Perhaps it’s because the year started out with so much promise that the end of 2018 seemed so uninspiring. On balance, most in the steel business would call 2018 a good year, some even a great year. But few look forward to 2019 with the same optimism and confidence they felt a year ago at […]
U.S. auto sales topped the 17 million mark for the fourth year in a row. Total sales for the year are estimated at 17.2 million to 17.3 million vehicles. “New-vehicle sales were surprisingly strong in 2018 despite late cycle headwinds from higher interest rates and more nearly-new competition in the used market,” said Jonathan Smoke, […]
When on calls with steel service center and manufacturing executives, one of the questions that always comes up is my view on the economy. I am not an economist and I defer to CRU and to economists like Alan Beaulieu of ITR Economics (Alan speaks at the SMU Steel Summit Conference). I know Dr. Beaulieu’s […]
Welcome to 2019! As we begin the New Year, I want to welcome everyone back to their offices or plants. I am looking forward to another interesting year as we continue to deal with the effects of Steel 232, anti-dumping and countervailing duties, threats of Section 232 for automotive and Section 301 on finished goods […]
Continual controversy over trade and tariffs, volatile steel prices and unrest on Wall Street have clearly left many in the industry anxious and pessimistic about the year to come. Only about 20 percent of the steel executives who responded to Steel Market Update’s latest market trends questionnaire expect 2019 to be a solid growth year […]
Demand and pricing for nonprime or secondary steel products is a mixed bag, report Steel Market Update sources. Some segments of the secondary market are faring better than others. Lisa Goldenberg, president of Delaware Steel Co. of Pennsylvania, Fort Washington, Pa., reports recent weakness in secondary sales. With domestic mills running at 80 percent of […]
Kenwal Steel Corp., one of North America’s largest flat rolled service center companies, has named Laura Kowalchik as its new chief financial officer. She replaces Frank Jerneycic, who will retire from Kenwal at the end of this year. Kowalchik, 49, brings extensive global automotive and industrial finance and accounting leadership to Kenwal. She most recently […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor The steel sheet market in North America is starting the second half of the year off with the same primary trends seen in the past few quarters: rising prices due to strong demand and supply that continues to be affected by unplanned disruptions. […]
By CRU Senior Editor Ryan McKinley, from CRU’s Steelmaking Raw Materials Monitor Upward momentum for the CRU metallics price indicator (CRUmpi) slowed in July, but still rose by 2.8% m/m to 413.5. Metallics price increases were strongest in Europe amid high steel demand, with both HBI and scrap prices there rising from June levels. Scrap […]
The year 2019 is shaping up to be a special year for Steel Market Update and our customers. Steel Market Update is much more than a source of market intelligence and a supplier of spot pricing for the flat rolled and plate steel markets. Over the years, SMU has developed a number of highly successful […]
The year 2019 is shaping up to be a special year for Steel Market Update and our customers. Steel Market Update is much more than a source of market intelligence and a supplier of spot pricing for the flat rolled and plate steel markets. Over the years, SMU has developed a number of highly successful […]
By the CRU Group Economics Team The meeting between Chinese President Xi Jinping and President Trump on Dec. 1 turned out to be better than expected. According to the White House press release and Chinese official reports, tariffs will not rise from their current levels over the next 90 days. Both sides agreed to enter immediate […]
Global manufacturing remained stalled in November. The J.P. Morgan Global Manufacturing PMI stayed at 52.0, unchanged from the 23-month low posted in October. Growth in new orders and production was subdued with the greatest expansion noted in the consumer sector. Improved business conditions were seen in the U.S, Eurozone, Japan, China, the UK, Brazil and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On a very busy weekend, two major developments (potentially): USMCA Signed in Buenos Aires The new U.S.-Mexico-Canada Agreement (USMCA) was signed by the leaders of all three countries on Friday. The agreement modernizes NAFTA in some areas and […]
A new North American trade agreement was signed on Friday by leaders of the U.S., Mexico and Canada at the G20 Summit in Buenos Aires. The U.S-Mexico-Canada Agreement, as it will be called by the United States, failed to address the Section 232 tariffs that were at the root of contentious negotiations. “The USMCA is […]
Some government and industry leaders praised the new U.S.-Mexico-Canada Agreement that was signed by the three nations on Friday, while others remained critical of the trade pact, suggesting it was a missed opportunity to remove the Section 232 tariffs on Canada and Mexico. Incoming Speaker of the House Nancy Pelosi called the agreement a “work […]
Nucor is increasing its presence in Mexico with the acquisition of Corporacion POK, a fully integrated precision castings company with a facility in Guadalajara. “Our company has had a presence in Mexico for more than a decade. We know the market and the customers there. This acquisition supports Nucor’s strategy in Mexico, which is focused […]
Steel Dynamics made big news on Monday, announcing it will construct a new $1.8 billion electric arc furnace flat roll steel mill in the United States. The mill will have an annual production capacity of approximately 3 million tons and the capability to produce the latest in advanced high-strength steels. The facility will include value-added […]
Two out of three respondents to Steel Market Update’s market trends questionnaire this week said they remain concerned about the possible negative impacts of trade tariffs on their business and that of their customers. The Section 232 tariffs on imports of steel and aluminum remain a serious obstacle to the new North American free trade […]
Nucor has selected Austria’s Andritz Group to supply the new hot dip galvanizing line at its Hickman, Ark., mill. The new line, announced by Nucor in May, will have an annual capacity of approximately 455,000 metric tons and is designed to produce high-strength steel grades, mainly for the automotive industry. Start-up is scheduled for the […]
Nucor’s $650 million investment to expand the production capability of its Ghent, Ky., mill will transform the former Gallatin Steel plant into an ultra-modern “quality strip production” plant or QSP, claims Danieli, the Italian company that will design and install the new mill equipment. The project will nearly double the annual production capability of Nucor […]
The North American auto industry is urging the White House to drop the Section 232 tariffs before the official signing of the U.S.-Mexico-Canada Agreement (USMCA). During testimony last week before the International Trade Commission, the Motor and Equipment Manufacturers Association, Alliance of Automobile Manufacturers and the American Automotive Policy Council asked the administration to exempt […]
Reliance Steel & Aluminum Co. announced the completed acquisition of toll processor and transportation/logistics company All Metals Holdings, LLC. It is the third acquisition for Reliance in 2018. All Metals includes operating subsidiaries All Metals Processing & Logistics, Inc., and All Metals Transportation and Logistics, Inc. AMPL, headquartered in Spartanburg, S.C., with an additional facility […]
Robust demand offset increased vehicle pricing and higher interest rates last month, keeping U.S. auto sales strong in October, although weaker than a year ago. October sales were expected to be impacted by replacement buying due to hurricane damage in the South. There was also one extra selling day in the month. “Many signs in […]
MSC Smart Steel® from Material Sciences Corporation (MSC) is one of 35 finalists for the 2019 Automotive News PACE Awards. The prestigious PACE program honors automotive suppliers for advanced levels of technical achievement, superior innovation and business excellence. “MSC Smart Steel is a new multilayer steel laminate engineered as a direct substitute for low carbon […]
The American Iron and Steel Institute continues to support the Trump administration’s plan to ease vehicle fuel economy and emissions standards. In a submission to the EPA during the public comment period that ended Oct. 26, AISI expressed its support of the general direction of the proposal, which would establish a standard that balances the […]
AK Steel reported its best third quarter in 10 years with net income of $67.2 million and a 39 percent year-over-year jump in adjusted EBITDA to $160.8 million. Steady shipment levels and higher steel selling prices and shipments more than offset higher costs for certain raw materials, transportation and supplies, including graphite electrodes, said the […]
Reliance Steel & Aluminum reported its second highest quarterly net sales in the company’s history. Third-quarter net sales jumped 21.4 percent year-over-year to $2.97 billion, down just 0.5 percent from the record set in the second quarter at $2.99 billion. Reliance net income for the quarter of $148.2 million was impacted by a $36.8 million […]
Trade measures by the U.S. are causing concern for the European steel market, according to a new report by the European Union steel association EUROFER. Steel imports are growing faster than domestic shipments by EU mills, according to the Economic and Steel Market Outlook 2018-2019. “Growth is stabilizing in EU steel markets, in line with […]
Reliance Steel & Aluminum Co. is now the sole owner of Acero Prime and its affiliate Acero Prime Servicios, a toll processor with four locations in Mexico. Reliance was the majority owner but purchased the remaining 40 percent interest from joint venture partner U.S. Steel. Terms of the transaction were not disclosed. “Acquiring the remaining […]