Samuel, Son & Co. is expanding its family, announcing its recent acquisition of technology development company RAMP Inc. Based in Waterloo, Ontario, RAMP specializes in full system design, technology development, and integration. Its custom automation systems are intended to increase efficiencies in the workplace. “RAMP is an outstanding automation integrator with a unique product and […]
Intel broke ground on its new chipmaking facility on Sept. 9. The Licking County, Ohio, site will be the company’s newest manufacturing site built in 40 years. In conjunction with the new facility, Intel is establishing the Ohio Semiconductor Education and Research Program as a means to develop skilled workers for the new plants. “Today […]
The White House announced earlier this month, to no one’s surprise, that hundreds of companies and trade associations had expressed interest in continuing Section 301 tariffs on Chinese goods. These expressions related only to the tariffs on $34 billion and $16 billion in trade value, the so-called “List 1” and “List 2” tariffs. The Office […]
Natural gas inspired staggering energy prices crush primary aluminum economics The suspension of gas deliveries through the Nord Stream pipeline has further aggravated an already grim energy situation for European aluminum producers. Prices for day-ahead power in Western Europe are stunning in their magnitude: 404 euros/megawatt hour were published on Friday for Germany, France, the […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook The rise in inflation has been a major headwind for the global economy. It has squeezed household incomes and led to a tightening of monetary policy across dozens of countries. Although the price environment in Europe remains red hot, there are tentative signs that […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
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 […]
US manufacturing activity grew in August, expanding for the second straight month amid stronger order growth and employment, according to the Institute for Supply Management (ISM). Supply bottlenecks and price pressures eased, while domestic factory activity grew steadily last month. August’s Manufacturing PMI held at 52.8%, the same reading recorded in July. This is the […]
Alro Steel announced last week that it has entered into an agreement to acquire certain assets of Access Metals, a Maryland-based metals service center. The transaction, terms of which were not disclosed, is expected to close on Sept. 30. Access Metals is a service center specializing in small orders of value-added and cut-to-size metals. Founded […]
Hot rolled and galvanized prices continue to decline but many continue to go unchanged, members said during this month’s call with HARDI’s Sheet Metal/Air Handling Council. Much like July, members are currently seeing strong demand and foresee stability in the near future. It’s been an eventful month to say the least. Nucor and Cleveland-Cliffs both […]
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 […]
The automotive, construction and energy sectors have seen their fair share of hurdles over the past year or so. Despite near-term headwinds, the outlook is bright, according to a panel speaking at the 2022 SMU Steel Summit conference in Atlanta. If we had a crystal ball, we likely would still lack the ability to discern […]
Economic conditions are still iffy at best. Housing data continues to suffer with new home sales plunging and inventory reaching the highest it has been since 2009. The Richmond and Kansas City Fed manufacturing indexes both plunged in July as well. The Richmond Fed’s manufacturing skill availability index, which indicates the demand for skilled labor […]
The pulse on this year’s service center health check at SMU’s 2022 Steel Summit was strong. Despite challenging and unpredictable times, service center CEOs remain positive. “It’s challenging, but we’re optimistic. This industry is old and immortal,” said Edward Lehner, president and CEO of Ryerson, speaking on a Summit panel. Through a wave of unexpected […]
New orders for US manufactured durable goods stalled in July, at a seasonally adjusted $273.5 billion last month, virtually mirroring the month prior. But a pullback on orders for long-lasting goods in July might reflect a cooling in demand amid other signs of a slowing US economy. Last month’s bookings for durable goods were down […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
Keynote speaker Paul Lowrey presented at the SMU Steel Summit Conference today, explaining his market thoughts through data on US steel market capacity, steel mill consolidation, and the scrap market. As president of Steel Research Associates (SRA) with a career spanning 30 years, Lowrey opened his segment explaining, “I’ve been labeled by some as a […]
Gene Marks opened Steel Market Update’s 2022 Steel Summit conference with a keynote zeroing in on the major issues that are impacting business leaders today and in the coming years. The CPA, author, columnist, and journalist explored strategies to help businesses navigate inflation, recessionary pressures, and hiring challenges. With many economic indicators pointing towards a […]
The House of Representatives on Friday approved the Inflation Reduction Act (IRA) on a party-line vote. This legislation, with only Democratic support, passed the Senate 51-50 last weekend. The bill now goes to President Joe Biden, who will sign it into law. This is by any measure a major piece of legislation. On the surface, […]
Los Angeles-based JFE Shoji America Holdings Inc. is expanding its steel products business in the US with the acquisition of steel framing company California Expanded Metal Products Co. (CEMCO). Headquartered in Industry, Calif., family-owned CEMCO operates four manufacturing and distribution facilities in Industry; Pittsburg, Calif.; Denver, Colo.; and Fort Worth, Texas. It produces more than […]
Producer prices fell in July, stunning a 27-month growth run. Last month the headline index declined by 3.1%, seasonally adjusted, driven by a plunge in energy prices that slowed the pace of inflation, the US Labor Department reported. July’s producer price index (PPI), a measure of the prices received for final-demand products, fell 0.5% from […]
Business activity in the state of New York saw a sharp decline in August, a complete reversal from the modest increase the month prior, 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—plummeted by 42.2 points in August to […]
Domestic steel groups are supportive of some portions of the recently passed Inflation Reduction Act. The bill is meant not only to make a down payment on deficit reduction to fight inflation but to also invest in domestic energy production and manufacturing. It in addition aims to reduce carbon emissions by 40% by 2030, allow for […]
North Star BlueScope is “substantially complete” with a $700 million expansion that will provide the Delta, Ohio, EAF sheet mill with additional annual capacity of nearly 950,000 short tons (850,000 metric tonnes). The mill produced the first coil from its expansion in June and has begun the 18-month process of ramping up the facility to […]
We had a big development this week with London-listed Russian steelmaker Evraz Plc announcing plans to sell its North American operations. A move like this has been rumored for some time. We’ve heard versions of it going back to Russia’s full-scale invasion of Ukraine in late February. Still, it was something of a shock to […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – fell 1.3% month-on-month (MoM) in July, while contractors’ bid prices rose 5.4%, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC noted that despite the MoM decline, materials prices remain high and […]
We are now 11 days away from the start of the 2022 SMU Steel Summit Conference at the Georgia International Convention Center in Atlanta. As of Wednesday, we had 1,174 registered attendees from all over the world. This year’s conference will be the largest one ever conducted by Steel Market Update, and it will be […]
United States Trade Representative Katherine Tai addressed the 2022 United Steelworkers (USW) Constitutional Convention on Wednesday, Aug. 10. The USW Constitutional Convention is a meeting of delegates from local unions, representing steelworkers from around North America and allowing them to discuss and vote on a variety of topics. Upwards of 5,000 delegates were in attendance, according […]
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 […]
While steel service centers remain cautiously optimistic on their demand outlooks for the remainder of the year, most agree that the environment for mergers and acquisitions remains quite strong. This is according to executives from Reliance Steel & Aluminum, Ryerson, and Olympic Steel—some of the industry’s top players—speaking on their recent and respective second quarter […]