A housing shortage is impacting existing home sales and pushing prices to a new high, reported the National Association of Realtors. The June data from NAR shows existing home sales decreased 0.6 percent in June, falling for the third month in a row and the fifth time this year. Sales were at a seasonally adjusted […]
The Associated General Contractors of America are supportive of long-term legislation proposed by the chairman of the House Transportation and Infrastructure Committee to address the nation’s aging infrastructure problem. The draft proposal includes a user-fee approach to fund infrastructure repair. AGC CEO Stephen Sandherr said the association is prepared to work with the chairman, leadership […]
Cleveland-Cliffs Inc. announced on Monday that the United States Bankruptcy Court for the District of Delaware reaffirmed the company’s 2017 acquisition of land located in Nashwauk, MN. The ruling resolved the land dispute in favor of Cliffs and Glacier Park Iron Ore Properties LLC (“GPIOP”). Cliffs hopes to develop a financially stable plan for the site […]
Cleveland Cliffs reported consolidated revenues of $714 million for the second quarter of 2018. Revenues jumped 52 percent from first quarter revenue of $471 million. Net income for the quarter was $165 million, which included a $64 million loss from discontinued operations, primarily associated with the sale of the company’s Asia Pacific Iron Ore assets. Adjusted […]
Let’s up the ante to $500 billion. That’s what President Trump is proposing in tariffs against virtually everything China exports to the United States. “I raised $50 billion, and they matched us. I say, ‘You don’t match us. You can’t match us, because otherwise, we’re always going to be behind the eight ball,’” said Trump […]
Construction jobs increased in 32 states and the District of Columbia from May to June, and in 43 states and D.C. between June 2017 and June 2018, according to an analysis of Labor Department data by the Associated General Contractors of America. “Construction is proving to be a reliable source of employment growth in nearly […]
Nucor’s consolidated net earnings in the second quarter of 2018 jumped to $683.2 million, the second highest quarterly earnings in the company’s history. In comparison, earnings were $354.2 million in the first quarter and $323 million in Q2 2017. Nucor’s Chairman and CEO John Ferriola attributed the successful quarter to an upturn in the steel […]
Section 232 auto tariffs were the subject of a Commerce Department public hearing on Thursday, July 19. The hearings were cut from two days to one after Commerce determined the 45 requests to testify could be accommodated in a single day. All but one of the 45 witnesses was expected to testify against the tariffs. […]
The European Commission has announced it will impose provisional steel quotas to prevent steel imports from being diverted from the U.S. to Europe. The safeguard measures will go into effect July 19 and will remain in place for a maximum of 200 days. The provisional measures will affect 23 steel product categories and take the […]
Olympic Steel, Inc., a leading national metals service center, has been awarded an IATF 16949 management system certificate for manufacturing flat rolled steel, stainless and aluminum, including slitting, cut to length and configured blanks. IATF 16949 was developed by the International Automotive Task Force (IATF) and the Japan Automobile Manufacturers Association (JAMA), in conjunction with […]
Housing starts in June dropped 12.3 percent from May to a seasonally adjusted annual rate of 1,273,000. June starts were 4.2 percent below the level in June 2017. A plunge in multi-family housing starts led the decline, falling 20.2 percent to a rate of 304,000 for buildings with five units or more. Single-family starts were […]
A Missouri senator is calling for the end of the trade war instigated by Trump administration tariffs that are threatening agricultural producers and manufacturers in her home state. “Missouri jobs and livelihoods are at stake—and I don’t understand the decision to escalate this trade war with no end in sight, risking critical foreign markets and […]
The United States shot back at allies and China who have filed World Trade Organization disputes against Section 232 steel and aluminum tariffs. On Monday, the U.S. Trade Representative filed five claims with the WTO challenging retaliatory tariffs launched by China, the EU, Canada, Mexico and Turkey. The tariffs of 10 percent on aluminum imports […]
Houston-based pipe manufacturer Borusan Mannesmann Pipe U.S. has been denied a temporary exemption from Section 232 tariffs on steel imports. Borusan was one of the first companies to file for product exemptions. After not getting a response, Joel Johnson, Borusan Mannesmann’s U.S CEO, decided to take a more direct approach and initiated a company postcard […]
Manufacturing activity remained fairly brisk in New York State, despite dropping 2.4 points in July to a general business index reading of 22.6. A reading above zero indicates growth, and July’s reading was better than expected by economists. The new orders index slipped 3.1 points to 18.2, while shipments fell 8.9 points to 14.6. Delivery […]
The industries that move the nations’ freight are scrambling to find ways to mitigate risks from U.S.-imposed tariffs and foreign-imposed retaliatory tariffs that will impact supply lines and trade flow. Volatility seems to be the new normal as industries face uncertainty over international trade conflicts. Ports Prepare for Tariff Disruptions The Trump administration’s addition of […]
A Senate Foreign Relations hearing went awry when the administration sent Manisha Singh, Assistant Secretary of State for the Bureau of Economic and Business Affairs, to answer committee members’ questions about Section 232 measures. Singh was unable to provide Senate members evidence of a coherent trade strategy by the administration. Singh was asked to comment […]
Sales by NLMK’s U.S. mills grew 15 percent to 638,000 metric tons in the second quarter of 2018 compared to the first, triggered by trade restrictions, said the company in a trade update on Friday. NLMK USA sales included 369,000 metric tons of hot-rolled steel, 129,000 tons of cold-rolled, and 139,000 ton of galvanized steel. […]
Contract negotiations between the United Steelworkers and U.S. Steel Corp. began this week in Pittsburgh, Pa. The current-three year contract is set to expire on Sept. 1. “We told USS we expect a fair agreement that rewards our sacrifice,” the union texted its members. The steel market has dramatically improved from the bargaining environment in […]
Constructions costs are escalating due to tariffs on a wide range of building and road construction materials, said the Associated General Contractors of America in a new analysis of Labor Department data. The producer price index rose sharply on construction inputs in June. Aluminum mill shapes jumped 20 percent year-over-year, copper and brass mill shapes […]
The Senate took a first step on Wednesday to reclaim some of the authority on trade that it has delegated to the president. The Senate passed 88 to 11 a motion to include language in the energy and water appropriation bill that would provide “a role for Congress in making a determination under Section 232 […]
Passage of the Senate motion to give Congress a role in deciding Section 232 tariffs was met with approval by the Coalition of American Metal Manufacturers and Users (CAMMU). The United Steelworkers offered qualified approval, but called for caution. “The Coalition applauds the Senate for taking this important first step to reassert its authority in […]
House members submitted a bill on Wednesday to amend the Trade Expansion Act of 1962 that mirrors a bill proposed in the Senate to limit the administration’s power to adjust imports in the name of national security. The bipartisan bill H.R. 6337, introduced by Rep. Mike Gallagher (R-WI), would require a 60-day period for Congress […]
The World Trade Organization is keeping busy fielding complaints from countries concerned about U.S. trade policies. So far seven countries have filed requests to the WTO for consultation with the U.S. on Section 232 tariffs on steel and aluminum. Russia was the latest to file a complaint, charging that the Section 232 measures violate WTO […]
Contract negotiations for United Steelworkers at mills in the U.S. are kicking off with an initial proposal on Monday from ArcelorMittal to its USW-represented locations. According to a USW press release, members will have “much work to do” to counter major economic and non-economic concessions requested by the company, which the USW says would “negatively […]
Switzerland has added its name to the list of countries seeking World Trade Organization consultation with the United States regarding Section 232 tariffs on steel and aluminum products. The Swiss State Secretariat for Economic Affairs (SECO) initiated a dispute settlement procedure with the WTO today, July 10. Although Switzerland does not have a large metal […]
The Dodge Momentum Index, a measure of the nonresidential construction projects in planning, moved higher in June, gaining 0.8 percent to post a score of 165.5. The commercial component of the index outpaced the institutional component, with gains of 1.1 percent and 0.3 percent, respectively. “June’s advance marks the fifth straight monthly increase for the […]
Construction employment increased by 13,000 jobs in June and by 282,000 jobs over the past year, reaching a 10-year high, according to an analysis of new government data by the Associated General Contractors of America. “The construction industry continues to add workers faster than the economy as a whole, and the industry is paying premium […]
Global manufacturing is losing its momentum, said JP Morgan and IHS Markit in their latest Global Manufacturing PMI. The June PMI was at an 11-month low of 53.0 in June, still in expansion territory but at a gentler pace. Production grew at its slowest pace since July 2017 and new orders were at a 19-month […]
Detroit automakers reported higher sales in June as buyer enthusiasm for SUVs and pickup trucks continued. Ford sales for the month increased 1.2 percent year-over-year to 230,635 vehicles on purchases of SUVs and F-series trucks. Fiat Chrysler sales jumped 8 percent to 202,264 vehicles in June and General Motors, no longer reporting monthly sales, said […]