USS confirms split CFIUS decision on Nippon deal; it’s now up to Biden
Nippon Steel’s purchase of U.S. Steel could lead to lower steel output domestically, and that presents “a national security risk,” the Washington Post reported.
Steel News
Holiday Notice: Happy Holidays from SMU!
SMU offices will be closed from Monday, Dec. 23, 2024 through Wednesday, Jan. 1, 2025.
Final Thoughts
And just like that, we’re wrapping up the last SMU newsletter of 2024. We’re closing out our 19th year and looking with wide-eyed anticipation to what 2025 will bring.
USS/Nippon deal: Who will have the happiest holidays?
Will Santa bring gifts for the leadership, employees, and shareholders of U.S. Steel and Nippon Steel, and lumps of coal for USW leadership and politicians opposed to the deal?
Miller on scrap: The plight of dealer resistance
The role of dealer resistance has had many ups and down over the last decades. At times dealer resistance to ferrous scrap pricing was justified and had positive effects on prices.
Steady architecture billings signal improving conditions
The November ABI decreased month over month but was still the third-highest reading of the past two years.
Gilmore upbeat on year two as standalone Worthington Steel
Worthington Steel’s CEO feels optimistic as the company heads into its second year as a standalone company.
Rig count update: US activity stable, Canada slips
The number of oil and gas rigs operating in the US remained unchanged this week for the second consecutive week, while Canadian activity declined, according to the latest data released from Baker Hughes.
SMU market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
Did Tampa Steel Conference make your wish list?
It’s not too late to ask Santa for what you really want this year. We’re less than two months away from the 36th annual Tampa Steel Conference! More than 300 people from over 150 companies have already registered to attend at the JW Marriott Tampa Water Street from Sunday, Feb. 2, to Tuesday, Feb. 4. […]
CRU: Aluminum news roundup
Recovery continues but geopolitical risks remain for 2025
AISI cheers passage of water resources bill in Congress
The American Iron and Steel Institute (AISI) lauded the recent passage of a water resources bill in Congress.
‘Orderly liquidation’ of AHMSA assets begins
A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.
Nippon buying stake in Canadian iron ore project
Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.
Steel: The CRU view on what to expect in 2025
This CRU Insight discusses a few key topics our clients have been asking about as 2024 comes to a close and 2025 begins. This piece introduces these topics briefly now before we discuss them in more detail in a webinar in January 2025. In previous years, we have published a year-end Insight on our ‘Top […]
Metalformers slightly more optimistic heading into 2025
Most expect activity to hold steady or increase over the next three months.
SMU Survey: Steel Buyers’ Sentiment Indices contrast at year end
Both of our Sentiment Indices remain in positive territory and indicate that steel buyers are optimistic about the success of their businesses.
Domestic, offshore CRC prices steady
The price spread between US-produced cold-rolled (CR) coil and offshore products on a landed basis was unchanged in the week ended Dec. 20.
Final Thoughts
SMU looks back at stories from Decembers past, one, five, 10, and 100 years ago.
USS anticipates Q4 loss on weak demand, BR2 start-up
Amid a challenging pricing and demand environment, and with the ongoing ramp-up of the Big River 2 mill, USS is anticipating a loss for the fourth quarter.
HR Futures: Rangebound and waiting for 2025
In the last article written for SMU, we looked at the rallies that followed both the 2016 and 2022 presidential elections, as well as the moves in the NFIB Small Business Optimism Index.
SMU Survey: Mill lead times contract slightly, remain short
Steel mill production times have seen very little change since September, according to buyers participating in our latest market survey.
Worthington Enterprises’ earnings dip in fiscal Q2’25
Worthington Enterprises’ profits edged down in its fiscal second quarter of 205 vs. a year earlier. The company said a slump in sales in the quarter was due largely to the “deconsolidation” of the Sustainable Energy Solutions segment in the fourth quarter of fiscal 2024.
ISM: US manufacturing poised for growth in 2025
“Manufacturers are optimistic,” said Timothy R. Fiore, chair of ISM’s Manufacturing Business Survey Committee.
SMU Survey: Buyers report mills are slightly less flexible on pricing
Steel buyers of sheet and plate products say mills are still willing to bend on spot pricing this week, though not quite as much as they were two weeks prior, according to our most recent survey data.
US scrap market slumps in 2024
The US domestic ferrous scrap market had a rough 2024, despite optimism as the year started.
Worthington Steel’s earnings improve despite sales slide
Depressed demand and weak prices drove Worthington Steel’s second fiscal quarter results to a sequential decline.
Steel veteran Larry Romboski passes away at age 60
Lawrence D. ‘Larry’ Romboski, Jr.’s career in steel spanned 35 years, most recently serving as VP of sales for NLMK USA.
Wittbecker on aluminum: A look at China’s new state-owned scrap company
The size of the capital structure and the composition of the owners are telling statements about the importance that Beijing has assigned to this venture.
Fitch warns more tariffs will pressure global commodity markets
“New commodity-specific tariffs, mainly on steel and aluminum products, could widen price differentials and divert trade flows,” the credit agency forewarned.