The US economy closed out 2021 by expanding at an annual pace of 6.9% from October through December, a slight downgrade from previous estimates, according to the US Commerce Department’s Bureau of Economic Analysis (BEA). This agency’s third and final review showed the nation’s gross domestic product (GDP) up 5.7% in the fourth quarter, the […]
US consumer confidence bounced back slightly from a one-year low in March on labor market optimism. But confidence could slip as the Federal Reserve raises interest rates to tamp down inflation, The Conference Board reported. Sentiment about current business and labor market conditions recovered in March after falling in the prior two months. Americans’ outlook for the […]
Global crude steel production was estimated at 142.7 million metric tons in February as steelmakers around the world cut output by 12.3 million metric tons, or 7.9%, from the prior month, the World Steel Association (worldsteel) reported. Since reaching an all-time high of 174.4 million metric tons last May, global steel output has waned in […]
Sales of new single-family homes tumbled 2% in February compared to the month prior on a lack of existing home inventory as well as rising mortgage rates and construction costs. The seasonally adjusted rate in February was 772,000 units, down an even steeper 6.2% compared to February 2021, the U.S. Department of Housing and Urban Development […]
New orders for US manufactured durable goods fell 2.2%, or $6.0 billion, in February, snapping a four-month rally, according to the Commerce Department. Orders at domestic factories for long-lasting goods fell more than expected last month, while business investment fell for the first time in a year. February’s outcome suggests high inflation and ongoing supply […]
Raw steel production by US mills slipped last week, with utilization rates edging back below the 80% mark. Domestic output totaled 1,726,000 net tons in the week ending March 26, while mill capacity utilization was 79.4%, reported the American Iron and Steel Institute (AISI). US output dipped 0.9% compared to the prior week and was 2.4% […]
While February construction employment exceeded pre-pandemic levels in nearly two-thirds of US states, the Associated General Contractors of America (AGC) cautions further gains could be undermined if skyrocketing materials costs and delayed shipments postpone or cancel projects. “Construction is doing well at the moment in most states, but fast-rising costs may cause some owners to […]
Demand for design services from architecture firms in the US rose moderately in February. The gain marked the 13th consecutive month of growth following the pandemic-induced downturn in 2020. February’s AIA’s Architecture Billings Index registered 51.3, according to the latest report from the American Institute of Architects. The ABI is an advanced economic indicator for nonresidential […]
NLMK USA’s lawsuit claiming US Steel had misled the Commerce Department into denying the company Section 232 tariff exemptions was dismissed last week. The lawsuit was originally filed in January 2021 in the Court of Common Pleas of Allegheny County, Pa. NLMK alleged that US Steel undermined its requests for exemptions from Section 232 tariffs […]
General Motors will pause part of its Chevrolet Silverado and GMC Sierra production for two weeks in April because of the ongoing microchip shortage, a company spokesperson told Steel Market Update (SMU). The Detroit-based automaker’s Fort Wayne, Ind., assembly plant will take downtime the weeks of April 4 and April 11, the company’s first chip-related […]
Producer prices rose moderately in February, maintaining a sustained 23-month growth run. Last month the headline index grew by just 0.8%, seasonally adjusted, but was a gain of 10% when compared to the same year-ago period, reports the U.S. Labor Department. Wholesale prices accelerated as steady consumer demand and pandemic-related supply-chain snarls continued to fuel […]
The U.S.-UK agreement to ease Section 232 tariffs was lauded by some industry groups and union representatives for promoting fair trade. But others questioned whether certain unusual provisions in the deal might cause trouble. And still others said the deal didn’t do enough to remove tariffs from a close U.S. ally. Recall that on Tuesday the United States […]
The Canadian Pacific Railway Ltd. (CP) and the Teamsters Canada Rail Conference (TCRC) reached an agreement to enter binding arbitration and return to work today, averting a widespread rail shutdown that threatened to aggravate North America’s supply-chain woes. With a structured shutdown in effect following a 72-hour lockout notice issued on March 17, CP trains […]
Northbrook, Ill.-based Hilco Global’s subsidiary, Hilco Industrial Acquisitions, B.V, acquired for resale all assets of ThyssenKrupp’s heavy plate rolling mill located in Duisburg-Hüttenheim, Germany. Prior to its shuttering last September, ThyssenKrupp’s rolling mill produced roughly 850,000 metric tons of heavy plate steel, the company said. Besides the rolling mill, the Amsterdam-based asset management and financial […]
The U.S. House voted overwhelmingly late last week to back the removal of “permanent normal trade relations,” or PNTR, status from the Russian Federation, the latest congressional effort to put economic pressure on Moscow. The legislation, aimed at penalizing the Russian government for launching an invasion of Ukraine, could reach deep into the steel supply chain. […]
Mexico has extended for another five years its existing countervailing duties against imports of Russian, Romanian and Ukrainian steel plate. The trade policy has been in effect since 2005; the latest determination is retroactive to Sept. 22, 2020. Following a filing from domestic producer Altos Horns de Mexico (AHMSA), the Mexican secretariat’s determination “established sufficient […]
Raw steel production by U.S. mills moved back up last week, pushing utilization rates back above the 80% mark. Domestic output totaled 1,742,000 net tons in the week ending March 19, while mill capacity utilization was 80.2%, reported the American Iron and Steel Institute. U.S. output edged up 0.3% compared to the prior week but […]
Housing starts grew in February, boosted by a strong multifamily reading and despite production bottlenecks as well as rising construction costs. Strong demand and low levels of existing inventory aided last month’s results, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Overall housing starts increased 6.8% to […]
Existing-home sales contracted in February, according to the National Association of Realtors. Each of the four major U.S. regions saw sales fall on a month-over-month basis in February, while sales activity year-over-year was also down overall. Three out of four regions reported drops in transactions. The South saw the sole increase. February sales fell 7.2% […]
North American auto assemblies grew by 8.0% in February, expanding for the second straight month despite ongoing supply hurdles. Though last month’s production was 2.2% higher year on year, it was 21.1% below the same pre-pandemic period in 2020. Despite February’s production gains, the industry was met with strong supply-related headwinds. The ongoing supply-chain and […]
Toyota North America has scaled back its production by an estimated 35,000 vehicles in March, with more reductions in April still possible due to the prolonged global microchip scarcity, a company spokesperson told Steel Market Update (SMU). “Toyota’s North American plants continue to face intermittent production delays due to many supply chain disruptions,” she said. […]
North American’s supply-chain problems may be further complicated by a work stoppage of Canadian railway workers beginning Monday. The Canadian Pacific Railway Limited (CP) issued a 72-hour lockout notice to Teamsters Canada Rail Conference (TCRC), which represents more than 3,000 engineers, conductors and other personnel, in the event the two sides can’t reach a negotiated […]
Commercial Metals Co. (CMC) posted record net earnings of $383.3 million on sales of $2.01 billion in its second fiscal quarter ended Feb. 28, beating the previous record set the prior quarter by more than $150 million. Results for the Irving, Texas-based steelmaker were boosted by proceeds of $195.8 million from the sale of Southern […]
Business activity in the state of New York waned in March, declining for the first time since the onset of the global pandemic nearly two years ago, according to the Empire State Manufacturing Survey. The headline general business conditions index is now at -11.8 (above the neutral mark of 0), falling 15 points from February’s 3.1, and […]
Raw steel production by U.S. mills edged back down last week, a trend seen six out of the past eight weeks, as mill utilization cycles up and down within a small range. Domestic mills produced a total of 1,737,000 net tons in the week ending March 12, while capacity utilization slipped back down to 79.9%, […]
Total mill shipments of steel products fell in January to 8.153 million tons, a 9.4% decline from December’s 8.995 million tons, 2021’s strongest monthly performance. Apparent supply also fell in January, down 7.6% versus the prior month, and unable to keep the upward trajectory seen during the final quarter of 2021. This analysis is based on steel […]
The semiconductor shortage that has hamstrung North American automakers for the better part of two years is still causing production headaches. Stellantis is the latest carmaker to report delays due to the lack of microchips. The Auburn Hills, Mich.-based automaker has extended the downtime at its Belvidere Assembly Plant for a second straight week, a company […]
Klöckner & Co. SE posted record annual results for the year ended Dec. 31, 2021, delivering the highest fiscal-year operating income since its initial public offering in 2006. The company credited its 45% increase in sales to a “positive market environment.” The Duisburg, Germany-based service center, which has significant operations in the U.S., anticipates further […]
The U.S. construction sector added 60,000 new workers to payrolls in February, while hourly wages climbed at the steepest pace in nearly 40 years, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. “All segments of construction added workers in February,” said Ken Simonson, AGC’s chief economist. “However, filling […]
Alro Steel has named Randy Glick its new Chief Executive Officer and Chairman of the Board in the wake of the passing of Al Glick, the company’s founder, CEO and chairman, on Feb. 8. “Following my father, the founder of Alro and an icon in the metals industry, is not an easy task,” said Randy […]