tmr december 14 · development for the company, according to lakeside president ron bedard. “the...

Issue 48-11 14 December 2011

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Last week, twenty Pennsylvania lawmakers introduced a bill that would require potential pipeline builders to disclose the country‐of‐origin for all of their steel line pipe and related products Ostensibly, this is a safety issue. The lawmakers want pipeline builders to tell the state Public Utilities Commission exactly where the pipes that will be carrying millions of cubic feet of flammable gas through the state were made. While transparency is rarely a bad thing, one hopes that the lawmakers have no ulterior motive. It’s only a short leap from disclosure to some sort of state‐level “Buy

America” requirement. If safety really is the primary driver behind this bill, why not tighten up the reporting requirements for pressure and corrosion testing? If a pipe passes muster – but was produced overseas – is it somehow less safe? Pipes are inanimate objects. As such, they cannot experience patriotism. An American pipe is not less likely to explode under US soil because it was made here. Dan Hilliard NA Tubulars Editor d.hilliard@sbb.com

Pennsylvania’s plan to require country‐of‐origin disclosure confused, unnecessary

Top News

Lakeside Steel has produced its first commercial pipe in Thomasville, Alabama. The Welland, Ontario‐based tubes producer has been constructing a 192,000 short ton/year mill in Alabama for the past 14 months. Lakeside is also constructing an adjacent heat‐treating and end‐finishing facility, which is scheduled to come on‐stream in mid‐January.

Successfully rolling the first 10‐inch OD, 44‐foot length of pipe is a critical development for the company, according to Lakeside president Ron Bedard. “The projects in Alabama are vital to Lakeside’s future success,” he said in an internal newsletter. “Producing high‐quality, heat‐treated products in the most efficient manner possible will ensure that our company is competitive for years to come.”

Lakeside rolls first pipe at new Thomasville facility, aims for full vertical integration

Late Breaking News

Senate passes pipeline safety bill reauthorization

Chinese welded pipe prices ease again with billet

Tubular Import Index Prices

Source: Bureau of Labor Sta s cs

Contents

Regional Reports ......................................

Canada Imports .......................................

End Use: Industrial...... .............................

End Use: Oil & Gas ...................................

Profile: IOGA West Virginia.......................

USA: usa@sbb.com UK: info@sbb.com Brazil: brazil@sbb.com Dubai: dubai@sbb.com Turkey: turkey@sbb.com Shanghai: shanghai@sbb.com Singapore: singapore@sbb.com

Editors Comment

Quote of the Week

“We must seize this opportunity to develop our abundant natural resources and win the economic

prosperity and jobs that will result, or lose out to states and countries

whose regulatory and tax environments make them more

a rac ve for industry investment."

Statement released by a coali on of

Pennsylvania businesses urging ac on on

a shale impact fee bill (story pg. 8).

Lakeside crew stands next to first pipe produced in Alabama. Courtesy Lakeside.

14 December (Issue 48-11) 2011

The State of Ohio in November issued 32 total permits for work in the Utica/Point Pleasant shale play, with five permits cur‐rently drilling. According to the AISI, domestic raw steel production totaled 1.84m short tons for the week ended December 10, while mills operated at 74.3% of capability ‐ down nearly 1% from production of about 1.86m and 74.9% capability utilization for the week ended December 3.

North America

The US Department of Commerce (DOC) has concluded its administrative review of welded carbon pipe and tube from Turkey and adjusted antidumping duties on behalf of domestic producers US Steel, Allied Tube and Conduit and TMK Ipsco. The AD duties for the May 1, 2009 through April 30, 2010 period of review have been set at 4.46% for the Borusan Group and 0.95% for Toscelik. Those duties will apply retroactively to the peiod of review and be collected as cash deposits for imports from these producers going forward. Turkish producers have previously been assigned AD and countervailing duties for standard pipe and AD duties for light‐walled rectangular pipe and tube.

The US Department of Commerce has canceled administrative reviews of circular welded carbon quality steel pipe from China at the request of US petitioner the Ad Hoc Coalition For Fair Pipe Imports. The coalition, which was originally made up of Allied Tube and Conduit, Ipsco Tubulars, Sharon Tube Co, Western Tube & Conduit Corp and Wheatland Tube Co, withdrew its request for a review of 29 Chinese pipe makers who shipped product to the US between July 1, 2010, and June 30, 2011.

Tubes producer TMK Ipsco is partnering with Ferrous Metal Processing to install and operate an 87‐inch slitter at TMK’s Wilder, Kentucky pipe mill. The slitter, purportedly the largest in North America, will be capable of slitting material in gauges of 0.156‐0.625‐inch. It is expected to be operational by the fourth quarter of 2012. Ferrous will maintain ownership of the slitter and will provide skelp to TMK on a toll basis for at least the next 12 years, according to a contract drawn up by the two companies.

Raw material pressure is forcing welded tubing producer AK Tube LLC to increase its prices for electric resistance welded pipes by $50/short ton. The increase will be effective with shipments beginning January 2. Several major domestic flatrolled producers, including AK Tube’s parent, AK Steel, have upped skelp prices by at least $40/s.t over the past week. US hotrolled coil is now selling at around $660‐680/s.t, fob mill.

Specialty piping systems manufacturer MFRI Inc of Niles, Illinois witnessed a margin crunch in the third quarter due to a lack of major projects in the UAE and India. MFRI posted net income of $700,000 on sales of $71.3m for the third quarter ended October 31. In fiscal Q3 2010, MFRI had a net profit of $3.6m on sales of $58.8m.“Piping systems’ gross profit decreased considerably due to lower volume at the UAE facility and no large project related activity at the India facility,” states MFRI’s earnings review. “In addition, a temporary overstaffing condition resulted from the need to maintain experienced staff that will be transferred to the new plant in Saudi Arabia to support its rapid start‐up later this year. Extremely competitive market conditions also contributed to the margin decrease.”

Evraz North America may begin recalling some laid‐off workers at its Regina, Saskatchewan plate and pipe mill shortly after the New Year, according to individuals close to the situation in Canada. A spokesman for United Steelworkers union Local 5890 said that certain planned layoffs have been canceled and business conditions at Regina have improved since Evraz decided to lay off 250 of its 900 Regina employees in November. Recalls were originally expected to begin in March. About 1,200 employees at Regina and its sister Evraz mill in Calgary, Alberta ratified a new three‐year labor agreement with Evraz over the weekend. The previous contract expired July 31.

US carbon and alloy OCTG exports fell almost 17% in October after reaching a 15‐month high in September. US OCTG exports reached 41,092 tonnes in September and then fell to 34,107 t in October. The decrease was primarily due to a sharp dip in exports to traditionally low‐volume client country Kuwait. Kuwait, which typically buys less than 1,200 t per month of US OCTG, bought 6,968 t in September and 4,520 t in October. In nine of the last 15 months, Kuwait bought less than 25 t of OCTG. Traditionally high‐volume client country Canada also contributed to the overall OCTG dip. Canada bought 22,419 t in September and 20,115 t in October, a decrease of about 10%.

Numbers of the Week

Industry News Latest SBB Spot Prices

Avg WoW WoW%

China seamless domestic grade 8163 RMB/t

5,400 ‐25 ‐0.5%

China welded domestic grade Q235 RMB/t

4,675 0 0.0%

N.America HRC $/s.ton

670 +5 +1.1%

Monthly Prices

Avg WoW WoW%

N.America OCTG domestic $/s.ton

1,425 0 0.0%

N.America OCTG import $/s.ton

1,125 +50 +4.7%

N.America Stand‐ard domestic $/s.ton

1,040 0 0.0%

N.America Stand‐ard import $/s.ton

955 0 0.0%

Europe seamless domestic S355 €/t

1,000 ‐15 ‐1.5%

Europe welded domestic S235 €/t

610 ‐65 ‐9.6%

Turkey welded S235 export $/t

805 ‐20 ‐2.4%

Weekly Prices

Source: SIMA via SteelFacts

US Imports by Product (metric tonnes, includes C&A, stainless)

US imports drop heavily in November

After posting a solid gain in October of 10.1%, US imports of tube and pipe dropped sharply in November. Total tubular imports fell by 26.0% or 153,155 metric tonnes from October. Novermber posted the largest month‐on‐month drop since April 2009. Decreases in line pipe and OCTG led the overall decline. After posting it’s third highest volume in October line pipe imports fell by 61,601 tonnes. November’s decline pushes line pipe volume well below it’s three year average. Despite OCTG’s 17.7% decrease m‐o‐m it still remained above its three‐year average. Canada, China, and South Korea witnessed the biggest falls m‐o‐m. Canada saw OCTG exports to the United States diminish by 29% to 20,062 tonnes. China and South Korea saw total tubular exports fall by 14,669 and 11,073 tonnes respectively.

Trade US Imports

US November Imports by Product and Country (metric tonnes, C&A, stainless)

Trade US Imports

US October Imports (top 15 countries of origin entry highlighted, CIF millions of $)

Trade US Imports

US Imports by Product & Country (CIF Millions of $, includes C&A, stainless)

US October Imports (top 10 ports of entry highlighted, metric tonnes)

US Imports by Product & Port (metric tonnes, includes C&A, stainless)

0K 100K 200K 300K

Houston

Detroit

Buffalo

Great Falls

Pembina

Houston

Great Falls

Pembina

Laredo

Los Angeles

Houston

Detroit

Los Angeles

Laredo

Houston

Laredo

Detroit

Chicago

Los Angeles

247,379

215,514

14,295

171,713

101,840

17,116

12,159

10,010

58,447

18,452

10,097

56,539

29,445

October 2011

6.84%+15,831

12.49%+23,932

-5.15%-777

12.62%+917

-10.40%-419

-51.90%-2,491

6.59%+10,614

38.31%+28,210

11.55%+1,773

22.25%+2,213

11.58%+1,039

-49.00%-9,587

6.02%+3,318

24.47%+3,628

-5.47%-585

18.27%+896

150.40%+3,332

-12.10%-688

38.04%+15,581

70.86%+12,211

13.55%+1,033

5.81%+216

17.89%+526

34.30%+437

m-o-m change

0K 20K 40K

Detroit

Laredo

Houston

Los Angeles

Buffalo

Houston

Chicago

Laredo

Philadelphia

Los Angeles

Houston

Los Angeles

Detroit

New York City

Chicago

Seattle

Buffalo

Detroit

Great Falls

St Albans

31,835

10,846

10,407

October 2011

18.45%+4,958

2.17%+230

-11.13%-651

83.66%+2,362

93.94%+2,109

3.18%+59

27.39%+2,238

43.14%+2,267

87.17%+341

14.65%+85

-1.38%-5

-28.06%-115

11.29%+994

-1.09%-25

-7.19%-101

19.48%+189

49.21%+368

-17.00%-136

75.35%+318

-4.02%-7

-86.07%-149

7.47%+1

-53.22%-2

m-o-m change

Total: 1,183

Oil: 913

Gas: 221

Source: Baker–Hughes

International Rig Count Oil & Gas Split

Int. rig count continues up & down ride

Both working oil and gas rigs dropped in November according to Baker Hughes. Total rigs excluding the United States and Canada fell by ten rigs leaving their count at 1,183. Despite the drop month‐on‐month international rigs were still at their third highest level since January 2009. The Sultanate of Oman posted the largest m‐o‐m increase seeing total rigs jump by eight. Increases in Oman’s oil rigs were jus above gas rigs with four and three respectively. Columbia and Saudi Arabia were the only other two countries to post an uptick for November. Colombia out paced Saudi Arabia with an overall increase of three while Saudi Arabia only added one rig. The majority of countries witnessed declines in working rigs from October, with Venezuela posting the biggest drop of ten with nine of them coming from oil rigs.

End Use Oil & Gas

Source: Baker-Hughes

International Rig Count ex. US and Canada (November 2011)

-10% +10%

MoM%Change

The US rig count posted a slight dip for the fifth week in a row Friday, though behind the scenes a major shift took place from natural gas to oil production. Energy services firm Baker Hughes reports that the US lost six net rotary rigs during the week ended December 9 for a total of 1,987 rigs, or 264 rigs above 2010’s equivalent count. Natural gas rigs declined by

36, but oil rigs increased by 29. The US also gained one rig classified as miscellaneous. By state, Louisiana posted the largest loss with 10 rigs, followed by North Dakota with three. Colorado gained the most rigs with four, followed by California and West Virginia with three apiece. Canada’s rig count increased by 20 net rigs for a total of 504, or 22 rigs above 2010’s equivalent count.

Rig Count by US State (WoW change, week ending December 9, 2011)

Rig Count by Country: Oil / Gas split (week ending December 9, 2011)

May 2010 Nov 2010 May 2011 Nov 2011

1200Oil 1,161

Gas 175

Gas 820

Oil 329

2 years

12/9/2011

Source: Baker-Hughes

Ac on urged on shale bill

Courtesy Gas Business Briefing

Pennsylvania business organiza ons are urging state lawmakers to approve a Marcellus Shale impact fee before January 1. A le er dated December 7, was sent to lawmakers from the Allegheny Conference on Community and Economic Development, the Pennsylvania Chamber of Business and Industry, the Pennsylvania Business Council, and the Greater Philadelphia Chamber of Commerce. "We must seize this opportunity to develop our abundant natural resources and win the economic prosperity and jobs that will result, or lose out to states and countries whose regulatory and tax environments make them more a rac ve for industry investment," the organiza ons state in a le er obtained by Gas Business Briefing. Both the Pennsylvania House and Senate have versions of a bill outlining an impact fee and regula ons dealing with unconven onal drilling: House Bill 1950 and Senate Bill 1100. Drew Crompton, chief of Staff for Senator Joe Scarna tells GBB the contents of the Senate bill were combined with the House bill "to move a vehicle in place for a final bill, likely through the conference commi ee." "We are hopeful that a bill can be done before the end of the year," Crompton says. The Senate's last scheduled session day of 2011 is December 14, while the House of Representa ve's last scheduled day of work is December 20.

Oil rules in latest Baker Hughes count, US continues slow slide in net rotary rigs

Source: Baker-Hughes Map data © OpenStreetMap (and) contributors, CC-BY-SA.

Arkansas34.0 (-1.00)

-2.86%

Texas903.0 (1.00)

West Virginia28.0 (3.00)

12.00%

Pennsylvania110.0 (-2.00)

-1.79%

Colorado81.0 (4.00)

Alabama3.0 (0.00)

Indiana1.0 (0.00)

North Dakota185.0 (-3.00)

-1.60%

California51.0 (3.00)

Nevada1.0 (0.00)

Louisiana146.0 (-10.00)

-6.41%

Illinois2.0 (0.00)

South Dakota1.0 (-1.00)-50.00% Ohio

13.0 (0.00)0.00%

Kentucky6.0 (1.00)20.00%

Wyoming53.0 (1.00)

Virginia1.0 (0.00)

Utah28.0 (0.00)

Florida2.0 (0.00)

Oregon1.0 (0.00)

Kansas31.0 (-1.00)

-3.13%

Oklahoma196.0 (-2.00)

-1.01%

New Mexico77.0 (0.00)

Mississippi11.0 (-1.00)

-8.33%

Montana13.0 (2.00)

18.18% -10% +10%

WoW%Change

End Use Oil & Gas

NYMEX WTI Crude Oil 1‐month contract

NYMEX Henry Hub Natural Gas 1‐month contract

Rig Count by Province (week ending December 9, 2011)

Newfoundland1

N/A (+1)

Saskatchewan84

-1% (-1)

Manitoba23

-4% (-1)

Alberta348

+5% (+18)

British Columbia48

+9% (+4)

Source: Baker Hughes

Cold weather fails to harden gas prices

Natural gas price changes were mixed last week, despite forecasts predict‐ing colder weather, the US Energy Infor‐mation Administration reports. The Henry Hub price gained 2 cents, closing at $3.45/Mcf on December 7. Transcontinental Pipeline's Zone 6 spot price for delivery into New York City's began the report week at $4.11/Mcf, and closed last Wednesday at $3.94/Mcf. "The largest end‐of‐week rallies were seen in New England, with prices at Dracut, Massachusetts, and the Algonquin Citygate (serving Boston) rising more than 30 cents," EIA states. Rockies prices saw some gains, as the Opal Hub spot price closed at $3.60/Mcf, posting an overall gain of 6 cents. "Opal prices, usually somewhat be‐low the Henry Hub prices, have risen above Henry Hub in the past several weeks," EIA reports. "Outflows on the Rockies Express Pipeline are down more than 50% this month compared to December 2010." Below‐normal temperatures have meant high demand in the Rockies region, while a recent outage on a compressor sta‐tion on Enterprise's Jonah Gathering System curtailed production by about 0.5 Bcf/d, EIA reports. Consumption rose during the week as supply fell. Domestic consumption jumped 18.4%, with the largest gains in the residential, commercial and electric power sectors. Production fell due to early seasonal freeze‐offs as well as maintenance on some Western pipeline systems.LNG sendout and Canadian imports rose to meet heating de‐mand. The NYMEX January futures contract fell to $3.42/Mcf from $3.55/Mcf the previ‐ous week, according to EIA.

Source: Energy Information Administration

-10% +10%

WoW%Change

Become a data provider for SBB’s new price series.

Contact Tubular Editor Dan Hilliard for more

information.

412-431-2108

d.hilliard@sbb.com

Source: Energy Information Administration

End Use Oil & Gas

14 September (Issue 36-11) 2011

Industry Profile: Independent Oil & Gas Associa on of West Virginia

What is it? IOGA West Virginia is a trade association focused on promoting the interests of independent oil and gas producers within the state. Who are its members? Members of IOGA West Virginia include Hess Corporation; Seneca Technologies; ALFAB Oilfield Equipment; and E&H Manufacturing Inc. Why is it interesting?

Oil and natural gas are produced in 53 of West Virginia’s 55 counties. The state’s oil and gas industry produces about $70m in severance tax revenue and $100m in property tax revenue each year.

In 1860, oil produced in West Virginia sold for $30/barrel—or about $719.15 in 2010 dollars.

West Virginia’s oilfields were a prominent target for Confederate raiders during the Civil War.

For more informa on visit h p://www.iogawv.com/default.aspx

2011 ‐IOGA and a wing of the API form an educational partnership 1970 ‐WV natural gas production peaks 1917 ‐WV ceases to be nation’s top natural gas producer 1860 ‐Burning Springs oilfield discovered 1771 ‐George Washington buys an oil and gas spring in West Virginia

A brief history of the WV energy industry

West Virginia oilfield, circa 1860. Courtesy Princeton University.

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tmr december 14 · development for the company, according to lakeside president ron bedard. “the...

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