MSS Steel Tubes USA LLC is investing $6 million to open its first US steel tubes production plant in Memphis, Tenn. The company is a subsidiary of Portugal-based MSS Steel Tubes SA, owned by Portugal-based Metalogalva Group in partnership with Brazil-based Soufer Group. “We are thrilled to open this new plant in Memphis subject to approval […]
I am writing these Final Thoughts from an exhibition hall at Tampa Marriot Water Street hotel, where we just wrapped up the Tampa Steel Conference. The table I’m writing from is about to be taken down and packed up, and I have to get to the airport soon – so forgive me for what tonight […]
Algoma Inc.’s transition from an integrated to electric-arc furnace steelmaker is on track and full-steam ahead, according to company CEO Michael Garcia. Garcia, with Sault Ste Marie, Ontario-based Algoma for six months, sat down with SMU managing editor Michael Cowden for a Fireside Chat during CRU’s Tampa Steel Conference Feb. 5-7. “To put it simply, […]
Raw steel production by US mills rose for a fourth straight week, cresting the 74% utilization mark for the first time since the last week of October 2022, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Feb. 6. The increase pushed capacity utilization up to 74.1%, driven by increases […]
US apparent steel supply dropped 6% in November to 8 million net tons compared to the previous month, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Apparent steel supply is determined by combining domestic steel mill shipments and finished US steel imports, then deducting total US […]
Preliminary Census data indicate that steel imports totaled 2.24 million net tons for the month of December. This is up 11% compared to November, a slight rebound month on month (MoM) after recording the lowest level since February 2021 the month prior. Import levels had been gradually falling since reaching a 26-month high in March […]
JSW Steel USA operating results were mixed in its fiscal third quarter of 2023, with operations at Mingo Junction, Ohio, posting a decline, while the Baytown, Texas, plate and pipe mill improved in the quarter vs. the previous year. Mingo Junction swung to a loss on EBITDA of $22.77 million in its third quarter ended […]
Raw steel production by US mills rebounded last week for the first time in five weeks as capacity utilization rose to just 71.7%, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Jan. 17. The increase came driven by increases in tons in the Great Lakes, Midwest, and South. Domestic […]
The Great Lakes Clean Hydrogen Coalition (GLCH), which includes steelmaker Cleveland-Cliffs, has been given green light to proceed with its full hydrogen hub application. GLCH has proposed to develop low-carbon hydrogen via electrolysis at the Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, the coalition said. Hydrogen would then be distributed across the Great Lakes region by pipeline and […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Becca@SteelMarketUpdate.com […]
Imported sheet and plate products’ arrival at US ports varied in November, leading their share of the US market to diverge, even though domestic shipments declined during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel […]
Producer prices grew more than expected in November, thwarting hopes that inflation could be easing, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced 0.3% month-on-month (MoM) and 7.4% from a year ago, the smallest annual gain since May 2021, according to data […]
US steel export volumes eased further from September to October, falling 4% to 697,000 net tons, according to the latest US Commerce Department data. Exports are now at a nine-month low, with October being the third slowest month of trade over the past 20 months. Exports have trended downwards since peaking in March and April of this […]
Alro Steel has opened a new location in Grand Rapids, Mich. The new Alro Metals Outlet is a 12,700-square-foot facility selling a variety of metals and plastics, including carbon steel, aluminum, stainless steel, tool steel, copper, brass, and bronze products in a variety of shapes and sizes, in a retail setting. Shearing and cutting is […]
Raw steel production by US mills edged up last week after declining the prior two weeks. Despite the increase, utilization remained below the 80% mark for the 21st consecutive week, according to the latest data from the American Iron and Steel Institute (AISI). Domestic steel output was 1,630,000 net tons during the week ending Dec. […]
If you’re somewhat new to the steel industry, the wave of $60-per-ton sheet price hikes announced by mills in the US and Canada this week might have seemed a little weird. Why did they all announce it at once? Why did they all pick the exact same number to go up by? Let’s say you […]
Existing-home sales declined in October, retreating for the ninth straight month, according to the National Association of Realtors (NAR). All four major US regions saw sales decline both month-on-month (MoM) and year-on-year (YoY) in October. October sales fell 5.9% from September to a seasonally adjusted annual rate of 4.43 million units. Total registered sales were […]
The outlook for multifamily construction closed the third quarter on a low note, as confidence in the market for new multifamily housing declined significantly during the period, according to the National Association of Home Builders’ (NAHB) Multifamily Market Survey (MMS). The MMS’s two separate indices saw mixed results. The Multifamily Production Index (MPI) fell 10 […]
Just about half of US states added construction jobs in October, while a wave of job openings remained unfilled, according to the Associated General Contractors of America (AGC). AGC said that open positions at the end of September exceeded the total number of employees hired during October. The lack of qualified applicants last month led to […]
Housing starts fell by 4.2% in October to a seasonally adjusted annual rate of 1.43 million units, according to a report from the US Department of Housing and Urban Development and the US Census Bureau. The decline came as elevated mortgage rates, rising construction costs, and waning demand stemming from high home costs drag on […]
The prices contractors pay for construction materials and services — chiefly for new nonresidential construction — jumped 20.2% year-on-year (YoY) in October and were up 3% month-on-month (MoM), the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that higher construction costs could undermine demand for projects, and urged […]
The BMW Group is taking another step in its initiative to achieve its decarbonization goal. The German automaker announced CO2-reduced steel supply agreements with Steel Dynamics Inc. and US Steel’s Big River Steel on Nov. 15. “Steel is one of the main sources of CO2 emissions in our supply chain. That is why we are comprehensively […]
North American auto assemblies rose by 8.7% in October, rebounding from a similar decline in September. Last month’s assembly output was the third-best total year-to-date (YTD) and nearly 22% higher year-on-year (YoY), according to LMC Automotive data. Though the market remains supply-constrained due to ongoing parts and supply shortages, production in October continued to show signs […]
US light vehicle (LV) sales grew in October, coming in at an unadjusted figure of 1.15 million units. Last month’s total was a 9.5% increase year-on-year (YoY), the US Bureau of Economic Analysis (BEA) reported. October was the third consecutive month to see YoY increases in sales. Prior to August, YoY sales gains had not been […]
US heating and cooling equipment shipments declined 3% in September, according to data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in September were 1.94 million units, down 7% from levels one year earlier. Shipment levels have bounced around in recent months. September saw a month-over-month (MoM) increase of 12%. July plunged […]
Housing costs continue to rise in the third quarter. New homes are now more expensive than they’ve been in more than a decade, the National Association of Home Builders (NAHB) said. The result: the housing market has tipped into a recession. The trend has been driven by rising mortgage rates, ongoing building material supply chain […]
The construction industry added just 1,000 employees in October as firms competed to hire from a small labor pool, the Associated General Contractors of America (AGC) reported after analysis of new government data. The dynamic has continued to drive hourly wages higher, illustrating the struggle construction firms face in their search for qualified workers, the […]
US construction spending in September totaled $1.811 trillion at a seasonally adjusted annual rate (SAAR), just 0.2% above August after August’s 0.6% decline. The unexpected rebound in September came amid a surge in nonresidential investment that offset declining outlays on single-family homebuilding, according to data from the US Commerce Department. The month-on-month (MoM) increase was […]
The Dodge Momentum Index registered 199.7 in October, up 9.6% from 182.2 September, according to data and analytics from the Dodge Construction Network. Dodge is the leading index for commercial real estate, using the data of planned nonresidential building projects to track spending in the sector for the next 12 months. For October, the index’s subcomponents also […]
Spending on nonresidential construction now outpaces residential construction projects, the Associated General Contractors of America (AGC) reported. Construction spending hit $1.811 trillion at a seasonally adjusted annual rate in September, a 0.2% increase versus August and up nearly 11% year-on-year (YoY). “Demand remains strong for a range of nonresidential construction segments despite supply chain challenges […]