Oil Country Tubular Goods (OCTG)
Label applied to the pipe products used by petroleum exploration
includes casing, drill pipe and oil well tubing, which, depending
on their use, may be formed through welded or seamless processes.
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among integrated companies, have been replaced by the basic
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.
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.
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.