength of US demand for steel and the low level of stocks in the US supply chain. Service centre inventories – in terms of months’ supply on hand – fell to a two-year low in March.
The large price gap between North American steel markets and the rest of the world has been sucking in high volumes of imports. But this increased foreign competition does not appear to be damaging US domestic mills’ ability to raise their selling prices.
In the first two months of this year, US steel imports were [...] about 18 percent more than the figures recorded during the previous two months, and a substantial 26 percent above January/February 2005.
The strong prices available in the US market are the main reason why imports are rising. As MEPS has regularly reported, North America has the world’s highest steel prices for most products. And the premiums are far from negligible: some types of steel have been selling for hundreds of dollars more in the USA and Canada than in many Asian and European countries.
The recent narrowing of these wide price differentials may put a brake on imports. But the inflow of steel has also been spurred by other factors such as the strength of US demand for steel and the low level of stocks in the US supply chain. Service centre inventories – in terms of months’ supply on hand – fell to a two-year low in March.
Canada industry to reject softwood deal: source
From time to time we've commented on the softwood lumber dispute between Canada and the US and the cement dispute between the US and Mexico, because it's the same law (Byrd) as what's effecting a bunch of steel issues.
Recently the relatively new Canadian government announced that they, unlike the previous government, had struck a deal and resolved the softwood lumber issue.
globeinvestor.com
Canada's lumber industry will reject a framework deal that has been worked out between the United States and Canada to resolve a long-running trade dispute because it was not consulted, a source close to the industry told Reuters on Wednesday.
'Every industry group in the country has said no, rejects it, wasn't consulted about it. The Canadian government was busy consulting with the U.S. industry but neglected to consult with its own industry,' the well-placed source said.
'They've announced that they have a deal, only they don't.'
The article goes on to say that people in the Canadian softwood lumber industry feel that Canada won all the key court battles against Byrd, so why would Canada agree that 20% still goes to the lumber industries in the US who pushed this (finally ruled illegal) trade practice back into court so many times?
Recently the relatively new Canadian government announced that they, unlike the previous government, had struck a deal and resolved the softwood lumber issue.
globeinvestor.com
Canada's lumber industry will reject a framework deal that has been worked out between the United States and Canada to resolve a long-running trade dispute because it was not consulted, a source close to the industry told Reuters on Wednesday.
'Every industry group in the country has said no, rejects it, wasn't consulted about it. The Canadian government was busy consulting with the U.S. industry but neglected to consult with its own industry,' the well-placed source said.
'They've announced that they have a deal, only they don't.'
The article goes on to say that people in the Canadian softwood lumber industry feel that Canada won all the key court battles against Byrd, so why would Canada agree that 20% still goes to the lumber industries in the US who pushed this (finally ruled illegal) trade practice back into court so many times?
Friday, April 21, 2006
Copper Heads for 6th Weekly Gain on LME Amid Supply Disruptions
More about Copper
Bloomberg.com: Latin America
Copper headed for a sixth consecutive weekly gain in London, the longest period of rising prices since October, driven by supply disruption and speculation demand growth may accelerate. Nickel rose to the highest since at least 1987.
Production stoppages at Grupo Mexico SA, the world's seventh largest copper producer, continue at its zinc and copper operations. The company said this week it may not be able to deliver the metals to customers in May. Industrial production in China, the world's largest copper consumer, expanded 17.8 percent last month after gaining 20.1 percent in February.
And this, from Reuters, news that some additional capacity might be coming on-stream.
China's Xiangguang Copper Co. Ltd. aims to start production at its new copper plant in early July but has no time table to start work on its planned expansion, company officials said.
And finally, some speculation as to when Copper might fall again - hey, I made a joke - speculation seems to be becoming a factor in the Copper marketplace.
Copper won't defy gravity forever
The blistering rally in copper prices may start to cool later this year as new production finally comes on stream, but most analysts are not expecting a big correction anytime soon.
As miners from Chile to China ramp output to grab a piece of the commodities boom, supplies of copper could begin matching demand later this year and next.
Because of high demand for the industrial metal, thanks to the relatively robust world economy, copper has appeared resistant to any downside risk.
The world's big investment funds, who have no intention of ever taking delivery of the metal, have been piling in to grab big returns for their portfolios, and driving up the prices in the process.
Indeed on Thursday, precious metals suffered a correction with gold sliding 4 percent and silver losing 14 percent. But while copper wobbled, it ended the day only a fraction lower and by Friday was up $54 at the bid price of $6,350 a tonne.
But most market players don't believe copper can defy gravity forever.
Bloomberg.com: Latin America
Copper headed for a sixth consecutive weekly gain in London, the longest period of rising prices since October, driven by supply disruption and speculation demand growth may accelerate. Nickel rose to the highest since at least 1987.
Production stoppages at Grupo Mexico SA, the world's seventh largest copper producer, continue at its zinc and copper operations. The company said this week it may not be able to deliver the metals to customers in May. Industrial production in China, the world's largest copper consumer, expanded 17.8 percent last month after gaining 20.1 percent in February.
And this, from Reuters, news that some additional capacity might be coming on-stream.
China's Xiangguang Copper Co. Ltd. aims to start production at its new copper plant in early July but has no time table to start work on its planned expansion, company officials said.
And finally, some speculation as to when Copper might fall again - hey, I made a joke - speculation seems to be becoming a factor in the Copper marketplace.
Copper won't defy gravity forever
The blistering rally in copper prices may start to cool later this year as new production finally comes on stream, but most analysts are not expecting a big correction anytime soon.
As miners from Chile to China ramp output to grab a piece of the commodities boom, supplies of copper could begin matching demand later this year and next.
Because of high demand for the industrial metal, thanks to the relatively robust world economy, copper has appeared resistant to any downside risk.
The world's big investment funds, who have no intention of ever taking delivery of the metal, have been piling in to grab big returns for their portfolios, and driving up the prices in the process.
Indeed on Thursday, precious metals suffered a correction with gold sliding 4 percent and silver losing 14 percent. But while copper wobbled, it ended the day only a fraction lower and by Friday was up $54 at the bid price of $6,350 a tonne.
But most market players don't believe copper can defy gravity forever.
Mexico police storm steel plant, 2 shot dead
Reuters via Yahoo! News
Hundreds of Mexican police stormed a major steel plant on Thursday to force out striking workers in a violent clash that spilled onto the streets and left at least two workers dead.
Hundreds of Mexican police stormed a major steel plant on Thursday to force out striking workers in a violent clash that spilled onto the streets and left at least two workers dead.
Thursday, April 20, 2006
Copper Historical Charts and Graphs
In the last year, copper has doubled in price. That's gotta hurt. Started out around $1.50US, it's now tickling $3.
Click on the link to see the charts.
Kitco - Spot Copper Historical Charts and Graphs
Here's some useful information, from Copper Facts
Copper has been mined for over 7,000 years. The Island of Cyprus in the eastern Mediterranean was a major source copper for the ancient world. The word copper originates from the Roman name for Cyprian metal cuprum. The abbreviation of cuprum and the symbol on the Periodic Chart of Elements is Cu.
Copper is one of the oldest metals and has been important throughout the development of civilization. And it continues to play a crucial role in our global economy today. Copper consumption continues to grow -- due in part to its physical properties of high ductility, malleability, thermal and electrical conductivity, and resistance to corrosion. It is a major industrial metal ranking third after iron and aluminum in terms of quantities consumed.
Click on the link to see the charts.
Kitco - Spot Copper Historical Charts and Graphs
Here's some useful information, from Copper Facts
Copper has been mined for over 7,000 years. The Island of Cyprus in the eastern Mediterranean was a major source copper for the ancient world. The word copper originates from the Roman name for Cyprian metal cuprum. The abbreviation of cuprum and the symbol on the Periodic Chart of Elements is Cu.
Copper is one of the oldest metals and has been important throughout the development of civilization. And it continues to play a crucial role in our global economy today. Copper consumption continues to grow -- due in part to its physical properties of high ductility, malleability, thermal and electrical conductivity, and resistance to corrosion. It is a major industrial metal ranking third after iron and aluminum in terms of quantities consumed.
Labels: Copper
China's steel industry prepares for restructuring
Sometimes it's hard to tell if things reported in the Chinese media actually mean anything or whether they're just posturing. However, a number of people have said that the Chinese Steel industry is going to restructure, willingly or not, in the next 5 years.
People's Daily Online
Industry leaders who have attended the fourth China International Steel Congress in Beijing early this week predict that a wave of merges and acquisitions is set to sweep China's steel industry.
'China's steel industry will see large-scale restructuring in line with changing international environment and intensified competition,' said Xu Lejiang, general manager of Shanghai Baosteel Group Corp.
People's Daily Online
Industry leaders who have attended the fourth China International Steel Congress in Beijing early this week predict that a wave of merges and acquisitions is set to sweep China's steel industry.
'China's steel industry will see large-scale restructuring in line with changing international environment and intensified competition,' said Xu Lejiang, general manager of Shanghai Baosteel Group Corp.
Tuesday, April 11, 2006
No reason to leave GM
This is really an amazing story. You have to read the whole thing, but I can't excerpt the whole thing here (or it wouldn't be an excerpt). She was one of the first women to work at GM, one of the first black women, hired under equal opportunity laws. Her first job at GM was as a welder.
Detroit Free Press
On her 83rd birthday, Lillian Winkel celebrated the same way she spends every day -- going to work at a General Motors Corp. metal stamping plant in Indianapolis.
The great-great grandmother, who is the second-oldest woman working at GM, made $74,000 last year cleaning floors and emptying wastebaskets.
'I always work on my birthday,' said Winkel, who turned 83 on March 2. 'I don't know anybody else who's going to give me three hundred and some-odd dollars for my birthday. Thank God for General Motors.'
Detroit Free Press
On her 83rd birthday, Lillian Winkel celebrated the same way she spends every day -- going to work at a General Motors Corp. metal stamping plant in Indianapolis.
The great-great grandmother, who is the second-oldest woman working at GM, made $74,000 last year cleaning floors and emptying wastebaskets.
'I always work on my birthday,' said Winkel, who turned 83 on March 2. 'I don't know anybody else who's going to give me three hundred and some-odd dollars for my birthday. Thank God for General Motors.'
"A lot of men objected to us women coming in. They gave us the hardest jobs."
"They say, you're coming in here taking a man's job. I said, let me tell you, we're not taking your job. We came in, and we did it better than you did."
Monday, April 10, 2006
Explosion strikes AK Steel
AK Steel is the cite of a lockout that's gone on several weeks now.
The Cincinnati Enquirer
Three explosions late Sunday night at AK Steel shook homes and buildings for miles, sent a mushroom cloud 150 feet into the air and injured three employees.
Pieces of red-hot slag ignited 15 to 20 small fires, damaging the roof of a building, two trailers, a dumpster and a pickup truck, the fire chief said.
“All I saw was this huge ball at first,� said union employee Glenn Reliford. “I’ve worked here 16 years and this was 10 times louder than anything I’ve heard here. It was deafening.�
And from the Minneapolis-St. Paul Star Tribune
One worker suffered burns, another was treated for smoke inhalation and a third sprained an ankle while helping extinguish one of the fires late Sunday, AK Steel spokesman Alan McCoy said.
The Cincinnati Enquirer
Three explosions late Sunday night at AK Steel shook homes and buildings for miles, sent a mushroom cloud 150 feet into the air and injured three employees.
Pieces of red-hot slag ignited 15 to 20 small fires, damaging the roof of a building, two trailers, a dumpster and a pickup truck, the fire chief said.
“All I saw was this huge ball at first,� said union employee Glenn Reliford. “I’ve worked here 16 years and this was 10 times louder than anything I’ve heard here. It was deafening.�
And from the Minneapolis-St. Paul Star Tribune
One worker suffered burns, another was treated for smoke inhalation and a third sprained an ankle while helping extinguish one of the fires late Sunday, AK Steel spokesman Alan McCoy said.
Sunday, April 09, 2006
Russians revive Rouge steel
I like a story where someone comes in an invests in a historical steel mill, revives it and makes steel and profits again.
The Detroit News
The Russians arrived two years ago, stayed and the old Rouge Steel is beginning to prosper again.
Oh, sure, it's got a Russian name now -- Severstal North America Inc. Its CFO is called Kuznetsov, and the big boss back home is Alexey Mordashov, one of post-Soviet Russia's wealthiest moguls. But the point for Dearborn and 2,100 former Rouge Steel employees is that the steel works Henry Ford built are no longer bankrupt. They're rolling again and they have a future.
The Detroit News
The Russians arrived two years ago, stayed and the old Rouge Steel is beginning to prosper again.
Oh, sure, it's got a Russian name now -- Severstal North America Inc. Its CFO is called Kuznetsov, and the big boss back home is Alexey Mordashov, one of post-Soviet Russia's wealthiest moguls. But the point for Dearborn and 2,100 former Rouge Steel employees is that the steel works Henry Ford built are no longer bankrupt. They're rolling again and they have a future.
Saturday, April 08, 2006
Copper hits a record near $6,000 a ton
CNN Money
Copper touched a record peak of $5,830 per ton Friday, edging closer to the magic $6,000 level, as tight global stocks and supply concerns propelled the red metal to new highs.
'A lot of short-term funds have been shifting heavily into gold and other commodities since the start of the new quarter,' said Akira Doi, director at Daiichi Commodities Co. Ltd.
Copper for delivery in three months rose $24 a ton on the London Metal Exchange from Thursday's London close at $5,807 a ton.
Used widely in electronics and construction, copper has risen more than 8 percent this week and 32 percent since the start of the year as inventories have dwindled on soaring demand, especially from China. Strikes by miners around the globe have also hurt deliveries.
CNN money also has a little breadbasket of commodities that, I guess, is updated realtime while the markets are open. They list copper, silver, platinum and gold. Of those, we stamp copper and I don't know anyone who stamps the others. And there are some amusing ones ... did you know pork bellies are worth more per pound than lean hogs? Learn something new every day, I guess.
Copper touched a record peak of $5,830 per ton Friday, edging closer to the magic $6,000 level, as tight global stocks and supply concerns propelled the red metal to new highs.
'A lot of short-term funds have been shifting heavily into gold and other commodities since the start of the new quarter,' said Akira Doi, director at Daiichi Commodities Co. Ltd.
Copper for delivery in three months rose $24 a ton on the London Metal Exchange from Thursday's London close at $5,807 a ton.
Used widely in electronics and construction, copper has risen more than 8 percent this week and 32 percent since the start of the year as inventories have dwindled on soaring demand, especially from China. Strikes by miners around the globe have also hurt deliveries.
CNN money also has a little breadbasket of commodities that, I guess, is updated realtime while the markets are open. They list copper, silver, platinum and gold. Of those, we stamp copper and I don't know anyone who stamps the others. And there are some amusing ones ... did you know pork bellies are worth more per pound than lean hogs? Learn something new every day, I guess.
Labels: Copper
U.S. Loses Court Ruling Over Byrd Law
Bloomberg.com
A U.S. federal court ruled that the Bush administration erred in how it applied the so-called Byrd amendment to Canada and Mexico.
``Customs has violated U.S. law,'' Judge Donald Pogue said in a 117-page decision released today. It ``is not authorized to apply the Byrd amendment to goods from Canada or Mexico.''
Under the U.S. law that implemented the North American Free Trade Agreement, any trade measure that targets imports must specifically mention Canada and Mexico in order to be legally valid for those nations. When Congress enacted the Byrd amendment in 2000, it didn't do that.
The court decision today applies to trade remedies that the U.S. has against Mexico and Canada, including steel wire, stainless steel, magnesium, wheat and lumber. In the last fiscal year the U.S. distributed to U.S. companies $5.8 million to U.S. companies from duties collected from Canada and $8.4 million collected on Mexican imports, according to U.S. Customs data.
Those amounts are dwarfed by the potential payouts over lumber
... which amount to $4billion
A U.S. federal court ruled that the Bush administration erred in how it applied the so-called Byrd amendment to Canada and Mexico.
``Customs has violated U.S. law,'' Judge Donald Pogue said in a 117-page decision released today. It ``is not authorized to apply the Byrd amendment to goods from Canada or Mexico.''
Under the U.S. law that implemented the North American Free Trade Agreement, any trade measure that targets imports must specifically mention Canada and Mexico in order to be legally valid for those nations. When Congress enacted the Byrd amendment in 2000, it didn't do that.
The court decision today applies to trade remedies that the U.S. has against Mexico and Canada, including steel wire, stainless steel, magnesium, wheat and lumber. In the last fiscal year the U.S. distributed to U.S. companies $5.8 million to U.S. companies from duties collected from Canada and $8.4 million collected on Mexican imports, according to U.S. Customs data.
Those amounts are dwarfed by the potential payouts over lumber
... which amount to $4billion
Friday, April 07, 2006
Copper Heads for Biggest Weekly Gain in 6 Years on Supply Curbs
And copper just keeps on going up ...
Copper rose to a record, heading for its biggest weekly gain in more than six years, amid supply disruptions and falling stockpiles. Zinc traded at an all-time high and New York gold futures advanced to a level not seen since January 1981.
Demand for industrial and precious metals is soaring as investment funds increase purchases of commodities whose returns have beaten those on stocks and bonds.
[...]
Copper, which is used in wiring and plumbing, has risen 7.8 percent this week, the biggest increase since July 1999, amid a squeeze on supplies.
It's worth pointing out that an expensive marketplace for copper (and related alloys, like brass) makes slide forming all the more attractive. Unlike some other stamping disciplines, slide forming does not use a carrier strip, and so waste material is minimized.
Copper rose to a record, heading for its biggest weekly gain in more than six years, amid supply disruptions and falling stockpiles. Zinc traded at an all-time high and New York gold futures advanced to a level not seen since January 1981.
Demand for industrial and precious metals is soaring as investment funds increase purchases of commodities whose returns have beaten those on stocks and bonds.
[...]
Copper, which is used in wiring and plumbing, has risen 7.8 percent this week, the biggest increase since July 1999, amid a squeeze on supplies.
It's worth pointing out that an expensive marketplace for copper (and related alloys, like brass) makes slide forming all the more attractive. Unlike some other stamping disciplines, slide forming does not use a carrier strip, and so waste material is minimized.
Labels: Copper
Tuesday, April 04, 2006
NORTH AMERICAN AVERAGE CARBON STEEL PRICES
LATEST FORECASTS FROM MEPS
Despite the small improvement in the average figure in March, we expect flat product prices to hold up next month before falling under the pressure from imports over the next four to six months. We do not anticipate a price collapse but a steady decline in transaction values is a distinct possibility over the period. We expect average figures to stabilise in the final quarter of 2006 and into the first trimester of 2007 and end the forecast time frame marginally above our previous prediction. The import pressure should ease somewhat as domestic demand improves in other parts of the world.
The North American long products sector remains quite fragile. The threat from imports is likely to be realised in the next few months. Despite improving demand as the construction season develops, we expect foreign material to adversely affect prices up to the end of this year. The impact will not be dramatic but is likely to be real. The Canadian market could be worse hit than the US.
Despite the small improvement in the average figure in March, we expect flat product prices to hold up next month before falling under the pressure from imports over the next four to six months. We do not anticipate a price collapse but a steady decline in transaction values is a distinct possibility over the period. We expect average figures to stabilise in the final quarter of 2006 and into the first trimester of 2007 and end the forecast time frame marginally above our previous prediction. The import pressure should ease somewhat as domestic demand improves in other parts of the world.
The North American long products sector remains quite fragile. The threat from imports is likely to be realised in the next few months. Despite improving demand as the construction season develops, we expect foreign material to adversely affect prices up to the end of this year. The impact will not be dramatic but is likely to be real. The Canadian market could be worse hit than the US.
New Navy Ship Being Built With WTC Steel
I like a good recycling story ...
Yahoo! News
With a year to go before it even touches the water, the Navy's amphibious assault ship USS New York has already made history twice. It was built with 24 tons of scrap steel from the World Trade Center, and it survived Hurricane Katrina.
USS New York is about 45 percent complete and should be ready for launch in mid-2007. Katrina disrupted construction when it pounded the Gulf Coast last summer, but the 684-foot vessel escaped serious damage, and workers were back at the yard near New Orleans two weeks after the storm.
The ship was an impetus for many of the yard's thousands of workers to return to the job, even though hundreds lost their homes, Quaglino and others said.
Northrop Grumman employed 6,500 at Avondale before Katrina. Today, roughly 5,500 are back on the job, working on the New York and three other vessels. More than 200 employees who lost their homes to Katrina are living at the shipyard, some on a Navy barge and others in bunk-style housing.
Steel from the World Trade Center was melted down in a foundry in Amite, La., to cast the ship's bow section.
Yahoo! News
With a year to go before it even touches the water, the Navy's amphibious assault ship USS New York has already made history twice. It was built with 24 tons of scrap steel from the World Trade Center, and it survived Hurricane Katrina.
USS New York is about 45 percent complete and should be ready for launch in mid-2007. Katrina disrupted construction when it pounded the Gulf Coast last summer, but the 684-foot vessel escaped serious damage, and workers were back at the yard near New Orleans two weeks after the storm.
The ship was an impetus for many of the yard's thousands of workers to return to the job, even though hundreds lost their homes, Quaglino and others said.
Northrop Grumman employed 6,500 at Avondale before Katrina. Today, roughly 5,500 are back on the job, working on the New York and three other vessels. More than 200 employees who lost their homes to Katrina are living at the shipyard, some on a Navy barge and others in bunk-style housing.
Steel from the World Trade Center was melted down in a foundry in Amite, La., to cast the ship's bow section.
