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 […]
The Dodge Momentum Index rose in February by 4.0%, rebounding from three consecutive months of declines, according to data and analytics from the Dodge Construction Network. The index registered 158.2 last month, up from January’s revised reading of 151.9. In February, commercial planning moved 1.0% higher while institutional planning rose by 9.0%. The index reached […]
Raw steel production by U.S. mills recovered last week, expanding for just the second time in seven weeks. Domestic mills produced a total of 1,762,000 net tons in the week ending March 5, while mill capacity utilization edged back up to 80.0%, the American Iron and Steel Institute reported. U.S. output was up 0.4% compared […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. The value of U.S. steel product shipments was virtually unchanged in January at $12.320 billion or 0.1% above December’s total. Though negligible, the increase follows declines over the prior two months after […]
U.S. job growth accelerated in February, as falling Omicron cases brought customers back to business and workers back off the sidelines. Employers added 678,000 jobs last month, topping economists’ forecasts for a second straight month and bringing the unemployment rate down to 3.8%, according to the Labor Department. Job openings are near a record high, […]
The U.S. labor market exceeded expectations in February, adding 678,000 new jobs last month. It was the best month for job growth since last July, the Bureau of Labor Statistics reported Friday. The U.S. still has 2.1 million jobs to go before hitting the February 2020 level and recouping all positions lost in the pandemic. […]
U.S. construction spending in January totaled $1.68 trillion at a seasonally adjusted annual rate, boosted 1.3% by strong outlays on single-family homebuilding and private nonresidential structures, the Commerce Department reported. The gain is even more significant given December data was revised higher to show construction outlays rising 0.8% instead of 0.2% as previously reported. January’s […]
The U.S. economy has expanded at a modest pace since mid-January, the Federal Reserve said in its latest Beige Book report. Overall growth was constrained by a surge in Omicron, forcing firms to deal with heightened absenteeism and continued supply-chain bottlenecks. Consumer spending was weaker, with auto sales largely mixed and manufacturing activity expanding at […]
Ryerson has acquired Apogee Steel Fabrication, expanding the service center’s value-added offerings in a move likened to its purchase of Specialty Metals Processing (SMP) last September. Terms of the deal were not disclosed. “We see Apogee strengthening Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business,” […]
In a letter to customers this week, Cleveland-Cliffs said it does not expect the geopolitical fallout from Russia’s invasion of Ukraine to directly impact the company’s operations. “While we continue to monitor the situation closely, we have not identified any specific elevated risk to our operations at this time,” the company stated. Cliffs said it will continue […]
Construction spending rose in January with strong gains in private nonresidential and residential construction, but mixed results for public spending, reported the Associated General Contractors of America (AGC). “Private nonresidential construction, especially for manufacturing plants, has rebounded sharply in recent months, while demand for housing remains strong,” said Ken Simonson, AGC’s chief economist. “But public […]
U.S. manufacturing activity grew in February amid stronger demand and easing supply disruptions, according to the latest U.S. Manufacturing PMI data from IHS Markit. The report noted that the strong improvement in operating conditions was driven by the sharpest expansion in new orders since last October. Stronger new sales growth spurred manufacturers to increase staffing […]
Sentiment among purchasing managers surveyed by the Institute for Supply Management remains strongly optimistic, showing growth last month following a small dip in January. February’s Manufacturing PMI edged up to a reading of 58.6% versus 57.6% the month prior. The index reading above 50% indicates growth in the manufacturing sector, thus February’s measure marks the […]
The Chicago Business Barometer fell last month for the first time since last November, according to the latest indicators from Market News International (MNI) and the Institute for Supply Management (ISM). February’s Purchasing Managers Index (PMI) reading was 56.3, down 8.9 points from January, as almost a quarter of the firms surveyed reported New Orders […]
Raw steel production by U.S. mills fell again last week, now down five out of the past six weeks. Domestic mills produced a total of 1,755,000 net tons in the week ending Feb. 26, while mill capacity utilization slipped back down to 79.7%, reported the American Iron and Steel Institute. U.S. output was down 0.5% […]
Toyota Motor Corp. will suspend Japanese automotive production on Tuesday, Mar. 1, because of a system failure at a supplier of plastic parts and electronic components, a company spokeswoman confirmed to Steel Market Update (SMU). Kojima Industries Corp, the supplier in question, said the complete system failure might be the result of a cyber-attack. An investigation […]
New orders for U.S. manufactured durable goods rose 1.6% in January, doubling earlier estimates of 0.8%, according to the Commerce Department’s report. The surprising gain came following an upward revision in December’s totals to a 1.2% gain from the prior estimate of 0.7% and represents an increase in eight of the last nine months. The […]
The outlook for multifamily construction closed the year on a positive note, as confidence in the market for new multifamily housing improved in the fourth quarter of 2021, 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) gained […]