U.S. metals distributor and service center Olympic Steel Inc. promoted David Gea as president of its Carbon Flat Rolled Division. Gea joined Olympic Steel in 2002 and has progressed through roles of increasing commercial and leadership responsibility, the company said, including most recently serving as regional VP for Olympic’s carbon flat rolled business in the […]
Existing-home sales contracted in December, snapping a streak of three consecutive months of gain, reported the National Association of Realtors. Although sales fell in all four U.S. regions last month on both a month-over-month and a year-over-year basis, overall sales for 2021 were up 8.5% versus the prior year. December sales fell 4.6% from November […]
Demand for design services from architecture firms in the U.S. improved for the 11th straight month in December, according to the latest report from the American Institute of Architects. AIA’s Architecture Billings Index rose from 51.0 in November to 52.0 in December. The ABI expanded each month in 2021 except for January. The index for […]
Raw steel production by domestic mills improved for the second straight week, totaling 1,833,000 net tons in the week ending Jan. 15. The increase marked a 5.6% gain over the same period last year and up 1.1% from the prior week when production was 1,813,000 tons, reported the American Iron and Steel Institute. Mill capacity […]
Builder confidence slipped in January, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Growing inflation concerns and ongoing supply-chain disruptions snapped a four-month rise in home builder sentiment even as consumer demand remains robust. January’s HMI reading moved one point lower to a reading of 83. “Higher material costs and […]
Business activity in the state of New York abruptly declined in January, as the headline index fell by nearly 33 points, according to the Empire State Manufacturing Survey. The headline general business conditions index is now at -0.7 compared to 31.9 the month prior. The downward move suggests that growth in manufacturing stalled in New […]
North American auto assemblies contracted in December to the second lowest monthly total in 2021 after expanding the two prior months. December’s production total was down 14.7% sequentially, and down 15.0% from the same month last year. The ongoing microchip shortage and supply-chain disruptions are still limiting the automotive sector. And although most carmakers have […]
Monthly Key Market Indicators continued their shift to a neutral position throughout December, according to the latest analysis by Steel Market Update. Positive indicators held for the first time in seven months, while negative indicators eased. Ongoing economic dynamics such as an underperforming job market, supply-chain bottlenecks, rising inflation and producer prices, as well as a […]
BNSF Railway union members have taken steps towards a work stoppage over a new attendance policy introduced during national negotiations by the railroad company. Members of the Brotherhood of Locomotive Engineers and Trainmen (BLET) and the Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation union (SMART-TD) – who collectively represent […]
U.S flat products import volumes in November were at their highest level in more than six years, and while import data for December has not yet been finalized, the U.S. likely imported at least 1.2 million metric tons of flat products last month, based on import license data from the Commerce Department. November’s import volume tipped the […]
Total mill shipments of steel products fell 3.3% in November to 8.334 million tons, slipping for only the second time in eight months. Apparent supply rose fractionally in November, up 0.2% after eroding successively the prior two months. This analysis is based on steel mill shipment data from the American Iron and Steel Institute (AISI) and import-export […]
Imports of less-expensive sheet and plate products continue to arrive on U.S. shores, a steady increase over the past seven months, driven by the need for buyers to find relief from inflated steel prices in the U.S. Although domestic steel prices have been declining, November Commerce Department data show imports’ shares of the U.S. flat products markets […]
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. Producer prices expanded by 0.2% in December, seasonally adjusted, maintaining their upward climb since reaching the most recent bottom 21 months ago, reports the U.S. Labor Department. The unyielding trend continues to highlight […]
Producer prices grew by 1.0% in January, seasonally adjusted, maintaining a 22-month growth run since reaching the most recent bottom in April 2020, reports the U.S. Labor Department. Wholesale prices jumped by twice the expected level in January as inflation pressures were unabated to start the year. The Labor Department said that its Producer Price […]
U.S. steel product shipments rose for a seventh straight month in November, expanding by 0.7% versus the prior month. The pace of growth had been steadily rising over the past few months, however, the rate of rise eased in November, the first such shift since May. New orders for steel production, while fractionally higher in […]
U.S. job growth was weaker than expected in December, well below estimates for the fourth time in the past five months. November payrolls rose by 199,000, well below the 400,000 anticipated by economists and underperforming for the second straight month. Despite the big hiring miss, the unemployment rate fell again to 3.9%, a 0.3 percentage […]
The U.S. labor market disappointed once again, adding just 199,000 jobs in December, down from the 249,000 jobs added the month prior. Despite seeing the smallest gains in a year, the unemployment rate fell to 3.9%, from 4.2% in November. The latest data from the U.S. Bureau of Labor Statistics showed that the U.S. economy […]
Steel production by domestic mills rose during the first full week of the New Year, pushing capacity utilization up over 82%. U.S. raw steel output totaled 1,813,000 net tons in the week ending Jan. 8, up 4.4% from the same period last year and up 1.6% from the prior week when production was 1,785,000 tons, reported […]
Commercial Metals Company (CMC) reported yet another record-breaking earnings result. The Irving, Texas-based steelmaker posted net earnings from continuing operations of $232.9 million on net sales of $2.0 billion in the first quarter of fiscal 2022 ended Nov. 30, 2021, besting the previous record set the prior quarter by more than $80 million. “Our record […]
Algoma Steel Group Inc. said it expects its third-quarter fiscal 2022 financial results to align with its previous guidance despite lower-than-expected steel shipments for the quarter. The Sault Ste. Marie, Ontario-based steelmaker shipped roughly 550,000 net tons of steel in the third quarter of fiscal 2022 ended Dec. 30, 2021, below prior guidance of 590,000 […]
U.S. construction spending increased in November amid strong gains in single-family homebuilding, but outlays on public projects were weak. Construction spending rose 0.4% after a similar advance in October, the Commerce Department reported. The Census Bureau’s report on construction spending shows spending on private construction projects rose 0.6% in November. Outlays on residential construction were […]
World crude steel production slipped in November, contracting for the fifth time over the past six months. Steelmakers around the world produced an estimated 143.3 million metric tons of crude steel in November, down 1.6% or 2.4 million tons from the prior month, according to World Steel Association (worldsteel) data. Steel production has been trending […]
Schnitzer Steel Industries Inc. posted its best first quarter earnings on record thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $47 million in the first quarter of fiscal 2022 ended Nov. 30, 2021, more than triple the […]
Stelco Holdings Inc. said its fourth-quarter steel shipments were negatively impacted by production challenges and unplanned outages. The Hamilton, Ontario-based steelmaker shipped roughly 625,000 net tons of steel in the fourth quarter of 2021, below prior guidance of 675,000 to 680,000 net tons. Shipments in the fourth quarter were lower than expected due to various […]
Steel production by domestic mills saw a small dip over the holidays, but capacity utilization remains above a healthy 80% to start the New Year. Raw steel output totaled 1,785,000 net tons in the week ending Jan. 1, 2022, up 9.5% from the same period last year but down 0.9% from the prior week when […]
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. U.S. consumer confidence rose for the third straight month in December, following a slight upward revision on November’s results and steady momentum after decreasing from July through September, reported The Conference Board. […]
Existing-home sales expanded for the third straight month in November, reported the National Association of Realtors. Of the four major U.S. regions, only the Northeast didn’t register a month-on-month gain, holding flat versus October. The Midwest ticked up 0.7%, the South grew by 2.9%, while the West rose by 2.3% in November when compared to […]
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. U.S. gross domestic product (GDP) expanded at an annual 2.3% rate in the third quarter, up from the prior estimate of 2.1% but still at the slowest pace in more than a […]
Domestic raw steel production lost some ground in the week ending Dec. 18, slipping for the third time over the past four weeks and falling to its lowest total since the week ending May 22. U.S. mills produced an estimated at 1,805,000 net tons during the week, while the average mill utilization rate fell to […]
Automakers are beginning to report improvements in semiconductor and supply-chain-related downtime, with General Motors Co. the latest to report production gains due to better inflows of the microchips. At one point, the Detroit, Mich.-based GM had nearly idled every North American assembly plant in September. Widespread outages or production cuts were seen from mid-summer and well […]