Equipment from the 2023 “complete” closure of a carbon steel, tin, and sheet material cold-rolling mill in Pittsburg, Calif., is up for sale. It is believed to be the assets of the USS-UPI finishing plant owned by US Steel. The mill equipment — including a pickle line tandem cold reduction mill, a No. 1 continuous […]
This past week the Biden administration released a list of questions for the public on the four-year review of the Section 301 tariffs on China. The questions and the procedures in the review reveal quite a bit about where this investigation is going, and what policy choices will be coming out after the 2022 midterm […]
US manufacturing activity grew at its slowest pace since May 2020, nearly falling in October to the neutral 50.0 mark — the level that typically divides expansion from contraction, according to the Institute for Supply Management (ISM). The latest update was slightly ahead of consensus forecasts of a neutral reading amid rising borrowing costs and […]
The strong performance of SSAB Americas was a bright spot in Swedish parent company SSAB’s third quarter earnings report as the company’s European segment was impacted by weaker demand and low shipments. SSAB Americas posted Q3 operating profit of SEK 3,036 million (US$276.65 million) — a 61% improvement from the same quarter of 2021. The […]
US manufacturing activity grew at its slowest pace in nearly two-and-a-half years in September, according to the Institute for Supply Management (ISM). Though still expanding last month, manufacturing was slowed as new orders contracted amid aggressive interest rate increases from the Federal Reserve meant to cool demand and tame inflation. The ISM’s report also showed […]
The prices contractors pay for construction materials and services—chiefly for new nonresidential construction—declined 1.1% month-on-month (MoM) in August, as a steep drop in fuel prices masked increases in the cost of other construction inputs, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that limited price declines […]
The S&P Global US manufacturing PMI – another measure of manufacturing – slipped to 51.5 in August, contracting for a second straight month and its lowest level in two years, as output and new sales fell further last month. August’s results are down slightly from 52.2 in July, broadly in line with the earlier released […]
The 2022 NexGen Award winner Austin Reynolds is eager to innovate and create an impact in the steel business. Traits that helped him earn an accolade claimed by just three recipients before him. Steel Market Update (SMU) sat down with Austin and Ace Steel Supply’s COO Bruce Margolin, to find out what it takes to […]
How do we attract younger people to the steel industry? The NexGen Metals Community was established to solve that problem. We were privileged enough to have the group sit down and bring to light how the working landscape might evolve in the coming years. Without question, having a great place to work is essential to […]
We’ve concluded the second day of our Steel Summit conference in Atlanta, and I thought I’d leave you with five things I learned today. So here they are in no particular order: Say Hello to ADI, Say Goodbye to Section 232 (as we know it) It’s not official yet. But Steel Dynamics Inc. (SDI) president […]
The S&P Global US manufacturing PMI—another measure of manufacturing—fell to 52.2 in July, its lowest level in two years, as output and new orders decreased last month. July’s results are down slightly from 52.7 in June, as US manufacturers report the toughest business conditions since 2009. (Recall that a reading above 50.0 indicates growth.) The […]
At the request of US pipe and tube producers, the US Department of Commerce has begun inquiries into the alleged circumvention of antidumping and countervailing duties (AD/CVD) on a variety of products from a host of Asian countries. The request came from Atlas Tube Inc., Bull Moose Tube Co., Maruichi American Corp., Nucor Tubular Products […]
Pennsylvania steel distributor Mainline Metals has acquired Great South Metals, a service center located in Acworth, Ga. Mainline Metals seeks to sweeten its position as a leading nationwide provider of prime, secondary, and excess steel with the Peach State service center’s capabilities. Great South’s machinery includes a 60-inch Pro-Eco loop slitter, a 48-inch Turner loop […]
Ryerson expects “counter-cyclical business conditions” in the third quarter, with moderating demand and falling prices resulting in lower sequential sales and shipments. The Chicago-based service center made the comments in its second quarter earnings report after the market closed on Wednesday, August 3. For Q2, sales volumes of 524,000 tons were down 6% from the […]
While the rest of us are melting from the heat of the sun, Nucor announced it will build a new melt shop at its bar mill in Kingman, Ariz. The $100 million investment will create approximately 140 new full-time jobs and have the capacity to produce around 600,000 tons a year. Construction is expected to […]
O’Neal Steel recently announced a $2.6 million investment that will expand its Birmingham headquarters with a new flat laser and press brake. After working closely with the Birmingham Business Alliance, O’Neal received abatements on non-educational sales and property taxes for the manufacturing machinery. A representative for the City of Birmingham stated that O’Neal has had […]
New orders for US manufactured durable goods rose unexpectedly in June after a surprising increase the month prior. June’s gain was boosted by a surge in defense aircraft as well as a sustained demand for equipment. Last month’s bookings for durable goods were up 1.9% following a 0.8% gain a month earlier, according to the Commerce Department. […]
Swedish steelmaker SSAB expects the heavy plate market in North America to remain relatively stable, reporting solid demand across most of its customer segments. SSAB Americas, which is made up of steel and plate production at its 1.25-million-tons-per-year mill in Montpelier, Iowa, reported increased operating profits in the second quarter despite lower year-on-year shipments. This […]
Earlier this week SMU canvassed steel buyers on a variety of subjects, ranging from steel prices to supply and demand to new mill capacity. We are sharing the comments we received in each buyers’ own words, rather than summarizing them in ours. Want to have your voice heard and share your comments with SMU? Contact Brett@SteelMarketUpdate.com […]
New orders for US manufactured durable goods rose more than expected in May, suggesting business investment remains resilient even in the face of deteriorating business and consumer sentiment as well as heightened fears of a recession. Last month’s bookings for durable goods rose 0.7% following a revised 0.4% decline a month earlier, according to the […]
International trade has become increasingly important to the US economy and national security over the last seven decades. But in recent years, we have lost our confidence in it. Donald Trump was the first post-World War II President to try to reduce the volume of international trade, principally by imposing tariff barriers on steel, aluminum, […]
New orders for US manufactured durable goods rebounded in March after sinking for the first time in five months in February. Last month’s bookings for durable goods rose 0.8% following a revised 1.7% decline a month earlier, according to the Commerce Department. The value of core capital goods orders – a proxy for investment in […]
New orders for US manufactured durable goods fell 2.2%, or $6.0 billion, in February, snapping a four-month rally, according to the Commerce Department. Orders at domestic factories for long-lasting goods fell more than expected last month, while business investment fell for the first time in a year. February’s outcome suggests high inflation and ongoing supply […]
Northbrook, Ill.-based Hilco Global’s subsidiary, Hilco Industrial Acquisitions, B.V, acquired for resale all assets of ThyssenKrupp’s heavy plate rolling mill located in Duisburg-Hüttenheim, Germany. Prior to its shuttering last September, ThyssenKrupp’s rolling mill produced roughly 850,000 metric tons of heavy plate steel, the company said. Besides the rolling mill, the Amsterdam-based asset management and financial […]
By CRU Multi Commodity Analyst Alex Christopher and Research Analyst James Mills, from CRU’s Steel Sheet Products Monitor, March 3 The sanctions imposed on Russia over its invasion of Ukraine will have direct and indirect implications for commodity markets, and their impact will be felt by everyone involved along the length of commodity value chains. […]
New orders for U.S. manufactured durable goods rose 1.6% in January, doubling earlier estimates of 0.8%, according to the Commerce Department’s report. The surprising gain came following an upward revision in December’s totals to a 1.2% gain from the prior estimate of 0.7% and represents an increase in eight of the last nine months. The […]
Durable goods orders took a slight tumble in December, slipping for the first time in three months and suggesting a pause in capital investment as the fourth quarter ended. The decline in December – down 0.9% versus the prior month – reflected a drop in orders for commercial aircraft (transportation) and communications equipment, compounded by […]
The U.S. labor market disappointed once again, adding just 199,000 jobs in December, down from the 249,000 jobs added the month prior. Despite seeing the smallest gains in a year, the unemployment rate fell to 3.9%, from 4.2% in November. The latest data from the U.S. Bureau of Labor Statistics showed that the U.S. economy […]
Tubular products producer PTC Alliance has agreed to purchase the business of Metal-Matic Inc., another maker of welded and drawn over mandrel (DOM) carbon steel tubing. The transaction, which will strengthen the company’s foothold in the Midwest, is expected to close by the end of the year. The deal will add four production facilities employing […]
New orders, production, employment, and imports grew in November. But prices fell, and delivery delays increased on tightening backlogs. That’s the takeaway from the Institute for Supply Management’s latest Manufacturing Report on Business. ISM’s Manufacturing Purchasing Managers Index (PMI) rose to 61.1% in November, up 0.3 percentage points from October and indicating continued expansion in the overall economy for the […]