Final Thoughts
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Final Thoughts
Written by John Packard
July 12, 2017
What was it – Tuesday that I said I thought the Section 232 results would be much less than what the steel mills thought a few weeks back? Last night on Air Force One President Trump spoke about considering quotas and tariffs on steel imports into the U.S. According to excerpts of his conversation with reporters, Trump said, “There are two ways – quotas and tariffs. Maybe I’ll do both.” He continued with, “Not only China, but others. We’re like a dumping ground [for steel], okay? They’re dumping steel and destroying our steel industry, they’ve been doing it for decades, and I’m stopping it. It’ll stop.”
I read an article late today from World Trade Online, which was reporting how the domestic steel mills think the G20 steel committee is essentially “kicking the can down the road.” Philip Bell, president of the Steel Manufacturers Association (and another of our speakers at this year’s SMU Steel Summit Conference) told World Trade Online, “At the end of the day, the Global Forum produces a document with recommendations — we need action that has teeth in it.”
The steel mills and the steel lobby are pushing hard for the results of Section 232 to be announced soon (now) and to hit hard at the heaviest exporters of steel into the United States.
Wilbur Ross advised the Senate Finance Committee that he is in the process of finalizing the DOC recommendations to the President. The report should be out sometime next week. One should never wish for black swan events, but all bets are off until we see the recommendations and how President Trump (and the rest of the world) responds.
Steel stocks moved higher today…
SMU Steel Summit Conference sponsors and exhibitors, our Events App is available for you to work with. You should have received instructions on how to download the App, as well as how to update your company data. (If you have done so in the past, you do not need to do it again.) There are 508 contacts loaded into the App, which represents our registrations through Wednesday.
To those of you who are registered to attend our conference, we will be rolling out the App in Sunday evening’s edition. If you downloaded the App previously, you do not need to do it again (assuming it is still on your phone). The App is available in iTunes or your favorite smart phone/iPad App store. It is the Steel Market Update Events App.
The App looks like the image we have in this article.
When you first open the App, there will be a few very easy polling questions we would like for you to answer. That way, once we get to the conference, we will have a good idea of who is attending, if this is their first conference, and how the group feels about the government being involved in steel imports. All responses are confidential.
We have two more exhibition spots available for those who are interested. Please contact Ray.Culley@SteelMarketUpdate.com if you would like details and pricing.
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, Publisher
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John Packard
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Final thoughts
Sheet prices didn’t roar back after Labor Day. But steel market news sure came out of the gate strong (or maybe chaotically is the better way to put it). First, the nearly $15-billion proposed sale of U.S. Steel to Nippon Steel exploded into the news. And when I say exploded, I mean that all sides seem to be escalating things now.
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Final thoughts
Welcome back from Labor Day, from Steel Summit, and from whatever fun you might have had over the long weekend. Personally, I enjoyed camping with friends and family near Starved Rock. No one starved, there were no major injuries, and we enjoyed the many splendors of Mystical Fire. (Speaking of which, does that have industrial uses? But I digress.)
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Final thoughts
I want to say a huge ‘thank you’ from all of us at SMU to all of you (more than 1,500!) who attended Steel Summit this year. We appreciate you taking time out of busy schedules to join us – whether that was up on stage, submitting thoughtful questions, or catching up over a drink and bite to eat. Also, a bit shoutout to everyone at SMU and at CRU who made this event possible. It’s no understatement to say that we have a fantastic team.
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Final thoughts
Day one and two of SMU's Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.
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Final thoughts
The big show is just about here. SMU Steel Summit will be getting underway on Monday. Where does the networking begin? I’d say at the airport. So don’t forget your business cards. And it can't hurt to wear a company golf shirt.