The latest release of the S&P/Case-Shiller Home Price Indices shows home prices continue to rise across the U.S. On a year-over-year basis, the U.S. National Home Price Index in March gained 5.2 percent while the 10- and 20-City Composites remained unchanged at 4.7 percent and 5.4 percent, respectively. On a month-over-month seasonally adjusted basis the […]
The Department of Commerce announced on Wednesday affirmative final determinations in AD and CVD investigations of imports of corrosion-resistant steel products (CORE) from China, India, Italy, Korea; an affirmative final determination in the AD investigation of imports of CORE from Taiwan; and a negative final determination in the CVD investigation of imports of CORE from […]
According to a report by Platts, Eurofer has petitioned the European Commission to expand its AD investigation into imports of HRC from China to include HRC from Turkey, Russia, Brazil, Iran and the Ukraine. Charles de Lusignan, Communications Manager for Eurofer, said he could not confirm or deny that report. It is Eurofer’s policy not […]
New orders for durable goods in April increased 3.4 percent to $235.9 billion from March’s upwardly revised figure of 1.9 percent, according to the advance report from the Department of Commerce. Durable goods are manufactured products that are expected to last at least three years. Transportation orders led the increase with a jump of 8.9 […]
The contract for USW Local 2251, the biggest union representing 2,207 steelworkers at Essar Steel Algoma, will expire on July 31, 2016. President of Local 2251, Mike Da Prat, says it is not a foregone conclusion that workers will agree to continue working under the expired contract. The second largest union, Local 2724, representing 457 […]
The American Manufacturing and Competitiveness Act of 2016 was passed by Congress and signed into law on May 20, 2016. The bill H.R. 4923 creates a transparent process for businesses to request duty suspensions and reductions on imported products for which there is no, or insufficient, domestic availability. The bill calls for regular updates to […]
The International Trade Commission is expected to make a decision May 26 on whether the Section 337 filing by US Steel will move forward. The complaint contends China stole trade secrets, fixed prices and participated in transshipping and mislabeling of steel products to evade duties. If the trade action is successful, the US International Trade […]
The following article was written by Lisa Reisman, Managing Director and CEO Of Azul Partners, Inc., on May 24, 2016 and is reprinted with permission of MetalMiner: Jennifer Diggins is the director of Government Affairs at Charlotte, N.C.-based Nucor Corp., the largest steelmaker in the U.S. and North America’s largest recycler of any material (Nucor […]
Sales of new single-family houses in April surged 16.6 percent from March to a seasonally adjusted annual rate of 619,000, according to estimates released by the Commerce Department. The increase in percentage was the highest since January 1992 and the highest annual rate since 2008. Sales were up 23.8 percent from the April 2015. March […]
Last week the Department Commerce slapped AD/CVD duties totaling over 500 percent on China cold rolled steel flat products. China immediately challenged the determination, calling for removal of the penalties and reaffirming the rebates awarded to its industry to help with solving the steel and coal overcapacity. The Chinese Ministry of Commerce confirmed that it […]
The National Association of Realtors reports existing home sales in April rose 1.7 percent from March for a seasonally adjusted annual rate of 5.45 million. Sales were 6.0 percent higher than in April 2015. “Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a […]
The sales process is continuing for Canadian steel mills Essar Steel Algoma and US Steel Canada. Confidentiality agreements prevent the identities of potential bidders to be released but some information has been slipping out. Essar Steel Algoma Despite the “cone of silence” that the media has called the quiet period around the Algoma negotiations, the […]
The sales process is continuing for Canadian steel mills Essar Steel Algoma and US Steel Canada. Confidentiality agreements prevent the identities of potential bidders to be released but some information has been slipping out. Essar Steel Algoma Despite the “cone of silence” that the media has called the quiet period around the Algoma negotiations, the […]
The Architecture Billings Index score was 50.6 in April, down from 51.9 in March. It is the third consecutive month the Index has been above 50 indicating increasing demand for design activity at architectural firms. The new projects inquiry index was 56.9 compared 58.1 last month. “Architects continue to report a wide range of business […]
At last week’s Association for Iron & Steel Technology (AIST) convention in Pittsburgh, US Steel President and CEO Mario Longhi challenged the steel industry to innovate or run the risk of steel being replaced by other materials. Longhi said during his keynote speech, “There is a revolution underway in advanced materials — a race to […]
Manufacturing conditions were essentially unchanged in Philadelphia in May. The Philadelphia Federal Reserve Manufacturing Business Outlook registered -1.8 on the diffusion index, the eighth month of negative readings in the last nine months. The slip was a surprise to analysts who forecast a rise to 3.0 for the index. The new orders index decreased from […]
Today, the Department of Commerce announced its affirmative final determinations in the AD investigations of imports of certain cold-rolled steel flat products (cold-rolled steel) from China and Japan, and CVD investigation of imports of cold-rolled steel from China. Commerce determined imports of cold-rolled steel from China and Japan have been sold in the U.S. at […]
Brazil steelmaker Companhia Siderurgica Nacional (CSN) reports its furnace at Volta Redonda will be back in production soon. The No. 3 furnace was shut down after an accident on April 25 and all export orders were suspended. The No. 3 furnace accounted for 70 percent of the plant’s steel production capacity. According to media reports, […]
Housing starts in April increased 6.6 percent from the previous month to a seasonally adjusted annual rate of 1,172,000, according to data from the U.S. Department of Housing and Urban Development and the Commerce Department. On a year over year basis housing start were down 1.7 percent. Single-family housing starts in April were at a […]
New York manufacturers reported declining general business conditions in the May Empire State Manufacturing Survey. The headline index fell 19 points to -9.0. The indexes for shipments and new orders both fell into negative numbers at -1.94 and -5.54, respectively. The three month moving average (3MMA) of the index rose from -2.15 in April to […]
US Steel has spearheaded an attempt to exclude all Chinese steel products from the U.S. market. But as is usually the case with drastic actions, there are a number of opponents to the move. Companies that use foreign steel in their products have asked the U.S. International Trade Commission to throw the complaint out. Steel […]
The United Steelworkers will receive the final Contract Summary of the proposed agreement with ArcelorMittal USA starting around May 23. The summary will include a ballot and voting instructions. Ratification ballots must returned by June 21 for collection and counting on June 23, 2016. Pete Trinidad, Sr., President USW Local 6787 told members in a […]
The May 12 MID-SHIP Report indicated the freight market took a downward turn last week. Capesize vessels hauling iron ore from West Australia to China dropped to $3.60 per tonne from a recent high of $4.50 per ton. Panamax, Handysize and Supermax also slid downward during the week. Said MID-SHIP in a tongue twisting turn […]
Seven bidders are known to be in the running for Tata’s UK steel business. According to media reports the last bidder to be identified was Endless, a UK turnaround specialist. The other bidders include Liberty House, Greybull, the Excaliber management buyout led by Port Talbot Chief Stuart Wilkie, and JSW Steel. Bloomberg reported that China’s […]
Auto/Steel Partnership – May 11, 2016 — In an effort to assist automakers in meeting stringent fuel economy requirements, the Auto/Steel Partnership (A/SP) announced today the Hemming of Thin Gauge Advanced High-Strength Steel (AHSS) project achieved a 30 percent weight savings using thinner gauge AHSS for automotive closure panels. “The Hemming team achieved positive results […]
The following is the March steel exports report from the American Institute for International Steel: Falls Church, VA. May 11, 2016. Steel exports changed little from February to March, though they remained well below the level of a year earlier. The 775,270 net tons of exports were 0.5 percent less than the previous month and […]
North Star BlueScope experienced an explosion and fire at their Delta, Ohio site on Saturday, May 7. A refractory failure allowed a washout of molten steel from the South EAF shell resulting in an explosion that was heard and felt in surrounding neighborhoods. Emergency responders responded quickly on Saturday to control the fire from the […]
Rising stockpiles of iron ore in China have sent iron ore futures plummeting in the past week. A frenzy of speculation had pushed benchmark prices for ore to a 15 month high last month. Prices have fallen 22 percent since the peak of +$70 on April 21. This morning The Steel Index reported 62% Fe […]
The city of Sault Ste. Marie wants its property taxes and is asking the court to demand Essar Steel Algoma pay them. Essar Steel Algoma, failed to make its first 2016 payment of $1.8 million on March 7 and a second payment due May 5. Algoma, which entered CCAA restructuring last fall, has $14 million […]
Nucor Corp. announced today that it will expand its Vulcraft/Verco Group into Canada. The new production facility, Vulcraft Canada, Inc., will be located near Hamilton, Ontario and will serve the Central and Eastern markets. The facility will produce steel joists, joist girders, and decking. Product fabrication is expected to begin later this year. “We are […]