Sales of new single-family homes in April fell 11.4 percent from March to a seasonally adjusted annual rate of 569,000, according to the Commerce Department. Sales were up 0.5 percent from the same month in 2016. The steep slide was unexpected following the ten year high of revised March sales of 642,000. Ian Shepherdson, chief […]
A contract worker was killed in a work-related accident at US Steel Great Lakes Works in Ecorse, Mich., early Monday morning. The man, a 32-year-old subcontractor for Mid-American Group Inc., fell about 20 feet to his death in an accident reportedly related to a crane collapse. The Michigan Occupational Safety and Health Association said it […]
The Fifth District Survey of Manufacturing Activity showed shipments and new orders fell significantly in May pulling the composite index down to 1 from 20 in April. The index for backlogs decreased to -15 from 4 in April and vendor lead times increased to an index reading of 6 from 2. The finished goods inventory […]
Essar Steel Algoma is asking for debtor-in-possession financing to be extended a fourth time until Aug. 30, 2017. In the 31st report of the Monitor, Brian Denega asked that the extension be approved and that a Restructuring Committee be established to take some of the burden of negotiations and restructuring off key executives who can […]
WEST CHESTER, OH–(Marketwired – May 17, 2017) – AK Steel (NYSE: AKS) announced today that it has accepted an award of up to $1.8 million from the U.S. Department of Energy (DOE) under the Advanced Manufacturing Office’s Next Generation Electric Machines (NGEM) program to develop the next generation of advanced, non-oriented electrical steels (NOES) for […]
U.S. auto manufacturers are tightening their belts as automotive sales fall from their two year highs. Ford Motor Co. said it will cut 1,400 salaried jobs in North America and Asia through voluntary retirement as shares of stock dropped 2.5 percent on Wednesday. Ford will offer financial incentives and generous retirement packages to encourage managers […]
The Trump administration plans to start renegotiation of the North American Free Trade Agreement in mid-August, said US Trade Representative Robert Lighthizer in a letter to Congress today. Lighthizer said he has triggered the 90-day consultation period with Congress, industries and the public. “As a starting point for negotiations, we should build on what has […]
Manufacturing conditions deteriorated in New York State in May according to the latest Empire State Manufacturing Survey. The general business conditions index slid six points to -1.0. The index is now down 19 points since its February high of 18.7. Economists were expecting the headline index to come in at a positive 7.0 for the […]
HVAC wholesalers reported despite “good” demand they are seeing ultra-competitive conditions on the sales of galvanized steel they are attempting to sell into the HVAC (heating, ventilation, air-conditioning) markets. Steel Market Update participates in a monthly steel conference call hosted by HARDI (Heating, Air-conditioning, and Refrigeration Distributors International) for their member companies. The HARDI conference […]
Housing starts surprised economists by moving lower in April to a seasonally adjusted annual rate of 1,172,000. April’s tally is 2.6 percent below the March estimate of 1,203,000 but 0.7 percent higher than a year ago. Projections were for starts to reach 1.26 million in April. Starts increased 41.1 percent in the Midwest and 5.4 […]
AM Castle, a distributor of specialty metal and supply chain solutions, reported net sales in Q1 2017 of $136 million, a decrease of $28 million or 17 percent compared to Q1 2016 net sales of $164 million, which included the $27 million sale of inventory of the Houston and Edmonton locations. Tons sold per day […]
The World Trade Organization expects global trade to continue to expand moderately in second quarter 2017. The World Trade Outlook Indicator (WTOI) rose to 102.2 and was the highest reading since May 2011. Export orders, container shipping, and air freight recorded strong gains in recent months, signaling above-trend growth in merchandise trade volumes for the […]
Construction has expanded in the U.S. for over 30 quarters, and it still has legs, said Alex Carrick, Chief Economist at ConstructConnect. ConstructConnect presented a webinar May 11, entitled “Bump or Slump? 2017 Prospects for Design & Construction. AIA chief economist Kermit Baker and AGC of America Chief Economist Ken Simonson joined Carrick in discussing […]
The following article was provided and first published by ArcelorMittal USA news: After experimenting with aluminum in its luxury models, Audi’s next A8 will switch back to steel. Scheduled for release in 2018, the body structure of the new A8 will be made up of more than 40 percent steel, following the trend of automakers […]
ArcelorMittal NAFTA turned in solid results for first quarter 2017. The segment, composed of Indiana Harbor, AM/NS Calvert and ArcelorMittal Dofasco, had sales of $4.46 billion, up from $3.7 billion in Q4 2016 and $3.82 billion in Q1 2016. Operating income increased to $396 million from $164 million the previous quarter and $339 million the […]
US Steel announced on Wednesday that Mario Longhi has stepped down as CEO of US Steel Corp. As of May 8, 2017, president and chief operating officer David Burritt will take the reins as chief executive officer. Longhi will remain on the board of directors and as an employee of US Steel, providing transitional support, […]
The retirement of Mario Longhi from US Steel follows the company’s devastating first quarter loss of $180 million. Despite efforts to rein in costs at US Steel through the much touted Carnegie Way, US Steel managed only one profitable year, 2014, under Longhi’s tenure. The Q1 2017 results caused a 27 percent crash of US […]
Robert Lighthizer was confirmed as the new US Trade Representative by an 82-14 vote in the Senate on Thursday. Lighthizer faced some opposition from Republican Senators John McCain (Ariz.) and Ben Sasse (Neb.) who said they would vote against the Trump nominee because of his views concerning NAFTA and his alliance with the Administration’s protectionist […]
Nucor Corporation announced today the promotion of Leon Topalian to Executive Vice President, effective May 14, 2017. Topalian is currently Vice President and General Manager of Nucor-Yamato Steel Company. John Ferriola, Nucor’s Chairman, CEO and President, commented, “Leon has served Nucor in many key roles, and now he will be a strong addition to our […]
China’s Ministry of Commerce called the initiation by the U.S. of antidumping investigations on imports of cold-drawn steel mechanical tubing from China and five other countries “excessive,” in comments made on Thursday. Wang Hejun, head of the trade remedy and investigation bureau, said he was concerned over rising protectionism from the United States. “Under excessive […]
Flatbed trucks are generally first choice to move steel products from mills to distribution centers to manufacturing clients. What determines what freights will be for this workhorse of the steel industry? Freight costs are influenced by fuel costs, weather, seasonal demand, historical costs, and load-to-truck ratios. Flatbed rates are particularly vulnerable to weather conditions in […]
AIST – NASHVILLE, 9 May 2017 — Roger K. Newport, chief executive officer and board member, AK Steel, was named Steelmaker of the Year at AISTech 2017 — The Iron & Steel Technology Conference and Exposition, managed by The Association for Iron & Steel Technology (AIST). The Steelmaker of the Year Award is presented annually […]
Stelco, the former US Steel Canada, is getting nearer to emerging from CCAA protection. A “sanction hearing” is scheduled for June 9 during which the court will decide whether Bedrock Industries will be the new owner. Bedrock has the support of most of the stakeholders but is still facing resistance from the local unions who […]
The U.S. International Trade Commission made a final determination that the U.S. steel industry has been materially injured by imports of carbon and alloy steel cut-to-length plate from Austria, Belgium, France, Germany, Italy, Japan, Korea, and Taiwan. Antidumping (AD) orders will be issued on imports of these products from the eight countries as well as […]
A look by Steel Market Update at shipping conditions… Seaborne Freight Rates have eased in all four of the major shipping segments (cape, panama, Supramax and handy) in second quarter, according to April’s MID-SHIP Report. Rates are expected to continue to ease throughout this month creating a potential early summer slump. Coal and steel raw […]
The Dodge Momentum Index slipped 5.1 percentage points in April to a reading of 133.8. Institutional planning fell 12 percent while commercial construction planning gained only 0.1 percent. Dodge Data & Analytics sees April’s decline as part of a sawtooth pattern that has been prevalent since early 2016. Said Dodge regarding the April findings, “Despite […]
Ryerson Holding Corporation, a distributor and value-added processor of industrial metals, reported net income of $14.8 million in first quarter 2017 on revenue of $814.5 million. Increased shipment volume combined with higher selling prices led to strong results for the quarter. Total tons shipped were 497,000 compared to 440,000 tons in first quarter and 478,000 […]
The State of Texas is attempting to lure a new flat rolled steel mill to the state. According to various press reports there appear to be two interested parties: Big River Steel and the E United Group out of Taiwan. Is Big River Steel already planning to expand? That seems to be what the Port […]
SSAB announced it is opening a new office near Detroit, Michigan that will serve SSAB’s existing and potential customers. The new sales office is located in the Town Center complex in the town of Southfield. “I’m thrilled that we are opening this new office in Michigan,” said Olavi Huhtala, head of SSAB’s European and automotive […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]