Economy
American steel firms' fundamentals sound for 2024: Fitch
Written by Ethan Bernard
November 29, 2023
Sector fundamentals for US steel companies remain solid overall for the coming year, according to ratings agency Fitch’s 2024 outlook report.
The New York-based company said it expects North American steel demand ”to grow modestly in 2024 and for new supply coming online to meet incremental demand growth and continue to displace imports.”
“US steel producers continue to pursue investments focused on expanding higher value-added production and growth through construction of new mills,” Fitch said in its report on Wednesday.
The company said it views the federal government’s Investment Infrastructure and Jobs Act (IIJA), CHIPS Act, and Inflation Reduction Act (IRA) “as tailwinds for non-residential construction spending and steel demand over the next few years.”
“In addition, Fitch expects a continued recovery in US vehicle sales driven by pent up demand as supply chain bottlenecks ease,” the ratings agency said.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/SMU_EB_headshot.png.jpg-150x150.png)
Ethan Bernard
Read more from Ethan BernardLatest in Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
US construction spending slips in July
Construction spending in the US in July was slightly lower than June. Despite the decline, it increased notably year on year (y/y).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Economic growth hit by tighter consumer spending
Growth in the US economy continues to struggle in most districts. The Federal Reserve’s Beige Book report for August shows two-thirds of reporting districts flat or declining economic activity.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/economy.jpg)
Steel Summit 2024: Dr. Basu predicts near-term weakness in US economy
“The US economy, despite some near-term weakness I suggest in early 2025, is going to be strong," Dr. Anirban Basu said this week.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/2023_News_Img/7.Jul-23/Chicago-skyline-summer-2022v2.jpg)
Chicago Business Barometer ticked up in August, remains low
The Chicago Business Barometer edged up in August but remains in contraction territory, according to the latest release from Market News International (MNI) and the Institute for Supply Management (ISM).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction2.png)
ABI remains soft despite July gains
The July AIA ABI score has recovered nearly six points over the last two months following the near four-year low recorded in May