Mike Miazga 2016-09-08 00:54:53
MRC GLOBAL ANNOUNCES SECONDQUARTER RESULTS MRC Global recently announced its second-quarter 2016 results. The company’s sales were $746 million for the second quarter of 2016, which were 38% lower than the second quarter of 2015 and 5% lower than the first quarter of 2016. As compared to last year, reduced customer activity across all segments and sectors drove the decline as a result of lower oil and natural gas prices, the company stated. “Revenue was in line with our expectations this quarter,” MRC Global President and CEO Andrew Lane said. “Looking forward, we do not expect a significant change in activity until customers increase capital spending. We remain focused on executing our strategy to retain and win customers, strengthen the balance sheet, manage operating costs and optimize working capital. MRC Global is well-positioned regardless of market conditions.” MRC Global upstream sales in the second quarter of 2016 decreased 51% from the second quarter of 2015 to $211 million or 28% of total sales. The decline in upstream sales was across all segments and was a result of reduced customer activity. U.S. upstream sales declined 40% in the second quarter of 2016, excluding OCTG revenue, from the second quarter of 2015 as compared to a 53% decline in the average U.S. rig count over the same period. International upstream sales declined 13% in the second quarter of 2016 from the second quarter of 2015. U.S. ITC VOTES TO CONTINUE CARBON-STEEL FLANGE INVESTIGATIONS The United States International Trade Commission recently determined there is a reasonable indication that a U.S. industry is materially injured by reason of imports of finished carbon-steel flanges from India, Italy and Spain that allegedly are sold in the U.S. at less than fair value and subsidized by the government of India. This ruling is in response to Argo, Ill.-based Weldbend Corp., and Boltex Mfg. Co., two U.S.-based producers of carbon-steel flanges, filing recent petitions within the U.S. Department of Commerce and the U.S. ITC charging unfairly priced and subsidized imports of carbon-steel flanges from India, Spain and Italy are causing material injury to the domestic industry. In the Aug. 12 ruling, all six U.S. ITC commissioners voted in the affirmative. As a result of the commission’s affirmative determinations, the U.S. DOC will continue to conduct its antidumping and countervailing duty investigations on imports of these products from India, Italy and Spain, with its preliminary countervailing duty determination due around late September, and its antidumping duty determinations due on or about Dec. 7, 2016. The commission’s report will contain views of the commission and information developed during the investigations. The antidumping and countervailing petitions seek the enforcement and compliance of Indian, Spanish and Italian manufacturers with U.S. and international trade laws. Boltex and Weldbend charge that unfairly traded imports of carbon-steel flanges from India, Spain and Italy are causing material injury to the American industry of carbon-steel flanges, as these foreign producers are selling their products in the American market at prices that are less than their fair value and are thereby significantly undercutting American market prices. The countervailing duty petition also alleges the Indian government has given significant subsidies to the Indian carbon-steel flanges industry — to the severe detriment of American jobs and manufacturing. CHICAGO TUBE AND IRON OPENS N.C. DISTRIBUTION CENTER Chicago Tube and Iron announces the opening of its newest distribution facility in Locust, N.C., 20 miles from Charlotte. The initial inventory at CTI’s Locust distribution facility will include a full line of stainless-steel products — pipe, tubing, flat bar, angle and round bar. With planned growth for 2016, the company noted it will continue to expand the new distribution facility to include all types of metal, including aluminum and carbon products. AD MEMBER SALES UP 5.3% The AD buying group reported sales for all AD members across all seven divisions and three countries grew by 5.3% in 2016 Q2 YTD to $16.7 billion. “Economic conditions are mixed; but the AD community is diversified, strong and growing,” AD Chairman and CEO Bill Weisberg said. “Our team is focused on continuing that positive momentum and bringing added value and innovative programs to our members and suppliers.” On a same-store basis by country, AD U.S. was flat, AD Canada was up 8% and AD Mexico grew 25%. By industry, building materials was up 16%, HVAC was up 9%, plumbing was up 4%, PVF was down 2% and industrial was down 5%.
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