Sales of new single-family homes grew 2.0 percent from January to February to a seasonally adjusted annual rate of 512,000, according to the U.S. Commerce Department. The gain was due to increases in the West where sales were up 38.5 percent. Median national sales price in February was $301,400 and the average sales price $348,900. […]
The American Institute for International Steel reports monthly on steel import levels. We thought our readers might enjoy looking at the data from the AIIS point of view. Here is the press release for imports in February: Falls Church, VA. March 24, 2016. Steel imports fell 16.5 percent in February, as the United States sharply […]
Worthington Industries reported net sales of $647.1 million for third quarter 2016, ending February 29. Sales were down from second quarter and year over year as a result of lower volume in Pressure Cylinders and Engineered Cabs, combined with lower average selling prices in Steel Processing due to a decline in the market price of […]
ArcelorMittal announced it will sell its LaPlace and Vinton Long Carbon steel facilities to an affiliate of Black Diamond Capital Management. The LaPlace Louisiana mini-mill includes an electric arc furnace, ladle metallurgy station, two four-strand continuous billet casters, and a fifteen-stand Danieli medium section mill. The LaPlace facility, along with a rolling mill in Harriman, […]
Manufacturing activity expanded in the Fifth District in March, according to the latest survey by the Federal Reserve Bank of Richmond. The composite manufacturing index registered 22, surging from -4 to its highest level since April 2010. Shipments and new orders both jumped this month. The shipments index gained 38 points climbing to a reading […]
Existing home sales took a surprising 7.1 percent plunge in February to an annualized rate of 5.08 million according to data from the National Association of Realtors. Higher prices and tightening supply were blamed for the apparent cooling of the housing market. Supply was at 4.4 months in February, well below the “normal market” of […]
The Chicago Fed National Activity Index dropped lower than expected in February for reading of -0.29 percent from +0.41 percent in January. The reading of -0.29 indicates below average growth for the national economy. The four main components of the headline index, production and income; employment, unemployment, and hours; personal consumption and housing; and sales, […]
AK Steel announced Monday that its Board of Directors has approved the following executive promotions, effective immediately: Brian K. Bishop has been named Vice President, Carbon Steel Operations. He will also assume responsibility for Manufacturing Planning. Bishop has served as Director, Carbon Steel Operations since 2015 with overall responsibility for the company’s four carbon steel […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]
Big River Steel announced the commissioning of its batch anneal furnaces and skin pass mill. The start-up of the two operations is the first step in in phased process to bring equipment on line for the company’s Flex Mill. The $1.3 billion steel mill, when fully operational, will produce 1.6 million tons of niche and […]
US Steel says it will idle tubular operations in Alabama, Texas and Ohio, laying off nearly 800 workers. The steelmaker will temporarily idle Lone Star Tubular Operations in Texas and Fairfield Tubular Operations in Alabama in response to market conditions in the energy industry. “As we adjust operations throughout our tubular organization, we are right-sizing […]
Sault Ste. Marie Mayor Christian Provenzano has appealed to Ontario Premier Kathleen Wynne for help in saving Essar Steel Algoma. Under terms of the sales and investment solicitation process, potential buyers for Essar Steel Algoma are to submit binding offers by May 13. “Based on my own assessment of the matter and taking into consideration […]
Record auto sales may be less about a stronger economy and more about auto lending practices, according to recent data by Fitch Ratings. Auto loans given to borrowers with lower credit scores, called subprime loans, have resulted in an alarming rate of auto loan defaults. Seriously delinquent subprime car loans rose above five percent in […]
Housing starts jumped 5.2 percent in February led by an eight year high in single-family construction. After a slow start in January, the Commerce Department reports housing starts were at a seasonally adjusted annual rate of 1,178,000, up 5.2 percent from January’s revised rate of 1.12 million and 30.9 percent from February 2015. Single-family construction […]
The Philadelphia Fed Manufacturing Business Outlook Survey for March rose sharply to the first positive reading in seven months. The index gained 15.2 points to register 12.4. The index for new orders jumped 21 points to 15.7, returning to growth status, while shipments climbed 20 points. Both unfilled orders and deliver times improved in March, […]
Steel Dynamics anticipates stronger earnings results in first quarter 2016 due to higher steel shipments. A significant increase in flat rolled product volume is expected due to better aligned customer inventories and a decrease in import volumes. Lower average realized steel product pricing will more than offset savings from lower ferrous scrap costs, said SDI. […]
U.S. manufacturers are taking a firm stance against market economy status for China. AISI announced formation of a coalition, Manufacturers for Trade Enforcement, to oppose China’s request for market economy designation at the end of 2016. The coalition says China does not meet the established criteria for a market economy. “Our industries can compete against […]
Base metals are set to increase in 2016 but will be below levels seen at the end of 2014, said Frank Hoffman, IHS senior economist during the IHS First Quarter 2016 Pricing and Purchasing webinar. Production cuts and inventory dynamics along with benign global growth will keep metals prices from rebounding higher. The zinc market […]
Home sales in Canada increased 0.8 percent in February compared to January, bringing housing transactions to their highest level since 2007. Toronto, Okanagan Region and Fraser Valley led sales, offsetting declines in Edmonton, Greater Moncton and Montreal. The Canadian Real Estate Association reports actual (not seasonally adjusted) activity jumped 18.7 percent year over year. “Two […]
We thought our readers might enjoy looking at steel exports data out of the United States from an international perspective. The following is from an American Institute for International Steel (AIIS) press release sent out earlier today: Falls Church, Va. March 15, 2016. Steel exports in January regained some of the ground they lost in […]
ArcelorMittal has offered its Trinidad steel mill to the government of Trinidad & Tobago for price of $1.00, according to Ramumar Narinesingh, vice-president of The Steel Workers Union (SWUTT). The one dollar price comes with $1.3 billion of debt, however, and the question of whether it would be a good or bad investment for the […]
The Empire State Manufacturing Survey recorded its first positive reading since July of 2015. The March general business conditions index rose 17 points to 0.6 bolstered by increases in new orders and shipments. New orders jumped 21 points to 9.6 after several months of decline. Shipments surged 25 points to register 13.9 Survey results suggest […]
ArcelorMittal and the Mexican Mining and Metal Workers Union have reached an agreement to end a strike at the company’s Lazaro Cardenas steel mills. In negotiations mediated by the Labor Ministry, ArcelorMittal agreed to relocate 125 workers following the recent closure of a coke plant and pay severance to 81 others, and to extend for […]
US Steel Canada continues to lose money due to low steel prices said Court Monitor Alex Morrison in the 22nd monitor’s report. January steel shipments at the CCAA protected steel mill increased by 9 percent to 150,878 tons. Revenue was *$79.0 million resulting in an average selling price per ton of $524. Selling price was […]
Nucor guidance for first quarter 2016 came in below analyst consensus. Nucor expects first quarter results in the range of $0.20 to $0.25 per diluted share compared to $0.21 in Q1 2015 and adjusted net earnings of $0.45 per diluted share in Q4 2015. Analysts polled by Reuters expected earnings results of $.29 per share. […]
The Great Lakes 2016 shipping season commenced on March 2 with a load of iron ore for ArcelorMittal Cleveland. The tug/barge Dorothy Ann/Pathfinder loaded 14,600 tons of iron ore at the Cleveland Bulk Terminal to deliver to ArcelorMittal on the Cuyahoga River. The barge was about 4,600 tons shy of a full load due to […]
Steelworkers at ArcelorMittal in Trinidad and Tobago were fired one day after winning a wage dispute in the Industrial Court. ArcelorMittal said it is closing the Point Lisas plant and workers would receive one-month’s salary and payment for any unused vacation time. In November 2015, 480 workers were laid off for six weeks and then […]
US Steel CEO Mario Longhi took a 35 percent pay cut last year after the company failed to meet financial targets. Longhi’s pay cut was due mostly to the elimination of a cash incentive award that in 2014 totaled $4 million dollars. A recent Securities and Exchange Commission filing shows the CEO’s compensation at $8.6 […]
Ryerson CEO Eddie Lehner called 2015 “one of the harshest and most difficult metal environments we have seen in terms of magnitude and duration.” Ryerson Holding, a service center company, announced fourth quarter and full year results on Thursday. The company posted a net loss of $20.5 million for the quarter. Revenue was down 23 […]