Thursday, August 30, 2007
GM to lay off 1,200 workers at Oshawa plant
680News
Toronto - General Motors of Canada Ltd. has confirmed it will cut 1,200 jobs at the company's truck plant in Oshawa, Ont. by next January. The decision, which GM blamed on high inventory, will cut about 1,200 jobs at the plant. Slumping pick-up truck sales caused, in part, by a slide in the U.S. housing market, may also be to blame.
Union officials estimated the ripple effect of GM's cuts could affect up to 8,000 jobs in the auto parts sector.
That, of course, includes many jobs in the stamping industry.
Toronto - General Motors of Canada Ltd. has confirmed it will cut 1,200 jobs at the company's truck plant in Oshawa, Ont. by next January. The decision, which GM blamed on high inventory, will cut about 1,200 jobs at the plant. Slumping pick-up truck sales caused, in part, by a slide in the U.S. housing market, may also be to blame.
Union officials estimated the ripple effect of GM's cuts could affect up to 8,000 jobs in the auto parts sector.
That, of course, includes many jobs in the stamping industry.
Labels: auto
Monday, August 27, 2007
Another one bites the dust - Stelco sold
So Stelco has been sold. The last Canadian owned steel mill is gone.
From the Stelco web site:
PITTSBURGH and HAMILTON, ON, Aug. 26, 2007 -- United States Steel Corporation and Stelco Inc., announced today that they have entered into a definitive agreement pursuant to which U. S. Steel will acquire Stelco for $38.50 (Canadian) in cash per share.
From the Stelco web site:
PITTSBURGH and HAMILTON, ON, Aug. 26, 2007 -- United States Steel Corporation and Stelco Inc., announced today that they have entered into a definitive agreement pursuant to which U. S. Steel will acquire Stelco for $38.50 (Canadian) in cash per share.
Saturday, August 18, 2007
Flooding In China Leaves 181 Miners Trapped
From time to time I comment on the high human cost of Chinese steel. Here we have it again. Chinese mines have the worst safety record in the world.
CityNews
Heavy flooding poured into two coal mines in eastern China on Friday, leaving 181 miners trapped and feared dead. Two high-speed pumps were being rushed in to drain the flooded shafts, but officials say there's no word on when rescuers might enter the mines.
China's coal mines are the world's deadliest, with thousands of fatalities a year.
CityNews
Heavy flooding poured into two coal mines in eastern China on Friday, leaving 181 miners trapped and feared dead. Two high-speed pumps were being rushed in to drain the flooded shafts, but officials say there's no word on when rescuers might enter the mines.
China's coal mines are the world's deadliest, with thousands of fatalities a year.
Wednesday, August 01, 2007
Nickel Pricing forecast for the short and medium term
From: MEPS
Nickel prices moved lower in July as they fell further into their deep descent. The July monthly average is set to be around $US8,500 per tonne lower than June's figure. Values are now forecast to go below the psychological $US30,000 per tonne in August as stocks on the LME continue to rise. There is still the possibility for another severe drop in the cost of nickel. Stability should return to the market later this year as production cuts from stainless steel producers over the Summer months come to an end. New nickel capacity, due on stream later this year and in 2008, is expected to prevent values rising dramatically before the end of the forecast period.
Nickel prices moved lower in July as they fell further into their deep descent. The July monthly average is set to be around $US8,500 per tonne lower than June's figure. Values are now forecast to go below the psychological $US30,000 per tonne in August as stocks on the LME continue to rise. There is still the possibility for another severe drop in the cost of nickel. Stability should return to the market later this year as production cuts from stainless steel producers over the Summer months come to an end. New nickel capacity, due on stream later this year and in 2008, is expected to prevent values rising dramatically before the end of the forecast period.
STAINLESS STEEL PRICES IN TURMOIL AFTER COLLAPSE OF NICKEL ON LME
From MEPS, a steel-supplier-side news service, but important for us steel consumers too.
Western stainless steel producers of strip mill products have temporarily abandoned their traditional basis plus surcharge mechanism for selling their material. Most EU and US mills are now quoting only transaction (effective) figures. This is, principally, to disguise the discounts necessary to obtain orders after the fall in the price of nickel since early June.
Technically, surcharges in July for grade 304 increased by around 5 and 3 percent in the EU and US, respectively. With the prospect of them falling over the next two months by almost €750 and $US1400 per tonne it is not surprising that customers are refusing to pay the current inflated figures. The alloy surcharge is almost meaningless in negotiations at this time.
Mill orders have dried up. Many producers have plans to cut output in the short term but are pushing material into stock and selling at substantially discounted levels to generate the limited business available.
Western stainless steel producers of strip mill products have temporarily abandoned their traditional basis plus surcharge mechanism for selling their material. Most EU and US mills are now quoting only transaction (effective) figures. This is, principally, to disguise the discounts necessary to obtain orders after the fall in the price of nickel since early June.
Technically, surcharges in July for grade 304 increased by around 5 and 3 percent in the EU and US, respectively. With the prospect of them falling over the next two months by almost €750 and $US1400 per tonne it is not surprising that customers are refusing to pay the current inflated figures. The alloy surcharge is almost meaningless in negotiations at this time.
Mill orders have dried up. Many producers have plans to cut output in the short term but are pushing material into stock and selling at substantially discounted levels to generate the limited business available.
Area lawmakers testify to keep tariffs on Chinese steel; Nucor called a victim
I don't understand why anyone thinks it makes sense to impose tarifs on the raw materials coming from China and not the finished goods made from the same raw materials coming from China. All this does is cut the entire food chain out of North America and shift it all to China. Why don't the steelmakers see it as shortsighted to cut off the legs of their customers? Why don't the lawmakers see it either?
Nucor Corp. and other U.S. steelmakers are the victims of China's illegal subsidization of exported steel, lawmakers testified Tuesday.
In the first day of a two-day hearing, dozens of lawmakers argued that the U.S. International Trade Commission should renew five-year punitive tariffs on hot-rolled flat carbon steel imported from China and 10 other countries. China was the main target.
Nucor Corp. and other U.S. steelmakers are the victims of China's illegal subsidization of exported steel, lawmakers testified Tuesday.
In the first day of a two-day hearing, dozens of lawmakers argued that the U.S. International Trade Commission should renew five-year punitive tariffs on hot-rolled flat carbon steel imported from China and 10 other countries. China was the main target.
Labels: china, currency, manipulation, manufacturing, steel
