Major toolmaker Kennametal, Inc. is cutting jobs and steel imports into the U.S. were up in July.
Kennametal Cuts Jobs
Industrial toolmaker Kennametal Inc., hard-hit by a deep slump in the coal and oil industries, plans to cut 1,000 jobs and increase cost-cutting “substantially” in North America, Europe, Middle East and Africa following its second-straight year of losses.
Kennametal makes cutting and drilling tools used in oil and gas exploration, coal mining, road construction and other industries. To offset the slump in the coil and oil industries, Kennametal has been slashing costs and shedding operations.
Steel Imports into the US Up in July
Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron and Steel Institute reported today that steel import permit applications for the month of July totaled 3,198,000 net tons.
This was a 7% increase from the 2,978,000 permit tons recorded in June and a 22% increase from the June preliminary imports total of 2,630,000 nt. Import permit tonnage for finished steel in July was 2,439,000 nt, up 10% from the preliminary imports total of 2,218,000 nt in June. For the first seven months of 2016 (including July SIMA permits and June preliminary data), total and finished steel imports were 18,713,000 nt and 15,211,000 nt, down 25% and 26%, respectively, from the same period in 2015. The estimated finished steel import market share in July was 27% and is 25% year-to-date .