Steel Dynamics, Inc., is excited about the second half and is expecting growth in all sectors through 2018. CEO Mark Millett says the flat rolled arena remains very strong despite a slight turning of the automotive market. Infrastructure is continuing to grow, as evidenced by cranes and road work funded by states, if not federal […]
Nucor CEO John Ferriola said that in the current challenging environment, he is encouraged by second-quarter results, but not satisfied. Illegally traded imports continue to be a problem in the United States for Nucor and the domestic steel industry, Ferriola said during the company’s second-quarter conference call. He cited a 15 percent year-over-year increase in […]
Trade talks with China this week ended in a stalemate after the U.S. pressed for “more fair” trade terms. The discussions were described as “a frank exchange,” but little if any agreement was reached on bilateral trade and economic issues, according to a senior U.S. official. A press conference following the meeting was canceled and […]
Trade talks with China this week ended in a stalemate after the U.S. pressed for “more fair” trade terms. The discussions were described as “a frank exchange” but little if any agreement was reached on bilateral trade and economic issues, according to a senior U.S. official. A press conference following the meeting was canceled and […]
United Steelworkers International President Leo Gerard says the Trump administration’s objectives for NAFTA don’t go far enough. In a statement following publication of the objectives by the U.S. Trade Representative, Gerard said that although the USW has long supported renegotiation of NAFTA, protection for workers in the U.S., Canada, and Mexico has been supplanted by corporate […]
United Steelworkers International President Leo Gerard says the Trump administration’s objectives for NAFTA don’t go far enough. In a statement following publication of the objectives by the U.S. Trade Representative, Gerard said that although the USW has long supported renegotiation of NAFTA, protection for workers in the U.S., Canada, and Mexico has been supplanted by […]
Housing starts in June jumped 8.3 percent to a seasonally adjusted annual rate of 1,215,000 and were 2.1 percent higher than in June 2016, said the Department of Commerce on Wednesday. The increase follows three months of decline and was driven by new construction in the Northeast and Midwest. Starts soared 83.7 percent in the […]
Drexel Metals, a custom metal fabricator and portfolio company of Arborview Capital, has been acquired by Carlisle Construction Materials. Drexel, headquartered in Louisville, Ky., is a leader in the residential and nonresidential architectural metal roofing segment with regional facilities in Pennsylvania, Kentucky, Colorado and Maryland. Drexel provides on-site rolling of metal panels, custom trim and […]
The saga of Essar Steel Algoma is continuing with a new wrinkle in its attempt to emerge from insolvency protection. The company was granted an extension to its debtor-in-possession financing on Monday, pushing the maturity date to March 21, 2018. USW Local 2724, which represents the salaried employees at Algoma, now wants MAGA Steel Corp […]
President Trump kicked off “Made in America Week” on Monday with a display of items from 50 states that were made in the U.S.A. The photo-op event immediately garnered criticism of the Trump family businesses that rely heavily on China and other Asian countries to manufacture their goods. The NAFTA renegotiation objectives were released concurrently […]
The Empire State Manufacturing Index fell 10 points to 9.8 in July, after hitting a two-year high in June. New orders and shipments continued to grow but at a slower pace in New York State, dropping 4.8 points and 11.8 points, respectively. Delivery times were reported as longer in the July survey and inventory levels […]
What should the administration consider when evaluating the potential use of Section 232 to restrict steel imports? The U.S. Chamber of Commerce, which serves as a voice for business interests in Washington and represents more than three million businesses of varying size, sector and region, offered five questions that should be answered: Do All Steel […]
The agriculture industry challenged the use of national security as a reason to limit steel and aluminum imports, in a missive to Secretary of Commerce Wilbur Ross on Monday. A letter from 18 agricultural associations urged the administration to consider the consequences trade barriers may have on the food industry. “Many countries that export steel […]
Autoworkers in the U.S. and Canada say any renegotiation of the North American Free Trade Agreement must lead to higher wages for all three countries, reverse trade deficits with Mexico, and create new manufacturing jobs in the U.S. and Canada. In a joint statement, the United Autoworkers and Canadian association UNIFOR noted that the trade […]
ArcelorMittal Cleveland General Manager Eric Hague retired June 30, 2017, after 42 years in the Cleveland steel industry. Hauge was instrumental in preserving the blast furnaces when former owner LTV closed the plant in 2001. Instead of a warm idling of the furnaces, Hauge suggested a controversial cold shut down to preserve them from the […]
ArcelorMittal’s Georgetown steel mill may see new life under prospective owner Liberty House Group. A tentative deal has been reached with UK-based Liberty House to purchase the shuttered wire rod facility, but a completed purchase agreement has not been signed. ArcelorMittal is working to reach a successful conclusion to the sale of the Georgetown facility, […]
This commentary by Daniel Pearson appeared in the June 2017 issue of The Conservative and is reprinted with permission. Daniel Pearson is with the Cato Institute where he is a trade specialist. Mr. Pearson is also the former chairman of the International Trade Commission (ITC). He will be one of our speakers at this year’s […]
Essar Steel Algoma, rebranded as Algoma, is requesting a fourth extension to its financing as it continues toward emergence from bankruptcy protection. The last Debtor In Possession extension was denied by the court due to concerns that the financing would not cover the winter material build-up and could provide too much transaction leverage for the […]
Australian steel and aluminum manufacturers were relieved to hear that Australia will be exempt from any U.S. import tariffs imposed under Section 232. Prime Minister Malcolm Turnbull and Finance Minister Mathias Cormann lobbied U.S. officials at the G20 meetings arguing that Australia was a strong ally and exports relatively little of its steel and aluminum to […]
The European steel market and economy improved in the first half of 2017, but the EU is concerned that increasing protectionist policies may lead to “disastrous trade flow distortions.” Apparent steel consumption grew 3.1 percent year-over-year in the European Union during the first quarter of 2017, according to a new report by the European Steel […]
U.S. bourbon exports are on the table for a retaliatory tax should Section 232 cut off EU steel exports. Bourbon, made almost exclusively in Kentucky, accounted for 20 percent of the $654 million of U.S. spirits sold to the European Union in 2016, according to a recent article in The Guardian. Officials confirmed that U.S. […]
The Dodge Momentum Index continued to exhibit strength in June, climbing 1.1 percent to 141.1. The monthly measure of nonresidential construction projects in planning was driven by a 4.8 percent jump in planning for institutional construction. The commercial component of the index dipped 1.3 percent, but was 11.8 percent higher than in June 2016. Institutional […]
The G20 Summit concluded Friday with some concessions made by members on trade, but still no deadline for the looming Section 232 steel investigation results. Pressure from the United States resulted in the G20 joint statement including a more strongly worded pledge for members to “fulfill their commitments on enhancing [steel] information sharing and cooperation by […]
A decision on Section 232 trade action is on hold until sometime after the G20 summit in Hamburg, Germany, this week. U.S. Department of Commerce officials have not announced a release date for the findings of the investigations on steel and aluminum imports and their impact on national security. The original due date was June 30th […]
President Trump heads to Hamburg, Germany, today for the G20 summit with trade deficits and steel dumping on his mind. Trump is expected to receive strong opposition on any attempt to use the Section 232 steel investigation as leverage to influence trade talks. G20 leaders have been critical of the White House’s casting of national […]
Auto sales took a dive in June with the top three American automakers reporting sliding sales and foreign automakers reporting mixed results. Ford Motor Co. sales fell 5.1 percent year-over-year, while GM sales slipped 4.7 percent. FCA USA sales plunged 7 percent, in part due to a planned reduction in sales to its rental operation. […]
The Manufacturing ISM Report on Business exceeded expectations in June with a PMI reading of 57.8 percent. The composite index jumped 2.9 points for its strongest reading since August 2014, said the Institute for Supply Management, Tempe, Ariz. A reading above 50 indicates growth. The new orders index strengthened with a 4 point increase to […]
Manufacturing growth remained steady in June, according to the JP Morgan Global Manufacturing PMI. The composite index was unchanged from May at 52.6. The PMI average for second quarter fell slightly below first quarter. The Eurozone drove growth in June, accelerating the PMI for the region to its highest level in more than six years. […]
Stelco has been officially acquired by Bedrock Industries as of June 30. The former U.S. Steel Canada entered protection under the Companies’ Creditors Arrangement Act in September 2014 and will now stand on its own as Stelco Inc. “This is an exciting day for Stelco and for all of those who have worked so hard […]
The Chicago Business Barometer took a giant leap in June, expanding from 59.4 in May to 65.7. The Barometer, which is designed to predict future changes in gross domestic product, was at its highest level since 2014. The average score for second quarter was 61.1, significantly stronger than the average of 55.1 in Q1. The […]