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 […]
Canadian distributor Russel Metals has expanded its U.S. footprint by agreeing to acquire Arkansas-based service center Boyd Metals. The deal, valued at $110 million, includes all five of Boyd’s facilities. Boyd’s operations in Arkansas, Missouri, Oklahoma, and Texas deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial […]
Steel tube producer Tenaris saw global sales jump 15% sequentially to $1.75 billion in the third quarter of 2021, with sales 73% above the same year-ago quarter. The successive increase in Q3 was driven by an 8% increase in volumes, aided by a 6% increase in selling prices. Sales surged by 28% in North America to […]
Klöckner & Co. SE posted record results in the third quarter, outperforming a previous record in the second. The company also delivered its highest quarterly operating income since its IPO in 2006. Klöckner credited the unparalleled third-quarter results to “considerably higher” selling prices. The Duisburg, Germany-based service center, which has significant operations in the U.S., […]
The U.S. construction sector slipped in September as spending faded for the second consecutive month following a downward revision in August’s results, the Commerce Department reported. The Census Bureau’s report on construction spending shows that the value of residential construction put in place in September was up 19% year on year but fell 0.4% month […]
The U.S. manufacturing sector continued to expand in October, though output growth was hampered by ongoing material shortages, according to the latest U.S. Manufacturing PMI data from IHS Markit. The report noted that overall output growth eased yet again, slowing to its weakest reading since July 2020 amid capacity constraints including material shortages. A lack […]
Ternium reported net earnings of $1.37 billion in the third quarter of 2021, up from $1.16 billion in the the prior quarter and following a loss of $21 million in the third quarter of 2020. The gains resulted from higher steel prices and strong global demand. Shipments were 3.1 million tons in the third quarter, largely unchanged […]
New orders, production and employment grew in October, while supplier deliveries slowed at faster rate and backlogs lengthened further, said the Institute for Supply Management in its latest Manufacturing ISM Report on Business. The Manufacturing PMI fell for the third straight month in October, down 0.3 percentage points to 60.8% in October, but still indicating […]
Raw steel production by U.S. mills slipped for the second consecutive week following their highest tonnage output since the pandemic started just two weeks prior. Domestic raw steel production was estimated at 1,860,000 net tons in the week ending Oct. 30, while the average mill utilization rate was 84.3%, according to the American Iron and […]