Maintenance man at the Combustion Engineering Co. working at the largest cold steel hydraulic press in the world, Chattanooga, Tenn. This press can shape steel plates several inches in thickness (LOC)

Many of you will have noticed over the last couple of weeks that Nerds of Steel is changing. I wanted to explain what has been going on and to ask you for feedback on the changes that have already taken place and those you would like to see in future.

The most signficant change is in the amount of content now resident on the site. Up until now the news stories fed from news sources like Google and Yahoo! News have simply passed through the site like a very slow moving ticker.

A couple of weeks ago, we changed that. Nerds of Steel is now able to store the headlines and summary content from those news sources so that when you go to search for a key word like “ArcelorMittal” or “stainless steel”, news stories from the outside feeds show up in the results along with our posts. This makes the site search function much more useful. We’d like to be able to build an increasingly useful resource if we and our server can take it.

In addition to the news aggregator feeds, we are adding the press release feeds from those steel producers that provide one. Each feed is directed to the producer’s own category, for example Producers or Gerdau. The items from those feeds will also show up in site search results.

These changes have not come without pain. Some of you will have noticed that the RSS feed linked to from the header is bust. We have a new feed called ‘Nerds Only’ which is available here: http://feeds.feedburner.com/NerdsOfSteel-The Steel Industry Blog Nerds Only. This is a clean feed of only the NoS posts so it should work fine. If you were subscribed to the old feed, you should point your reader at this new feed. Apologies for the inconvenience.

The e-mail bulletin sent out when we post has also been disrupted. Apologies to those people who have received more emails than they expected (or wanted) and for the patchiness of the content. We’re hoping to settle that service down too, so that you’re not inundated.

All this talk of content and news feeds makes us sound like publishers. In some sense we are. But that is not our ambition. At some point, I will post more extensively about our motivations here, but Mike Pennington’s comment on a recent post gets to some of the intent. In a nutshell, we want to build a place that brings together large amounts of steel industry information in a way that makes it linkable, save-able, usable, searchable, copy-able, share-able, tag-able. That will help us and, hopefully, a lot of you too, to know more about the industry and what’s happening in it with less effort.

Thanks for your patience with our tinkering. This is a work in progress and I ask you to add to it. Tell us what you think.

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Based on reported import licenses, US flat products imports increased 1% from 434,000 short tons in September to 438,000 tons in October. This shows a slowing of flat imports growth after strong 10-25% growth per month since July.

Driving the small rise were hot dip galvanized imports which rose 8% to 91,000 tons, with imports from So. Korea rising considerably. Hot rolled imports climbed only 1% while cut plate and cold rolled imports both declined 6%.

Import licenses for November reported up to November 10th were 202,000 tons which is likely to mean that full-month imports will be higher than October’s.

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Ternium announced 3rd quarter 2009 earnings last night.  The press release can be found here.  The company continued to perform well, generating $137 of EBITDA per ton during the quarter.  This is the second best performance recorded yet on the Nerds of Steel earnings spreadsheet.  Only Posco, with an EBITDA of $151 per ton, has turned in a better number.  Ternium expects slightly better results in Q4, when higher prices are expected to more than offset a seasonal volume decline.

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They still don’t get it. American Metal Market has a story today called “Building of new economy discussed by steel, union leaders”. I was mildly interested in the story for its own sake, but it’s much more important as an example of the contortions a steel industry publisher will go through to avoid being even remotely helpful to readers who want to follow up on a story or dig deeper.

The story refers to a conference in Washington DC. There are no links to the conference website, no links or further information about the people and organizations represented there. You can’t take any of the information and drop it in a browser because you can’t copy and paste anything. And, most perverse of all, there is no link (not even a URL reference) to content which AMM found on the web at a blog written by the conference presenters. In other words, AMM will scour the web on behalf of its readers to bring us dead text.

So for all of those people frustrated by this continued Luddite behavior, here are some of the links that AMM chose not to share.

The article in AMM (needs a subscription): http://www.amm.com/2009-10-29__17-19-29.html
The Conference Website: Building the New Economy
The Conference location: If you want to know where it was
The Blog: Conference Presenter Comments
The Conference Report (in PDF format): Building the New Economy
The Union website: USW
US Steel’s website: US Steel
Who Leo Gerard is: Leo Gerard
Who John Surma is: John Surma
The WTO: World Trade Organization
The EPI: The Economic Policy Institute

Well you get the idea. Now why won’t AMM (or any other industry publisher for that matter) do that?

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ArcelorMittal announced Q3 2009 earnings this morning.  See the press release here and the results presentation here.  As can be seen on the Nerds of Steel earnings spreadsheet, shipments rose from 18.7 to 20.1 million tons and EBITDA per ton rose to $79 in Q3 from $65 in Q2.   The company has now achieved its goal of reducing net debt by $10 billion in twelve months.

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US Steel and AK Steel announced Q3 2009 financial results this morning.  US Steel’s press release can be found here and AK’s release can be found here.

US Steel’s shipments rose sharply, from 2.9 million tons in Q2 to 4.2 millin tons in Q3.  However, the company’s high fixed costs resulted in a negative gross margin and an EBITDA loss of $59 per ton for Q3.

AK performed a little better.  Shipments rose from 740 thousand tons in Q2 to 1.05 million tons in Q3, and EBITDA per ton was positive $63 in Q3, up from a loss of $24 in Q2.

Check out our Nerds of Steel earnings spreadsheet to see how various steel companies’ operating income and EBITDA per ton compare.

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