Home prices continued to rise at a modest rate in July. The S&P CoreLogic Case-Shiller U.S. National Home Price Index reported an annual gain of 4.8 percent, compared to 4.3 percent in June. On a month-over-month basis the National Index grew 0.8 percent in July. The 20-city composite, actually 19 cities in July due to […]
ArcelorMittal’s divestment of U.S. assets to Cleveland-Cliffs completes the company’s $2 billion asset portfolio optimization and strategically repositions its North American platform. “This transaction is a unique opportunity for ArcelorMittal to unlock significant value for shareholders while retaining exposure to the North American economy through our high-quality NAFTA assets alongside a participation in what will […]
U.S. Steel has selected Kenneth Jaycox to succeed Doug Matthew, who will retire in January, as Senior Vice President and Chief Commercial Officer. Jaycox will be responsible for all North American flat-rolled commercial activities with a focus on customer satisfaction, innovation, new business and market share growth. “We are building a more customer-focused company with our […]
Cleveland-Cliffs is about to become the largest flat-rolled steel producer in North America. The company announced Monday that it will acquire the operations of ArcelorMittal USA and its subsidiaries for a purchase price of approximately $1.4 billion in equity and cash. The transaction includes 78.2 million shares of Cleveland-Cliffs common stock valued at $500 million, […]
Cleveland-Cliffs is about to become the largest flat-rolled steel producer in North America. The company announced Monday that it will acquire all of the operations of ArcelorMittal USA and its subsidiaries for a purchase price of approximately $1.4 billion. The deal is expected to close in the fourth quarter of 2020. The ArcelorMittal assets include […]
The Trump administration has received more than 3,300 lawsuits from manufacturers alleging that the most recent rounds of tariffs against China under Section 301 of the Trade Act of 1974 were unlawful and arbitrary. The first two rounds of tariffs covered $50 billion worth of Chinese goods. The third was implemented on $200 billion of […]
Iron ore shipments on the Great Lakes fell by more than 40 percent in August compared to a year ago, said the Lake Carriers’ Association. Shipments transported by the U.S.-flagged fleet totaled 3.6 million tons and were 37.9 percent below the five year average for August. Year-to-date figures show a 25.9 percent decrease through August, […]
Orders for durable goods rose for the fourth consecutive month in August but at a much slower pace than July, said the Department of Commerce. New orders for manufactured goods expected to last at least three years increased 0.4 percent to $232.8 billion in August, a sharp deceleration from the 11.7 percent surge in July. The August […]
Douglas Matthews, Senior Vice President – Chief Commercial & Technology Officer, Tubular and Mining Solutions, plans to retire in January 2021 after 33 years of service with U.S. Steel. “Doug Matthews has played an essential role in revitalizing U.S. Steel and helping us realize our ‘best of both’ integrated and mini-mill strategy,” said U.S. Steel […]
Consumers continued to snap up new homes in August with sales up 4.8 percent from July and 43.2 percent higher than a year ago. Sales were at a seasonally adjusted annual rate of 1,011,000, reported the U.S. Census Bureau and Department of Housing and Urban Development. It was the first time since 2006 that the […]
Strong demand in auto, residential construction and consumer products benefited Worthington Industries in the first quarter of FY 2021. The company reported net sales of $702.9 million, an 18 percent decline from the first quarter of FY 2020. Net earnings totaled $616.7 million which included a net pre-tax gain of $746.6 million related to Worthington’s […]
The Architecture Billings Index remained stuck at a score of 40 for the third consecutive month in August, indicating a prolonged decline in billing activity at architecture firms. The new project inquiries index provided a glimmer of optimism, rising for the first time since February to a positive score of 51.5. The value of new […]
Ford and Canadian union Unifor have reached a tentative agreement for a new three-year contract. Contract negotiations were extended after the original contract expired yesterday at midnight. Both parties agreed to work through the night to avoid a strike by Canadian autoworkers. Ford was selected by Unifor to set the pattern for automotive negotiations with […]
Existing-home sales in the U.S. rose for the third consecutive month in August to their highest level in nearly 14 years. The National Association of Realtors reports a 2.4 percent increase in sales from July to a seasonally adjusted annual rate of 6.0 million and a 10.5 percent leap compared to August 2019. The median […]
Metals service center Olympic Steel welcomes Damon J. Wos as the new General Manager for the Schaumburg, Ill., and Gary, Ind., facilities. Wos joined the industry in 2000 at Central Steel & Wire and most recently led the commercial and marketing efforts for Charter Steel Trading Inc. He holds a bachelor and master’s degree in […]
U.S. Steel expects another loss in the third quarter of 2020, but not as deep as in the second quarter. The steelmaker anticipates a $100 million adjusted EBITDA loss for the quarter compared to a loss of $264 million in Q2. The flat rolled segment is expected to be negative, but “significantly better” than Q2. Order […]
Steel Dynamics Inc. is expecting third-quarter 2020 earnings to be slightly better than the previous quarter due to stronger results from recycling and steel fabrication operations and lower costs associated with construction of the new mill in Sinton, Texas. Steel operations earnings are expected to be lower in the third quarter. The division experienced metal […]
The year 2020 started out strong for the construction industry, but the latest annual employment figures show the impact of the pandemic. Canceled or postponed construction projects were reflected in new government data on construction employment analyzed by the Associated General Contractors of America. Construction jobs fell in 39 states between August 2019 and August […]
Paragon Steel has broken ground on a 43,000-square-foot addition to one of its two plants in Butler, Ind., on the campus of Steel Dynamics Inc. The $8.3 million expansion will house a new high-performance Braner/Loopco slitting line that will give the service center the capability to process next-generation, high-strength steel grades. The automated triple-turret-head slitting […]
Safety protocols and measures were deployed at AM/NS Calvert as Hurricane Sally made its way across the Gulf Coast this week. ArcelorMittal anticipates a two-day outage as result of difficult conditions in the communities surrounding the facility. “Our thoughts and prayers go out to our workforce, their families and communities that may be impacted by […]
“More than 18 years after it acceded to the WTO, China continues to fail to comply with its WTO obligations,” stated the America Iron and Steel Institute in comments to the U.S. Trade Representative regarding China’s compliance with World Trade Organization rules. In a 44-page letter to the USTR, AISI claims there is overwhelming evidence […]
Housing starts fell 5.1 percent to a seasonally adjusted annual rate of 1.42 million in August due to declines in multi-family construction. Single-family housing starts rose 4.1 percent from July’s annual rate, but multi-family starts plunged more than 20 percent, according to data from U.S. Housing and Urban Development and the Commerce Department. Building permits […]
Builder confidence was at an all-time high in September, said the National Association of Home Builders. The NAHB/Wells Fargo Housing Market Index (HMI) rose five points to 83, exceeding last month’s previous high of 78. The index is a strong signal that housing is leading the economic recovery, said NAHB. “Historic traffic numbers have builders […]
Demand and pricing improved late in the third quarter, said Nucor in earnings guidance issued Thursday. Continued resiliency of the nonresidential construction market has resulted in a strong performance for Nucor’s downstream products. Steel segment earnings are expected to be similar to second quarter. Nonresidential construction is also benefiting Nucor’s bar and structural mills, but market conditions […]
Some leading pipe and tube producers are increasing prices by $50 per ton due to increased demand from construction and automotive-related industries, as well as higher raw material costs. On Monday, Nucor Tubular Products announced an immediate $50 increase on all new orders for HSS, pipe, mechanical and piling products. Atlas Tube followed suit on […]
JSW Steel USA will idle its Baytown, Texas, plate mill, citing recent changes to quotas of semifinished steel imports from Brazil. “While on the journey to becoming a ‘melted and manufactured in the USA’ company, JSW utilized the imported slab quota system put in place by the administration to support operations at our Baytown, Texas, […]
Canadian steel producer Stelco Holdings is nearing the finish line on its comprehensive blast furnace upgrade and reline project at Lake Erie Works in Nanticoke, Ontario. The project is current on budget and on schedule for completion in early October 2020. The upgrades will create “what we believe will be the first smart blast furnace […]
The U.S. has reversed its position on imposing tariffs on Canadian aluminum imports. The U.S Trade Representative said in a statement on Sept. 15, “After consultations with the Canadian government, the United States has determined that trade in non-alloyed, unwrought aluminum is likely to normalize in the last four months of 2020, with imports declining sharply […]
Iowa farmers are complaining that tariffs are causing opportunists to raise steel prices for materials needed to rebuild following the devastating derecho storm that damaged farms last month. Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Sen. Joni Ernst (R-Iowa) penned a letter to Secretary of Commerce Wilbur Ross asking that Section 232 tariffs be […]
Business activity continued to improve in New York State in September. The Empire State Manufacturing Survey general business conditions index soared 13 points to a reading of 17.0, its third consecutive positive reading this year. New orders rose modestly while shipments increased significantly, gaining seven points to register 14.1. Delivery times lengthened and inventories and […]