Stellantis – the Dutch parent company of Chrysler – will idle production for two weeks at one of its U.S. plants because of the ongoing global microchip shortage, a company spokeswoman said. The Auburn Hills, Mich.-based automaker’s assembly plant in Belvidere, Ill., will be down starting the week of Dec. 6 and will remain down through the week […]
New orders, production, employment, and imports grew in November. But prices fell, and delivery delays increased on tightening backlogs. That’s the takeaway from the Institute for Supply Management’s latest Manufacturing Report on Business. ISM’s Manufacturing Purchasing Managers Index (PMI) rose to 61.1% in November, up 0.3 percentage points from October and indicating continued expansion in the overall economy for the […]
U.S. manufacturing activity fell to its lowest point of the year in November. Producers reported near-record supply delays, the slowest new order inflows year-to-date, and waning job growth, according to the latest U.S. Manufacturing PMI data from IHS Markit. The report noted that extended lead times, supplier shortages and higher energy prices pushed the rate of […]
U.S. gross domestic product (GDP) grew at a modest 2.1% annual rate in the third quarter, the slowest pace in more than a year, according to the Bureau of Economic Analysis (BEA). U.S. third-quarter economic growth was slowed by the Delta variant’s disruptions to consumer spending and global supply chains. The second review by the BEA […]
World crude steel production grew slightly in October after contracting for the four prior months. Steelmakers around the world produced an estimated 145.7 million metric tons of crude steel in October, up 0.9% or 1.3 million tons from the prior month, according to World Steel Association (worldsteel) data. Since repeated months of record-breaking output from […]
U.S. consumer confidence slipped to a nine-month low in November, decreasing four out of the past five months. Novembers’ reading was driven by rising prices and continued COVID concerns, reported The Conference Board. “Consumer confidence moderated in November, following a gain in October,” said Lynn Franco, senior director of economic indicators at The Conference Board. […]
Domestic raw steel production slipped in the week ending Dec. 4, down for the second straight week. U.S. mills produced an estimated at 1,807,000 net tons during the week, while the average mill utilization rate dipped to 81.9%, according to the American Iron and Steel Institute (AISI). Production was down an estimated 1.6% compared to […]
Steelmakers around the world produced an estimated 145.7 million metric tons of crude steel in October, up 0.9% or 1.3 million tons from the prior month, reported the World Steel Association (worldsteel). October’s growth marked the first month of expansion since May, a notable result, especially given a 3.0% production contraction in China, down 2.2 […]
Existing-home sales grew for the second straight month in October, reported the National Association of Realtors. Of the four major U.S. regions, only the Midwest and South regions registered month-over-month gains. The Northeast fell 2.6% while the West held steady. Annually, however, all four regions reported declining sales versus the same year-ago period. October sales […]
Domestic raw steel production edged higher in the week ending Nov. 20, increasing for the second consecutive week. U.S. mills produced an estimated 1,861,000 net tons during the week, while the average mill utilization rate rose to 84.3%, according to the American Iron and Steel Institute (AISI). Production was up an estimated 0.3% compared to […]
The North American auto industry may have turned a corner when it comes to the widespread production outages and assembly delays caused by the shortage of semiconductor chips. As recently as mid-October, GM, Toyota, Ford, and Honda were still reporting extended widespread outages. The turn has been noticeable in one month’s time. Automakers have managed […]
United Auto Workers (UAW) members at John Deere ratified a new collective bargaining agreement on Wednesday, ending a month-long strike that had seen two previous deals rejected. The UAW said 10,000 members ratified a new six-year contract offer by a vote of 61%, covering 14 facilities across the U.S. The previous two offers were rejected […]
Housing starts slipped 0.7% in October as single-family housing production lagged, hampered by supply-chain shortages and limited access to labor and lots. Overall housing starts decreased to 1.52 million units, seasonally adjusted, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. The October reading of 1.52 […]
Strong consumer demand and low inventories helped push builder confidence higher in November for the third consecutive month despite continued supply-side challenges. Even though the construction sector continues to wade through building material bottlenecks and lot and labor shortages, builder sentiment for newly built single-family homes moved three points higher to an index reading of […]
Nucor Corp. will add a blast and prime line to its greenfield steel plate mill currently under construction in Brandenburg, Ky. The blast and prime line will have an annual capacity of approximately 120,000 tons and will provide the Nucor Plate Group with even broader capabilities and offerings for buyers of wider and thicker plate products. The Charlotte-based steelmaker […]
Manufacturing growth in the state of New York saw a strong expansion rate in November compared to October, according to the Empire State Manufacturing Survey. The headline general business conditions index rose 11 points to 30.9 during the month. After falling by 15 points in October, the rebound in the headline index was a welcome […]
Flack Global Metals (FGM) is now a member of the CME Group, making it the first North American metals distributor to join the derivatives marketplace, the company said on Tuesday. The Cleveland-based service center said the move will allow its risk management team to provide even greater liquidity to buyers of flat-rolled products as well […]
Raw steel production by U.S. mills rebounded after falling for three straight weeks, and down five out of the last seven weeks. Domestic raw steel production was estimated at 1,856,000 net tons in the week ending Nov. 13, while the average mill utilization rate rose to 84.1%, according to the American Iron and Steel Institute […]
Imports of less-expensive sheet and plate products have been on the rise for the past five months as buyers continue to seek relief from record-high steel prices in the U.S. September Commerce Department data show imports’ share of the U.S. flat-products markets at their highest levels in the past 4-5 years. Imports’ share of total […]
Total mill shipments of steel products fell 12.2% in September to 8.502 million tons, after seeing an 11.1% increase the month prior. Apparent supply also slipped in September, down 6.9%, following a 7.9% increase in August. September’s contractions mark the first decrease in steel supply in seven months. This analysis is based on steel mill shipment […]
Monthly Key Market Indicators, as analyzed by Steel Market Update, edged down over the past month as positive indicators have decreased successively since June. A typical summer slowdown started the momentum shift, however, a surge in COVID variant cases, compounded by a slow-moving job market and supply-chain bottlenecks have continued to push the market indicators […]
Alro Steel Corp. will expand its operations into Iowa with the construction of a new regional distribution center, according to local media reports. The Jackson, Mich.-based metals and plastics distributor is planning to build a nearly 200,000-square-foot facility at an estimated cost of $20 million. The plant is expected to bring roughly 40 new jobs to […]
ArcelorMital Tubular Products and the United Steelworkers (USW) Union Local #3057 have ended their five-day standoff by agreeing to a new four-year labor contract, a company spokesperson confirmed to Steel Market Update. The new deal – already ratified by the members of the local USW – ensures work can now resume at ArcelorMittal’s tube plant […]
Producer prices rose at a slightly higher rate in October, according to data released by the Labor Department. Supply-chain bottlenecks and shortages continue to drive manufacturing and shipping costs, keeping the historic climb for the index and subcategories for final demand moving up. Since falling in early 2020, the composite Producer Price Index (PPI) of […]
The U.S. construction sector saw an employment boost in October, as firms added 44,000 workers to their payrolls. The increase was supported by a 10.4% decline in the sector’s unemployment rate, while nonresidential construction firms posted back-to-back increases for the first time since January, reports the Associated General Contractors of America (AGC) in its latest […]
Raw steel production by U.S. mills slipped for the third straight week, now down five out of the last six weeks. Domestic raw steel production was estimated at 1,841,000 net tons in the week ending Nov. 6, while the average mill utilization rate dipped to 83.4%, its lowest reading since the week of July 10, […]
North American auto assemblies recovered in October after reaching the lowest monthly total year-to-date in September. October’s production total jumped 18.1% sequentially but was still down 24.6% year on year. The impact of the chip shortage and supply-chain disruptions is still constraining the automotive sector. Semiconductor scarcity and parts delays had further worsened through the […]
October saw a major improvement for the U.S. labor market and a sign of optimism as the latest coronavirus surge eases. The latest data from the U.S. Bureau of Labor Statistics showed that the economy created a noteworthy 531,000 new jobs in October following disappointing monthly results in August and September. October’s results included nearly 100,000 […]
U.S. job creation roared back in October as payrolls rose by 531,000, a welcome contrast to the weak outcome the month prior. The mark was unexpected, as total jobs exceeded most estimates by nearly 100,000 and the unemployment rate fell to 4.6%, the Labor Department reported. Private payrolls were even stronger, rising 604,000 as a loss […]
Production disruptions from the semiconductor chip shortage across the U.S. automotive landscape are little changed from Steel Market Update’s mid-October analysis. The widespread stoppages and assembly cuts were piling up through October and into November, but the latest feedback from automakers suggests the shortage may be easing. Last month Toyota announced plans to cut its […]