Russel Metals reported strong operating profits thanks to “favorable market conditions” across all business segments in the first quarter of 2021. The Canadian metals processor and distributor posted net earnings of $81 million in Q1, up from a loss of $9.0 million in Q4 2020 and up from $11 million year on year (all figures are in […]
Auto assemblies in North America gained ground in March for the first time since October, according to LMC Automotive (LMCA). North American production rose to 1.217 million units in March, up from 1.092 million in February, but production continues to suffer from the ongoing shortage of semiconductor chips. North American production was up 20.1% in […]
Steel Market Update is pleased to share this exerpt from one of our Premium articles with Executive members. For information on the benefits of upgrading to a Premium-level membership, email Paige@SteelMarketUpdate.com. Auto assemblies in North America gained ground in March for the first time since October, according to LMC Automotive (LMCA). North American production rose to 1.217 […]
The construction sector has seen positive, but uneven, growth as it works through the effects of the COVID pandemic. Total construction expenditures in March were $1.513 trillion, up 0.2% from February’s revised estimate of $1.509 trillion, reported the U.S. Census Bureau. Total construction was also up 5.9% compared to a year ago when construction spending was $1.463 […]
Raw steel production by U.S. mills rose for the third week in a row, hitting 1,788,000 tons in the week ending May 1, up 0.4% from the previous week when production totaled 1,781,000 net tons. The mill utilization rate last week averaged 78.7%, up from 78.4% the week before and up 44.4% from the same […]
Tata Steel Europe confirmed that it’s implementing a carbon surcharge on all new steel across Europe, effective July 2021. This new initiative by the India-based steelmaker will essentially pass on the cost of carbon emissions allowances to the buyer. “We recognise the challenges of climate change,” said a Tata Steel Europe spokesperson. “Tata Steel’s strategy […]
Allegheny Technologies Inc (ATI) will produce hot rolled coils from slabs produced at JSW Steel USA’s mill in Mingo Junction, Ohio, under a toll rolling agreement just signed between the two producers. Under the long-term agreement, a significant portion of the slabs produced in the JSW Mingo Junction melt shop will be converted to coils at […]
U.S. automotive sales saw their lowest third-quarter performance in a decade, a 13.4% decline in new vehicle sales, due primarily to low inventory and high prices. In September, new-vehicle inventory was down nearly 60% from 2020, and sales suffered accordingly, said Cox Automotive. New-vehicle sales totaled 3.395 million in the third quarter, the slowest third […]
Long products steelmaker Gerdau has completed the installation and cold commissioning of the rolling mill upgrade at its structural steel mill in Petersburg, Va. The $33 million project–originally slated for completion by late 2020 but delayed due to the impact of COVID-19–has also begun initial hot rolling trials, a company spokesperson confirmed. The project involved […]
U.S. gross domestic product (GDP) rose by 6.4% in the first quarter of 2021 on an annualized basis, according to the advanced estimate from the Bureau of Economic Analysis (BEA). The gain marks the second-fastest pace of growth since Q2 2003 and was exceeded only by the pandemic-reopening-fueled burst of Q3 in 2020. This growth […]
Allegheny Technologies Inc. posted a net loss of $7.9 million in the first quarter, with a slight recovery in jet engine production. First-quarter 2021 results are a vast improvement from the adjusted net loss of $41.9 million in the prior quarter, but a far cry from the pre-pandemic net income of $21.1 million in Q1 […]
Despite a homebuilding boom and an improving economy, construction employment fell in 203 metro areas in the 12 months from March 2020 to March 2021, reported the Associated General Contractors of America in their analysis of the latest government data. The 57.0% decrease in jobs over the 12-month period has hampered the industry on top […]
Raw steel production by U.S. mills inched up another 0.6% from the previous week, totaling 1,781,000 net tons in the week ending April 24 compared to 1,761,000 net tons the week prior. The mill utilization rate last week averaged 78.4%, up from 78.0% the week before and up 43.6% from the same period last year when production […]
Integrated steelmaker U.S. Steel Corp. announced plans to become carbon neutral by 2050, on top of its existing goal to reduce greenhouse gas emissions intensity by 20% across the company’s global footprint by 2030. The use of electric-arc furnaces (EAFs) and other advanced technologies will be crucial to achieving such significant carbon emission reductions, the […]
The effect of COVID-19 and the shelter-in-place orders that followed had widespread impact across the U.S. construction sector. States that have had extensive and extended stoppage measures in place, however, have struggled disproportionally to rebound, according to the Associated General Contractors of America (AGC). Procore Technologies Inc., AGC’s data collection partner, said the impact of […]
U.S. steel product shipments slipped in February by 1.7%, the first decrease since bottoming out in April 2020 when COVID nearly brought the economy to a standstill. Despite the decrease month on month, which may be due to seasonal factors, steel shipments have recovered to pre-pandemic volumes and posted an increase of 5.5% compared to February […]
Weekly raw steel production by U.S. mills, which totaled 1,770,000 net tons in the week ending April 17, has seen small up-and-down fluctuations over the past five weeks. Average mill utilization last week grew to 78.0%, up from 77.6% the week prior, but a big jump from the same period last year when production was […]
Steel Market Update’s latest analysis of the monthly Key Market Indicators shows that our Present Situation markers have seen little change when compared to the month prior, while the Trend change saw a visible shift upward during the same period. Overall, the marketplace continues to recover from the pandemic as key metrics show further improvement. […]
Mill shipments of steel products fell 9.8% month on month in February, while apparent supply was down by 12.5% during the same period. This is the first noticeable decrease in both apparent supply and shipments of steel since the market reached bottom back in May 2020. Mill shipments were down by 13.1% year on year, […]
This report examines the import share of sheet and plate products. Imports’ share of total sheet product shipments was 14.0% in February, up from 9.7% in January. The increase corresponds to a simultaneous decrease in domestic shipments and a rise in imports. Domestics shipments in February totaled 3.84 million tons, the lowest mark since this […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 44.6% in February, up from 42.5% the month prior, but primarily due to a 9.7% decrease in domestic tubular shipments overall. Tubular imports decreased for the third consecutive month in February. Long products import market […]
Weekly raw steel production by U.S. mills totaled 1,761,000 net tons in the week ending April 10, down 0.3% compared with the week before when production was 1,766,000 net tons. The mill utilization rate last week averaged 77.6%, down from 77.9% the week prior, but up 42.0% from the same period last year when production […]
Usinas Siderurgicas de Minas Gerais (Usiminas) is set to bring an idled blast furnace back online in June at their Ipatinga plant in Brazil’s southeastern state of Minas Gerais, according to Steel Market Update sources. Back in April 2020, Usiminas idled the #1 and #2 blast furnaces due to lower demand resulting from widespread closures and […]
The U.S. economy added 916,000 jobs in March, posting increases for a second consecutive month and pushing well ahead of early estimates, reported the Bureau of Labor Statistics (BLS). Gains were strongest in leisure and hospitality, while construction jumped by 126,000. Following a depressing close to 2020 and a loss of 447,000 jobs in January, total […]
The U.S. labor market saw a strong surge in employment to closed out the first quarter. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 916,000 to their payrolls in March, more than doubling the 379,000 jobs added in February. Following a dismal close to 2020 and a slow start in January, total […]
Producer prices continue to register solid monthly increases from the losses suffered during the early days of the COVID-19 pandemic. The composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) showed an increase of 2.1% in February versus the prior month, and a 6.0% increase year on year, seasonally adjusted. […]
Producer prices continue to rebound from the losses suffered during the early days of the COVID-19 pandemic last year. Since the decreases in March and April of 2020, the composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) has seen consistent month-on-month increases. March’s index registered a 3.7% increase versus the prior […]
U.S. raw steel production rose for the second consecutive week following a slight dip in mid-March. Weekly steel production by U.S. mills totaled 1,766,000 tons in the week ending April 3, an increase of 0.3% compared with the week prior when production was 1,760,000 tons. The mill utilization rate last week averaged 77.9%, up from […]
U.S. Secretary of Commerce Gina Raimondo announced two new initiatives the Biden administration is taking to advance its clean energy goals. They consist of offshore wind power generation and a data-sharing agreement between the National Oceanic and Atmospheric Administration (NOAA) and Ørsted Wind Power North America LLC, an offshore wind developer. The administration’s renewable resource […]
Total construction expenditures edged down in February to $1.52 trillion, down 0.8% from January’s revised estimate of $1.53 trillion, reported the U.S. Census Bureau. Despite the slight dip month on month, total construction was up 5.3% compared to a year ago when spending totaled $1.44 trillion. Year-to-date construction spending amounted to $2.13 trillion, 4.9% above the $2.03 […]