Two representatives of steel intensive regions will co-chair the Congressional Steel Caucus, Representatives Rick Crawford (R-AR) and Mike Bost (R-IL). Crawford’s 1st Congressional District in Arkansas was a farming region three decades ago when the Caucus was founded. Today, it hosts Nucor-Steel Yamato, Nucor Steel Arkansas, and Big River Steel, making it the second largest […]
Two representatives of steel intensive regions will co-chair the Congressional Steel Caucus, Representatives Rick Crawford (R-AR) and Mike Bost (R-IL). Crawford’s 1st Congressional District in Arkansas was a farming region three decades ago when the Caucus was founded. Today, it hosts Nucor-Steel Yamato, Nucor Steel Arkansas and Big River Steel, making it the second largest […]
Steel plate producer SSAB Americas saw higher prices and volumes in the third quarter. The segment reported good demand early in the quarter, which weakened as the period progressed. Sales jumped 31 percent from the prior year and 6 percent from Q2, for a total of SEK 3.34 billion ($407 million). Shipments increased 12 percent […]
Reliance Steel & Aluminum experienced an uptick in orders for energy and nonresidential construction during the third quarter. Demand, in general, was stronger than anticipated, however tons sold are expected to decline 4.0 to 6.0 percent in the fourth quarter due to seasonal slowdowns and fewer shipping days. Reliance anticipates the average selling price in […]
After greeting September with increased optimism, metalforming companies are now expecting business conditions to weaken slightly in the next three months, according to the October 2017 Precision Metalforming Association (PMA) Business Conditions Report. Metalforming companies also anticipate declines in incoming orders. “Ebbs and flows in productivity are a part of today’s manufacturing industry,” said PMA […]
Durable goods orders were stronger than anticipated in September, rising 2.2 percent and nearly double economists’ expectations. The volatile transportation sector drove much of the increase. Commercial aircraft orders jumped 64 percent after gaining 52 percent in August. Orders for core capital goods, which exclude defense and aircraft, rose 1.3 percent, and shipments of core […]
New home sales in September jumped 18.9 percent from last month to a seasonally adjusted annual rate of 667,000, according to the Department of Housing and Urban Development and the Census Bureau. September sales were 17 percent higher than a year ago. The median sales price was $319,700 and the average sales price $385,200. Inventory […]
Economic conditions are looking positive for fourth quarter and into 2018, according to the latest report from HARDI and ITR Economics. Steel Market Update is a member of an association connected to the construction industry called the Heating, Air-conditioning & Refrigeration Distributors International. HARDI and ITR Economics, an economic forecasting company, work together to gather […]
Trucking associations in the U.S., Canada, and Mexico issued a joint statement on Monday supporting an updated NAFTA agreement. The North American truck-transported trade supports tens of thousands of jobs and generates billions in revenue annually, said the statement from the American Trucking Association (ATA), Cámara Nacional del Autotraporte de Carga (CANACAR), and the Canadian […]
Stelco President Mike McQuade will retire at the end of 2017, according to the company’s IPO prospectus. McQuade joined Stelco in 1981. He was appointed Vice President and CFO under U.S. Steel management and assumed the position of President and General Manager in 2014. McQuade lead the company through its restructuring and transition from U.S. Steel […]
Trucking associations in the U.S., Canada, and Mexico issued a joint statement on Monday supporting an updated NAFTA agreement. The North American truck-transported trade supports tens of thousands of jobs and generates billions in revenue annually, said the statement from the American Trucking Association (ATA), Cámara Nacional del Autotraporte de Carga (CANACAR), and the Canadian […]
Steel Market Update is a member of an association connected to the construction industry called HARDI, which stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and economic forecasting company ITR Economics work together to gather economic data to provide a forecast to the HARDI members in the United States and Canada. The information shared […]
Cleveland Cliffs posted net income of $53 million in the third quarter that included an $89 million loss after paying down debt and a $32 million gain from discontinued operations. Debt was reduced to $1.7 billion compared to $2.2 billion in Q3 2016. “We are very pleased with our accomplishments so far this year, in […]
ArcelorMittal is showing interest in buying the bankrupt India mill Bhushan Steel. Bhushan has a strong presence in the automotive steel market and has a production capacity of 5.6 million metric tons annually. Its debt is estimated at about $6.9 billion. Acquisition of Bhushan would give ArcelorMittal a foothold in India’s auto-grade steel market, which […]
Two popular appliance manufacturers, Samsung and LG, are facing potential quotas and tariffs on imports of their products to the United States. Earlier this month, following a global safeguard petition by Whirlpool, the U.S. International Trade Commission voted unanimously in a Section 201 investigation that a surge of large residential washer (LRW) imports was injuring […]
Construction job creation in September was muted due to the recent hurricanes, said the Associated General Contractors of America in an analysis released by the Labor Department on Friday. Twenty-six states added construction jobs between August and September, while 35 states and the District of Columbia added construction jobs between September 2016 and September 2017. […]
Existing home sales picked up slightly in September following three months of declines, said the National Association of Realtors. However, ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis, said the association. Total transactions rose 0.7 percent from August to a seasonally adjusted annual rate […]
Steel Dynamics and CEO Mark Millett are expecting a tighter steel market in the fourth quarter. After surging ahead of possible Section 232 trade action, import levels have declined and, coupled with strengthening order rates and longer lead times, steel prices are expected to appreciate significantly, said Millet in remarks during the company’s quarterly conference […]
The delay by the Trump administration in making a decision on Section 232 is allowing further damage to the steel industry, said Nucor CEO, Chairman and President John Ferriola during the company’s third-quarter conference call. Ferriola said he is not surprised by the surge of imports that have come into the U.S. since spring. Countries […]
SSAB Americas is moving its head office from Chicago to Mobile to be near to its Axis, Ala., steel mill. “Mobile is a growing community with a booming economy; we are excited to expand our presence in the area as a trusted employer and community partner,” said Chuck Schmitt, President, SSAB Americas. “Moving our team […]
The recent hurricanes dealt a blow to housing starts and authorizations in September, with construction data showing declines in the South. “We are seeing the hurricanes take a toll on single-family production, but builder confidence is strong and production should bounce back as the recovery process gets under way,” said Granger MacDonald, chairman of the […]
The Architecture Billings Index reversed course for the first time in seven months, slipping to a score of 49.1 in September from 53.7 in August. A score below the neutral 50.0 mark indicates a decrease in design services. The new projects inquiry index slid to 59.0 from a reading of 62.5 the previous month, while […]
The American Automotive Policy Council is challenging data that Commerce Secretary Wilbur Ross cited in his bid to raise the NAFTA auto rules of origin. In a September report, Ross used data from 1995 to 2011 in an effort to “debunk the claim that U.S. content in the form of parts is so high that […]
Manufacturing activity in New York State has accelerated with the headline index of the October Empire State Manufacturing Survey climbing six points to 30.2. The survey was at its highest level in three years, bolstered by an 11-point gain in shipments, putting that index at 27.5. The new orders index slipped seven points, but was […]
Labor rights need to be at the forefront of NAFTA talks, assert leaders of the United Steelworkers and the United Autoworkers. In a joint statement on Oct. 12, United Steelworkers International President Leo W. Gerard and USW Canadian National Director Ken Neumann challenged negotiators to craft a NAFTA agreement that “will raise standards, ensure they […]
It’s on the table: the U.S. proposal for rules of origin for NAFTA automobiles. On Friday, the Trump administration made its demand for 50 percent U.S. content in NAFTA-produced cars and trucks and an increase of North American content from 65.2 percent to 85 percent. The increase for U.S. content would be made within the […]
JSW Steel USA’s first-quarter FY 2018 sales more than doubled from a year ago. Revenue from operations totaled $58.67 million compared to $25.26 million in Q1 FY 2017. EBITDA was positive at $5.1 million after a loss of $5.45 million in last year’s corresponding quarter. The plate mill at the Baytown, Texas, facility produced 65,491 […]
The fourth round of NAFTA talks is under way in Washington with some negotiators fearing the demise of the 20-year-old agreement. “There are several poison pill proposals still on the table that could doom the entire deal,” said Tom Donohue, CEO of the U.S. Chamber of Commerce in a speech in Mexico City on Tuesday. […]
The Global Forum on excess steel capacity is getting closer to releasing its report. The Forum was convened after the G20 meetings in Paris and has outlined six key principles in a draft report that is circulating among 33 participating countries. Comments are due by Oct. 10 with a possible final draft delivered to G20 ministers on […]
CENTRIA, a manufacturer of architectural metal wall and roof systems based in Pittsburgh, announced the addition of Stephan Ploszay to the CENTRIA team as Product Manager, Rainscreen Systems. Ploszay will collaborate with the company’s sales, marketing, and research and development teams to maintain and promote CENTRIA’s MetalWrap™ insulated composite backup panel system, Intercept™ modular metal […]