The rate of job creation in the U.S. in 2019 is slowing, according to Steel Market Update’s analysis of the latest Bureau of Labor Statistics data. Net job creation in May was an unexpectedly low result of 75,000. To make matters worse, March was revised down by 36,000 and April was revised down by […]
The Bureau of Labor Statistics issued a dismal employment report for May with the U.S. economy seeing a net gain of just 75,000 nonfarm jobs. Last month, 90,000 jobs were created in the private sector while government lost 15,000 positions. To put these figures in perspective, they should be considered over a longer time frame, […]
This first estimate of U.S. steel imports for June shows foreign purchases trending further downward. The rate of Commerce Department import licenses, extrapolated out through the end of the month, forecasts total steel imports of less than 2.5 million tons in June, well below the average of around 2.7 million tons. Steel imports spiked in […]
Suppliers of steel products to the HVAC industry find themselves stuck in a good news/bad news market. Demand remains good as the construction season ramps up, but pricing on galvanized steel continues to weaken. “Demand in the Southeast is still very good, even though there has been a painful devaluation of our inventory,” said one […]
Union Partners, an operator of metals and logistics companies, is rebranding itself as UPG Enterprises LLC. The new name focuses on UPG’s metal processing, manufacturing and distribution capabilities while highlighting its family of brands, which include Maksteel, Contractors Steel, Mapes & Sprowl, Lamination Specialties, National Metalwares and Chicago Steel. The name change comes with a […]
Orders for metal cutting machines and metalforming and fabricating machines saw their lowest April rate since 2016. The Association for Manufacturing Technology reports manufacturing technology orders totaled $344.6 million in April, a decline of 16.5 percent from March and 17.6 percent year-over-year. For the first four months of this year, orders were down 11.6 percent […]
Liberty Steel has announced the acquisition of Johnstown Wire Technologies, a producer of value-added carbon and alloy wire, in Johnstown, Pa. The acquisition will give Liberty the capacity to manufacture a range of high-value carbon and alloy wire products for multiple end markets including the infrastructure, automotive, utility and consumer sectors. The Johnstown operations will […]
Have you considered nominating that young up-and-comer in your organization for Steel Market Update’s NexGen Leadership Award? Deadline for nominations is Aug. 1. This is the first year for the award, which is designed to recognize truly exceptional emerging leaders, age 35 and under, for their extraordinary achievements. The honor is open to individuals employed in […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Happy Father’s Day, all you Dads! Several items of interest appeared during the past week: Steel and Aluminum Product Exclusions—The Commerce Department announced a new “232 Exclusion Portal” in a notice it published on June 10. The new […]
Here we discuss the agenda, speakers and what we were thinking as we put together Day 2 of the SMU Steel Summit Conference, which is Tuesday, August 27, 2019. 7:00 AM to 8:00 AM – Doors Open at the Georgia International Convention Center Coffee, drinks and pastries will be available. Exhibition areas will be manned. […]
2019 SMU Steel Summit Conference – A Sneak Peek – Day 2 Written by: John Packard, President & CEO, Steel Market Update RE: 2019 SMU Steel Summit Conference, August 26-28, 2019 – Location: Georgia International Convention Center, Atlanta, GA On Thursday of this past week, I laid out the thought process involved with putting together […]
Results for First Four Months of 2019 Combined Show Ongoing Strength Aside from Single-Family Market; Association Officials Urge End to Tariffs That Pose Threat to Construction Costs and Demand AGC, June 7, 2019 — Construction spending was unchanged from March to April, with mixed results by project type for the month and for the year […]
Job growth in two industries vital to the steel industry, manufacturing and construction, showed signs of slowing in May. The U.S. added a total of just 75,000 jobs in May, well below the 180,000 to 185,000 jobs forecast by economists. In addition, the Labor Department revised employment levels downward for March and April. The March […]
Lordstown will not be getting another General Motors vehicle, says CEO Mary Barra. And no, it is not a “PR stunt” by the company. The Ohio manufacturing facility was one of five North American plants included in a global restructuring of the company. During an interview with Reuters in Washington last week, Barra defended plans […]
By CRU Principal Economist Lisa Morrison April reports related to manufacturing indicate a potential softening in the sector going forward. Since total IP growth for Q1 was revised down to register a decline of 0.5 percent q/q, we have reduced our forecast for 2019 IP growth to 2.0 percent from 2.7 percent previously. The ISM […]
Global manufacturing activity sank into contraction in May. The JP Morgan Global Manufacturing PMI slipped to 49.8 last month for its lowest level since October 2012. International trade concerns dampened new export orders, which fell for the ninth month in a row. Business optimism fell to a level not seen since October 2012. Said JP Morgan […]
Today, June 6, is D-Day. I know there are many who read this newsletter who are well-removed from those who served in World War II. For us baby boomers, the children of the men and women who served either in the military or supporting the war effort at home, we learned early in life about […]
As one perk of the award, the winner of the SMU NexGen Leadership Award will have a once in a lifetime opportunity to spend the day with one of the most interesting and accomplished CEOs in the steel industry, Mark Millett, Co-Founder, President and CEO of Steel Dynamics Inc. Mark D. Millett is President and […]
As one perk of the award, the winner of the SMU NexGen Leadership Award will have a once in a lifetime opportunity to spend the day with one of the most interesting and accomplished CEOs in the steel industry, Mark Millett, Co-Founder, President and CEO of Steel Dynamics Inc. Mark D. Millett is President and […]
The Coalition of American Metal Manufacturers and Users issued the following statement on the one-year anniversary (June 1) of full implementation of the Section 232 tariffs on steel and aluminum imports: The Coalition of American Metal Manufacturers and Users (CAMMU) is encouraged by the termination of Section 232 steel and aluminum tariffs on Mexico and […]
Manufacturing in May grew at its slowest pace in two and a half years amid trade tensions and slower demand, reports the Institute for Supply Management. The PMI for the Manufacturing ISM Report on Business decreased 0.7 percentage points from April to a reading of 52.1 percent. The index for new orders gained one percentage […]
Key Market Indicator trends deteriorated in May and were the worst since October 2016, according to Steel Market Update’s analysis. This report is designed to be a big picture summary of data we have reported in detail during the month. In it we summarize 36 data streams that critically describe the state of the steel […]
China’s crude steel production in April exceeded an annualized rate of one billion tons for the first time as the Asian giant continues to grow its global market share, according to Steel Market Update’s analysis of the latest World Steel Association data. On March 27, the OECD Steel Committee reported: “Low growth prospects for the […]
Promises of steel tariff relief were short-lived for Mexico as President Trump’s latest tariff move adds new penalties and dashes hopes for quick ratification of the USMCA. Trump announced on Thursday that 5 percent tariffs will be imposed June 10 on all Mexican goods, including steel, until such time that Mexico stops the influx of […]
Metalforming companies are expecting a downward trend in business conditions for the next three months, according to 119 metalforming companies surveyed by the Precision Metalforming Association. The PMA Business Conditions Report for May shows only 19 percent of those surveyed expected economic activity to improve. About 24 percent expected orders to decline, an increase from […]
The MNI Chicago Business Barometer gained 1.6 points in May to register 54.2. Survey responses showed softening in both manufacturing business activity and confidence. The three-month average for the Index slipped to a two-year low, said MNI Indicators. Production and new orders rose in May, but not enough to make up for weaker levels in […]
AK Steel reports that members of the United Auto Workers (UAW), Local 4104, have ratified a new three-year labor agreement covering about 110 hourly production and maintenance employees at the company’s Zanesville (Ohio) Works. AK Steel said that UAW officials notified the company that the new contract was ratified in voting held on May 30. […]
Industry veteran Greg Gross has accepted a position with Chicago-based Blackhawk Steel Corp. as its new director of purchasing and sales and chief operating officer. Blackhawk Steel is a distributor specializing in secondary steel products. Its sister company Dockside Steel Processing offers a range of processing services including leveling and slitting from a 120,000-square-foot processing […]
Steel Market Update, in partnership with the Steel Manufacturers Association, is now accepting nominations for the new SMU NexGen Leadership Award. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North […]
I am back, well sort of… (I took some vacation days this past week. Did you miss me?) I will be traveling to Washington, D.C., where I will be speaking with the board of directors of the Steel Manufacturers Association. This will be interesting as there are no prepared remarks, just SMA President Phil Bell […]