By CRU Principal Economist Alex Tuckett and Chief Economist Jumana Saleheen In this mid-year update to our global economic outlook, we look back at our expectations at the beginning of the year, and those of our surveyed clients, and compare them with actual outcomes over the past six months. Overall, the global economy is in vastly better shape […]
Worthington Industries has acquired certain assets of Shiloh Industries’ U.S BlankLight® business for $105 million. The deal expands Worthington’s capacity and capability with the addition of three facilities, located in Ohio and Michigan, to the company’s laser-welded products joint venture, TWB Company LLC. A fourth facility in Kentucky will operate under Worthington’s Steel Processing business, expanding […]
Steel prices will correct sharply as supply catches up with demand, potentially falling back to an average of $575 per ton ($28.75 per cwt) in 2022, according to one leading industry analyst. “This too will pass,” was the title chosen by Timna Tanners, metals and mining analyst at Bank of America, for her SMU Community […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Before joining Metal Edge Partners, Bryan held a variety of commercial […]
A 100-day review, authorized by President Biden, was released this week to address vulnerabilities in critical U.S. supply chains. The report, “Building Resilient Supply Chains, Revitalizing American Manufacturing, and Fostering Broad-Based Growth,” was prepared by the departments of Commerce, Energy, Defense, and Health and Human Services. The 250-page report included recommendations not only for reducing […]
Infrastructure, Energy, Wind Farms, Tanners, Summit Conference, Imports. If you are watching the news, you are aware of the Biden administration’s push for a large (at least $1 trillion) infrastructure bill. There is a lot of discussion about what infrastructure entails in light of the current economy. It’s not your father’s economy. There is need […]
The 2021 SMU Steel Summit Conference will be the first major steel conference to be held in person since the pandemic shut down all events across the world. Our conference will begin at 9 a.m. ET with our Pre-Summit Programs on Monday, Aug. 23. The official opening of the conference will be at 1 p.m. ET […]
ArcelorMittal Mexico plans to start up its new hot strip mill in Lázaro Cárdenas in Mexico’s Michoacán state in the fourth quarter of this year, a company spokeswoman said. The hot strip mill cost $1 billion and is expected to have annual capacity of 2.75 million tons per year (tpy), according to an ArcelorMittal press […]
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 […]
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 […]