Final Thoughts
Final Thoughts
Written by John Packard
February 9, 2018
Today is Feb. 11 and it has been one month since Secretary of Commerce Wilbur Ross sent his recommendation regarding Section 232 to the office of President Trump. Since then, there has been much speculation but nothing of substance as the industry waits for the president to remove the uncertainty.
Over the past week, I have been reaching out to steel traders to see what their thoughts are regarding Section 232 and other subjects. One trader told me, “It is impossible to run a business on no facts at all… We are not stopping but we are trading with our eyes wide open.” This trader told us that they have put language in their contracts that protects them should the government impose new duties. “You can go broke by doing nothing.”
So, as of Feb. 11, there are 59 days left before a decision must be made.
Speaking of days left – as of today there are 44 days left before our next Steel 101 workshop, which will be held in Merrillville, Ind., just outside of Chicago. We have a few spots left, and you can get more information on our website.
There are also 196 days before the beginning of our 8th SMU Steel Summit Conference. Registration is available on our website.
I will be in my office all week this week. Next week, I will be at the Port of Tampa Steel Conference. I do recommend the conference, which this year will have a few of our past Steel Summit speakers (and at least one current one) presenting. I look forward to seeing you there.
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, Publisher
John Packard
Read more from John PackardLatest in Final Thoughts
Final Thoughts
“We’ll always have Paris,” as the famous line in Casablanca goes. And this month, the global steel industry did as well. The Organization for Economic Co-operation and Development (OECD) Steel Committee met in the City of Lights earlier this month. There was also a meeting of the Global Forum addressing excess steel capacity.
Final Thoughts
It’s once again A Tale of Two Cities in the steel market. Some are almost euphoric about Trump’s victory. Others, some rather bearish, are more focused on the day-to-day market between now and Inauguration Day on Jan. 20.
Final Thoughts
One of the perhaps unintentional perks of being a trade journalist is the opportunity to travel and cover an array of industry conferences and events. Some I've attended have been at fun locations, like Palm Springs and Tampa, Fla. Others have been in more practical locations, like SMU’s Steel Summit in Atlanta and American Iron and Steel Institute (AISI) and Steel Manufacturers Association (SMA) meetings in Washington, D.C.
Final Thoughts
t this point in the game I think what we can say about Nippon Steel’s proposed buy of Pittsburgh-based U.S. Steel is that it will go through, it won’t go through, or the outcome will be something new and completely unexpected. Then again, I’m probably still missing a few options.
Final Thoughts
President-elect Donald Trump continues to send shockwaves through the political establishment (again). And steel markets and ferrous scrap markets continue to be, well, anything but shocking. As the French writer Jean-Baptiste Alphonse Karr wrote in 1849, "The more things change, the more they stay the same." (I thought the quote might have been Yankees catcher Yogi Berra in 1949. Google taught me something new today.)