Housing starts surprised economists by jumping 3.3 percent last month to a seasonally adjusted annual rate of 1,297,000. Compared to November 2016, starts were up 12.9 percent. Starts of single-family homes jumped 5.3 percent to 930,000 units, the highest level since September 2007. Construction starts on buildings with five units or more in November inched […]
Steel Dynamics Inc. provided guidance on fourth-quarter earnings, predicting a lower sequential quarter. Planned outages at the company’s flat rolled divisions resulted in higher costs and lower value-added shipments, reducing pretax earnings by approximately $27 million. Flat rolled steel pricing declined at a steeper rate than prices for scrap raw material. The long products division […]
The Georgia Port Authority is expanding the Port of Savannah to handle increased cargo demand. “A strong Southeast U.S. economy, on-terminal expansion, and investment by private logistics firms throughout the region have resulted in phenomenal growth for Georgia,” said Executive Director Griff Lynch. Total tonnage for fiscal year 2017 grew 23 percent to 33,397,357 tons […]
For better or worse, depending on your income and situation, it looks like President Trump and the Republicans will win a big political victory with passage of their historic tax overhaul this week. No doubt, there will be a shakeout period during which the many complicated details of the measure will be scrutinized, and their […]
ArcelorMittal’s new headquarters in Luxembourg will be a testament to the strength and beauty of steel. The primarily steel and glass structure designed by Wilmotte & Associés will “showcase the diverse benefits of steel over other building materials,” said ArcelorMittal in a press release. Approximately 5,000 to 7,000 metric tons of steel produced in Luxembourg […]
Nucor offered fourth-quarter guidance on Wednesday, forecasting a decrease in earnings compared to the third quarter. Fourth-quarter results are expected to be in the range of $0.50 to $0.55 per diluted share compared to third-quarter consolidated net earnings of $0.79 per diluted share and comparable to year-ago earnings. Imports continue to negatively impact the U.S. […]
The Italian-Argentine industrial consortium Techint Group and its Ternium subsidiary are planning to construct a $1 billion hot rolled steel mill in Monterrey, Mexico. The mill will be part of an expansion of Techint’s industrial center in Nuevo León, where the consortium first started operations in 2013. The rolling mill will have an annual capacity […]
The Dodge Momentum Index climbed 13.9 percent to 149.5 in November. The Dodge Momentum Index, published by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which has been shown to lead construction spending for nonresidential buildings by a full year. Construction planning was […]
Construction employment increased to its highest level in November since 2008, said the Associated General Contractors after analyzing new government data. Construction employment totaled 6,955,000 in November, a gain of 24,000 for the month and 184,000 over 12 months. The year-over-year growth rate in industry jobs was nearly twice the 1.4 percent rise in total […]
Construction improved in October, but the longer-term trend is for a slowdown in construction spending. Construction slowed every month this year through August on a rolling three-months year-over-year basis. The slowdown in the growth rate stabilized in September and October, improving from 0.5 percent to 1.5 percent. Construction expenditures data is developed by the Department […]
It is a busy time for the shipping industries that move the nation’s goods. Shipping sectors are busy lobbying for infrastructure funds to repair aging waterways, ports and rail lines. The U.S. rail system would like relief from regulatory burdens while independent truck drivers are asking for exemption from a new regulation that requires the […]
Steel Market Update’s steel market indicators show improved trends in the November data. In our examination of data released in November, our view of the present situation is that 47.2 percent of the 36 indicators are historically positive with only 19 percent negative. The balance is within the band of historically normal. The total of […]
Overall construction spending reached a record high in October, totaling a seasonally adjusted annual rate of $1.241 trillion, an increase of 1.4 percent from September. However, government data analyzed by the Associated General Contractors of America shows public-sector infrastructure investments lagging behind other public and private spending. “There was healthy growth this October in both […]
The U.S. employment situation in November was excellent, according to the Bureau of Labor Statistics’ (BLS) net job creation report released on Friday. While employment was down by 14,000 jobs from October, it was still the third best month of the year and in agreement with the other data streams tracked by Steel Market Update. […]
Construction employment increased in 243 out of 358 metro areas between October 2016 and October 2017, declined in 59 and stagnated in 56, according to a new analysis of federal employment data released by the Associated General Contractors of America. “Growing demand, especially from the private sector, is continuing to drive construction employment gains in […]
New home sales jumped 6.2 percent in October to a seasonally adjusted annual rate of 685,000 and a 10-year high. All regions of the U.S. recorded increases, according to data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. September’s seasonally adjusted annual rate was revised downward from 667,000 […]
It’s not that unusual anymore to find a service center that has taken its value-added offerings as far as first-stage parts manufacturing. Less common is a toll processor that offers fabrication. Mississippi Steel Processing (MSP) is located on the campus of Steel Dynamics’ mill in Columbus, Miss. For the past two years, it has shared the […]
Driven primarily by construction in the developing world, growth in global steel production continues to surge, according to Steel Market Update’s latest analysis of World Steel Association data. Steel production in the month of October was 145,254,000 metric tons, up from 141,576,000 in September. Capacity utilization decreased from 73.5 percent to 72.9 percent. Production was […]
The Keystone XL pipeline was approved by the Nebraska Public Service Commission on Monday giving TransCanada the access it needs to complete the $8 billion 1,897-mile pipeline. The commission rejected TransCanada’s preferred route, however, and in a 3-2 decision approved an alternate route that moves the pipeline further east and away from Nebraska’s ecologically fragile […]
Construction jobs were added in 41 states between October 2016 and October 2017, while 26 states added construction jobs between September and October, according to an analysis by the Associated General Contractors of America of Labor Department data. The October jobs data continues a pattern of widespread but uneven growth in industry employment, said AGC. […]
Demand for architecture design services increased in October after contracting in September. The October Architecture Billings Index jumped to 51.7 from 49.1 the previous month, indicating a return to growth. The new projects index gained more than one point to 60.2, while new design contracts posted a reading of 52.9, compared to 52.8 in September. […]
Housing starts leapt 13.7 percent from September to October, rising to a seasonally adjusted rate of 1.290 million and beating economists’ estimates. Single-family housing starts increased 5.3 percent, while housing of five units or more jumped 37.4 percent, reported the Commerce Department. Data shows the South rebuilding after the devastation of the dual hurricanes earlier […]
Mill Steel Co. has promoted commercial leader Joe Poot from Vice President of Purchasing to Senior Vice President. Poot began his career with the carbon flat roll distributor 18 years ago as an assistant controller, and served as business unit controller and purchasing manager before being elevated to shareholder and partner in 2006. Poot has […]
Georgia Ports Authority announced Monday the approval of $42.27 million in funding for a rail and gate project that will significantly expand capacity at its Garden City Terminal in Savannah. The project is part of the GPA’s $128 million Mason Mega Rail Terminal and will increase the Port of Savannah’s on-dock rail capacity by 100 […]
Chinese steelmakers in the heavily industrial “2+26” region—Beijing, Tianjin and the 26 surrounding cities—are expected to cut steel production by 34 million tons this winter under government guidelines designed to reduce air pollution during the home-heating months. Analysts at Wood Mackenzie estimate the government restrictions will reduce China’s hot metal supply by about 14.2 million […]
ArcelorMittal reported its best third-quarter shipment performance since 2008. Shipments of 21.7 million tons were 1.0 percent higher than second-quarter due to a 1.2 percent increase in Brazil shipments, a 4.3 percent increase in NAFTA shipments, and a 3.2 percent increase from the ACIS segment. Shipments from the three segments offset a decline of 3.3 […]
The Steel Market Development Institute has released “LEED v4 for Steel Products Used in Construction Applications,” a guide for the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) green building certification program. “A rapidly-evolving green building industry and increasing demand for sustainability have led to a number of updates and a more […]
Stelco Holdings, Inc., closed its initial public offering today, successfully raising $230 million to be used for select capital investments, new product development and early payments to pension trusts. The 13.5 million shares were offered at a price of $17 per share. As of midday Friday, the stock was trading around $19.50 per share. Bedrock […]
Ryerson Holding Corp. posted net income of $1.7 million in the third quarter, up from $600,000 in the second quarter, but down from $8.2 million in third-quarter 2016, as commodity challenges pressured margins. “The third quarter of 2017 can best be described by margin compression, driven primarily by nickel and chrome deflation in the second […]
The American Transportation Research Institute (ATRI) just released a new report assessing the nation’s infrastructure needs. Entitled, “A Framework for Infrastructure Funding,” the report concludes that a federal fuel tax increase is necessary for attaining the large-scale infrastructure program envisioned by the administration. Generating enough revenue through other mechanisms, such as mileage-based user fees and […]