Tag: Construction

SMU’s Key Market Indicators include data on the economy, raw materials, manufacturing, construction, and steel sheet and long products. They offer a snapshot of current sentiment and the near-term expected trajectory of the economy. All told, nine key indicators point lower, 16 are neutral, and 13 point higher. One thing worth noting: The nine indicators pointing lower are all lagging indicators. Many of those pointing upward are leading indicators.

They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.

ArcelorMittal Mexico reached an agreement with the local mining union on Thursday, July 18, to end the 55-day blockade of its steelmaking and mining facilities in Lazaro Cardenas, Michoacán. While a large majority of Section 271 of the Sindicato Nacional de Mineros voted to accept the proposal, a group of unknown size continues to protest illegally and has even turned to violence, according to the company.

The United Kingdom and other countries are using the “green” label to subsidize bailouts of obsolete, inefficient, and excess capacity that should exit the market. US steelmakers have invested billions of dollars in technologies that curb greenhouse gas output. These investments have been market-based and led by EAF producers such as Nucor, Steel Dynamics, and CMC.

Operating income from Steel Dynamics Inc.’s (SDI) recycling operations clocked in higher in the second quarter than in the first on increasing volumes and despite lower realized pricing. Recycling operations brought in $32.1 million, an increase over $22.6 million in Q1, but lower than the $40.3 million last year, the Fort Wayne, Ind.-based company said […]

Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.

Steel Dynamics Inc.’s (SDI’s) earnings slid in the second quarter, but the company's top executive believes steel tags are set to rise.

There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!

The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.

New England’s All-Steel Fabricating announced the launch of its new road plate rental service.

US raw steel mill production ticked up to 7.57 million short tons (st) in May, a 4% increase from the prior month, according to recently released American Iron and Steel Institute (AISI) data

Steel Warehouse plans to expand in Jefferson City, Tenn., with an investment of ~$20 million.

Commercial planning, specifically data center demand, drove the Dodge Momentum Index (DMI) higher in June. The DMI registered 198.6 last month, 10.4% above May’s revised reading of 179.9, Dodge Construction Network (DCN) reported on Tuesday. This is also a 7% boost over year-ago levels.  The DMI tracks the value of nonresidential construction projects entering the […]

First off, we hope everyone had a safe and happy July 4th holiday, with fireworks seen and BBQs attended. Many parts of the country are quite toasty at the moment, signaling that, yes, summer has indeed arrived. And looking at our most recent survey results, the summer doldrums have arrived as well.

SMU’s Steel Buyers’ Sentiment Indices dropped this week, with Current Sentiment plummeting to a level not seen since the Covid-19 pandemic, according to our most recent survey data.

Radius Recycling continued to bleed red in its most recent quarterly report as it negotiated persistently challenging conditions in the recycled metals market.

Cornerstone Building Brands agreed to buy Mueller Supply Co. for $475 million, according to a Form 8-K filing with the US Securities and Exchange Commission (SEC) on July 1.

A record 60.6 million people are expected to travel by car for the Fourth of July holiday, according to the American Automobile Association (AAA). And a recent survey by The Vacationer said 75% of Americans intend to take at least one road trip this summer. In short, Americans are hitting the road this season and probably crossing a short-span steel bridge on their travels.

Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]

Cornerstone Building Brands is set to buy Mueller Supply Co., a manufacturer of residential metal roofing and components and steel buildings in Texas and the Southwest.

It was great to have Gary Stein, CEO of Triple-S Steel, join SMU for a Community Chat earlier this week. (Btw, you can find a record of the webinar here.) We covered a lot of ground. From Andrew Carnegie and the Johnstown Flood to the current steel market and the state of domestic manufacturing broadly speaking. One thing that stuck with me was how unevenly construction spending appears to be on “green” initiatives and other key items funded by infrastructure spending, the Inflation Reduction Act, and the CHIPS Act.

Worthington Steel’s earnings slipped in its fiscal fourth quarter while sales ticked up.

The Index continues to indicate weak business conditions amongst architecture firms.

Nucor plans to add a new rebar fabrication facility adjacent to its new micro-mill in North Carolina.

Mill Steel Co. has named Evan Keebler as VP of sales for its construction segment.

Steel Market Update’s Steel Demand Index ticked down 2.5 points last week, slipping further into contraction territory, according to our latest survey data. SMU’s Steel Demand Index now stands at 38.5, down from 41 at the beginning of June. The decrease puts the index at its lowest measure since November 2022. The reading – down […]

Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]

For the first time in weeks, activity in the futures market broke out of the recent “front grinds lower” pattern to provide new insight into the dynamics of the steel industry.

CMC reported solid demand and a healthy start to the construction season in its latest quarterly earnings statement.

The next SMU Community Chat will be Wednesday, June 26, at 11 am ET (10 am CT) with Gary Stein, CEO of Triple-S Steel Holdings Inc. The webinar is free to attend. A recording will be available to SMU members. You can register here.