Even though the Commerce Department has until next week to issue procedures for handling exclusion requests, Australian Prime Minister Malcolm Turnbull has announced via Twitter that his nation will be exempt from the tariffs on steel and aluminum imposed by the Trump administration March 8. The United States’ closest trading partners, Canada and Mexico, were […]
Legal experts say President Trump’s efforts to use the Section 232 steel tariffs as a bargaining chip with NAFTA and other trade negotiations could make the U.S. position more difficult to defend before the World Trade Organization and the courts. An importer hit with the tariff could claim the president had exceeded his authority under […]
Mexico, Canada, Australia … (Europe, Russia, Turkey?) … which will be the next countries to negotiate directly with President Trump, who appears to be less interested in building steel jobs than getting trade concessions (or personal acknowledgement) out of many of our allies. With President Trump, you need to review his Twitter account should you […]
Canadian steel mills like Algoma and Stelco are getting a reprieve from steel and aluminum tariffs, at least for now. The Section 232 tariffs imposed by President Trump will not affect Canada or Mexico provided they can complete a NAFTA agreement quickly and on U.S. terms. “For now, Canada and Mexico will be excluded from […]
Construction employment increased by 61,000 jobs in February to the highest level since June 2008 as rising pay rates enabled the industry to attract more workers, according to an analysis of new government data by the Associated General Contractors of America. Association officials, however, cautioned that the Trump administration’s newly imposed steel and aluminum tariffs […]
Flanked by members of his administration and a group of steel and aluminum workers, President Trump signed measures today calling for a 25 percent tariff on imports of steel and a 10 percent tariff on imports of aluminum. But his comments leave the market far short of the clarity and certainty most had hoped for. […]
Reaction to the official announcement and signing of the Section 232 proclamation brought swift reaction from the industry and Congress. Opinions ranged from unwavering support, “the era of American trade surrender is coming to an end,” to total dismay, “the sweeping tariffs announced today are like dropping a bomb on a flea.” Supporting the 25 […]
Australia’s Prime Minister Malcolm Turnbull warned that the steel and aluminum tariffs planned by President Trump will have consequences for construction in California. Australian producer BlueScope sends about 300,000 metric tons of steel slabs per year to its Steelscape facilities in California and Washington where it is transformed into metallic-coated and pre-painted steel used in […]
Ryerson, a processor and distributor of metals, posted sales of $3.4 billion for 2017, a 17.7 percent increase year over year due to an 11.9 percent increase in the average selling price and a 5.1 percent gain in volume. Net income was $17.1 million for the year. Gross margins decreased to 17.3 percent in 2017 […]
President Trump says there will be no tariff exclusions for Canada and Mexico unless a “new and fair NAFTA agreement is signed.” Translation: If you accede to our demands, we will exclude you from Section 232. Trump tweeted early on Monday morning: “We have large trade deficits with Mexico and Canada. NAFTA, which is under […]
Trump says there will be no tariff exclusions for Canada and Mexico unless a “new and fair NAFTA agreement is signed.” Translation: If you accede to our demands, we will exclude you from Section 232. Trump tweeted early on Monday morning: “We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation […]
The following article was written by trade attorney Lewis E. Leibowitz. Whenever you hear someone say that a policy move is vital and trivial at the same time, watch your wallet. The Sunday talk shows today featured spokesmen and commentators debating the impact of steel and aluminum tariffs. Secretary of Commerce Wilbur Ross and National […]
Last week, President Trump let it slip of his intention to place a 25 percent tariff on steel and a 10 percent tariff on aluminum coming from foreign sources, including our NAFTA partners. Over the weekend, countries around the world have pledged to respond to any tariffs on steel and aluminum with tariffs of their […]
The White House announced that it would be formally announcing the remedies under Section 232 on steel and aluminum this morning. Then they said no, there would not be an announcement this week. Shortly after that information was shared by the White House, President Trump was asked a question… SMU advice to steel buyers: Do […]
The White House announced that it would be formally announcing the remedies under Section 232 on steel and aluminum this morning. Then they said no, there would not be an announcement this week. Shortly after that information was shared by the White House, President Trump was asked a question… SMU advice to steel buyers: Do […]
The following article was written by trade attorney Lewis E. Leibowitz. In the article, he discusses what the president said he would do (25% tariff on steel, 10% aluminum) and what happens next (assuming the president actually announces the tariffs officially next week). Leibowitz will be at this year’s SMU Steel Summit Conference where we […]
The following article was written by trade attorney Lewis E. Leibowitz. In the article, he discusses what the president said he would do (25% tariff on steel, 10% aluminum) and what happens next (assuming the president actually announces the tariffs officially next week). Leibowitz will be at this year’s SMU Steel Summit Conference where we […]
President Trump says he will sign a measure next week calling for a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports under Section 232 because they pose a threat to the domestic industries and thus national security. Trump had looked set to make the trade action official today, even […]
President Trump met with representatives of the steel and aluminum industries at the White House today, during which he announced his intention to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports next week. Following is a transcript of the president’s exchange with the industry leaders: THE PRESIDENT: Thank you […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Director of Risk Management, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
Construction spending was unchanged from January compared to December, said the Associated General Contractors of America in its analysis of new government data. “Construction spending in January showed a mixed pattern, with noteworthy increases in public outlays and single-family homebuilding balancing out declines in private nonresidential and multifamily investments,” said AGC Chief Economist Ken Simonson, […]
President Trump now says he will sign a measure next week calling for a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports on national security grounds under Section 232. Trump had looked set to make the trade action official today, even calling industry executives to a meeting at the […]
Manufacturing expanded for the 18th consecutive month in February, according to the latest Manufacturing ISM Report on Business. The PMI rose 1.7 percentage points to 60.8 percent in February. Any reading above 50 indicates expansion. New orders continued to expand last month, although softening 1.2 percentage points to 65.4 percent. Production dipped 2.5 points to […]
The U.S. steel industry reacted with enthusiasm to the president’s decision to impose a 25 percent tariff under Section 232 on steel imports to the United States. Nucor Chairman and CEO John Ferriola said in a statement, “The president has consistently been a strong advocate for holding other countries accountable that systematically and flagrantly violate […]
The SMU Steel Summit Conference is THE fastest growing steel conference in North America and THE one conference manufacturing, distribution, suppliers to the industry and steel mills want to attend. Details about the agenda, speakers, location and costs, as well as how to register, can be found on our website: www.SteelMarketUpdate.com/Events/Steel-Summit or you can contact […]
President Trump is favoring a 24 percent global tariff on steel imports, according to sources reported by multiple media outlets. Trump’s pick for Section 232 aluminum trade restrictions is a 10 percent tariff on all aluminum imports. The rumors are contrary to analysts’ expectations of a more targeted tariff on imports. Broad-based tariffs are likely […]
President Trump is favoring a 24 percent global tariff on steel imports, according to sources reported by multiple media outlets. Trump’s pick for Section 232 aluminum trade restrictions is a 10 percent tariff on all aluminum imports. The rumors are contrary to analysts’ expectations of a more targeted tariff on imports. Broad-based tariffs are likely […]
Ironically, the Department of Defense is among the least enthusiastic about the Section 232 investigations into the impact of steel and aluminum imports on national security. After reviewing a draft of the Section 232 report last year, the DoD determined that trade restrictions proposed by Commerce Secretary Wilbur Ross would “unnecessarily vex U.S. allies.” The […]
Grant Aldonas believes Wilbur Ross “ill-served the president” when he released Section 232 recommendations that don’t address the real issues: curbing global steel overcapacity and dealing with Chinese illegal business practices. A keynote speaker at this year’s Port of Tampa Steel Conference, Aldonas should know what he is talking about. As a former Undersecretary of […]
Scrap, iron ore and zinc prices advanced in February, while the price of coking coal has declined by $4 per ton since mid-January. To put the raw materials analysis into perspective, Figure 1 shows the spread between Chicago #1 busheling and hot rolled coil ex works Indiana through Feb. 9, both in dollars per net […]