Steel Dynamics announced leadership appointments for its new Sinton Mill, Columbus Flat Roll Steel Division and a new position for SDI’s flat roll steel metallics strategy. Dennis Black will become the General Manager of the Southwest-Sinton Flat Roll Division, effective Feb. 1, 2021. Black will be responsible for operations at the new Sinton Texas Flat […]
Nucor will have a new Chief Operating Officer, David A. Sumoski, effective Jan. 1, 2021. Sumoski, currently Executive Vice President of Bar, Rebar Fabrication and Construction Services, joined Nucor in 1995 as an electrical supervisor at the Berkley facility and later as Maintenance Manager. He served as Vice President and General Manager of Nucor Steel […]
Steel Dynamics Inc. reported that fourth-quarter 2020 earnings will be significantly higher than third quarter, driven by flat roll metal spreads and steady steel shipments. Average steel prices for the quarter are expected to offset increased scrap costs. Demand remains good, particularly in automotive and construction. “Strong demand coupled with historically low steel inventories throughout […]
Nucor expects improved fourth-quarter earnings due to higher pricing of sheet and plate as well as strong results at its bar and structural mills. Profitability for the steel products segment is expected to decrease modestly, consistent with typical seasonality. The raw materials segment will benefit from higher prices for raw materials and improved financial performance […]
Worthington Industries reported net sales of $731.1 million and a net loss of $74 million for the second quarter of its fiscal 2021 ended Nov. 30 after accounting for nearly $150 million in pre-tax loss related to its investment in Nikola Corp. and $11.4 million in impairment and restructuring charges. In comparison, sales were $826.6 […]
Norfolk Iron & Metal, a full-line steel service center based in Norfolk, Neb., will acquire the Coeur d’Alenes Company (Cd’A), a service center and processor headquartered in Spokane, Wash. “We are pleased to welcome the Cd’A team members to the NIM family,” said Richard Robinson, chairman and CEO of NIM. “This investment represents a strategic […]
Commercial Metal Company’s micro mill in Mesa, Ariz., has begun receiving renewable energy from the Salt River Project solar electricity generation plant. The Saint Solar 100-megawatt utility-based solar array is located in Coolidge, Ariz., and will provide renewable energy to CMC Steel Arizona and others in the SRP community. CMC Arizona, constructed in 2009, uses […]
Housing starts rose 1.2 percent in November to a seasonally adjusted annual rate of 1,547,000 and were 12.8 percent higher than November 2019. Single-family housing starts flattened in November increasing just 0.4 percent to a rate of 1,186,000. Starts for buildings of five units or more rose 8.0 percent. On a year-to-date basis, single-family construction […]
Scrap recycling and brokerage firm David J. Joseph Company, a Nucor subsidiary, has promoted Mark Schaefer to president, effective Jan. 1, 2021. Schaefer succeeds Craig Feldman who will remain an executive vice president based in Charlotte, N.C. Schaefer joined DJJ in 1985, serving in number of positions including executive vice president of both the recycling […]
Majestic Steel has completed the acquisition of P&S Metals and Supply, a Las Vegas-based steel service center and processor. The addition of P&S will extend Majestic’s footprint in Nevada and the western United States. “We are happy to welcome P&S Metals and Supply to the Majestic family,” said Todd Leebow, Majestic President and CEO. “P&S […]
Olympic Steel has hired Jeffrey A. Carson as General Manager for the Bettendorf, Iowa, facility. Carson will be responsible for growing the facility’s temper mill processing, fabrication and metal distribution in the region and will report directly to Thomas Sacco, Regional Vice President. Carson has more than 30 years of experience in manufacturing operations management, […]
Contractors Steel Company, a Midwest-based service center operated under UPG Enterprises, has acquired family-owned Borrmann Metal Center, a light structural and specialty metal service center based in the Los Angeles area. Borrmann has two California locations with more than 200,000 square feet of warehouse space and a fleet of 15 trucks. Borrmann offers a wide […]
The December Empire State Manufacturing Index indicated a loss of momentum in the New York region. The headline General Business Conditions index fell to 4.9 from November’s reading of 6.3. “Like the prior month, manufacturing activity in New York State expanded only to a small degree in December,” said the Federal Reserve Bank of New […]
Olympic Steel has acquired the assets of Action Stainless & Alloys, Inc., adding the Dallas, Texas-based distributor to its Specialty Metals business segment. Action Stainless & Alloys is a full-line distributor of stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe and offers a range of processing, including plasma, laser and […]
The Associated General Contractors of America filed a lawsuit on Wednesday alleging that the Small Business Administration and the Office of Management and Budget secretly crafted an intrusive questionnaire that gathers irrelevant information on business operations to reassess eligibility for Paycheck Protection Program loans. “The administration has every right, and obligation, to ensure businesses were […]
Cleveland-Cliffs has finalized the acquisition of ArcelorMittal USA and its subsidiaries, creating the largest flat-rolled steel producer in North America. As agreed, ArcelorMittal received $505 million in cash and 78 million shares of Cleveland-Cliffs common and non-voting preferred stock, redeemable for 58 million shares of common stock or equivalent cash. In return, Cleveland-Cliffs assumes all […]
The Commerce Department released a number of findings in antidumping and countervailing investigations this week. Of particular note were decisions on seamless pipe and steel wire strand. Commerce announced affirmative preliminary determinations in the countervailing duty investigations of seamless carbon and alloy steel standard, line, and pressure pipe from Russia and South Korea. Subsidy rates […]
Canada’s Algoma Steel notified customers on Monday, Dec. 7, that, effective immediately, prices on spot orders for hot rolled and cold rolled sheet products will be increased by U.S. $60 per ton. Algoma reserves the right to review and requote any unconfirmed orders. Published extras will also be applicable with new orders. Algoma’s last price […]
Trucking spot rates are easing for the first time in nearly 220 days, says DAT Trendlines. Signs of lower rates were seen on some key lanes for all three trucking types—van, reefer and flatbed during the week ending Dec. 6. “Despite load posts hitting a five-year record last week, increasing by 21 percent over the […]
Dodge Data & Analytics reports a decline in project planning for new construction in the nonresidential sector. The latest Dodge Momentum Index fell 2.6 percent in November to 123.3 The institutional component of the index fell 4.4 percent, while the commercial component slid 1.6 percent. “Since the expiration of support programs in the CARES Act, […]
Panelists in a webinar presented by the Alliance for American Manufacturing on Wednesday said an infrastructure bill and sensible trade policy should be top priorities for the new administration. Entitled “How Can President-Elect Joe Biden Build Back Better,” panel members discussed what the Biden administration will need to do to rebuild the economy. Rep. John Garamendi (D-CA) […]
Construction employment gained 27,000 jobs in November due to continued strength in residential home building. Jobs in nonresidential increased at a slower rate due to pandemic-induced project cancellations, said the Associated General Contractors of America. The disparity between residential and nonresidential construction widened in November, said AGC Chief Economist Ken Simonson. Residential building and specialty […]
No one anticipated in August how quickly prices would go up, said CRU Principal Analyst Josh Spoores during this week’s SMU Community Chat Webinar. As four criteria lined up—steel-intensive industrial demand, low supply chain inventories, low imports, and domestic prices below global levels—steel prices in the U.S. surged at the fastest rate in 41 years, […]
Economic expansion in November was characterized as “modest or moderate” by the Federal Reserve in its latest Beige Book. Activity slowed in Philadelphia and three Midwest districts as COVID-infection rates surged at the beginning of the month. Higher than average growth was reported for manufacturing, distribution and logistics, homebuilding, and existing home sales. Some sectors […]
U.S. auto sales slowed in November, dipping to a seasonally adjusted annual pace of 15.55 million units from 16.21 million in October, says Wards Intelligence. The decline was attributed primarily to three fewer selling days and one less weekend during the month. “November 2020 is a prime example of why accounting for selling day differences […]
Only 30 percent of construction firms in the nation’s metro areas added jobs this year, said the Associated General Contractors in a report on Wednesday. Out of 358 metro areas, construction employment fell in 209 areas and was stagnant in 40 others between October 2019 and October 2020. “The pandemic has devastated the finances for […]
Kevin Dempsey has been named president and CEO of the American Iron and Steel Institute by the AISI Board of Directors. Dempsey has been serving as interim president and CEO since the retirement of Thomas Gibson in June. “Kevin Dempsey has been a driving force for the steel industry’s advocacy on our key priorities for […]
Global manufacturing had its best month of the year in November, expanding for the fifth consecutive month. The J.P. Morgan Global Manufacturing PMI posted a 33-month high of 53.7 with growth in all three industry sectors: consumer, intermediate and investment. Nineteen of 30 territories reported expansion last month, led by higher output in China and […]
The ISM Manufacturing PMI dipped 1.8 points in November to register 57.5, remaining in positive territory but indicating concerns related to the latest surge of COVID-19. “Manufacturing performed well for the sixth straight month, with demand, consumption and inputs registering growth, but at slower rates compared to October,” said Timothy Fiore, chairman of the Institute […]
United Steelworkers at NMLK Pennsylvania received an updated contract proposal from the company on Nov. 25 in hopes of resolving the four-month strike. The latest offer addresses several concerns of the bargaining committee. To address wage demands, NLMK will commit to an incentive system based on tons shipped that will “enable the employees to get […]