http://www.metalcenternews.com RSS feeds for Metal Center News 60 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8524/Russels-Earnings-Dip-Modestly-in-Third-Quarter.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8524 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8524&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8524/Russels-Earnings-Dip-Modestly-in-Third-Quarter.aspx Oct. 31, 2012 Russel’s Earnings Dip Modestly in Third Quarter Russel Metals Inc., Mississauga, Ont., reported earnings of $23 million during the company’s third quarter, an 11 percent decline from the same period in 2011. For the year to date, Russel’s net earnings totaled $78 million, 13.3 percent behind last year. Russel’s net sales in the third quarter totaled $713 million, 1.1 percent better than last year’s third quarter. For the first three quarters, the company’s revenues totaled $2.2 billion, 12.7 percent greater than the same period last year. “All of our segments experienced margin pressure in the third quarter as steel prices declined due to lack of demand. The energy segment was able to produce stronger operating results due to higher volumes; however, our other segments were impacted by industry-wide lower shipments. We continue to outpace industry shipments in our metals service center operations," said Brian R. Hedges, president and CEO. Revenues in the company’s metals service center segment decreased 2 percent to $382 million in the third quarter, compared to the 2011 third quarter, on decreased demand levels and pricing. Gross margins in this segment were 20.1 percent, slightly lower than the 20.6 percent in third-quarter 2011. Revenues in the energy tubular products segment increased 12 percent to $249 million due to increased shipments of large-diameter line pipe in Russel’s U.S. operations and strong demand in operations servicing the Alberta oil sands. Segment gross margins were down to 13.4 percent in the 2012 third quarter, compared to 14.3 percent in the 2011 third quarter, due to competitive pricing pressure and lower margins experienced on the higher volume line pipe orders. The strong activity in these operations resulted in operating profits for the 2012 third quarter increasing by 5 percent to $16 million, company officials said. Revenues in the steel distributors segment decreased 12 percent in the third quarter to $78 million. Gross margins in this segment were down 1.5 percentage points to 13.0 percent. Wed, 31 Oct 2012 14:58:00 GMT f1397696-738c-4295-afcd-943feb885714:8524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8523/Survey-US-Not-Doing-Enough-for-Manufacturing.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8523 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8523&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8523/Survey-US-Not-Doing-Enough-for-Manufacturing.aspx Oct. 31, 2012 Survey: U.S. Not Doing Enough for Manufacturing The public feels American leadership is off-course in improving manufacturing competitiveness and that the national economy is weak and fragile, according to a recent survey from Deloitte and The Manufacturing Institute, Washington, D.C. The survey found Americans have a skeptical view of the nation’s overall economic health, with 59 percent indicating that the economy has “not improved or gotten better” in recent years. Specific to the manufacturing sector, only 16 percent of Americans feel it is likely to improve in the next 12 months. In contrast, 23 percent feel it will weaken. “The perceived lack of competitiveness leadership across the board seems to be seeping beyond manufacturing, dragging down optimism about an economic turnaround,” says Jennifer McNelly, president of The Manufacturing Institute. The survey—the fourth annual “Public Viewpoint on Manufacturing”—sampled a nationally representative group of 1,000 Americans in September, finding that 84 percent “strongly agree” or “agree” that the United States needs a more strategic approach to developing its manufacturing base. A vast majority, 82 percent, support further investment into America’s manufacturing industry. “Despite the public’s overwhelming desire for American policymakers and business leaders to double down on manufacturing, it is crystal clear that they believe we are not seeing enough action,” says Craig Giffi, vice chairman and consumer and industrial products industry leader at Deloitte LLP. Giffi points out that only about 35 percent of respondents believe federal and state leaders are helping create a competitive advantage for the United States versus other countries. Wed, 31 Oct 2012 14:56:00 GMT f1397696-738c-4295-afcd-943feb885714:8523 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8522/Evraz-Restarting-Spiral-Mill-in-Portland.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8522 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8522&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8522/Evraz-Restarting-Spiral-Mill-in-Portland.aspx Oct. 31, 2012 Evraz Restarting Spiral Mill in Portland Evraz North America plans to restart its Portland, Ore., spiral mill, which has been idled since July 2009. Once the installation of new equipment is completed in the first half of 2013, the company will hire up to 200 new employees. Because of its proximity to the fast-growing Bakken and Western Canada oil and natural gas regions, as well as oil fields in the U.S. Rockies, Evraz Portland’s spiral mill is ideally positioned to supply pipe for exploration and transmission, the company claims. “When we moved our corporate office to Chicago in 2010, I assured our employees, the citizens of Portland and public officials that Evraz remained committed to Portland and to Oregon,” says Mike Rehwinkel, CEO of Evraz North America. “Restarting this mill is evidence that we will continue to grow our business on the West Coast.” Wed, 31 Oct 2012 14:54:00 GMT f1397696-738c-4295-afcd-943feb885714:8522 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8521/MST-Building-Fifth-Pickling-House.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8521 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8521&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8521/MST-Building-Fifth-Pickling-House.aspx Oct. 31, 2012 MST Building Fifth Pickling House Michigan Seamless Tube, a manufacturer of carbon and alloy seamless cold-drawn pipe and tube, has begun construction on a new 9,600-square-foot pickling house. The pickling house, to be completed by the end of the year, will be the fifth of its kind at the company’s 320,000-square-foot facility in South Lyon, Mich. The pickling house will allow MST to produce an additional 450 tons of product monthly. The process is a surface treatment that removes oxides and scale from the steel tubes, and is an integral part of the cold-drawn process. “The addition of a fifth pickling house is part of our broad plan to invest capital and resources into our facility so that we can materially improve production capacity to better serve our customers,” says Les Whitver, vice president of operations for MST. “In addition to increasing our production capacity roughly 13 percent, the new pickling house will allow us to reduce material and maintenance costs, helping us to achieve a quick return on our initial investment.” Wed, 31 Oct 2012 14:52:00 GMT f1397696-738c-4295-afcd-943feb885714:8521 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8520/Germanys-Benteler-Building-Tube-Mill-in-Louisiana.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8520 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8520&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8520/Germanys-Benteler-Building-Tube-Mill-in-Louisiana.aspx Oct. 31, 2012 Germany’s Benteler Building Tube Mill in Louisiana Benteler Steel/Tube plans to build a new hot rolling tube mill in Caddo, La., strengthening the company’s position in the North American oil country tubular goods market. The facility, which will cost an estimated $900 million, is the first U.S. production facility for Germany’s Benteler Steel/Tube. Groundbreaking on the new facility is scheduled for the spring of 2013 and completion is planned for the second half of 2015. “We are pleased to announce that Northwestern Louisiana will be home to the first U.S. production facility for Benteler Steel/Tube,” says Matthias Jaeger, president and CEO Benteler Steel/Tube GmbH. “With the growing demand for high-quality steel tubes for exploratory drilling in the U.S., and Louisiana’s proximity and access to energy customers, Benteler Steel/Tube’s Caddo Parish plant is poised to play an important role in meeting U.S. domestic energy needs.” The decision to construct a production site in the U.S. is an important element of the company’s global business growth strategy. Currently, more than 25 percent of Benteler Steel/Tube products flow into North America. With a renewed focus by the U.S. government to reduce energy imports and increase domestic production capacities, demand for Benteler’s products in the U.S. is expected to increase, company officials say. Benteler Steel/Tube is a specialist in the manufacturing and processing of seamless hot-rolled steel tubes and seamless cold-drawn precision steel tubes, serving international customers in the automotive, OCTG/line pipe, heat transfer, hydraulics/precision engineering and construction sectors. Wed, 31 Oct 2012 14:51:00 GMT f1397696-738c-4295-afcd-943feb885714:8520 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8519/Profits-Decline-in-Third-Quarter-for-US-Steel.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8519 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8519&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8519/Profits-Decline-in-Third-Quarter-for-US-Steel.aspx Oct. 31, 2012 Profits Decline in Third Quarter for U.S. Steel U.S. Steel’s net income slipped, but the company remained profitable during its third quarter. The Pittsburgh-based steelmaker reported net income of $44 million, less than half the $101 million in the second quarter but double the $22 million reported during last year’s third quarter. Net sales for the quarter totaled $4.7 billion, down about 8 percent from both the previous quarter and third-quarter 2011. “Third-quarter operating results were positive for all three reportable segments in an economic environment that was more challenging than the second quarter,” said U.S. Steel Chairman and CEO John P. Surma. “Our Tubular segment once again had solid results, despite declining rig activity and pricing pressure caused by rising oil country tubular goods inventory and continued high levels of imports. Our Flat-rolled and European segments were profitable, but continue to be challenged by difficult global economic conditions. In addition, our Flat-rolled segment continued to be adversely affected by increased import levels.” Flat-rolled third-quarter results dipped from the second quarter primarily due to a $31 per ton decrease in average realized prices. Significant price decreases for domestic scrap and globally traded steelmaking raw materials placed downward pressure on spot and index-based pricing mechanisms in North America in the third quarter, company officials said. The spot market continues to be pressured by high import volumes, which for sheet products have increased 13 percent through the first nine months of 2012. Proceeds from steel substrate sales to the company’s Tubular segment also have decreased. Shipments and operating costs for the Flat-rolled segment were comparable to the second quarter. Third-quarter results for U.S. Steel’s Tubular segment were in line with the second quarter. Shipments decreased as end users adjusted drilling plans and curtailed spending due to economic uncertainty and concern over energy prices, officials said. Average realized prices declined slightly as import levels remained high, resulting in pricing pressure from increased supply. Operating costs decreased compared to the second quarter due to lower substrate costs. “Our results are expected to reflect continued weakness in the European and emerging market economies, as well as economic uncertainty in North America,” Surma said. The company expects a loss for its Flat-rolled segment due to slightly lower average realized prices, as well as lower shipments and higher operating costs. Average realized prices and shipments are expected to be lower compared to the third quarter as a result of cautious purchasing patterns early in the quarter created by the uncertain global economic outlook. “However, market conditions have recently begun improving in North America, and we believe that we are already beyond the spot price trough of the fourth quarter. New spot orders are being transacted at higher prices for delivery later this quarter. Operating costs are expected to increase due to scheduled blast furnace and other maintenance projects,” he said. Wed, 31 Oct 2012 14:46:00 GMT f1397696-738c-4295-afcd-943feb885714:8519 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8518/MK-Relocates-Facility-Near-Mexico-City.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8518 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8518&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8518/MK-Relocates-Facility-Near-Mexico-City.aspx Oct. 31, 2012 M/K Relocates Facility Near Mexico City Marmon/Keystone has relocated its Mexico City-area service center to a larger facility to accommodate increased demand. The new facility is located in the Parque Industrial La Luz, about 20 miles outside Mexico City. The new location offers twice the amount of space and includes one new saw and two overhead cranes. Additional sales and warehouse staff have been added. “We look forward to continued expansion in Mexico, where we have the opportunity to serve a variety of industrial sectors,” says Tim Spatafore, president of Marmon/Keystone. The Mexico City service center is a satellite of the Monterrey headquarters, where sales calls will continue to be taken. Marmon/Keystone operates a second satellite service center in Queretaro. General Manager Ricardo Hernandez oversees all three operations in Mexico. Wed, 31 Oct 2012 14:44:00 GMT f1397696-738c-4295-afcd-943feb885714:8518 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8517/Hayes-Aluminum-Pricing-Should-Rise-in-2013.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8517 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8517&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8517/Hayes-Aluminum-Pricing-Should-Rise-in-2013.aspx Oct. 31, 2012 Hayes: Aluminum Pricing Should Rise in 2013 Aluminum prices have taken a dip in 2012, though metals analysts at Davenport & Co. believe the market fundamentals would support higher tags. “This year the LME cash price was about 93 cents per pound, well below what it averaged in 2011. Next year, we expect a healthy rebound in prices to $1.08 per pound, which equates to $2,390 per metric ton,” said Timothy Hayes, a metals equity analyst with Davenport and editor of its O’Carroll Aluminum Bulletin, during Aluminum Week Oct. 18 in Chicago. “Further increases are anticipated in 2014.” The issue that’s working against the price is the heavy amount of aluminum that’s tied up in stock-financing deals, housed in three LME warehouses around the globe. When this material is factored into the total supply, the lower LME price seems reasonable. But that material, up to 5 million tons worth, is simply not accessible to the market, and thus should not be viewed as part of the global supply. “If you incorporate all the inventory out there, aluminum prices are fairly valued,” Hayes said. “However, we know that most of the LME inventory is tied up in these stock financing deals and unavailable to the physical market.” This fact is evident in the Midwest premium price, which has been consistently above the LME price. “The premiums reflect the fact you can’t get metal. Premiums don’t lie. You don’t have investors or speculators buying premium” he said. Hayes does not expect the stock financing deals to go away, since they’re predicated on low interest rates and there’s no indication that interest rates will be rising any time soon. “It’s here to stay awhile, and may become more prevalent. It should keep Midwest premiums at record highs, and could push them higher in the near-term,” he said. Wed, 31 Oct 2012 14:31:00 GMT f1397696-738c-4295-afcd-943feb885714:8517 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8359/Steel-Aluminum-Shipments-Down-in-September.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8359 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8359&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8359/Steel-Aluminum-Shipments-Down-in-September.aspx Oct. 17, 2012 Steel, Aluminum Shipments Down in September The slowdown continued in September with both American and Canadian service centers reporting declines in steel and aluminum shipments, according to the latest Metals Activity Report from the Metals Service Center Institute, Rolling Meadows, Ill. Steel and aluminum shipments in the U.S. declined about 10 percent, compared to September 2011 levels, following a 1 percent decline in August. In Canada, steel shipments were off 15 percent compared to the same month last year, while aluminum shipments showed a yearly decline for the first time in two years. U.S. service centers shipped approximately 3 million tons of steel products in September, a decline of 9.5 percent from September 2011. For the year to date, shipments totaled 32.1 million tons, an increase of 3.3 percent from the same period last year. Inventories totaled about 8.8 million tons at the end of September, an increase of 3.1 percent over the previous year but down 2.1 percent from August. At September shipping rates, that represented 2.8 months of supply. U.S. service centers shipped 112,500 tons of aluminum products in September, a decrease of 10.8 percent from the same month in 2011. Year-to-date, aluminum shipments totaled 1.2 million tons, an increase of 1.6 percent from last year. Inventories of aluminum products totaled 376,600 tons at the end of September, an increase of 6.5 percent over last year but down 1.1 percent from the previous month. At September shipping rates, that represented 3.3 months of supply. Canadian service centers shipped 469,900 tons of steel products in September, a decrease of 15.6 percent from last year. For the year to date, steel shipments totaled 4.8 million tons, a decline of 1.0 percent from the first nine months of 2011. Inventories totaled 1.6 million tons at the end of September, an increase of 4.2 percent from a year ago and up 0.5 percent from August. At September shipping rates, that represented 3.5 months of supply. Canadian service centers shipped 12,300 tons of aluminum products in September, a decrease of 7.4 percent from the same month in 2011. Year-to-date aluminum shipments totaled 121,500 tons, an increase of 9.2 percent from last year. Inventories of aluminum products totaled 39,400 tons at the end of September, an increase of 12.8 percent from a year ago and up 0.4 percent from August. At September shipping rates, that represented 3.2 months of supply. Wed, 17 Oct 2012 17:37:00 GMT f1397696-738c-4295-afcd-943feb885714:8359 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8358/RTI-Produces-First-Titanium-in-Martinsville.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8358 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8358&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8358/RTI-Produces-First-Titanium-in-Martinsville.aspx Oct. 17, 2012 RTI Produces First Titanium in Martinsville RTI International Metals Inc. produced the first certified commercial aerospace titanium at its new $135 million forging, grinding and hot-rolling manufacturing facility in Martinsville, Va. The startup follows more than 10 months of certification testing to meet the stringent initial qualification requirements from Airbus. “The Martinsville plant is a key new addition to RTI's ability to meet the expanding titanium needs of Airbus. RTI is the largest North American titanium supplier to Airbus, and this new facility adds an additional link in RTI's ability to meet their needs across the entire supply chain,” says Dawne Hickton, vice chair, president and CEO of RTI. At full capacity, the forging facility can produce up to 14 million pounds of material annually. Further qualifications for the grinding and rolling mill processes will take place in the future. Wed, 17 Oct 2012 17:36:00 GMT f1397696-738c-4295-afcd-943feb885714:8358 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8357/Alcoa-Reports-Loss-in-Third-Quarter.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8357 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8357&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8357/Alcoa-Reports-Loss-in-Third-Quarter.aspx Oct. 17, 2012 Alcoa Reports Loss in Third Quarter Aluminum maker Alcoa, New York, reported a loss from continuing operations of $143 million during its third quarter, a downturn from the $172 million in net income earned in the same quarter last year. This followed a loss of $2 million during the second quarter. Alcoa cited costs related to environmental remediation of the Grasse River in New York State and the settlement of a civil lawsuit filed by Aluminium Bahrain for the quarterly loss. Without those charges, the company said it would have reported net income of $2 million during the quarter. Third-quarter 2012 revenue totaled $5.8 billion, down 9 percent compared with third-quarter 2011, primarily due to a 17 percent decline in the realized metal price and 20 percent decline in the realized alumina price, company officials said. “Markets seem to be driven more by headlines than fundamentals right now, but Alcoa remains focused on the things within our control,” said Klaus Kleinfeld, chairman and CEO, during the company's quarterly conference call with investors and analysts. “We're capitalizing on pockets of strong growth and achieving record profitability in our mid and downstream businesses. We're improving performance in the upstream while optimizing our assets, and across the board we're driving productivity gains.” Amidst challenging market conditions, Alcoa's upstream businesses achieved significant performance improvement in the third quarter, delivering $98 million of combined sequential operational improvements across the Alumina and Primary Metals segments as higher volume, improved price and mix, and productivity gains more than offset cost headwinds, officials claimed. In what is traditionally a weaker quarter, Alcoa's midstream and downstream businesses turned in strong performances. Despite weakness in Europe, its Global Rolled Products group achieved record third-quarter operating income of $98 million—up 3 percent sequentially and 63 percent compared to 2011. The sequential increase was mainly driven by improved price and mix, mostly offset by lower volume and increased costs, officials said. The year-on-year improvement was driven by better price and mix, higher volume and strong productivity gains. Alcoa has moderated its 2012 global aluminum demand forecast to 6 percent, down from 7 percent, due to a second-half slowdown in China. The aluminum market grew 13 percent in 2010, and 10 percent in 2011, and is well ahead of the 6.5 percent compound annual growth rate needed to meet Alcoa's projection of a doubling of aluminum demand this decade. In Alcoa's global end markets, positive growth continues, particularly in the aerospace market where the company sees 13 to 14 percent year-on-year growth, and in the automotive market, where the company has raised its North American 2012 forecast by 1 percent. Alcoa's 2012 global growth outlook of 2 to 3 percent for packaging, 2.5 to 3.5 percent for commercial building and construction, and 3 to 5 percent for industrial gas turbine markets remains positive and unchanged. In the heavy truck and trailer market, Alcoa is lowering 2012 growth expectations in anticipation of a slowdown across all major regions. Wed, 17 Oct 2012 17:34:00 GMT f1397696-738c-4295-afcd-943feb885714:8357 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8356/Aluminum-Companies-Merging-as-Sapa.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8356 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8356&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8356/Aluminum-Companies-Merging-as-Sapa.aspx Oct. 17, 2012 Aluminum Companies Merging as Sapa Norwegian companies Orkla ASA and Norsk Hydro ASA have agreed to combine their respective profiles, building systems and tubing businesses. The new combined company, to be named Sapa, will be a 50/50 joint venture owned by Orkla and Hydro. The agreement covers the Profiles and Building System, plus extruded and welded tubes, of Orkla's fully-owned Sapa operation, and all of Hydro's Extruded Products business. The new company will be headquartered in Oslo. Based on 2011 figures, the combined company will have around $8.25 billion in annual revenue and 25,000 employees. The new company will have leading positions in Europe and North America, plus strong footholds in emerging markets, including Brazil, Argentina, China, India and Vietnam. "Together we are creating a stronger company with a broader competence base and a highly experienced management team. This will strengthen Orkla's ability to successfully capture the value potential of our aluminum business," says Orkla President and CEO Age Korsvold. The transaction will be completed in the first half of 2013, following approvals from relevant competition authorities. Svein Tore Holsether, currently president and CEO of Sapa, will be president and CEO of the combined company. Arnstein Sletmoe, head of mergers and acquisitions at Hydro, will be appointed CFO. Svein Richard Brandzaeg, president and CEO of Hydro, will be the chairman of the new company. "The new company will have the necessary strength to meet current challenging markets and create a platform for future growth in emerging markets," says Brandtzaeg. “This transaction will contribute to strengthening Hydro as a world-leading, resource-rich aluminum company with robust activities across the value chain. Through the core combination with Sapa, Hydro is establishing a new structure for its extrusion business, positioned for improved profitability and potential for future growth," he says. Wed, 17 Oct 2012 17:32:00 GMT f1397696-738c-4295-afcd-943feb885714:8356 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8355/Leveltek-Expanding-Toll-Processing-Operations.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8355 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8355&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8355/Leveltek-Expanding-Toll-Processing-Operations.aspx Oct. 17, 2012 Leveltek Expanding Toll Processing Operations Leveltek International will expand its toll processing facility in LaPorte, Ind. The operation will add 54,000 square feet of space at the site, bringing the facility to 135,000 square feet. Leveltek is primarily making room to store more material, though it may add equipment down the road. "We needed the extra space. It was getting a little cumbersome to have to keep material off site," says Mike Kelly, Leveltek president. The LaPorte operation offers cut-to-length, slitting, blanking and stretch leveling. It is one of two toll processing facilities operated by the coil processing equipment manufacturer. The other is at its headquarters in Benwood, W.Va. "We have our own technology in both places. When we're selling our equipment, we get people to send us their metal and we demonstrate what we can do. And when we start up a new line, we send our crews. It makes for a very smooth transition," Kelly says. The company expects to complete the expansion by the end of the year. Wed, 17 Oct 2012 17:30:00 GMT f1397696-738c-4295-afcd-943feb885714:8355 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8354/Reliance-Acquires-Sunbelt-Steel.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8354 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8354&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8354/Reliance-Acquires-Sunbelt-Steel.aspx Oct. 17, 2012 Reliance Acquires Sunbelt Steel Reliance Steel & Aluminum Co., Los Angeles, has acquired the assets of Sunbelt Steel Texas LLC. Sunbelt is a value-add distributor of special alloy steel bar and heavy-wall tubing products to the oil and gas industry. Sunbelt is headquartered in Houston, with an additional facility in Lafayette, La. It had net sales of $48 million in 2011. It offers in-house processing services such as deep-hole drilling, straightening and saw cutting, plus the ability to manufacture heavy-wall tube from solid bar. Sunbelt will operate as a wholly owned subsidiary of Reliance Steel & Aluminum Co. Michael Kowalski will remain president of the company after completion of the transaction. "We are excited to add Sunbelt Steel Texas to the Reliance family of companies. Sunbelt increases our growing exposure to the energy market in high-end, niche products serving customers across multiple oil and gas well drilling types, including vertical, horizontal, directional, and deepwater drilling applications," says David Hannah, chairman and CEO of Reliance. The acquisition is the second in two months for North America’s largest service center company, following Reliance’s September purchase of GH Metal. Wed, 17 Oct 2012 17:29:00 GMT f1397696-738c-4295-afcd-943feb885714:8354 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8352/Esmark-Reclaims-Stake-in-Two-Former-W-P-Holdings.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8352 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8352&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8352/Esmark-Reclaims-Stake-in-Two-Former-W-P-Holdings.aspx Oct. 17, 2012 Esmark Reclaims Stake in Two Former W-P Holdings Esmark Inc. and its wholly owned steel services subsidiary Esmark Steel Group have closed into escrow on the transaction to acquire RG Steel LLC's Yorkville, Ohio, cold-rolled finishing mill and RG Steel's 50 percent interest in Ohio Coatings Co.'s tin plate production facility. The purchases will once again return interest in the properties to Esmark. Esmark expects the two acquisitions to accomplish its goal of returning the company to $1 billion in revenue in 2013 and to complement its leadership position in the U.S. cold-rolled marketplace. Chairman and CEO James P. Bouchard says the company plans to invest more than $15 million in working capital for steel purchases and supplies to restart the Yorkville facility in January 2013, and will rename the company Ohio Cold Rolling Co. The newly named facility will be majority owned and operated by Esmark Steel Group. Ohio Coatings Co. will become a 50-50 joint venture between Esmark and South Korea's TCC Steel. "The imminent closing of this transaction is very welcome news to the Ohio Valley, and we're extremely pleased to be able to revive one of Wheeling Pittsburgh Steel Corp.'s iconic facilities and bring back sorely needed jobs," says Bouchard. "We believe we have a unique opportunity to operate Yorkville and Ohio Coatings Co. as truly independent facilities not tethered to a steel producer, which will allow the two companies to operate more efficiently and better execute their strategies moving forward." Esmark has been working closely with government officials on an environmental remediation plan for the Yorkville site, and has agreed to terms for a new collective bargaining agreement with the United Steelworkers of America, says Esmark Steel Group CEO Tom Modrowski, who led the company's efforts to acquire the RG Steel assets. James Ledgard, former chief operating officer of Wheeling-Pittsburgh Steel Corp., has been named CEO of Ohio Cold Rolling Co. James Tennant, current CEO of Ohio Coatings Co., will remain in that capacity. "We've had excellent working relationships with both Jim Ledgard and Jim Tennant going back to when Esmark owned Wheeling-Pittsburgh Steel, and we're confident they will be dynamic and effective leaders for our companies as we execute our business plans," says Modrowski. Wed, 17 Oct 2012 17:27:00 GMT f1397696-738c-4295-afcd-943feb885714:8352 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8351/Castle-Hires-New-Chief-Executive.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8351 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8351&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8351/Castle-Hires-New-Chief-Executive.aspx Oct. 17, 2012 Castle Hires New Chief Executive A.M. Castle & Co., Oak Brook, Ill., has named Scott Dolan president, CEO and board member, effective October 15. Dolan, 41, succeeds interim CEO Scott F. Stephens, who continues as chief financial officer. Stephens filled in for former President and CEO Michael Goldberg, who resigned in May. Dolan is former senior vice president of airport operations and cargo at the combined United and Continental Airlines. In this role, he managed a unit with $1.2 billion in annual revenue, worldwide operations and 35,000 people. Dolan previously honed his global operations and logistics experience as chief operating officer of Atlas Air Worldwide Holdings before joining United Airlines in 2004. Earlier in his career, he held various positions at General Electric. “Scott Dolan possesses the qualities we sought in a CEO to execute A.M. Castle’s strategy, engage our employees and deliver improved results for shareholders,” said Brian P. Anderson, chairman of the board. “He has a strong record of operational excellence, is a proven performer at global execution, has delivered results for complex businesses and has successfully led very large teams.” Anderson also thanked Stephens for serving as interim CEO during the search process. “Scott Stephens is an outstanding executive, and the board is pleased that he remains with A.M. Castle as CFO,” Anderson added. A.M. Castle is a major distributor of specialty metal and plastic products, listed No. 14 in the recent Metal Center News Top 50 Service Centers ranking. Wed, 17 Oct 2012 17:23:00 GMT f1397696-738c-4295-afcd-943feb885714:8351 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8167/PMI-Shows-Return-to-Manufacturing-Growth.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8167 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8167&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8167/PMI-Shows-Return-to-Manufacturing-Growth.aspx Oct 3, 2012 PMI Shows Return to Manufacturing Growth Economic activity in the manufacturing sector expanded in September following three consecutive months of slight contraction, according to the Institute for Supply Management’s latest poll of purchasing managers. The PMI for September registered 51.5 percent, an increase of 1.9 percentage points from August, topping 50 percent and signifying a return to expansion, reports ISM, Tempe, Ariz. The past relationship between the PMI and the overall economy indicates that the average PMI for January through September, 52.1 percent, corresponds to a 3.2 percent increase in real gross domestic product. In addition, if the PMI for September is annualized, it corresponds to a 3 percent increase in real GDP annually, says Bradley J. Holcomb, chairman of ISM’s Manufacturing Business Survey Committee. Of the 18 manufacturing industries surveyed, 11 reported growth in September, including primary metals, fabricated metal products and miscellaneous manufacturing. Transportation equipment, machinery and appliances, and components continued to show contraction. ISM’s New Orders index grew 5.2 percentage points to 52.3 percent, also showing growth after three consecutive months of contraction. The Production Index increased 2.3 percentage points to 49.5 percent, but still shows contraction for only the second time since August 2009. The Employment Index increased by 3.1 percentage points, registering 54.7 percent. The Prices Index increased 4 percentage points from its August reading to 58 percent. Wed, 03 Oct 2012 16:47:00 GMT f1397696-738c-4295-afcd-943feb885714:8167 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8166/Worthington-Reports-Sales-Earnings-Increases.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8166 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8166&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8166/Worthington-Reports-Sales-Earnings-Increases.aspx Oct. 3, 2012 Worthington Reports Sales, Earnings Increases Worthington Industries Inc., Columbus, Ohio, reported net sales of $666.0 million and net earnings of $34.0 million during the company’s fiscal 2013 first quarter, which ended Aug. 31. Both were improvements on last year’s first quarter, when Worthington reported net sales of $602.4 million and net earnings of $25.7 million. “I am pleased with the results of our first quarter,” said John McConnell, chairman and CEO of Worthington Industries. “We continue to position the company to grow both organically and by adding new businesses.” The sales increase of 11 percent was attributed to increases in volumes, largely due to acquisitions in the company’s Engineered Cabs and Pressure Cylinder segments. The volume increases were offset by lower average selling prices in its Steel Processing segment. Steel Processing’s net sales of $380.0 million were down 7 percent from the prior-year quarter. Lower average selling prices decreased net sales by $42.6 million, while a change in product mix favorably impacted net sales by $14.4 million. The mix of direct versus toll tons processed was 54 percent to 46 percent, compared to a 51-49 mix in the comparable period last year. Pressure Cylinders’ net sales of $194.2 million were up 15 percent from the comparable prior-year quarter. Segment operating income was $15.0 million, up $3.1 million. “We remain confident in our strategy, but the economic recovery is lacking momentum as there is uncertainty on a number of fronts,” McConnell said. “We have started to see some slowing in automotive, agriculture and mining markets, but it is unclear if this will turn into a longer term issue and what the impact may be on our volumes.” Earlier in the month, Worthington acquired the Westerman Companies, a manufacturer of tanks and pressure vessels for the oil and gas, nuclear and marine markets. The purchase price was $70 million. Wed, 03 Oct 2012 16:43:00 GMT f1397696-738c-4295-afcd-943feb885714:8166 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8165/New-Owner-to-Sell-Sparrows-Point-Assets.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8165 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8165&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8165/New-Owner-to-Sell-Sparrows-Point-Assets.aspx Oct. 3, 2012 New Owner to Sell Sparrows Point Assets Joint venture partners Hilco SP LLC and Environmental Liability Transfer Inc. have completed the purchase of the former RG Steel Sparrows Point mill in Baltimore County, Md., and plan to sell the mill and its assets. The mill was idled shortly after RG Steel filed for bankruptcy in May. Hilco and ELT successfully bid for the property at a public auction. The sale was approved in the U.S. Bankruptcy Court in Wilmington, Del., in August. Hilco is offering to sell one or more independent lines or the entire Sparrows Point mill, though not the property itself. Buyers may purchase lines and their components, but must remove them from the facility. At the time of the purchase, officials from the joint venture indicated they were pursuing a number of options, including sale of the entire mill and its equipment, or “removal and resale of industrial equipment and structural demolition followed by environmental remediation of the site as a precursor to redevelopment.” Prior to the joint venture’s acquisition, Sparrows Point was RG Steel’s largest integrated steel production facility. Sparrows Point had an annual capacity of 3.6 million tons of crude steel, 2.9 million tons of hot-rolled, 1.3 million tons of cold-rolled, 480,000 tons of coated and 470,000 tons of tin. It was the only fully integrated mill on the East Coast capable of producing flat-rolled steel. Major components of the facility include the second-largest blast furnace in North America, a BOF and continuous caster, hot mill, tin facility, and four galvanizing lines. Additionally, the cold mill, which was originally commissioned in 2000, is considered to be one of the most modern in all of North America, the owners claim. Another RG Steel property, the Warren, Ohio, steelmaking operation, reportedly was purchased by CJ Betters Enterprises. According to American Metal Market, owner Chuck Betters is considering restarting steelmaking operations at the facility. Additionally RG’s Wheeling-Pittsburgh operation was split up in a sale, with a group of Wheeling businessmen led by Quay Mull purchasing the Martins Ferry mill, while a joint venture between South Korea’s TCC Steel and former W-P owner Esmark acquired the Yorkville operation. Wed, 03 Oct 2012 16:42:00 GMT f1397696-738c-4295-afcd-943feb885714:8165 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8164/Reliance-Acquires-GH-Metal.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8164 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8164&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8164/Reliance-Acquires-GH-Metal.aspx Oct. 3, 2012 Reliance Acquires GH Metal Reliance Steel & Aluminum Co., through its subsidiary Feralloy Corp., will acquire the stock of GH Metal Solutions Inc., Fort Payne, Ala. GH, formerly known as Gas House Inc., is a processor and fabricator of carbon steel products. Founded in 1958, GH’s processing equipment includes flat-bed lasers, tube lasers, torches, shears, automatic band saws, CNC press brakes, coil-fed and hand-fed stampers, and robotic and manual welders. For the year 2011, annual sales were approximately $44 million. The transaction was expected to be complete before the end of the month. Wed, 03 Oct 2012 16:41:00 GMT f1397696-738c-4295-afcd-943feb885714:8164 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8163/ThyssenKrupp-Building-Distribution-Center-in-Alabama.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8163 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8163&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8163/ThyssenKrupp-Building-Distribution-Center-in-Alabama.aspx Oct. 3, 2012 ThyssenKrupp Building Distribution Center in Alabama ThyssenKrupp Materials North America, one of the nation’s largest service center companies, will invest $13 million to build a new processing and distribution center in Alabama. The facility, which will be under the company’s Coil Processing Group, will be located about 30 miles southeast of Birmingham in Woodstock. Construction of the new facility was scheduled to begin in late September. The facility will support the operations of the company’s Ken-Mac Metals and ThyssenKrupp Steel Services divisions. Ohio-based Ken-Mac Metals offers a line of nonferrous and stainless steel flat-rolled products and processing services, including aluminum, pre-painted aluminum and stainless steel sheet and strip, while ThyssenKrupp Steel Services, headquartered in South Carolina, is a major supplier of hot- and cold-rolled carbon steel to customers in the southeastern United States. “The decision to locate our Coil Processing Group’s newest processing and distribution center in Alabama reflects the economic vitality and extensive opportunities that exist in the southern United States,” says Hans-Josef Hoss, president and CEO of TKMNA. The materials processing and distribution center will include a 100,000-square-foot craned building with four lines for processing materials such as carbon steel, aluminum and stainless steel. The end products will be distributed to various Ken-Mac Metals and ThyssenKrupp Steel Services customers, including manufacturers of automobiles, heavy trucks and truck trailers, home appliances and HVAC equipment. The plant can be expanded by an additional 150,000 square feet, taking into account the potential for future infrastructure improvements. “Many of our top customers, including OEMs, have plants and facilities in Alabama and the surrounding states and require just-in-time processing and delivery. Our goal is to further enhance their supply chains by building this new facility right here in Woodstock,” Hoss says. Wed, 03 Oct 2012 16:39:00 GMT f1397696-738c-4295-afcd-943feb885714:8163 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8162/Olympic-Expanding-Chambersburg-Facility.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8162 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8162&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8162/Olympic-Expanding-Chambersburg-Facility.aspx Oct. 3, 2012 Olympic Expanding Chambersburg Facility Olympic Steel will expand its steel processing facility in Chambersburg, Pa., an $11 million capital investment that will create 90 new manufacturing jobs at the facility. Olympic considered expanding operations at other facilities, including two in Ohio, but ultimately selected its Chambersburg plant to better serve the company's East Coast customers. The company received a $400,500 funding offer from the Department of Community and Economic Development, including an $180,000 PA First grant, $40,500 in job training assistance and $180,000 in Job Creation Tax Credits. “We wish to thank the Commonwealth of Pennsylvania, Governor Corbett and the Franklin County Economic Development team for their assistance,” said Michael Siegal, chairman and CEO of Olympic Steel. “Together with the commonwealth, Olympic Steel is dedicated to advancing high-quality manufacturing jobs in America that support good wages and provides valuable benefits, improving the opportunities of citizens and employees.” Wed, 03 Oct 2012 16:38:00 GMT f1397696-738c-4295-afcd-943feb885714:8162 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8161/SMU-Steel-Buyers-Sentiment-Falls-to-Lowest-Level-in-a-Year.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8161 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8161&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8161/SMU-Steel-Buyers-Sentiment-Falls-to-Lowest-Level-in-a-Year.aspx Oct. 3, 2012 SMU Steel Buyers Sentiment Falls to Lowest Level in a Year As of Sept. 20, the Steel Market Update Steel Buyers Sentiment Index was measured at plus 14, down 5 points from earlier last month. The reading was the lowest level of the year and the lowest SMU has recorded since November 2011. The high for the year at plus 49 was achieved in mid-January, which was also the historical high for the index that began in November 2008. The lowest reading ever recorded was the minus 85 measured during the first week of March 2009. Any reading above zero indicates a respondent was optimistic about his or her company’s ability to be successful in current market conditions. Uncertainty seemed to be the common theme reported to Steel Market Update during the survey process last month. “Why do I feel like we are all on pins and needles?” asked one service center operator. Others expressed concern about the direction of prices over the next two months after seeing prices move off their highs of the most recent cycle (as short as it was) and devaluing inventories. “We anticipate a year-end slump in pricing because of the overall slowdown in the global economy,” said a service center executive in the West. “Too much supply and not enough demand,” summed up another in the Midwest. According to SMU, which tracks price momentum, flat-rolled steel prices were moving lower and the pace of change was accelerating as of late September. Steel Market Update will host its Steel Summit Conference on Monday, Oct. 8, in Chicago. The event includes a free pre-summit workshop on hot-rolled futures and scrap futures trading as a means of managing price risk. For more information, visit www.steelmarketupdate.com. Wed, 03 Oct 2012 16:33:00 GMT f1397696-738c-4295-afcd-943feb885714:8161