The construction industry added 8,000 jobs in September for its highest level since 2008, but could have hired even more if qualified workers were available, said the Associated General Contractors of America. Construction unemployment was 4.7 percent in September, its lowest September rate since 2000, said AGC. Average hourly earnings have increased 3 percent from […]
Governor Mark Dayton expressed his support of Chippewa Capital Partners to revive the Essar Steel Minnesota iron ore mining site. In an open letter to people on the Iron Range, Dayton said Chippewa has satisfied its obligations under the bankruptcy proceedings and may move forward with plans to construct a taconite pellet plant. Chippewa has […]
Total construction expenditures contracted in the three months through August year over year for the first time since November 2011, according to August data for construction put in place (CPIP) released by the Department of Commerce on Monday. Privately funded projects still have positive growth on a rolling 12-month basis, but are more than negated […]
The Associated General Contractors of America urged Congress and the Trump administration to include new spending as part of the tax reform proposal to reverse declining infrastructure investment. New investments will offset declining public sector demand and help boost overall economic activity, said AGC. “It is hard for American employers to be globally competitive when […]
Ryerson Holding Corp., a value-added processor and distributor of industrial metals, sees improved demand and sequential growth for the third quarter in the construction equipment, food processing and agricultural industries and year-over-year growth in nearly all of its end markets. In its third-quarter guidance, Ryerson noted U.S. service center volumes have increased by more than […]
Two new hot strip mills are in the works for the Mexican steel industry. Both ArcelorMittal and Ternium announced plans this week to make investments in their facilities to meet growing demand. The announcements coincide with decrees by Mexican President Enrique Peña Nieto creating three special economic zones that offer tax breaks to companies investing […]
Steel market indicators look good in the September data. Our view of the present situation is that 50 percent of the 36 indicators are historically positive with only 19 percent negative. The balance of them are within the band of historically normal. This was the same result as May and August. Along with September, these […]
Big River Steel presented a check for $50 million to Arkansas Governer Asa Hutchinson for full repayment of a loan from the State of Arkansas—and did it 17 years early. The early repayment of this $50 million loan is a strong indication of the financial strength of Big River Steel and reaffirms my confidence in […]
Construction employment increased in 274 out of 358 metro areas between August 2016 and August 2017, declined in 52 and stagnated in 32, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials noted that the construction job gains come even as 70 percent of […]
Canadian steel producer Stelco Holdings will go public with the sale of at least $150 million in shares. The company filed for an initial public offering on Wednesday with security regulators in Canada. Stelco, the former U.S. Steel Canada, was acquired out of bankruptcy by Bedrock Industries in June. The restructuring relieved Stelco of $3 […]
New home sales slipped again in August after tumbling 9.4 percent in July, according to the latest report by Commerce. Sales of new single-family homes fell 3.4 percent from the previous month to a seasonally adjusted annual rate of 560,000. The rate was 1.2 percent below the August 2016 estimate of 567,000. Some of the […]
U.S. Steel and Kobe Steel announced plans to expand the galvanizing line at their joint venture PRO-TEC Coating Co. in Leipsic, Ohio. Construction will begin in the fourth quarter on a new continuous galvanizing line in response to demand for advanced high-strength steels. The $400 million CGL will have a yearly capacity of 500,000 tons […]
Last Friday, the U.S. International Trade Commission ruled that the domestic solar industry has been seriously injured by imports of cheap, foreign-made solar cells. The case was brought by solar panel makers Suniva and SolarWorld under Section 201 of the Trade Act of 1974. The ITC now has until Nov. 13 to make recommendations to […]
Seaborne shipping is getting a much needed rise in rates. Freight rates are gaining strength following two years of historic lows, says MID-SHIP report. The Baltic Dry index, a benchmark for overall trade volume, rose to 1470 on Sept. 21 for its highest level in two years. MID-SHIP expects the BDI to approach 2000 in […]
Steel buyers are evenly split on how their businesses will be affected by the cleanup from Hurricanes Harvey and Irma. About half (48 percent) of respondents to Steel Market Update’s latest steel market trends questionnaire expect the hurricanes and flooding in Texas and Florida to have a significant impact on their businesses and steel demand […]
The American Institute of Architects’ Architecture Billings Index continued to show demand for design services with a seventh month of growth in August.The ABI gained 1.8 points last month for a solid score of 53.7. The new projects inquiry index rose to 62.5 from 59.5 and the new design contracts index slipped to 54.2 from […]
Steel Dynamics expects third-quarter financial results to be similar to the second quarter. Higher shipments during the quarter were somewhat offset by metal spread compression. Average quarterly pricing is expected to be consistent with the second quarter, but average scrap prices will be higher. SDI notes continued high import levels are impacting the ability of […]
New residential building permits surged 5.7 percent month-over-month in August to a seasonally adjusted annual rate of 1.3 million, according to the latest report from the Commerce Department. Single-family authorizations dipped 1.5 percent, but permits for housing of five units or more jumped 22.8 percent. Gains in August were concentrated in the Midwest and West, […]
ArcelorMittal is not expecting a big bump in business anytime soon due to the hurricane damage in Texas and the Southeast. “That will take a while to pass through,” said Wendell Carter, vice president and general manager of the steelmaker’s Indiana Harbor mill. Carter responded to questions during a media tour of the East Chicago, […]
ArcelorMittal is not expecting a big bump in business anytime soon due to the hurricane damage in Texas and the Southeast. “That will take a while to pass through,” said Wendell Carter, vice president and general manager of the steelmaker’s Indiana Harbor mill. Carter responded to questions during a media tour of the East Chicago, […]
Thirty-four states and the District of Columbia added construction jobs in the year from August 2016 to August 2017, reports the Associated General Contractors of America, analyzing Labor Department data. Hiring likely would have been stronger if not for a shortage of workers. Seventy percent of companies report having a hard time finding craft workers […]
The Producer Price Index of commodities increased by 3.8 percent in the 12 months through August 2017, according to data released Tuesday by the Bureau of Labor Statistics. The BLS released its series of producer price indexes (PPIs) for more than 10,000 goods and materials this week. The latest release reported results through August. For […]
The Producer Price Index of commodities increased by 3.1 percent for the 12 months ended in November, according to data released Thursday by the Bureau of Labor Statistics—the largest advance since the 12 months ending January 2012. On Thursday, the BLS released its series of producer price indexes (PPIs) for more than 10,000 goods and […]
Southeast Texas, including Houston, is considered one of the most affordable large housing markets in the nation, said Svenja Gudel, chief economist at Zillow. That may change in the wake of Hurricane Harvey. “Housing has historically been affordable in the area because it’s relatively easy to build homes there. Unfortunately, a lot of those homes […]
The Dodge Momentum Index, a measure of nonresidential construction projects in planning, dropped 2.4 percent to register 129.1 in August. Commercial planning led the decline, falling 8.7 percent, while institutional planning partially offset it with a gain of 7.3 percent. In general, commercial planning has seen a steep rise this year as large office building […]
The chaos to commerce continues in the Houston area as a result of flooding and damage from Hurricane Harvey. Texas Governor Gregg Abbot estimates damage to the area will be in the range of $150 billion to $180 billion. A quick survey of steel service centers and distribution centers in the area found that many […]
Steel Market Update asked four panelists at the 2018 Steel Summit to define free and fair trade and offer some solutions to what most in the industry consider unfairly traded steel imports. Philip Bell, president of the Steel Manufacturers Association representing North American EAF steel producers, said there are five components of free and fair […]
The manufacturing panel during the SMU Steel Summit Conference last week in Atlanta featured a lively exchange between Barry Zekelman (CEO, Zekelman Industries) and Dan Pearson (Cato Institute). Mr. Zekelman’s comments appeared in the Aug. 31, 2017, issue of Steel Market Update. Mr. Pearson, the former chairman of the International Trade Commission, read our article […]
The growth of total construction spending is slowing, though still positive year over year. July data for construction put in place (CPIP) was released by the Department of Commerce on Friday. Total construction still shows positive growth, but slowed to 0.9 percent year over year in the latest three months of data. Privately funded projects […]
Employment growth in both construction and manufacturing was strong in August. The Bureau of Labor Statistics (BLS) net job creation report released on Friday was disappointing in total, but unusual in the detail. Disappointing because employment growth was worse than normal for August. Unusual in that the ratio of goods-producing to service-industry job growth was […]