Global steel demand will reach roughly 1.793 million metric tons (1.976 million short tons) this year, an increase of 1.7% over 2023, the World Steel Association (worldsteel) said in its updated Short Range Outlook report. The gain will come after a 0.5% contraction in steel demand in 2023. Demand is forecasted to increase another 1.2% […]
Evraz North America said there was no impact on production from a fire that broke out at its Pueblo., Colo., steel mill on Friday.
They say all’s fair in love and war. But that doesn’t seem to be the case in steel. Being deemed “unfair” could get you slapped with shiny new Section 232 tariffs these days. Then again, “unfair” implies a judge. And people on opposing sides seldom agree with the judgment. Such seems to be the current case between the US and Mexico.
Personal Consumption Expenditures (PCE) inflation data was released on Friday, March 29, despite the stock market being closed for Good Friday. The year-over-year (y/y) PCE price index rose 2.5% in February, in line with market expectations but up from the 2.4% growth seen in January. The core PCE index, which excludes food and energy prices, rose 2.8% y/y in February, also in line with expectations and slightly down from 2.9% in January.
The Dodge Momentum Index (DMI) fell again in March, marking one of the lowest index readings of the past two years according to Dodge Construction Network data released Friday.
Low manufacturing activity and higher interest rates took a toll on Radius Recycling’s profits during the Oregon-based company’s most recent quarter. Radius reported a net loss of $34 million, or $1.19 per share, during its fiscal second quarter. In the previous quarter, Radius saw a net loss of $18 million, or 64 cents per share.
In a first-of-its-kind project, U.S. Steel will soon begin capturing carbon emissions from its blast furnaces at its Gary Works in Indiana.
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.
US construction spending in February was mostly steady from January but showed significant gains from last year.
The Biden administration this week announced landmark industrial funding to support potentially transformational industrial decarbonization projects. In total, thirty-three projects across eight industrial sectors will receive up to $6 billion in federal funds from the US Department of Energy’s (DOE) Office of Clean Energy Demonstrations (OCED).
Galvanized buyers reported solid demand and balanced inventories this week and were anticipating the sheet price increase announced by Cleveland-Cliffs on Wednesday.
The Department of Energy (DOE) announced on Monday six projects that will receive up to $1.5 billion in funding to further decarbonize the iron and steel industry.
The LME 3-month aluminum price resumed moving lower on the morning of March 22 and was last seen trading at $2,290 per metric ton. The price was unable to break through an important resistance level at $2,300/mt on March 21. EGA to acquire European recycler Emirates Global Aluminium of the UAE has signed a binding […]
A temporary surplus of rebar on the West Coast is forcing CMC to alter the planned ramp-up of its Arizona 2 micro-mill, the company's leader said on Thursday.
SMU caught up with Barry Zekelman, executive chairman and CEO of Zekelman Industries, on Wednesday’s Community Chat. As one of the largest independent steel pipe and tube manufacturers in North America, his company is also one of the largest steel buyers in the region. This year alone, the Chicago-based company will buy roughly 2.8 million tons of steel. As such, Zekelman provides a great perspective on the steel industry and the markets it serves.
CMC’s earnings slid in its fiscal second quarter vs. the same period last year as the company cited seasonal issues and challenging weather conditions in several key areas.
The Architecture Billings Index (ABI) indicated architecture firm billings continue to decline through February, according to the American Institute of Architects (AIA) and Deltek. While the latest reading does not indicate improving business conditions, it is one of the higher measures seen in recent months, suggesting the recent slowdown may be diminishing.
Earlier this week SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.
Across industries and nations, it’s clear sustainability is the path towards the future. Moving ahead means creating dialogue and building bridges. For Nucor, building bridges means reaching out to new audiences. Actually, it also literally means soon building bridges from the plate made at its Brandenburg mill in Kentucky.
Eastern Metal Building Products LLC has announced the acquisition of construction products manufacturer Super Stud Building Products.
U.S. Steel expects higher earnings in the first quarter of this year vs. the previous quarter.
Are we still looking for a bottom on sheet prices? In what direction are steel and scrap prices headed? How’s demand holding up at the moment?
The CRUspi fell by 8.3% month over month (m/m) in March to 206.6 as weaker-than-expected demand weighed on markets around the world. Price falls were notable across all regions, with elevated inventory levels pushing prices in the US and Europe, and disappointing stimulus measures from the Chinese government weighing on those in Asia.
Strength in its flat-rolled steel operations is pushing Steel Dynamics Inc. (SDI) to guide to higher sequential earnings in the current quarter.
The construction sector added 23,000 jobs in February, boosted by nonresidential, according to the Associated General Contractors of America (AGC).
The LME three-month price continued to strengthen through Friday, March 8, defending its position close to its five-week high and rising further to $2,262 per metric ton (mt), up 0.3%, on the day. Gains were also noted over the last week in other industrial metals, including copper, zinc, and lead. The price gains appeared to be due to weakness in the US dollar, which fell sharply against a basket of currencies after Fed Chairman Jerome Powell said on Wednesday that rate cuts were still expected this year.
The Dodge Momentum Index (DMI) slipped in February from the previous month, according to the latest Dodge Construction Network (DCN) data.
Economic activity across the US increased marginally from early January through the end of February, according to the latest Beige Book report from the US Federal Reserve.
India’s JSW Steel has selected steel industry veteran Robert Simon as CEO of JSW Steel USA.
A clear consensus has emerged among respondents to SMU’s latest steel market survey that hot-rolled (HR) coil prices will bottom this month or in April. Seventy-five percent of respondents to our latest survey think that prices will find a floor before May as the chart below shows: