Steel Market Update is pleased to announce that Timna Tanners, metals and mining analyst at Bank of America, will be the featured speaker for our next Community Chat webinar on Wednesday, June 9, at 11 a.m. ET. Tanners will speak about the steel industry of the future. That future is likely to include an increased […]
Steel Market Update is pleased to announce that Timna Tanners, metals and mining analyst at Bank of America, will be the featured speaker for our next Community Chat webinar on Wednesday, June 9, at 11 a.m. ET. Tanners will speak about the steel industry of the future. That future is likely to include an increased […]
Steel Market Update is pleased to announce that Timna Tanners, metals and mining analyst at Bank of America, will be the featured speaker for our next Community Chat webinar on Wednesday, June 9, at 11 a.m. ET. Tanners will speak about the steel industry of the future. That future is likely to include an increased […]
Durable goods orders took a surprising tumble in April, dipping 1.3% instead of rising 7-9% as predicted by economists. The volatile transportation category was responsible for most of the decline, falling 6.7%. Automotive orders fell 2.6%, sliding for a second time in the past three months as production slowed due to supply issues with semiconductor […]
Usinas Siderurgicas de Minas Gerais (Usiminas) has delayed planned upgrades to its blast furnace No. 3 (BF3) by 10 months. This is the second postponement to work on BF3 by the Brazilian steelmaker since originally confirming the planned investments in mid-2019. Due the ongoing impact of COVID-19 on the Brazilian marketplace, in specific the automotive […]
Salzgitter Mannesmann International (USA), Inc., will be under the new leadership of Thomas Rechtien, effective June 1. Rechtien most recently was responsible for the North American trading arm of Salzgitter Mannesmann International (USA), Inc., as General Manager of Trading and Automotive. Rechtien has served in a variety of roles during his 12-year tenure at the […]
Privately held Canadian steelmaker Algoma Steel has agreed to be taken over and taken public in a deal valued at as much as $1.7 billion, the company said. Proceeds from the initial public offering (IPO) might result in the Sault Ste. Marie, Ontario-based company becoming the latest producer to switch from integrated to electric arc […]
Steel Market Update is pleased to announce that one of the top woman steel mill executives in North America will mentor the 2021 SMU NexGen Leadership Award recipient. Barbara Smith is Chairman, President and Chief Executive Officer of Commercial Metals Company. Barbara joined CMC in June 2011 as Senior Vice President and Chief Financial Officer. […]
Steel Market Update is pleased to announce that one of the top woman steel mill executives in North America will mentor the 2021 SMU NexGen Leadership Award recipient. Barbara Smith is Chairman, President and Chief Executive Officer of Commercial Metals Company. Barbara joined CMC in June 2011 as Senior Vice President and Chief Financial Officer. […]
Ternium has completed its new hot strip mill in Pesqueria, Mexico, ahead of schedule. The Latin American steelmaker ran its first two hot rolled coils in mid-May at the new mill near Monterrey, more than two weeks ahead of its originally planned June start-up. “This is a very important milestone; it is the result of […]
Ford has joined General Motors in extending North American assembly plant outages into the third quarter because of a persistent shortage of microchips. “Our teams continue making the most of our available semiconductor allocation and will continue finding unique solutions to provide as many high-quality vehicles as possible to our dealers and customers,” a Ford […]
Steel Market Update surveys readers each week to monitor market sentiment. The prevailing view on key issues this week: record high steel prices still have room to run; the high prices have not cut into demand yet; repealing Section 232 on imports from the EU is a questionable move; and inflation poses a threat to […]
Steel Market Update surveys readers each week to monitor market sentiment. The prevailing view on key issues this week: record high steel prices still have room to run; the high prices have not cut into demand yet; repealing Section 232 on imports from the EU is a questionable move; and inflation poses a threat to […]
“We are focused on availability more than price.” This morning Steel Market Update participated in a very subdued galvanized steel conference call with members of the Heating, Air-conditioning, Refrigeration, Distributors International trade group. HARDI members are wholesalers who supply the mechanical contractors doing work on residential and commercial construction jobs. The key takeaway I got […]
“We are focused on availability more than price.” This morning Steel Market Update participated in a very subdued galvanized steel conference call with members of the Heating, Air-conditioning, Refrigeration, Distributors International trade group. HARDI members are wholesalers who supply the mechanical contractors doing work on residential and commercial construction jobs. The key takeaway I got […]
Japanese automaker Toyota continues to grapple with shortages of microchips and other parts at its North American manufacturing facilities. But some market participants are looking beyond automotive plant idlings to a potential rebound in auto builds in the second half of the year. “Toyota is currently experiencing a supply shortage that is affecting production at […]
Auto assemblies in North America backpedaled in April as the ongoing shortage of semiconductor chips intensified and hindered automakers’ ability to produce cars and trucks, according to LMC Automotive (LMCA). April’s production totaled 1.087 million units, down from 1.217 million units in March or 10.7%. March saw a bump in auto production—the first in nearly […]
Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs, will be honored as Steelmaker of the Year by the Association for Iron and Steel Technology at this year’s AISTech 2021 conference. The award recognizes Goncalves for his leadership in the iron and steel industry. Said AIST in a press release: “Goncalves is awarded Steelmaker of the […]
Two of the “Big Three” U.S. automakers are extending downtime at their North American plants into the summer months because of the ongoing microchip shortage. And one, Ford, has upcoming outages at all its U.S. assembly plants besides one in Dearborn, Mich., that makes the F-150 pickup truck, the best-selling vehicle in the United States. […]
The flat rolled steel market was a little tougher to read this week. Steel Market Update’s survey of the market over the past two days clearly shows a further increase in hot rolled prices, with buyers reporting offers as high as $1,600 per ton. SMU puts the average HR price at $1,540 this week as […]
“It’s a miserable boat, but at least we are all in this together.” Large manufacturing company A new hole in the boat today…NLMK USA lost their Farrell, Pa., hot strip mill for one to two weeks. Price becomes irrelevant when your customers need product and there is nowhere else to go. That is what one […]
“It’s a miserable boat, but at least we are all in this together.” Large manufacturing company A new hole in the boat today…NLMK USA lost their Farrell, Pa., hot strip mill for one to two weeks. Price becomes irrelevant when your customers need product and there is nowhere else to go. That is what one […]
Record-high steel prices result not from Section 232 tariffs or industry consolidation but instead from uniquely strong supply-demand fundamentals, Cleveland-Cliffs’ top executive said. And an ambitious infrastructure package would go a long way toward keeping those fundamentals, and the resulting investment in the domestic steel industry, stronger for longer, he suggested. “We in this country […]
Record-high steel prices result not from Section 232 tariffs or industry consolidation but instead from uniquely strong supply-demand fundamentals, Cleveland-Cliffs’ top executive said. And an ambitious infrastructure package would go a long way toward keeping those fundamentals, and the resulting investment in the domestic steel industry, stronger for longer, he suggested. “We in this country […]
2021 SMU Steel Summit Conference Revised Agenda as of May 9, 2021 The 2021 SMU Steel Summit Conference will be held at the Georgia International Convention Center on Aug. 23-25. The convention center is conveniently located next to the Atlanta International Airport (ATL). The center and the hotels surrounding it are at the first stop […]
2021 SMU Steel Summit Conference Revised Agenda as of May 9, 2021 The 2021 SMU Steel Summit Conference will be held at the Georgia International Convention Center on Aug. 23-25. The convention center is conveniently located next to the Atlanta International Airport (ATL). The center and the hotels surrounding it are at the first stop […]
The U.S. appliance industry has a chip on its shoulder when it comes to competing with automakers for the scarce supply of semiconductors. The Association of Home Appliance Manufacturing (AHAM) has joined two of its sister industry associations—the Air-Conditioning, Heating and Refrigeration Institute (AHRI) and the National Electrical Manufacturers Association (NEMA)—in appealing to the Department […]
ArcelorMittal’s joint venture AMNS Calvert ran at near capacity in the first quarter of 2021, delivering record first-quarter results. Hot strip mill production jumped 19.3% to 1.3 million metric tons from the fourth quarter. EBITDA nearly tripled to $159 million from $56 million in the prior quarter. The mill is currently supplied with slab sourced […]
Price, Price, Price… I might as well begin where I left off in our last issue of Steel Market Update on Thursday. Everyone wants to know when this market will peak, then tip over, and how far it will then fall. There are a wide range of opinions within the steel community, from prices will […]
I have been “out” for the past few days as my daughter has received her shots and has been visiting us for the first time in well over a year. A special thank you to the SMU team for picking up the slack in my absence. Jumping right back into the fray, as Michael mentioned […]