O

Oil Country Tubular Goods (OCTG)
Label applied to the pipe products used by petroleum exploration customers.

OCTG
includes casing, drill pipe and oil well tubing, which, depending on their use, may be formed through welded or seamless processes.

OPEB Expense
Other Postretirement Employment Benefits. Usually refers to health care obligations to a mill's retired workers, although its meaning also can include layoff benefits (see FAS 106).

Open Hearth Furnace
A broad, shallow hearth to refine pig iron and scrap into steel. Heat is supplied from a large, luminous flame over the surface, and the refining takes seven to nine hours. Open Hearths, at one time the most abundant steelmaking furnaces among integrated companies, have been replaced by the basic oxygen furnace.

Operating Rates
The ratio of raw steel production to the mill's stated capacity. Each December, steel companies report to the AISI their estimated capacity (if they could sell all steel they produced) for the following year, adjusted for any facility downtime.

Order Rate
The ratio of new orders recorded to the mill's capacity to produce the steel to fill the orders. Many analysts view trends in the order rate as harbingers of future production levels.

Oscillating
A method of winding narrow strip steel over a much wider roll. Customers want to have as much steel on a coil as will fit in their machines, so they can spend less time moving the material and more time using it. By coiling the strip like fishing line (or thread) over a spool, a much longer strip can fit onto a coil of proper diameter. Oscillate-wound coils allow the customer to enjoy longer processing runs.