Final Thoughts
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Final Thoughts
Written by John Packard
October 7, 2019
SMU continues to pick up negative vibes through the analysis we currently are actively conducting on the flat rolled and plate steel markets. There is obviously something going on that is concerning buyers and sellers of steel. At the same time, one of the steel mills told me today that even though prices on their product are at low levels, their order book is quite strong. Hmmmm…. If you have received an invitation to participate in our questionnaire, please take a few minutes to answer our questions. We will be reporting what we learn later this week and over the weekend.
I am in Cincinnati conducting our 29th Steel 101 workshop. The weather was exceptional today as we toured the Nucor Gallatin steel plant, a mill that is involved in a major transition. Nucor is expanding the Gallatin mill, adding another 1.5 million tons of capacity taking the mill up to 3.0 million tons per year. We toured the new PGAL (pickle galvanize line), which takes hot rolled through the pickle mill and then straight into the galvanized line. This is a totally new production experience for the Gallatin mill, which was only a hot rolled provider prior to Nucor purchasing the facility in 2014. There is a new electric arc furnace under construction, along with a new caster and other equipment. Quite impressive.
We have an interesting group at this workshop. There are manufacturing companies, steel mills, service centers, toll processors, a trader and an investor in the steel industry. I expect a similar mix of companies in our next workshop, which will be held in Ontario, Calif. As part of that workshop, we will tour the California Steel Industries steel mill. You can find more details on our website: www.SteelMarketUpdate.com/events/steel101
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
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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.