The U.S. manufacturing sector expanded again in July indicating a third consecutive month of growth for the overall economy, said the Institute for Supply Management in the latest Manufacturing ISM Report on Business. The July PMI rose 1.6 points from June to register 54.2. “The growth cycle continues for the second straight month after three […]
Construction spending fell for the fourth straight month to a seasonally adjusted annual rate of $1.36 trillion in June, according to an analysis of data by the Associated General Contractors of America. Public construction dipped 0.7 percent in June led by a 2.7 percent decline in educational construction and a 1.7 percent drop in highway […]
Global manufacturing finally moved into expansion territory in July, posting 50.3 on the J.P. Morgan Global Manufacturing PMI, up from 47.9 in June. Production and new orders both rose from contraction, posting PMIs of 51.5 and 50.7, respectively. Thirteen of the 27 countries with manufacturing data available posted readings above 50 in July. International trade […]
“Second-quarter results are a reminder of why we have to change,” said U.S. Steel President and CEO David Burritt, during his quarterly conference. The second quarter marked the trough of a challenging year, he said, as U.S. Steel remains focused on its “best of both” strategy, which includes the acquisition of EAF mill Big River […]
ArcelorMittal is laying off 877 union and salaried workers at Indiana Harbor in addition to the 454 at ArcelorMittal Cleveland. The layoffs took effect on Saturday and will continue for the next two weeks until completed. In an amended letter to the Indiana Department of Workforce Development, ArcelorMittal said, “Due to additional and unforeseen deterioration […]
A spike in business activity was recorded by the Chicago Business Barometer in July. The index rebounded from 12 months of contraction to a reading of 51.9. Increasing demand resulted in a vault of 23.8 points for the new orders index to its highest level since August 2019. Production soared 49.5 percent and back into […]
“Best of Both” is the latest catchphrase at U.S. Steel, but it isn’t just words. It is a serious endeavor to prepare for the changing landscape of the U.S. steel industry, said the steelmaker. Acquisition of the remaining 50.1 percent of Big River Steel, sometime in the next three years, is the company’s highest priority, […]
Cleveland-Cliffs is getting back to normal after idling 15 facilities in three months due to the impacts of COVID-19. As of today, all facilities, including the AK Steel Dearborn furnace, are back to operation with the exception of North Shore and Tilden, which will resume next week. Idling costs of around $50 million will be […]
Metals processor and distributor Ryerson Holding Corp. recorded revenue of $772 million for the second quarter of 2020, a plunge of 35.9 percent from a year ago and 23.6 percent sequentially. Shipments fell 25.8 percent to 462,000 tons. Average selling price declined 13.6 percent to $1,671 per ton. The company reduced warehousing, delivery, general and […]
Imports of seamless carbon and alloy steel standard, line and pressure pipe from the Czech Republic, Russia, South Korea and the Ukraine are subject to a new antidumping investigation by the Commerce Department. In addition, a countervailing duty investigation regarding these products has been initiated on imports from Russia and Korea. The petition was filed […]
Liberty Steel says it will continue to operate its Georgetown facility under “care and maintenance” due to the ongoing challenging market conditions. The company idled Georgetown in April with expectations of reopening in three months. Approximately 130 employees and contractors were laid off. “A skeleton staff will continue to manage the care and maintenance program. […]
Nucor President and CEO Leon Topalian has had quite the year, taking the reins of Nucor in January and then steering the company through the COVID-19 pandemic. Unlike Nucor’s blast furnace competitors, the EAF-based steelmaker was able to continue operations relatively unabated during the past two quarters. “Our ability to continue operating, along with proactive […]
Nucor President and CEO Leon Topalian has had quite the year, taking the reins of Nucor in January and then steering the company through the COVID-19 pandemic. Unlike Nucor’s blast furnace competitors, the EAF-based steelmaker was able to continue operations relatively unabated during the past two quarters. “Our ability to continue operating, along with proactive […]
A mass layoff of 454 workers at ArcelorMittal Cleveland is slated to begin on Aug. 1. A WARN notice was sent to the Ohio Department of Job and Family Services on July 27 informing the state of the impending layoffs, which will include hourly represented as well as certain salaried employees. Said ArcelorMittal in their […]
Home prices grew at a little slower rate in May, according to the latest S&P CoreLogic Case-Shiller Index. The National Home Price NSA Index posted an annual gain of 4.5 percent in May, down slightly from 4.6 percent in April. Data from the Detroit metro is unavailable for March, April and May due to COVID-19 […]
Durable goods orders rose again in June gaining 7.3 percent as a surge in auto sales helped offset a heavy decline in commercial aircraft orders. Orders for commercial aircraft and parts plummeted an astounding 462 percent last month while orders for new trucks and cars rebounded 86 percent after pandemic shutdowns. Core capital goods, non-defense […]
Steel Dynamics CEO Mark Millett is “incredibly excited” about the company’s new flat rolled mill currently under construction in Sinton, Texas. The new mill will have a capacity of 3 million tons and include a 550,000 ton galvanizing line and 250,000 ton paint line. Millett will offer an update on the project and his perspective […]
Steel Dynamics CEO Mark Millett is “incredibly excited” about the company’s new flat rolled mill currently under construction in Sinton, Texas. The new mill will have a capacity of 3 million tons and include a 550,000 ton galvanizing line and 250,000 ton paint line. Millett will offer an update on the project and his perspective […]
SSAB Americas’ third-quarter results were impacted by lower prices and volumes, which were somewhat offset by cost savings and lower raw material prices. SSAB Americas posted an operating loss of SEK 10 million ($1.13 million) versus a profit of SEK 106 million ($12 million) in the first quarter. Sales totaled $3.2 billion SEK ($361 million) […]
NLMK USA saw shipments plummet 39 percent quarter-over-quarter to 330,000 metric tons as steel demand dropped in Q2 due to the COVID-19 pandemic. Revenue fell 37 percent to $238 million. EBITDA was $3 million compared to -$22 million in Q1 and was attributed to “widening of the slabs to rolled product price spread” as well […]
India-based steelmaker JSW Steel posted its first loss in six years in Q1 of FY 2021 after what it called “formidable challenges” related to the COVID-19 pandemic. The quarter was marked by “disrupted supply chains, unparalleled drop in demand and activity levels in the domestic markets, uncertainty in seamless inbound and outbound logistics movement, and liquidity […]
New home sales were robust in June, jumping 13.8 percent from May to a seasonally adjusted annual rate of 776,000, according to estimates by the U.S. Census Bureau and the Department of Housing and Urban Development. Sales were 6.9 percent higher than in June 2019 and at the highest rate since the Great Recession.. “While […]
Nucor surprised analysts with earnings significantly higher than expected for the second quarter of 2020. Earnings for Q2 totaled $108.9 million or $0.36 per diluted share despite Nucor’s own guidance for $0.10-0.15 per share and analyst forecasts of $0.12 to $0.14. The company admits poor forecasting ability resulted in the welcome discrepancy, along with strategic […]
Reliance Steel & Aluminum, the industry’s largest service center organization, is expecting a slight increase in demand during the third quarter of 2020 after sales dropped 21.5 percent from the first to the second quarter to $2.02 billion. Shipments for the second quarter declined 17.5 percent to 1.2 million tons with an average selling price […]
Americans released from stay-at-home mandates were eager to purchase homes in June. Sales of existing homes rebounded from three months of decline by leaping 20.7 percent from May to a seasonally adjusted annual rate of 4.72 million in June. “The sales recovery is strong as buyers were eager to purchase homes and properties that they […]
Demand for design services by architectural firms showed signs of stabilizing in June. The Architecture Billings Index rose 8.0 points to post a score of 40.0. A score of 50 is the neutral point between contraction and expansion. “While business conditions remained soft at firms across the country, those with a multifamily residential specialization saw […]
The trough for steel volume, particularly for flat rolled steel, has passed and the second half looks promising, said Steel Dynamics CEO Mark Millett. Back orders are strong and order intake rates have picked up due to increasing demand as businesses resume operations following COVID-19 shutdowns. “It is still not possible to determine the full […]
Commercial Metals Co. has added AZZ’s Continuous Galvanized Rebar division to its portfolio of businesses. GalvaBar, located in Tulsa, Okla., produces galvanized rebar with a zinc alloy coating that provides superior corrosion protection and post-fabrication formability. The product is used in steel reinforced concrete. “We are thrilled to welcome the GalvaBar team to CMC,” said […]
Economist Alan Beaulieu, president of ITR Economics, will again be a keynote presenter during the SMU Steel Summit 2020 virtual conference, providing insight on the economy, impact of the pandemic and what we can expect in 2021 and beyond. With more than 30 years’ experience in economic analysis, Beaulieu has been delivering accurate and straightforward […]
Housing starts in June jumped 17.3 percent from May to a seasonally adjusted annual rate of 1,186,000. Single-family starts jumped 17.2 percent and multi-family construction leapt 18.6 percent. Regionally, housing starts soared 114.3 percent in the Northeast and climbed 29.3 percent in the Midwest and 20.2 percent in the South. Housing starts declined by 7.4 […]