Luxembourg-based steel tube producer Tenaris SA is set to purchase Benteler Steel & Tube Manufacturing Corp. from Benteler North America Corp. in a deal valued at $460 million. Benteler Steel & Tube is a seamless pipe producer with production facility in Shreveport, La., that has annual capacity of 400,000 metric tons. The acquisition, which is subject […]
US construction spending in May totaled $1.780 trillion at a seasonally adjusted annual rate, 0.1% below April’s upwardly revised $1.783 trillion. This is the first drop since September 2021. The surprising decline month-on-month (MoM) came as a drop in public spending dragged on stalling single-family homebuilding, the Commerce Department reported. The construction spending decline in […]
The US labor market added 372,000 jobs in June, an unexpected boost in hiring. It was ahead of most expectations and only slightly down from May’s revised 384,000 additional payrolls. The result kept the unemployment rate unchanged month on month (MoM) at the pandemic-era low of 3.6%, the Bureau of Labor Statistics reported. Payroll gains […]
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled After a brisk bout of futures activity in HR to close out the first half of 2022, we are experiencing much […]
We are now ~45 days away from the start of the 2022 SMU Steel Summit Conference, which is being held at the Georgia International Convention Center in Atlanta on Aug. 22-24. Registrations are nearing 900 executives representing 318 separate companies. Over the past few days the following companies have registered (an * means more than […]
Is this a case of the summer doldrums or something more serious? That might be a more important question to answer than where the bottom is and when we might hit it. But first let’s start with a recap of where prices landed this week. SMU’s hot-rolled coil price is now at $955 per ton ($47.75 […]
Thomas Hosea, executive director, GPSC Central Operations at General Motors will speak at the upcoming SMU Steel Summit Conference this August. Hosea will share General Motors’ view on their move to electric vehicles. Hosea is responsible for creating and executing strategies that will ensure a resilient and sustainable value chain for GM’s raw material and Customer […]
Thomas Hosea, executive director, GPSC Central Operations at General Motors will speak at the upcoming SMU Steel Summit Conference this August. Hosea will share General Motors’ view on their move to electric vehicles. Hosea is responsible for creating and executing strategies that will ensure a resilient and sustainable value chain for GM’s raw material and Customer […]
The S&P Global US manufacturing PMI – another measure of manufacturing – fell to 52.4 in June, its lowest level in nearly two years, as business activity in the manufacturing sector expanded at a much weaker pace last month. Last month’s results are down from 57 in May and missed the market expectation of 56 […]
US manufacturing activity expanded at a much slower pace in June than in May. The employment, new orders, and prices paid indexes all fell month-on-month (MoM), according to the Institute for Supply Management (ISM). June’s Manufacturing PMI fell to 53%, a 3.1-percentage-point decline compared to a reading of 56.1% in May. The measure came in weaker […]
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 […]
Schnitzer Steel Industries Inc. posted its best third-quarter earnings on record thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $76 million in the third quarter of its fiscal 2022 ended May 31, 2022, doubling earnings of $38 […]
Nextracker LLC, a global utility-scale solar tracker manufacturer, and BCI Steel, a Pittsburgh-based steel fabricator, will breathe new life into the abandoned Bethlehem Steel manufacturing facility in Leetsdale, Pa. The historic factory – once a part of one of the world’s largest steel-producing and shipbuilding companies of the 20th century, and where steel for US […]
Steel Dynamics Inc. (SDI) announced today the creation of a joint venture with Aymium, a producer of renewable biocarbon products. Operating under the name SDI Biocarbon Solutions, LLC, SDI will hold a 55% stake and Aymium owns the remaining 45%. The company plans to create a biocarbon production facility to supply SDI’s electric arc furnace […]
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 […]
On July 5th I will celebrate the 45th anniversary of when I first joined the steel industry. I never intended on joining the industry after I left college. It was the love of a woman, and a broken heart that led me to the door of Seymour Waldman and Rolled Steel Corporation in Skokie, Ill., […]
John Packard the founder of Steel Market Update will be retiring at the end of August 2022. Here is what Packard had to say during his announcement to the SMU customers: On July 5th I will celebrate the 45th anniversary of when I first joined the steel industry. I never intended on joining the industry […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor Prices for sheet products continued to fall rapidly around the globe this week. Mills in the US have become increasingly aggressive with their offers and are shifting their focus towards value-added products in order to obtain higher margins over costs. As a result, […]
Nucor Corp. completed its $3 billion acquisition of C.H.I. Overhead Doors from KKR & Co. Inc. C.H.I. is a manufacturer of residential and commercial overhead and rolling doors, also known as garage doors. It serves US and Canadian markets. The deal expands the Charlotte, N.C.-based steelmaker’s long-term strategy to expand its manufacturing model to provide […]
Several North American automakers have confirmed planned summer outages for maintenance programs, facility updates, and model-year changeovers to Steel Market Update (SMU). Some outages are starting this month, while others can be seen as late as August, but the bulk of the scheduled downtime will be seen throughout the month of July. Stellantis – Chrysler’s […]
Chrisopher Kristock has been named vice president of the automotive program for the American Iron and Steel Institute (AISI). His focus will be on keeping steel’s position as the material of choice for the automotive industry. Kristock will also lead AISI’s Automotive Applications Council, which focuses on innovation, education, and technology transfer within the automotive […]
As an industry, we should strive to recognize young talent within the industry as one of the ways to motivate and inspire our employees. Over the years, one of the things I have learned through the conversations I have with young people in manufacturing, steel distribution, steel mills, and others associated with the flat rolled […]
Despite falling prices and declining lead times for galvanized sheet, overall demand is still generally strong and a good reason for optimism, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International on this month’s call of HARDI’s Sheet Metal/Air Handling Council. One HARDI member in the Rocky Mountain region noted that his company […]
Austal USA has won another contract with the US Navy. This latest design and construction contract is valued at $128 million. Austal will build a medium auxiliary floating dry dock for the US Navy at its shipbuilding facility in Mobile, Ala. The dry dock will have an overall length of 694 feet, an overall pontoon […]
By CRU Senior China Economist Henry Hao, from CRU’s Global Economic Outlook and China Macro Monthly In May, overall economic activity in China has improved marginally as the relaxation of Covid-19 restrictions led to the resumption of production in late May. Export and infrastructure investment have regained momentum. However, prospects for construction remain weak. While the contraction […]
US light vehicle sales fell to 1.11 million units in May, down 11.2% from 1.25 million units in April. LV sales in the US shrank by 29.2% year-on-year (YoY). The annualized selling rate fell to 12.68 million units last month from 14.50 million units in April, the US Bureau of Economic Analysis (BEA) reported. The […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
Business activity in the state of New York was little changed in June, following a surprising fall in May, 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 – rose 10.4 points in June but remained at […]
Steel Market Update just conducted one of our flat rolled and plate steel market surveys. The data collected consisted of responses from service centers (46% of respondents), manufacturing companies (32%), steel mills (10%), trading companies (8%), suppliers to the steel industry (4%), and toll processors (2%). We intentionally weight the number toward distributors and manufacturing […]