John McNally 0000-00-00 00:00:00
Service center shipments growing at slower rates Service center shipments in November 2011 grew at slower rates compared to October 2011 numbers, the Metals Service Center Institute reports. Centers shipped 3,301 thousand tons of steel products in November, a 10.6% increase from the same time a year earlier.Last year, 37,753 thousand tons were shipped, a 15% increase over 2010. Steel inventories were at 8,100 thousand tons in November 2011, an increase of 11.3% over November 2010, but a 3.3% decrease compared to October 2011 numbers. At the current shipping rate, there is 2 1/2 months of supply on hand, a 9.7% increase over 2010. The World Steel Association reports the United States produced 7.2 million metric tons of crude steel in November, an increase of 11.8% compared to November 2010. World crude steel production in November 2011 for the 64 countries reporting to WSA was 116 million metric tons, which represents a 1.1% increase over November 2010 data. McJunkin Red Man taking stock public MRC Global Inc., formerly McJunkin Red Man Holding Corp., recently announced it has filed a registration statement with the Securities and Exchange Commission related to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have yet to be determined, however a story in the Charleston (W. Va.) Daily Mail notes the registration statement estimates the proposed maximum aggregate offering will be $100 million. An application will be made to list the common stock on the New York Stock Exchange under the symbol “MRC.” In other MRC news, the company recently signed an agreement to acquire the operations and assets of Australian-based OneSteel Piping Systems. The transaction is expected to close in the first quarter of this year and carries an acquisition price of AUD $67 million. Effective as of closing, OPS will operate as MRC Piping Systems Australia.The Sydney-based acquisition follows the acquisition of Melbourne-based MRC Transmark Australia in October 2009, and Perth-based MRC SPF in June 2011.
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