U.S. steel mills shipped 7,987,038 net tons in May, a 46.2% increase compared with the 5,461,851 net tons shipped in May 2020 when the economy was struggling with the worst of the pandemic. May shipments also were up 1.8% from the 7,845,008 net tons shipped in the previous month, reported the American Iron and Steel Institute. […]
“It’s an absolute certainty we will have a stronger M&A market in the next couple years. There are a lot of businesses looking to buy and a lot of businesses looking to sell. There will be many more announcements of deals in the second half, especially the fourth quarter,” predicted Dan Sullivan, founder of Montrose […]
Unprecedented price increases for a wide range of goods and services used in construction pushed up contractors’ costs by a devastating 26.3% from June 2020 to June 2021, according to an analysis of government data by the Associated General Contractors of America. Association officials cautioned that rising materials prices are making it difficult for many […]
By CRU Research Analyst Yusu Mao CRU hosted its inaugural Steel Decarbonization Strategies Virtual Conference from June 25-28. Policy makers, industry leaders and financial institutions from across the global steel value chain joined the event to discuss pathways to carbon neutrality, the financial tools to support necessary investment and the policy frameworks needed to make […]
Pipe and tube producers have notified customers this week of further price hikes in response to strong demand and higher costs for the flat-rolled and plate substrate they use to make their products. On Tuesday, July 13, Chicago-based Atlas Tube raised prices on all new orders for mechanical, hollow structural section (HSS) and piling products […]
Much like Steel Market Update, Michael Smerconish is not about taking sides, but rather is about expanding the conversation. “Our mission is to create a clearinghouse for non-ideological thinking. We want to give people a chance to contribute to, and consume, information that isn’t predicated on the usual, extreme talking points of the polarized media. […]
In less than two months, we’ll be in Atlanta for the 11th Annual SMU Steel Summit Conference. From the beginning, this conference has been an opportunity to gather, learn and meet up with other steel industry colleagues. The growth and popularity of the conference is a testament to the incredible value of meeting, mingling, discussing and learning together. […]
You may be tired of reading about it, but there is no ignoring the question: When will hot rolled coil prices finally peak? So many livelihoods depend on the answer. Unfortunately, Steel Market Update survey data clearly shows that no one knows. Roughly one-third of those polled this week believe steel prices will have peaked […]
You may be tired of reading about it, but there is no ignoring the question: When will hot rolled coil prices finally peak? So many livelihoods depend on the answer. Unfortunately, Steel Market Update steel survey data clearly shows that no one knows. Roughly one-third of those polled this week believe hot rolled steel prices […]
Corporate executives in Europe have combined forces to lobby for policies to address climate change and to lead by example through their own companies’ actions. The new European CEO Alliance believes that fighting climate change will require a collective effort by all EU member states and collaboration between the public sector and industry to achieve […]
Though he admits it was not the original plan, Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves said Wednesday at AISTech that his company no longer intends to produce merchant pig iron for sale to competitors, as has been widely speculated. In the past two years, Cleveland-Cliffs has purchased AK Steel and ArcelorMittal USA, making it the largest […]
Mark Bula sees an analogy between the latest green steel technology and the electric arc furnaces (EAFs) that transformed traditional steelmaking back in the 1980s. “Just as minimills once disrupted the industry, we must once again take a monumental leap forward,” he said. Bula is well known in the steel industry for his prior role […]
Ferrous scrap prices are likely to rise again in July on top of the $50-60 per gross ton increase in June – but just how much remains unclear, according to Steel Market Update sources. “July expectations vary greatly,” said one dealer in the Northeast. “Most consumers are conceding prices will be up $20-50/GT depending on grade and […]
Ferrous scrap prices rose by $20/GT for prime grades, but were unchanged for obsoletes, in trading for July. Prime supplies were influenced by the slowdown in automotive production, while obsolete prices reflect stable export demand. Sources tell Steel Market Update that prices in the Ohio Valley settled around $505-514/GT for shred, $500-510/GT for plate and […]
Ferrous scrap prices, like finished steel prices, have been on the rise for most of the year (see chart), but could see a pause in August. Sources tell Steel Market Update they expect obsolete grades to trade $20/GT lower next month, while prime prices will most likely remain unchanged. “Obsolete grades should trade in the […]
Steel buyers’ sentiment saw a slight dip in the past two weeks but remains near record highs, in line with record-high steel prices and profitability. Respondents’ comments suggest they are slightly less bullish about their future prospects than their current situation: “Our prospects in next three months? Excellent. In six months? Good. We all know […]
Steel buyers’ sentiment, as measured by Steel Market Update, remains extremely optimistic, and hasn’t seen a change of any real significance in the past three months. Current Sentiment has averaged a reading of +75 and Future Sentiment an average of +65, plus or minus a few points, since late April as the market enjoys the […]
U.S. steel imports through the first five months of 2021 totaled 11,780,000 net tons, a 7.1% increase from the same period last year, based on preliminary Census data reported by the American Iron and Steel Institute (AISI). Of that, finished steel imports amounted to 7,966,000 tons, an 8.8% increase, as buyers in the U.S. were […]
Worthington Industries, Inc., reported net sales for the fourth quarter of fiscal 2021 totaling $978.3 million, a 60% increase over the comparable quarter in the prior year. The increase was driven by overall volume improvements in both Steel Processing and Pressure Cylinders and higher average direct selling prices in Steel Processing, the company said. “We […]
The market is watching anxiously for a sign that rising lead times have finally turned and will begin to shorten as mill production catches up with demand. Indeed, Steel Market Update data shows a slight dip in the average lead times for spot orders of flat rolled steel products this week. But the same has […]
As it turns out, the slight downturn seen in steel mill lead times last month was not the beginning of a trend change. Lead times for all products but plate have inched higher in the last two weeks, indicating no relief yet from the tight supplies that continue to push steel prices higher. According to […]
Alro Steel Vice Chairman Barry Glick died Monday, June 21, in Boca Raton, Fla., at age 70. Barry’s uncle Al Glick and father Robert Glick founded Alro Steel in 1948 in Jackson, Mich. Barry began his career with Alro in 1977 and served as vice chairman for 27 years. “It is with a heavy heart […]
Triple-S Steel Holdings, Inc., Houston, has acquired Los Angeles-based Rolled Steel Products and E&E Steel. The two companies, founded in 1956 and under the ownership of the Alperson family since 1973, supply precision strip and flat-rolled products to a range of customers in Southern California. Terms of the deal were not disclosed. “We are very excited to continue […]
By Jeremy Flack, Flack Global Metals (Editor’s note: Jeremy Flack, the CEO of Flack Global Metals, will be among speakers in the Steel Futures Showcase during the Pre-Summit Workshop on Monday, Aug. 23, in advance of Steel Market Update’s Steel Summit in Atlanta.) One of the famous quotes from the 1992 movie “Glengarry Glen Ross” […]
As a co-founder of Steel Dynamics Inc. (SDI), Mark Millett has had a front row seat to the dramatic changes the steel industry has staged over the past three decades. Actually, he has played a leading role in many of those changes and continues to choreograph the latest act in steel’s story with the imminent […]
Steel prices will turn lower and quickly fall back in the next 6-12 months, but mill profitability will remain substantial, predicted Principal Analyst Josh Spoores during CRU’s virtual New York Steel Seminar on Wednesday. Steel prices have hit historic highs, with hot rolled offers at more than $1,700 per ton, as demand continues to outstrip supply. […]
Bull Moose Tube Co. has joined the list of companies planning to set up shop adjacent to Steel Dynamics’ new flat-rolled mill in Sinton, Texas. The tubing manufacturer announced plans to build a plant with an annual capacity of 350,000 tons to produce hollow structural sections (HSS) and sprinkler pipe. The new mill is expected […]
Global manufacturing remained in a strong growth phase in June, with output, new orders and employment all rising and business optimism at robust levels. However, stressed global supply chains continued to disrupt production schedules and delay input deliveries resulting in sharp price increases. The J.P. Morgan Global Manufacturing PMI dipped slightly to 55.5 in June, […]
Except for a notable decline in the average Galvalume lead time, delivery times for spot orders of flat rolled and plate from the mills registered only small ups and downs in the data from Steel Market Update’s survey this week. Generally speaking, lead times remain two to three times longer than the historical averages and […]
Ferrous scrap prices in the U.S. are likely to see a big jump in June, estimated at $50-60 per gross ton or more, primarily as a result of strong demand from foreign buyers, sources tell Steel Market Update. “June will bring significant price increases for ferrous scrap. The biggest factor is the strength of the […]