Accelerating production and new orders raised the JP Morgan Global Manufacturing PMI to 52.0 in October, its highest level in two years. Manufacturing conditions improved in 22 of the 31 nations surveyed. Those nations that contracted were primarily in Asia (South Korea, Indonesia, Malaysia, Thailand, Singapore and Myanmar), said JP Morgan and IHS Markit, along […]
Olympic Steel CEO Michael Siegal believes the election is affecting demand and said service center inventories are particularly low as a result. Olympic Steel executives on the earnings call noted that shipments were better in October than in September but fourth quarter is expected to be slow. Said Siegal, “As you know the fourth quarter […]
US auto sales were at their highest seasonally adjusted annual rate of the year. However, Ward Auto’s SAAR estimate of 17.9 million marked the third month that the SAAR declined year-over-year. The October 2015 rate was 18.1 million. The year-to-date SAAR was 17.3 million, unchanged from the 10 month total in 2015, according to Wards, […]
US Steel has been at the forefront of initiating trade cases and working to strengthen enforcement laws. During the US Steel earnings call, CEO Mario Longhi made the following comments on trade. “We are pleased with the progress we have made so far on the trade front, but much more work needs to be done […]
US Steel reported third quarter net earnings of $51 million compared to a Q2 loss of $46 million and Q3 2015 net loss of $173 million. Net sales in third quarter increased to $2.7 billion, with $114 million in sales coming from the flat-rolled segment and $81 million from US Steel Europe. Sales benefited from […]
US Steel Corp announced today that it has agreed to terms proposed with Bedrock Industries Group for the sale and transition of ownership of US Steel Canada. The transaction is subject to customary court approvals. US Steel Canada has been in Companies Creditor Arrangement Act (CCAA) proceedings since Sept. 16, 2014. Under terms of the […]
Economic activity in the manufacturing sector expanded at a faster rate in October, according to the latest Manufacturing ISM Report on Business. The PMI index, which covers manufacturing activity for the entire United States, registered 51.9, a 0.4 increase from September. A reading above 50 indicates expansion of the manufacturing economy and below 50 indicates […]
The NLMK Group reports combines results for its Foreign Rolled Products Segment which includes NLMK USA and six strip and plate production sites in Europe, including NLMK Dansteel in Denmark. NLMK USA is comprised of NLMK Pennsylvania, NLMK Indiana and Sharon Coating. The segment saw Q3 sales decline to 541,000 tonnes, down 18 percent from […]
AISI, Washington, D.C. (Oct. 27, 2016) – The American Iron and Steel Institute (AISI) today submitted comments to the Trade Policy Staff Committee (TPSC) on USTR’s 2017 National Trade Estimate Report (NTE) on Foreign Trade Barriers. This submission marks the fifth year in a row that AISI has documented the foreign trade barriers that distort […]
Economic activity in October lost some of the momentum gained in third quarter, according to the latest survey by MNI Indicators. The Chicago Business Barometer fell 3.6 points to a five month low of 50.6 in October. The three month moving average was at 52.1, down from 53.8 in September. Production dropped 5.4 points from […]
Gibraltar Industries, as a leading manufacturer and distributor of building products, has close ties to the steel industry. In the third quarter earnings call, Gibraltar Senior Vice President and CFO Ken Smith was asked about how the company is handling the recent steel price increase. Steel increases are monitored multiple times day across the Gibraltar […]
The Brazilian Steel Association has requested that the World Trade Organization initiate a “bilateral consultation” with the United States regarding the countervailing duties applied against imports of Brazilian hot and cold-rolled steel. The Association claims that the U.S. Department of Commerce did not take into consideration in their determination of “actionable subsidies” the explanations by […]
SSAB Americas, recorded a third quarter operating loss of SEK 73 million ($8.1 million) compared to a profit of SEK 162 million ($18 million) in Q2 2016. The loss was due mainly to the maintenance outage at Montpelier in the third quarter, higher variable costs, lower volumes and lower capacity utilization which was somewhat offset […]
The World Trade Organization requires members to inform the organization of any domestic subsidy programs they are providing to industries. The WTO said compliance with the obligation to notify “remains discouraging low.” “As of today, a total of 89 members have not yet made their 2015 new and full subsidy notification, for which the deadline […]
Metalforming companies are expecting a minor decline in business conditions during the next three months, according to the latest survey by the Precision Metalforming Association (PMA). Respondents in the October survey are expecting a drop in incoming orders and noted that shipping levels declined in in October. Lead times, compared with three months ago shortened […]
Cliffs Natural Resources reported iron ore pellet sales volume in third quarter was 5.3 million long tons compared to 5.6 million long tons in 2015. Production was also down at 3.86 million long tons compared to 4 million long tons the year before. The decrease was attributed to customer inventory mix that was partly offset […]
Manufacturing activity in the Tenth District expanded at a moderate pace in October, according to the latest survey by the Federal Reserve Bank of Kansas City. “This was the second consecutive month of rising factory activity in the Tenth District, the first time that has happened in nearly two years,” said Reserve Bank of Kansas […]
Orders for durable goods declined 0.1 percent in September after August orders were revised to a 0.3 percent increase. Economists had expected an increase in orders of between 0.1 and 0.2 percent. Volatility in the transportation equipment sector continued with orders decreasing 0.8 percent after two consecutive monthly increases. Excluding transportation, new orders were up […]
Home prices in August rose by 5.3 percent annually in August according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index. The 20-city composite gained 5.1 percent annually. Portland, Seattle and Denver drove gains during the past seven months. On a month-over-month basis the National Index showed a 0.5 percent increase in August. […]
New home sales rose 3.1 percent to a seasonally adjusted annual rate of 593,000 in September, according to data from U.S. Census Bureau and the Department of Housing and Urban Development. Compared to a year ago, sales of single-family houses increased 29.8 percent. The increase follows downward revisions to June, July and August. The median […]
Thyssenkrupp AG is in negotiations to sell its Brazilian steel plant Companhia Siderúrgica do Atlântico (CSA) to Ternium SA. According to the Wall Street Journal, talks are at an advanced stage but may hit a stumbling block over price for the Brazilian operations. Thyssenkrupp spent $6.8 billion to build CSA but it is currently valued […]
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 […]
AK Steel’s efforts to focus on higher value products, cut costs and reduce exposure to commodity products has resulted in a net income of $50.9 million and the company’s best third quarter since 2008. Adjusted EBITDA margins improved to 10.8 percent from 7 percent a year ago. “De-emphasizing commodity products and introducing new products, such […]
On Monday, the U.S. Department of Commerce (Commerce) announced its affirmative final determinations in the antidumping investigations of imports of circular welded carbon-quality steel pipe from Pakistan, Oman, the United Arab Emirates, and Vietnam, and the countervailing investigation of imports of the same merchandise from Pakistan. The investigations cover welded carbon-quality steel pipe and tube, […]
Manufacturing activity in the Fifth District slowed in October according to the Survey of Manufacturing Activity produced by Federal Reserve Bank of Richmond. The composite Index registered -4, improving from -8 in September and -11 in August. New orders and backlogs decreased in October but remained in negative numbers. The shipment index climbed from contraction […]
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 […]
Ford Motor Co. announced last week it will temporarily idle four plants including the Kansas City assembly plant that produces the F-150 pickup truck. The temporary shutdowns are a result of a slowdown in the market and will help Ford match production to demand as well as meet end-of-year inventory targets. In the U.S., the […]
Essar Global has teamed up with Cargill Inc. to make a bid for US Steel Canada, according to the Globe and Mail. Essar’s bid was rebuffed by USSC in June of 2016 and again as the entity Ontario Steel in August, despite the backing of the United Steelworkers. Bedrock Industries is the current favorite for […]
Essar Steel Algoma has filed a legal proceeding against Essar Global Fund and its affiliates charging that the Essar Group has engaged in a course of conduct that consistently preferred the interests of the Essar Group and, in particular, Essar Global Fund, to those of Algoma and its stakeholders. This conduct, charges Algoma, includes the […]
With the end of October at hand, it is time for SMU to take another look at shipping conditions around the U.S. Seaborne MID-SHIP is seeing improvement in freight rates and fuel prices and an increase in period chartering activity for seaborne cargo. A surge in coal pricing in the past few weeks has resulted […]