Nucor will add another rebar micro mill to its portfolio. On Monday, the company announced it will build a $240 million micro mill in Frostproof, Fla. This is the second rebar micro mill project Nucor has committed to in the past five months. In November, the company announced it will build a rebar micro mill […]
Canadian steel mills like Algoma and Stelco are getting a reprieve from steel and aluminum tariffs, at least for now. The Section 232 tariffs imposed by President Trump will not affect Canada or Mexico provided they can complete a NAFTA agreement quickly and on U.S. terms. “For now, Canada and Mexico will be excluded from […]
Shipping in the freight market was significantly better in the first quarter than it was during the same period last year, said MID-SHIP Group in its March 8 report. New ships are on order that will not hit the market until the end of 2109 or 2020 and for now the freight market remains bullish. […]
Construction employment increased by 61,000 jobs in February to the highest level since June 2008 as rising pay rates enabled the industry to attract more workers, according to an analysis of new government data by the Associated General Contractors of America. Association officials, however, cautioned that the Trump administration’s newly imposed steel and aluminum tariffs […]
A small fire occurred at SSAB Mobile on Wednesday evening. The incident was confined to the building of plate processing partner Bastech, said a spokesperson for SSAB. The SSAB steel mill was not impacted and there was no disruption to production. No injuries were reported and an investigation is underway. SSAB’s Alabama steel mill is […]
U.S. Steel announced it will restart one of its two blast furnaces at Granite City Works later this year. The “B” Furnace will be placed back online to support anticipated increased demand for steel in the U.S. as a result of the pending Section 232 tariffs. “Our Granite City Works facility and employees, as well […]
Reaction to the official announcement and signing of the Section 232 proclamation brought swift reaction from the industry and Congress. Opinions ranged from unwavering support, “the era of American trade surrender is coming to an end,” to total dismay, “the sweeping tariffs announced today are like dropping a bomb on a flea.” Supporting the 25 […]
Australia’s Prime Minister Malcolm Turnbull warned that the steel and aluminum tariffs planned by President Trump will have consequences for construction in California. Australian producer BlueScope sends about 300,000 metric tons of steel slabs per year to its Steelscape facilities in California and Washington where it is transformed into metallic-coated and pre-painted steel used in […]
Trucking companies are stepping up their orders for big rigs to keep up with what they hope will continue to be strong demand for shipping in the U.S. market. Fleet owners in February ordered 40,200 Class 8 heavy-duty long-haul trucks, 65 percent more than ordered in February 2017. Truck orders neared a 12-month high in […]
The Dodge Momentum Index, a monthly forecast of nonresidential construction, increased just 0.5 percent in February. The marginal increase was due to an 8.2 percent rise in the institutional component that was offset by a 4.8 percent contraction in the commercial component. Dodge says that although the commercial component has declined for two months straight, […]
U.S. Steel announced it will restart one of its two blast furnaces at Granite City Works later this year. The “B” Furnace will be placed back online to support anticipated increased demand for steel in the U.S. as a result of the pending Section 232 tariffs. “Our Granite City Works facility and employees, as well […]
Ryerson, a processor and distributor of metals, posted sales of $3.4 billion for 2017, a 17.7 percent increase year over year due to an 11.9 percent increase in the average selling price and a 5.1 percent gain in volume. Net income was $17.1 million for the year. Gross margins decreased to 17.3 percent in 2017 […]
President Trump says there will be no tariff exclusions for Canada and Mexico unless a “new and fair NAFTA agreement is signed.” Translation: If you accede to our demands, we will exclude you from Section 232. Trump tweeted early on Monday morning: “We have large trade deficits with Mexico and Canada. NAFTA, which is under […]
Trump says there will be no tariff exclusions for Canada and Mexico unless a “new and fair NAFTA agreement is signed.” Translation: If you accede to our demands, we will exclude you from Section 232. Trump tweeted early on Monday morning: “We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation […]
ArcelorMittal announced the appointment of Aditya Mittal as President, ArcelorMittal and CEO of ArcelorMittal Europe. The promotion is in addition to his continued responsibilities as Chief Financial Officer. Chairman and CEO Lakshmi Mittal commented, “Aditya has proved himself an effective and accomplished manager as Group CFO and CEO of our European operations, delivering results and […]
Metals service center Olympic Steel announced its most profitable year since 2011. Operating income was $24 million and net income $19 million. Net sales increased 26 percent in 2017 to $1.3 billion on higher average selling prices and shipping volume. “Demand for metals improved during 2017, driven by stronger GDP growth in the U.S. and […]
Turkish steel producer Borusan Holding is considering expanding its steel pipe plant near Houston. CEO Agah Ugur made the announcement on Friday following the proposal by President Trump to increase tariffs to 25 percent on steel imports. “The U.S. tariff decision on steel imports is important for Borusan…. We are considering expanding our production facility […]
Global manufacturing expanded at a solid pace in February, according to the J.P.Morgan Global Manufacturing PMI. The composite PMI inched downward for the second month to 54.2, indicating solid but slower growth. Industrial nations saw growth rates decelerate somewhat in February including the U.S., Eurozone, Japan and the UK. Improvement of manufacturing conditions was brisker […]
Construction spending was unchanged from January compared to December, said the Associated General Contractors of America in its analysis of new government data. “Construction spending in January showed a mixed pattern, with noteworthy increases in public outlays and single-family homebuilding balancing out declines in private nonresidential and multifamily investments,” said AGC Chief Economist Ken Simonson, […]
Steel imports surged more than 17 percent from December to January, reaching 2.87 million net tons, 2.1 percent higher than at the start of last year, according to data from the American Institute for International Steel. Imports from Canada increased nearly 13 percent to 558,000 net tons, 5 percent ahead of the January 2017 total, […]
Manufacturing expanded for the 18th consecutive month in February, according to the latest Manufacturing ISM Report on Business. The PMI rose 1.7 percentage points to 60.8 percent in February. Any reading above 50 indicates expansion. New orders continued to expand last month, although softening 1.2 percentage points to 65.4 percent. Production dipped 2.5 points to […]
The U.S. steel industry reacted with enthusiasm to the president’s decision to impose a 25 percent tariff under Section 232 on steel imports to the United States. Nucor Chairman and CEO John Ferriola said in a statement, “The president has consistently been a strong advocate for holding other countries accountable that systematically and flagrantly violate […]
The MNI Chicago Business Barometer fell in February to its lowest level since August 2017. The barometer slipped 3.8 points from January’s reading to 61.9. Compared to a year ago, the index was up 8 percent and was above the 2017 average of 60.8 New orders were at a six-month low and production was at […]
Automotive sales declined for all three Detroit automakers in February. Ford and General Motors reported that year-over-year sales declined 6.9 percent and FCA U.S. was down 1.0 percent. In contrast, Toyota sales jumped 4.5 percent year-over-year, and Mazda and Volkswagen made gains of 12.7 and 6.0 percent, respectively. BMW-Mini also saw sales increase in February […]
The American Iron and Steel Institute (AISI) Board of Directors recently approved its 2018 public policy agenda outlining the institute’s aggressive pro-manufacturing public policy priorities. “The impact public policies have on manufacturers must be carefully considered to ensure both economic growth and our national security,” said Thomas J. Gibson, president and CEO of AISI. “AISI’s […]
There was a lot of buzz on the trade front today, from posturing over the next round of NAFTA negotiations to commentary on the 2018 “Economic Report of the President”: • Senate Finance Chairman Orrin Hatch (R-UT) told reporters that Congress will take “veto-proof” action if President Trump attempts to terminate NAFTA, adding that “we […]
North Star BlueScope sales for the first half of FY 2018 totaled $670 million from shipments of 1,037,500 metric tons. The 12 percent year-over-year gain in sales revenue was due to higher steel prices and volume. Underlying EBIT fell 31 percent to $113.3 million in the first half of FY 2018 as prices receded from […]
Durable goods orders fell 3.7 percent in January to $239.7 billion, according to Commerce Department data. January’s decline follows two months of increases and is the biggest decline since July 2017. Analysts expected a decline of 2.0 percent or less. Durable goods are manufactured items that are expected to last three years or more. The […]
Home prices jumped 6.3 percent in December, according to the latest data from the S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. The 10-city composite increase was 6.0 percent, unchanged from November. The 20-city composite posted a 6.3 percent year-over-year gain, compared to 6.4 percent the previous month. On a month-over-month basis, home […]
NAFTA negotiators began round seven of talks in Mexico City on Sunday. The contentious rules-of-origin proposal was scheduled for three days of discussion but Jason Bernstein, the USTR’s chief negotiator on the issue, reportedly was called back to Washington after just one day. U.S. Trade Representative Robert Lighthizer required Bernstein’s attendance at a “consultation” meeting […]