Net job creation in October totaled 250,000 positions. Construction and manufacturing gains were both strong, according to Steel Market Update’s latest analysis of Bureau of Labor Statistics data. Table 1 breaks total employment down into service and goods-producing industries and then into private and government employees. Most of the goods-producing employees work in manufacturing and […]
The employment situation in the United States is excellent and continues to improve, according to Steel Market Update’s latest analysis of Bureau of Labor Statistics (BLS) data. Rising employment and wages are the main contributor to GDP growth because personal consumption accounts for almost 70 percent of GDP. Steel consumption is related to GDP; therefore, […]
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 […]
U.S. Steel earnings were in line with expectations for the third quarter. U.S. Steel reported net earnings of $291 million compared to $214 million in the second quarter and earnings of $147 million in Q3 2017. Net sales rose 14.8 percent year-over-year to $3.7 billion. Adjusted EBITDA of $526 million improved by $169 million compared […]
Construction employment increased by 30,000 jobs in October and by 330,000 jobs over the past year, topping 7.3 million for the first time since April 2008, while the industry’s average pay jumped and unemployment decreased to a historic low, according to an analysis of new government data by the Associated General Contractors of America. Despite […]
Construction spending hit a seasonally adjusted annual rate of $1.329 trillion and grew 5.5 percent for nine months of 2018, with continued year-to-date gains for major public and private categories, according to an analysis of new government data by the Associated General Contractors of America. Association officials said that while demand for construction should remain […]
Construction spending hit a seasonally adjusted annual rate of $1.329 trillion and grew 5.5 percent for nine months of 2018, with continued year-to-date gains for major public and private categories, according to an analysis of new government data by the Associated General Contractors of America. Association officials said that while demand for construction should remain […]
Robust demand in the construction industry is helping to elevate employment levels in the sector. Construction employment increased in 278 out of 358 metro areas between September 2017 and September 2018, declined in 42 and was unchanged in 38, according to a new analysis of federal employment data by the Associated General Contractors of America. […]
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 […]
Architecture firms report that billings slowed in September, but new projects are expected in the coming months. The AIA Architecture Billings Index score was 51.1 last month, down from 54.2 in August. “Similar to the strong conditions we’ve seen nationally, architecture firms located in the Midwest and Southern regions of the country continued to report […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Chief Market Risk Officer, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
Voters who go to the polls in Colorado next month will consider Proposition 112, a measure with serious implications for the energy industry in their state, and beyond. “If this passes, not only will it devastate our economy, but also the economies of surrounding states,” an executive from a steel fabricator in Denver told Steel […]
Ternium USA Inc. will invest $14.7 million to expand and upgrade its facility at The Port of Caddo-Bossier in Shreveport, La. Ternium will overhaul its galvanizing line and complete other capital upgrades to optimize plant operations and logistics. Upgrading the galvanizing line will yield an additional 42,000 metric tons per year of coated products. “In […]
I am keeping the SMU Flat Rolled Price Momentum Indicator at “Neutral” as I do not yet see any clear-cut signs of a solid push higher on pricing. What I have seen is a possible short-term bottom to the lower end of our range. This helped take our hot rolled index average from $805 to […]
Cleveland Cliffs CEO Lourenco Goncalves is looking forward to the completion of the company’s HBI pellet plant in Toledo, Ohio. The project is on time and under budget and construction has begun on the 400-foot tower that will be completed by the end of 2019. Startup of HBI production is anticipated in mid-2020. The company […]
Forty-five states and the District of Columbia added construction jobs between September 2017 and September 2018, while 29 states and D.C. added construction jobs between August and September, according to an analysis by the Associated General Contractors of America of Labor Department data released today. Association officials noted that the continued job gains were a […]
Forty-two states and the District of Columbia added construction jobs between November 2017 and November 2018, while 23 states added construction jobs between October and November, according to an analysis by the Associated General Contractors of America of Labor Department data released Dec. 21. Association officials said extremely low unemployment rates in most of the […]
Pittsburgh, PA, October 18, 2018 – Allegheny Technologies Incorporated (NYSE: ATI) announced today it has signed an agreement to provide carbon steel hot-rolling conversion services for NLMK USA at ATI’s world-class Hot-Rolling and Processing Facility, or HRPF, located in Brackenridge, PA. Slab shipments to ATI will begin immediately and increase to anticipated production levels in […]
Steel Dynamics announced record financial results for third-quarter 2018. Sales for the quarter totaled $3.2 billion for a net income of $398 million compared to prior-year third-quarter sales of $2.4 billion and net income of $153 million. “Our third-quarter 2018 income from operations of $532 million and adjusted EBITDA of $626 million were both record […]
It is always a struggle to find the proper footing after the domestic mills make a price announcement that, on its face, appears to be a way of stopping the sub-$800 offers and put a floor (however temporary) to the market. To me, it is quite telling when one or two mills that normally follow […]
ArcelorMittal announced a binding offer from Liberty House Group for the purchase of ArcelorMittal Ostrava (Czech Republic), ArcelorMittal Galati (Romania), ArcelorMittal Skopje (Macedonia) and ArcelorMittal Piombino (Italy). The transaction is part of a divestment package agreed to by ArcelorMittal with the European Commission for the €1.8 billion acquisition of Italian steel mill Ilva. The ArcelorMittal […]
The cost of many products used in construction climbed 7.4 percent over the past year due to double-digit increases in commonly used construction materials, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials noted that the cost increases come as many construction firms are already grappling […]
Damage from Hurricane Michael will result in trucking delays in the Southeast, at least for the short-term. Emergency declarations are in effect for Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee. Some regulations will be suspended for trucks assisting with emergency relief, including hours of service restrictions while providing assistance in the […]
Planning activity for construction of nonresidential buildings declined in September, according to the latest Dodge Momentum Index. The Index slid 2.6 percent to a reading of 159.5. Both commercial and institutional planning projects were lower in September, falling 4.3 percent and 0.1 percent, respectively. The Index has dropped for two consecutive months, but on a […]
Net job creation in September totaled 134,000 positions. Construction and manufacturing gains were both strong. Table 1 breaks total employment down into service and goods-producing industries and then into private and government employees. Most of the goods-producing employees work in manufacturing and construction and the components of these two sectors of most relevance to steel […]
The employment situation in the United States is excellent and continues to improve. Rising employment and wages are the main contributors to GDP growth because personal consumption accounts for almost 70 percent of GDP. Steel consumption is related to GDP; therefore, this is one of the indicators that helps us understand the reality of the […]
Construction in the United States is experiencing strong growth led by infrastructure expenditures, according to Steel Market Update’s latest analysis of Commerce Department data. On Oct. 1, Commerce released the construction put in place (CPIP) expenditures data for August. The growth of total construction on a rolling 12-month basis year over year increased from 2.1 […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Chief Market Risk Officer, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
The attitudes of steel buyers and sellers, as measured by this week’s SMU Steel Buyers Sentiment Index questionnaire, are slightly more optimistic than they were last month. The goal of the index is to measure how buyers and sellers of steel feel about their company’s ability to be successful today (Current Index), as well as […]
Despite moderating prices, the outlook for the U.S. steel market is generally favorable for 2019, reported Josh Spoores, CRU Principal Analyst for North America, during a CRU Webinar on Friday. The Trump administration’s Section 232 steel tariff has limited competition from steel imports this year. Steel sheet arrivals into the U.S. are down 12 percent […]