Nonresidential construction spending expanded for the first time in seven months, according to a new analysis of January federal construction data by the Associated General Contractors of America. Total construction spending was $1.52 trillion in January, up 1.7% from December and 5.8% from January 2020. Combined private and public nonresidential construction spending climbed 0.9% from […]
The latest manufacturing report from the Institute for Supply Management indicates a ninth consecutive month of growth for the nation’s economy. The ISM manufacturing PMI rose 2.1% to 60.8 in February with new orders and production gaining 3.7% and 2.5%, respectively. “The manufacturing economy continued its recovery in February. Survey committee members reported that their […]
Good news on the global manufacturing front—the J.P. Morgan Global Manufacturing PMI hit a three-year high of 53.6 in February, indicating a faster rate of growth despite supply-chain disruptions and inflationary pressures. Manufacturing expansion was evident in 23 of 29 of the nations surveyed, with the fastest improvement in Germany. Only Greece, Kazakhstan, Malaysia, Thailand, […]
The Chicago Business Barometer slipped 4.3 points to 59.5 in February, though still above a reading of 50 that indicates expansion, following a 2.5-year high in January. New orders plunged 11 points to their lowest level since August 2020. Production fell 9.3 points after two months of gains. Business activity at firms in the Chicago […]
Billings continued to decline at architecture firms in January, marking the 11th consecutive month of deterioration, reported the American Institute of Architects (AIA). The January Architecture Billings Index remained in contraction at 44.9, but firms are encouraged by an increase in work inquiries. The new projects inquiries index rose from 52.4 in December to 56.8 […]
Tenaris, a leading manufacturer of pipe and tube for the energy sector, saw sales rise 12% in the fourth quarter as drilling activity improved in the Americas and sales expanded in the Middle East. Sales of OCTG products rose 11% from the prior quarter in the U.S. and Canada, totaling $391 million for the region. Fourth-quarter […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
Orders for durable goods surged 3.4% in January for the largest percentage increase in six months, signaling that the manufacturing sector is on a solid recovery path, the U.S. Census Bureau reported. Orders more than tripled economists’ forecasts of a 1.0% gain for the month. Transportation led the increase, up 7.8%. Orders for commercial aircraft […]
Demand is strong and approaching pre-COVID levels in the first quarter, said Olympic Steel President and COO Andrew Greiff during the service center’s fourth-quarter 2020 earnings call. All three company divisions contributed to earnings for Q4 with specialty metals turning in its third strongest quarter in the company’s history as well as the strongest quarter […]
The extreme cold snap that hit the southern U.S. disrupted production at Ternium Mexico, causing the loss of approximately 80,000 tons of production and an estimated $40 million. The facilities are now back to normal operations, but because the mill is operating at full capacity, lost production cannot be made up, said CEO Maximo Vedoya […]
Sales of newly constructed single-family homes leapt 4.3% in January to a seasonally adjusted annual rate of 923,000, said the U.S. Census Bureau and HUD. Sales compared to a year ago soared 19.3%. “Historically low mortgage rates and solid demand spurred an increase in new home sales in January, with the sales pace more than 19% […]
Nucor is expanding its value-added portfolio with the addition of a new TrueCore manufacturing facility. The company plans to build a 120,000-square-foot facility in Brigham City, Utah, that will manufacture insulated wall and roof panels. TrueCore was acquired by Nucor in 2019 and is part of Nucor’s Buildings Group. The Brigham facility will be the […]
Home prices continued to accelerate through December, culminating in the highest annual gain in seven years. The National Composite Index for the S&P CoreLogic Case-Shiller Indices rose 10.4% in December compared to a year ago. “As COVID-related restrictions began to grip the economy in early 2020, their effect on housing prices was unclear,” said Craig […]
North Star BlueScope continues to be a strong segment for Australian steelmaker BlueScope Steel. North Star BlueScope shipped 1,024,700 metric tons of steel in the first half of fiscal year 2021 for revenue of U.S. $569 million, up slightly from $557 million in the second half of FY 2020. The U.S. division ran at full […]
North Star BlueScope continues to be a strong segment for Australian steelmaker BlueScope Steel. North Star BlueScope shipped 1,024,700 metric tons of steel in the first half of fiscal year 2021 for revenue of U.S. $569 million, up slightly from $557 million in the second half of FY 2020. The U.S. division ran at full […]
Finding that perfect house just became harder. The National Association of Realtors reports that inventory of existing homes at the end of January fell to a record low of 1.04 million units, a whopping 25.7% decline year-over-year. At the current sales rate, supply is at an all-time low of 1.9 months. Sales for the month […]
“Extraordinary challenges on a global scale” is how Reliance Steel & Aluminum CEO Jim Hoffman characterized 2020 during the service center’s conference call this week. However, Hoffman was optimistic about the new year, “As I continue to say, America is going to need Reliance in order to rebuild.” In the fourth quarter, Reliance sales fell […]
Housing starts slowed in January as contractors struggle to build affordable homes amidst rising construction costs. Housing starts slid 6.0% in January to a seasonally adjusted annual rate of 1.58 million, according to the latest report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. “The weakness in housing starts […]
Stelco management presented an optimistic outlook for the Canadian mill in 2021. Fourth-quarter revenue rose 79 percent from the third quarter to CAD $424 million on higher steel pricing and increased volume. Shipments rose 46 percent sequentially to 489,000 net tons. Shipments are expected to jump another 35 percent in the first quarter of 2021. Stelco […]
Stelco management presented an optimistic outlook for the Canadian mill in 2021. Fourth-quarter revenue rose 79 percent from the third quarter to CAD $424 million on higher steel pricing and increased volume. Shipments rose 46 percent sequentially to 489,000 net tons. Shipments are expected to jump another 35 percent in the first quarter of 2021. Stelco […]
Manufacturing activity grew modestly in New York State in February, said the Federal Reserve Bank of New York in the latest Empire State Manufacturing Survey. The general business index soared nine points to register 12.1 as new orders picked up during the month. Shipments posted a small increase, but delivery times rose at the fastest […]
Ice coverage on the Great Lakes has been mild this year, but with the cold snap currently hitting the nation, total ice coverage jumped to 37.7%. On this day in 2020, ice coverage was 18.2% and in 2019, 49.3%. The amount of ice on the Great Lakes varies each year depending on winter conditions, but […]
The World Trade Organization made history on Monday with the appointment of Dr. Okonjo-Iweala as the first woman and the first African to be chosen as Director General. “This is a very significant moment for the WTO. On behalf of the General Council, I extend our warmest congratulations to Dr. Ngozi Okonjo-Iweala on her appointment […]
NLMK USA sales in the fourth quarter of 2020 increased 1% from the third quarter to 370,000 metric tons. Sales plummeted 22% from a year ago due to low capacity utilization at NLMK Pennsylvania attributed to the ongoing strike and a shortage of slabs for duty-free import. Rolling capacity utilization at the U.S. segment was […]
After divesting most of its U.S. assets to Cleveland-Cliffs, ArcelorMittal is now focused on strategic growth, controlling costs and leading the industry on sustainability, the steelmaker claims. The company is targeting net-zero emissions by 2050 and looks forward to commissioning its Smart Carbon steelmaking technologies in Ghent in 2022. ArcelorMittal achieved its first sales for […]
Russel Metals, a Canada-based metals processor and distributor, saw profitability fall in 2020 due to “extraordinary market volatility” caused by the global pandemic. The company posted net earnings of $25 million for 2020, down from $77 million in 2019. Earnings for the year included a $26 million non-cash impairment charge related to the U.S. energy […]
Last year was a difficult one for the domestic steel industry as the U.S. economy struggled to recover from the shock of the COVID-19 pandemic. That struggle is reflected in the latest shipment data, which shows that U.S. steel shipments plunged nearly 16% in 2020. According to the American Iron and Steel Institute, U.S. mills shipped […]
Nucor expects to generate record net earnings, exceeding $900 million, for the first quarter of 2021. The company cites strong business conditions across its end-use markets. “We are encouraged by positive economic trends and the robust demand we are seeing across our markets,” said President and CEO Leon Topalian. “We currently expect our first-quarter 2021 […]
Losses in construction employment continue to worry the industry, said the Associated General Contractors of America in their January analysis of government data. January’s unemployment rate was 9.4 percent, compared to 5.4 percent in January 2020, with 3,000 jobs lost last month. AGC estimated 938,000 former construction workers were unemployed in January, compared to 515,000 […]