Helping out with chores as a kid is something many of us do. But how often do your chores lead to a life-long career? Eric Daniel, general manager of Metalwest locations in Colorado, New Mexico, and Arizona, took doing chores to new heights. Steel Market Update interviewed Eric and learned how he’s made his career […]
Business activity remained negative in New York state in February, according to the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index—a gauge of manufacturing activity in the state— increased 27 points from January but was still negative at -5.8. Twenty-six percent of respondents reported that conditions had improved over the month, while 32% said conditions had […]
Tenaris SA will redirect funds initially slated for the acquisition of Benteler Steel & Tube Manufacturing Corp. in Shreveport, La., to its existing operations in the US. “We will reorient our investment plan in the United States to achieve, through organic growth, the objective of strengthening our local industrial and logistics system,” Tenaris chairman and CEO Paolo […]
Cleveland-Cliffs has ruled out spending money to build new electric-arc furnaces (EAFs), the company’s top executive said. The Cleveland-based steelmaker will instead focus on decarbonizing its blast furnaces (BFs) and basic-oxygen furnaces (BOFs), which are better suited than EAFs to supply the automotive industry, company chairman, president, and CEO Lourenco Goncalves said. “Cleveland-Cliffs does not […]
Reliance Steel & Aluminum Co. saw its best financial performance in 2022 on record-breaking sales of $17.03 billion, nearly 21% above 2021. The results were achieved “across nearly every metric during a period of continued metal price volatility and broader economic uncertainty,” Reliance president and CEO Karla Lewis said in earnings commentary released on Thursday, Feb. 16. […]
Ternium plans to spend $2.2 billion to build an electric-arc furnace (EAF) and direct-reduced iron (DRI) module in North America. The Latin American steelmaker said the EAF would have capacity of 2.86 million short tons (2.6 million metric tons) per year and that the DRI unit would have capacity of 2.31 million short tons (2.1 […]
Ternium recorded narrower profits in the fourth quarter on lower steel prices and higher costs. The Luxembourg-based steelmaker, which operates primarily in Latin America, said it expected results to improve in 2023, echoing the comments of its competitors in their recent earnings releases. Ternium’s earnings financial results are in the table to the left. The […]
US Steel said it will supply General Motors (GM) with verdeX® sustainable steel produced at Big River Steel, its electric-arc furnace (EAF) sheet mill in Arkansas. The low-carbon steel produced at the Osceola, Ark., mill will begin shipping to GM manufacturing facilities starting this year, the Pittsburgh-based steelmaker said. “We are pleased to join GM in […]
Depending on when you read this, you might know who won the Super Bowl, but we know who won this week—Joe Biden. President Biden gave an effective State of the Union on Tuesday. The speech had everything his (and Bernie Sanders’) supporters could hope for: more Buy American, more equality, more populism, even more support […]
The Covid-19-related shutdowns and subsequent supply chain disruptions emphasized the importance of onshoring. Geopolitical uncertainty, the war in Ukraine, and recent sovereign security issues, have added to global supply chain concerns. In the US, new legislation, the IRA, USMCA, and Build Back Better have focused on securing and bolstering North American manufacturing conditions. The task […]
Felman Production said it has signed a five-year agreement to sell ferro-silicomanganese to a multi-billion-dollar publicly traded steel and metal manufacturer based in the US. The deal is for is for 42,000 metric tons per year, a company spokesperson told SMU. They declined to name the company. “We’re thrilled about this deal because it will greatly benefit […]
I am writing these Final Thoughts from an exhibition hall at Tampa Marriot Water Street hotel, where we just wrapped up the Tampa Steel Conference. The table I’m writing from is about to be taken down and packed up, and I have to get to the airport soon – so forgive me for what tonight […]
Tenaris SA said Feb. 5 that Benteler North America Corp. has terminated the sale of Benteler Steel & Tube Manufacturing Corp. to Tenaris, effective immediately. Luxembourg-based Tenaris had announced in July the intended acquisition of the steel pipe producer in a deal valued at $460 million. By Ethan Bernard, ethan@steelmarketupdate.com
The US long products market was largely stable this month, as end-use demand remained subdued, and buyers continued to work through inventories. Scrap prices rose in January, fuelling bullish sentiments, but sluggish activity limited any expansion in margins. As a result, rebar, merchant bar, and structurals were all flat month-on-month (MoM). Wire rod prices decreased […]
Now that the new year is one-twelfth over, the changes from last year are taking shape. In foreign policy and trade, a primary focus has changed from economics to geopolitics. Trade between the West and China, which has been the key metric for the last 20 years, has tapered off, although it remains strong. Trade […]
It’s always interesting to take a peek behind the curtain. For Michael Cowden, managing editor of Steel Market Update (Hey, that’s us!), it’s a common experience. As a seasoned journalist, Michael is no stranger to asking the tough questions. Multiple times a year he moderates panel discussions, live interviews, hosts workshops, and speaks at various industry functions. […]
US manufacturing activity retreated in January, the third consecutive monthly decline, according to the Institute for Supply Management (ISM). The Manufacturing PMI fell to 47.4% in the first month of 2023, the lowest level since May 2020, when it registered a seasonally adjusted 43.5%, ISM said. Any reading below 50% indicates the manufacturing sector is generally contracting. […]
US manufacturing activity slipped in February for the fourth consecutive month, although the pace of contraction slowed, according to the Institute for Supply Management (ISM). The February Manufacturing PMI stood at 47.7%, 0.3 percentage point higher than January. But while that headline figure rose, recall that any reading below 50% indicates that the manufacturing sector in general […]
North American Stainless (NAS) has announced a $244-million expansion at its Ghent, Ky., facility. The stainless steel producer said the expansion will boost its total capacity by 20% to 200,000 tons annually. The project, which will add 70 new jobs to the plant, was prompted by increased customer demand for stainless products. “We are proud […]
Boston Metal has announced $120 million in funding for its effort to fully decarbonize steel production. The Woburn, Mass.-based company said the first close of Series C fundraising was led by an investment from international steelmaker ArcelorMittal. Other investors include Microsoft’s Climate Innovation Fund and SiteGround Capital. “In Boston Metal, we are investing in a […]
Steel Dynamic Inc.’s new sheet mill in Sinton, Texas, should become profitable in 2023 after costing the Fort Wayne, Ind.-based steelmaker more than $400 million in 2022, company executives said. The shift should come thanks to increased shipments, lower raw material costs, and a lack of import competition from Mexico stemming from production issues at […]
Nucor Corp.’s fourth-quarter net earnings slid 44% from a year ago, but the company still reported the most profitable year in its history. The Charlotte, N.C.-based steelmaker posted net earnings of $1.26 billion in the quarter ended Dec. 31 vs. $2.25 billion in the same quarter of 2021 on net sales that dropped 16% to […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 445 people have already registered, which is more than total attendance last year. New companies are being added […]
Demand for galvanized sheet is stable, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. A few high points from this month’s meeting are that prices have climbed for the first time since April, import levels are low, and the spread between hot-rolled (HR) and galvanized material is […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 430 people have already registered, which is more than total attendace last year. We expect that number to […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
Mill Steel Co. has acquired Cleveland Metal Exchange (CME) and Chicago Stainless Metal Exchange. A full line of stainless steel and aluminum products is now available through the Mill Steel Stainless and Aluminum division led by former CME CEO, Randy Horvat, and president, Jeff Haas. “We are thrilled to be entering the stainless and aluminum […]
Business activity in the state of New York fell in January, reaching its lowest level since the early days of the pandemic, according to data from the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index — a gauge of manufacturing activity in the state — plunged from -11.2 […]
Two Democratic senators have asked that imports of downstream grain-oriented electrical steel (GOES) products be hit with Section 232 national security tariffs. Senators Sherrod Brown (D., Ohio) and Bob Casey (D., Pa.) sent a letter to the US Commerce Department on Jan. 12 to address this issue. Section 232 tariffs of 25% on imported steel were […]
The Great Lakes Clean Hydrogen Coalition (GLCH), which includes steelmaker Cleveland-Cliffs, has been given green light to proceed with its full hydrogen hub application. GLCH has proposed to develop low-carbon hydrogen via electrolysis at the Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, the coalition said. Hydrogen would then be distributed across the Great Lakes region by pipeline and […]