The United States, Mexico and Canada have finally reached consensus on a new North American trade agreement. In an announcement on Tuesday, the office of U.S. Trade Representative Robert Lighthizer said the USMCA “will support mutually beneficial trade leading to freer markets, fairer trade, and robust economic growth in North America.” Lighthizer and Canadian Deputy […]
Another shipping season on the Great Lakes is drawing to a close. Lake carriers are busy moving coal and ore to steel mills in the region to build stocks for the winter before heavy ice overtakes the lakes. The Soo Locks and St. Lawrence Seaway are scheduled to close for the season on Jan. 15. […]
Samuel Associated Tube Group announced it will invest $29 million to build a new manufacturing facility in Jefferson County, Ala. Samuel Associated Tube, a division of Canada’s Samuel, Son & Co., is a manufacturer of small-diameter, electric-resistance-welded and fabricated carbon tubing. The new warehouse will total 284,000 square feet and is expected to be operational […]
The Dodge Momentum Index gained 2.9 percent in November to register 155.3. The monthly index measures the first report for nonresidential building projects in planning, which has been shown to lead construction spending by a full year. November’s increase was primarily due to a 6.5 percent increase in the institutional building index. The commercial component […]
The economy added 1,000 construction jobs in November and 146,000 jobs, or an increase of 2.0 percent, in the past 12 months, says an analysis of new government data by the Associated General Contractors of America. Slowing job gains may be a sign of labor shortage rather than weaker demand, says AGC. “Contractors report they […]
Maintenance and a flooding incident have forced U.S. Steel to juggle producton on the furnaces at its Gary Works mill. Two of the three furnaces that had to be taken offline when a water pipe burst Nov. 27 are now back in operation. Blast furnaces #14 and #6 are now fully operational and #4 is […]
Editor’s note: President Trump’s surprise decision to impose 25 percent tariffs on steel and aluminum imports from Argentina and Brazil stunned the industry and leaves many questions unanswered. Paul Nathanson, executive director of the Coalition of American Metal Manufacturers and Users (CAMMU), addressed the issue in the following op-ed: President Trump announced via tweet on Monday that […]
Total light vehicle sales are likely to reach 17.1 million units this year, down 1.4 percent from 2018 and above 17 million for the fifth straight year, says J.D. Power and LMC Automotive. As usual, sales were strongest for SUVs and trucks. U.S. auto sales rose for most foreign automakers during November. Toyota sales increased […]
November revealed tentative signs that global manufacturing may be poised for a recovery. The J.P. Morgan Global Manufacturing PMI rose back into growth territory posting a seven-month high of 50.3. Consumer goods led the increase with accelerated growth in new orders and production. PMIs for intermediate and investment goods remained in contraction. Eleven of the 30 […]
SPS Companies and State Steel Supply Co., distributors and fabricators of steel products, will acquire the parts fabrication assets of laser process fabricator Kooima Co., located in Rock Valley, Iowa. “This new association with SPS and State will allow Kooima to continue our growth, with a primary mission of continuing to serve our customers’ needs […]
Cleveland-Cliffs and AK Steel Holdings surprised the market this morning, announcing the merger of their two companies. Under a definitive merger agreement, Cleveland-Cliffs will acquire all the issued and outstanding stock of AK Steel at $3.35 per share or $1.1 billion. Cliffs Chairman and CEO Lourenco Goncalves will lead the expanded organization and AK Steel […]
Service has been restored to the largest of the blast furnaces, and a second furnace will be back online shortly, following a water pipe break Nov. 27 that forced U.S. Steel to shut down all three operating furnaces at its Gary Works mill. In an update on Monday, a spokesperson said the third furnace is […]
Manufacturing activity in the U.S. contracted at a faster rate in November, according to the latest Manufacturing ISM Report on Business. The PMI registered a 0.2 point decline for a reading of 48.1 percent and its fourth straight month in contraction. Most of the components of the PMI remained in contraction last month. Production, at […]
The Chicago Business Barometer rose 3.1 points to 46.3 in November, but remained in contraction for the third consecutive month. All but one component of the general index remained below the neutral 50.0 mark. New orders rose 12.5 points to 49.9, indicating an improvement in demand. Production slipped to 42.3. Order backlogs rebounded from October’s […]
Cleveland-Cliffs and AK Steel Holdings surprised the market this morning, announcing the merger of their two companies. Under a definitive merger agreement, Cleveland-Cliffs will acquire all the issued and outstanding stock of AK Steel at $3.35 per share or $1.1 billion. Cliffs Chairman and CEO Lourenco Goncalves will lead the expanded organization and AK Steel […]
The United Auto Workers and Fiat Chrysler Automotive reached a tentative labor agreement over the holiday weekend. The four-year agreement includes $9 billion of investments by the company that will add 7,900 jobs during the contract period, said the UAW in a press statement. Other terms of the contract are confidential until members are informed. […]
Trade disputes and uncertainty regarding U.S. economic growth are causing businesses to delay or cancel construction plans, said the Associated General Contractors of America in a new analysis of construction spending data. Construction spending declined 0.8 percent in October from September, but topped year-ago levels by 1.1 percent as decreases in private nonresidential, multifamily and […]
Durable goods orders rose 0.6 percent in October, beating economists’ expectations of a 1 percent or more decline. Most of the increase was due to orders for military equipment including an 18 percent increase for military aircraft. A bright spot for the metals industry in October was a 1.8 percent increase in fabricated metal product […]
A water pipe break at U.S. Steel Gary Works has resulted in the shutdown of all furnaces at the facility due to safety concerns. Said U.S. Steel spokeswoman Amanda Malkowski, “On November 27, U.S. Steel reported a service water leak that caused flooding at our Gary Works facility near our blast furnace operations. As a […]
New home sales in October dipped slightly from September, down 0.7 percent to a seasonally adjusted annual rate of 733,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The dip, however, occurred after the September sales estimate was revised upward to 738,000 from 701,000. Sales for the past […]
A tentative deal between the Teamsters Canada Rail Conference and Canadian National Railway will bring an end to a weeklong strike by 3,200 conductors and railyard workers. CN said workers will return to work beginning on Tuesday and normal operations should resume by Wednesday morning. Details of the agreement will not be available until members have […]
Data from S&P Dow Jones Indices show that home prices in the U.S. increased modestly in September. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA posted an annual gain of 3.2 percent, up from 3.1 percent in August. The 20-City Composite rose 2.1 percent year-over-year, a 0.1 percent gain from the previous month. “September’s […]
Forty-one states and the District of Columbia added construction jobs between October 2018 and October 2019, while construction employment increased in 28 states from September to October, according to an analysis by the Associated General Contractors of America of Labor Department data. “Construction employment continues to experience robust growth in most parts of the country,” […]
The slowdown in the energy sector has resulted in the closing of a nearly 50-year-old plant. TimkenSteel, headquartered in Canton, Ohio, announced it will close its TimkenSteel Material Services facility in Houston. “We are focusing on our core strengths of making and heat treating steel and more fully utilizing our supply chain to provide the […]
A strike by 3,200 Teamster union employees at Canadian National Railway is causing disruption in both Canada and the U.S. Now in its sixth day, with no end in sight, a shortage of propane is imminent for Ontario and Quebec as well as delays to shipping across the manufacturing industry. CN transports more than CAD […]
Metalforming companies reported continued weakness in the market in the latest survey by the Precision Metalforming Association. The PMA November 2019 Business Conditions Report showed 34 percent of participants expect a decline in economic activity and 51 percent expect no change. “The November PMA Business Conditions Report showed little change from the previous month. Metalforming […]
Billings increased for architectural design services in October after two months of decline, reported the American Institute of Architects. The Architecture Billings Index rose to 52.0 from 49.7 in September. New project inquiries and design contract scores were somewhat lower but both positive at scores of 57.9 and 52.9, respectively. “Although ongoing uncertainty over the […]
The U.S. ambassador to the World Trade Organization singled out China on Tuesday for its withdrawal from the Global Forum on Steel Excess Capacity. In comments delivered at the WTO Committee on Subsidies and Countervailing Measures, Ambassador Dennis Shea said it was “regrettable” that China chose to terminate its membership in the Global Forum. “Unfortunately, […]
Existing home sales had a slight recovery in October, according to the National Association of Realtors. Sales of existing homes, including single-family, townhomes, condos and co-ops, increased 1.9 percent from September to a seasonally adjusted annual rate of 5.46 million. Sales were up 4.6 percent from October 2018. “Historically low interest rates, continuing job expansion, […]
Manufacturing activity in New York State changed very little from October to November. The general business conditions component of the Empire State Manufacturing Index posted a 2.9 for November, indicating sluggish manufacturing growth for the sixth consecutive month. The shipments index fell four points to 8.8 and new orders increased slightly to 5.5, still above […]