The Steel Manufacturers Association is still confident that the Section 232 investigation on steel imports will bring relief to the U.S. steel industry. SMA President Philip Bell called the investigation a “really complex issue,” during a media call on Monday. Although the administration issued a self-imposed deadline of June 30, which it failed to meet, […]
Reliance Steel & Aluminum Co. and wholly-owned subsidiary Diamond Manufacturing Co. announced the acquisition of Ferguson Perforating Co., effective Oct. 2. Los Angeles-based Reliance is the largest service center company in North America. Ferguson specializes in producing highly engineered and complex perforated metal for diverse end markets ranging from aerospace and automotive to industrial machinery, […]
The global steel industry continues to improve its sustainability record in environmental, social and economic performance, according to the World Steel Association 2017 sustainability report. Worldsteel surveyed 126 steel companies and six associations regarding eight sustainability indicators. The group represents 54 percent of global crude steel production for 2016 or 875 million tons of steel. […]
Increased imports of foreign-made washing machines into the U.S. are causing serious injury to the domestic industry, said the U.S. International Trade Commission in an Oct. 5 determination. Under Section 202 of the Trade Act of 1974, the commission voted 4-0 in the global safeguard investigation that was prompted by a petition from Whirlpool Corp. […]
NAFTA negotiations are about to get even more contentious with a proposal by the Trump administration to increase U.S. domestic content in autos to 50 percent. The administration also proposes increasing the NAFTA regional content requirement to 85 percent from the current 62.5 percent, said sources to Inside U.S. Trade. The administration is facing tough […]
The Dodge Momentum Index slumped 8.4 percent to a reading of 116.4 in September. The index, published by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which has been shown to lead construction spending for nonresidential buildings by a full year. Planning for […]
The construction industry added 8,000 jobs in September for its highest level since 2008, but could have hired even more if qualified workers were available, said the Associated General Contractors of America. Construction unemployment was 4.7 percent in September, its lowest September rate since 2000, said AGC. Average hourly earnings have increased 3 percent from […]
U.S. Steel’s Section 337 petition took another blow this week when Administrative Law Judge Dee Lord terminated the trans-shipment claim that accused China of misrepresenting country of origin on steel imports. Lord had dismissed the claim in January, citing lack of evidence by U.S. Steel to support its allegations. The claim was remanded to Lord […]
The American Institute for International Steel, representing 120 companies supporting 1.2 million jobs in the steel-using sectors and 84,000 direct and indirect jobs in the marine transportation system, wrote to the president this week requesting termination of the Section 232 investigation on steel imports. AIIS said they appreciate that a significant part of the rationale […]
Governor Mark Dayton expressed his support of Chippewa Capital Partners to revive the Essar Steel Minnesota iron ore mining site. In an open letter to people on the Iron Range, Dayton said Chippewa has satisfied its obligations under the bankruptcy proceedings and may move forward with plans to construct a taconite pellet plant. Chippewa has […]
Cleveland Cliffs is now complete owner of Tilden Mining Company located in Ishpeming, Mich. Cliffs purchased U.S. Steel’s 15 percent equity interest in the mine for $105 million. With the closing of this transaction on Sept. 29, Cliffs added 1.2 million long tons of annual pellet production capacity and 55 million long tons of proven […]
Manufacturing expanded in the United States, along with the overall economy, as the Institute for Supply Management’s September PMI jumped 2 percentage points to register 60.8 percent. ISM’s New Orders Index gained 4.3 points. New orders have averaged 61.6 percent since December 2016, said Timothy R. Fiore, chairman of ISM’s Manufacturing Business Survey Committee. Any […]
Auto sales rebounded in September, jumping 6.1 percent to more than 1.5 million vehicles sold, and surpassing analyst expectations. Kelly Blue Book projected a sales growth of 1.0 percent while Edmunds expected an increase of only 0.4 percent. A boost in automotive sales came after Hurricane Harvey and is expected to continue through October and […]
Global manufacturing stayed steady at a strong reading of 53.2 in September. The J.P. Morgan Global Manufacturing PMI was unchanged from the August reading with consumer, intermediate and investment goods all signaling expansion. Production rose, driven by new orders and international trade volumes and bumping up employment for the month. Higher input costs pushed selling […]
The Associated General Contractors of America urged Congress and the Trump administration to include new spending as part of the tax reform proposal to reverse declining infrastructure investment. New investments will offset declining public sector demand and help boost overall economic activity, said AGC. “It is hard for American employers to be globally competitive when […]
Steel tariffs are still likely from the Trump administration, said Nucor CEO and President John Ferriola. In an interview with Bloomberg, Ferriola said a White House official that regularly meets with the president told him that the topic is brought up by Trump several times a week. Ferriola said he was told that two or […]
Ryerson Holding Corp., a value-added processor and distributor of industrial metals, sees improved demand and sequential growth for the third quarter in the construction equipment, food processing and agricultural industries and year-over-year growth in nearly all of its end markets. In its third-quarter guidance, Ryerson noted U.S. service center volumes have increased by more than […]
Olympic Steel announced three executive changes this week. James D. Post is promoted to the position of Regional Vice President and General Manager, Kevin L. Miller to the position of General Manager, Cleveland Division, and Zachary J. Siegal is promoted to the new position of Vice President of Strategic Development. The appointments take effect Oct. […]
Two new hot strip mills are in the works for the Mexican steel industry. Both ArcelorMittal and Ternium announced plans this week to make investments in their facilities to meet growing demand. The announcements coincide with decrees by Mexican President Enrique Peña Nieto creating three special economic zones that offer tax breaks to companies investing […]
The third round of NAFTA discussions ended Wednesday with consensus on small and medium enterprises. The chapter on small and medium-size enterprises will enhance “their ability to participate in and benefit from the opportunities created by this agreement, including through cooperative activities, information sharing, and the establishment of a NAFTA Trilateral SME Dialogue, involving the […]
Big River Steel presented a check for $50 million to Arkansas Governer Asa Hutchinson for full repayment of a loan from the State of Arkansas—and did it 17 years early. The early repayment of this $50 million loan is a strong indication of the financial strength of Big River Steel and reaffirms my confidence in […]
A sharp rise in the September Chicago Business Barometer indicates a strong fourth quarter for manufacturing. The Barometer rose to 65.2 from 58.9 in August for its second highest level in more than three years. The average reading for the third quarter was a solid 61.0, steady with the second quarter’s three-year high of 61.1. […]
President Trump lifted the shipping restrictions on Puerto Rico on Thursday, at least temporarily waiving the Jones Act that prohibits non-U.S. flagged vessels from delivering shipments between two U.S. ports. With the decision, relief supplies can be brought from the mainland to devastated Puerto Rico by foreign-owned vessels. The waiver is limited to 10 days. […]
ArcelorMittal USA will idle its rolling mill in Conshohocken, Pa., within the next year and consolidate its plate operations. Production from the mill will be transferred to the Coatesville and Burns Harbor facilities. The heat treat and inspection operation will continue at Conshohocken using steel rolled by the sister facilities. The decision to idle the […]
Schnitzer Steel Industries is expecting good results for its fourth quarter FY 2017, ending Aug. 31. Earnings per share are expected in the range of $0.60-$0.63, up from $0.59 in Q4 2016. Autos and Metals Recycling ferrous net selling prices are expected to jump 25 percent year-over-year and ferrous sales volumes 7.0 percent. Although operating […]
Union members at AK Steel Rockport Works have ratified a new four-year labor agreement. The agreement covers 319 hourly production employees of the United Auto Workers (UAW) and will be in effect until Sept. 30, 2021. Rockport Works produces a full range of cold rolled carbon, coated and stainless steels, with many of the products […]
Despite a run of disruptions during its first quarter, Worthington CEO and Chairman John McConnell is optimistic about the new fiscal year. “We believe that most of the markets we serve are healthy with some showing more strength than others,” said McConnell. “We are off to a good start in fiscal 2018.” Worthington Industries’ earnings […]
Construction employment increased in 274 out of 358 metro areas between August 2016 and August 2017, declined in 52 and stagnated in 32, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials noted that the construction job gains come even as 70 percent of […]
Durable goods orders rose more than expected in August, picking up a gain of 1.7 percent versus a forecast for 1.0 percent, the U.S. Census Bureau announced today. The increase was welcomed after a 5.8 percent decline in July. A 45 percent jump in the volatile category of nondefense aircraft orders led the increase. Core […]
Canadian steel producer Stelco Holdings will go public with the sale of at least $150 million in shares. The company filed for an initial public offering on Wednesday with security regulators in Canada. Stelco, the former U.S. Steel Canada, was acquired out of bankruptcy by Bedrock Industries in June. The restructuring relieved Stelco of $3 […]