AM Castle reported a net loss of $44.8 million for first quarter 2016. Net sales were down 13.1 percent year over year to $163.8 million. A significant portion of sales, $27.1 million, were from the liquidation of the company’s energy related inventory from the recent closure of the Houston and Edmonton facilities. Excluding this, net […]
Economists participating last week in the CMD Webinar: Is Construction Gaining or Waning were generally optimistic about the economy and forecast for construction growth. Although some sectors of construction peaked last year, growth is continuing in almost all areas, although at a slower pace. During the webinar, chief economists Ken Simonson, Associated General Contractors of […]
ArcelorMittal narrowed its losses in first quarter 2015 to $416 million from $728 million a year ago. Total steel shipments for the company were 21.5 million tonnes. “Clearly, the market conditions have improved since we reported full year results in early February. Rising steel prices in China have supported prices globally and this has been […]
Ryerson Holding Corporation reported net income of $13.5 million for the first quarter of 2016, compared to a loss of $2.5 million for the first quarter of 2015. Revenues were $702.6 million for the first quarter of 2016, down 19.1 percent from the year-ago period due to a 19.4 percent decline in the average selling […]
The Dodge Momentum Index rose 0.6 percent in April to 116.5 from a revised March reading of 115.8. Planning for commercial construction increased 0.8 percent and institutional planning rose 0.4 percent. Institutional planning, although volatile on a month-to-month basis, continues to recover and is now seven percent above year ago levels. The pace for commercial […]
Motions to release details of the “secret deal” between US Steel and the Canadian government were again rejected by the judge presiding over the US Steel Canada restructuring process. Justice Herman Wilton-Siegel said on Wednesday that petitioners for the release have not sufficiently proven that they need the details of the agreement, although he admitted […]
The Associated General Contractors of America, on May 1, released their March analysis of construction spending. Construction spending in March 2016 was at a seasonally adjusted annual rate of $1.138 trillion. SMU looked back at past March analyses and found an upward trend in spending for the month. In March 2014 construction spending totaled $943 […]
The April 2016 Manufacturing ISM Report on Business reported the April PMI registered at 50.8 percent, a decrease of 1.0 percent from March. The PMI reading above 50 indicates that manufacturing activity on a national basis expanded for the second month in a row after five consecutive months of contraction. The growth in manufacturing was […]
U.S. automakers reported strong sales in April. WardsAuto expects the seasonally adjusted annual rate to reach 17.6 million units, surpassing last month’s rate of 16.6 million and 2015’s rate of 16.7 million. Volume sales for the month are expected to reach 1.51 million units exceeding the previous record for the month set in 2005. Sales […]
Global manufacturing growth ground to a near-standstill in April, according to the JP Morgan Global Manufacturing PMI. The composite index was at 50.1 for April and was the second weakest reading in 40 months. A reading of 50 signals no change. Production output and new orders were muted in most markets and international trade volumes […]
AISI, Salt Lake City, Utah – The Board of Directors of the American Iron and Steel Institute (AISI) has elected John Ferriola, chairman, president and CEO of Nucor Corporation, to serve as chairman of the Institute until May 2017. “John is a dedicated and outspoken advocate for our industry, and has engaged his employees and […]
The United Steelworkers revealed highlights on Friday of its tentative contract with ArcelorMittal USA. The settlement followed eight months of negotiations while union members continued to work under the terms of the previous expired contract. The new contract does not include a pay raise but does maintain the no premium status for health care benefits […]
Baosteel Group refuted allegations of illegal trade activity charged by US Steel in a Section 337 investigation and said they were “shocked and angry” by the accusations. “As a company whose operations are completely market-oriented, Baosteel Group strictly abides by the laws and regulations of the places in which it is operating in its daily […]
In a surprise move on Friday, US Steel requested that the court shorten the CCAA protection period for US Steel Canada. US Steel Canada had petitioned the court to extend the CCAA period to July 28, 2016 but US Steel attorneys requested the Stay Period extend only to May 29. Justice Herman Wilton-Siegel, who has […]
On April 29, 2016, the Department of Commerce initiated an antidumping duty (AD) investigation of imports of certain carbon and alloy steel cut-to-length plate (CTL plate) from Austria, Belgium, Brazil, China, France, Germany, Italy, Japan, Korea, South Africa, Taiwan, and Turkey, and countervailing duty (CVD) investigations of imports of CTL plate from Brazil, China, and […]
NanoSteel announced delivery of its first advanced high strength steel to General Motors for initial testing. The new product was developed in partnership with AK Steel and is designed to provide automakers with a new standard in strength, formability and weight for steels used in the production of lightweight, fuel efficient vehicles. NanoSteel says what […]
Olympic Steel reported a narrower than expected net loss of $767,000 for first quarter 2016. Revenues were $258.3 million compared to $346 million in Q1 2015 due to lower prices and volume. First quarter shipments increased, however 16 percent from fourth quarter 2015 recapturing market share from last year’s declining marketplace. “We successfully navigated challenging […]
Cliffs Natural Resources first quarter earnings were stronger than expected by many analysts. The company posted net income of $117 million compared to a net loss of $762 million a year ago. Lourenco Goncalves, Cliffs’ Chairman, President and Chief Executive Officer, said, “Cliffs’ first-quarter results clearly demonstrate how far we have come on our turnaround. […]
The Chicago Business Barometer, or Chicago PMI, dropped 3.2 points to 50.4 in April indicating a slow start to the second quarter. New orders and order backlogs both fell sharply during the month. Inventories, which have been relatively stable in the past few months, increased to their highest point since October 2015 but were still […]
Updated April 28, 2016 – The United Steelworkers announced Wednesday that they have a tentative agreement contract agreement with ArcelorMittal USA. “After almost a year of difficult bargaining that continued eight months past the expiration of our previous contract, our committee’s hard work and dedication have resulted in a tentative agreement with ArcelorMittal,” said USW […]
US Steel claims trade secrets involved in creating Advanced High Strength Steel (AHSS) were stolen in a Chinese cyber-attack in January 2011. Information acquired included the particular chemistry for Dual Phase steel (grades 590, 780 and 980) and its coating; critical temperatures and holding times for heating, cooling, and coating the steel; and the capabilities […]
The American Institute for International Steel reports monthly on steel import levels. We thought our readers might enjoy looking at the data from the AIIS point of view. Here is the press release for imports in March: Falls Church, VA. April 28, 2016. Steel imports increased 12.8 percent in March and have now expanded by […]
Two Federal Reserve manufacturing indexes came out this week: the Texas Manufacturing Outlook Survey and the Richmond Fifth District Survey of Manufacturing. Both surveys show manufacturing continuing to expand in April. Texas Manufacturing Outlook Survey Manufacturers in Texas saw production output pick up slightly in April. The new orders index rebounded into positive territory at […]
US Steel maintains that Chinese manufacturers and distributors use false documents and transship products through other countries to disguise the country of origin. Numerous antidumping and countervailing duty orders have been placed on Chinese steel products over the years. US Steel maintains that China continues to circumvent these orders by using such methods in violation […]
The S&P/Case-Shiller U.S. National Home Price Index indicated home prices continued to rise over the past 12 months but at a slower growth rate. The 20-City Composite gain was 5.4 percent year over year in February, down from 5.7 percent in January. The composite gained just 0.7 percent on month over month base after seasonal […]
AK Steel announced earnings on Tuesday and the big question in everyone’s mind was if AK Steel Ashland would be restarted. The answer is no, not at this time. CEO Roger Newport said the company does not want to get “hung up in the short term volatility” in the marketplace. AK Steel will be looking […]
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 […]
Joy Global Inc, a manufacturer of equipment for the mining industry, is looking for a buyer for its Longview, Texas steel plate mill. The Longview specialty mini-mill makes small batch, thick and extra thick steel plate for use in some of Joy Global’s premier mining equipment. Joy Global confirmed it is looking at a potential […]
The American Institute of Architects (AIA) reported the March ABI score was 51.9, up from 50.3 February and indicating an increase in design services. The new projects inquiry index was 58.1, down from a reading of 59.5 the previous month. “The first quarter was somewhat disappointing in terms of the growth of design activity, but […]
Durable Goods orders increased 0.8 percent to $230.7 billion in March, according to the Commerce Department. March’s increase is the second one in the past three months and follows a 3.1 percent decrease in February and a 4.3 increase in January. The increase fell below economist consensus of 1.7- 1.9 percent. A surge in military […]