Nucor, the industry’s largest steelmaker, is expecting a significant increase in earnings in the first quarter of 2021 following a strong fourth quarter with net earnings of $398.8 million. Fourth-quarter earnings outpaced the third quarter at $193.4 million and Q4 2019 at $107.8 million due primarily to higher pricing at Nucor’s sheet and plate mills. […]
The Biden administration’s cancellation of the Keystone XL pipeline has prompted the United Steelworkers union in Canada to prod Ottawa to implement “Buy Canadian” policies in a bid to stem job losses. “Layoffs and plant closures seem to be the only orders on the books for many Canadian steel plants,” said USW Western Canada Director Stephen […]
Evraz North America has followed Nucor and SSAB Americas in increasing plate prices by at least $80 per ton ($4/cwt). The steelmaker said that the increase was effective immediately and that it applied equally to all carbon, high-strength low-alloy, hot-rolled coil, normalized, and quenched-and-tempered products, according to a letter to customers Jan. 26. “We reserve the […]
Cancellation of the Keystone XL pipeline project by the Biden administration will have some impact on the steel market in North America, specifically supply and demand for line pipe, but the effect is difficult to assess, say the experts. On his first day in office Wednesday, President Biden followed through on his green-energy campaign promise […]
U.S and Canadian active rotary drill rig counts increased again this week, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs rose by 5 to 378, with […]
It might be comforting to have 2020 in the rear-view mirror, but 2021 could have a few tricks up its sleeves, an ArcelorMittal USA analyst said. The good news: The U.S. should see apparent steel consumption increase 6% in 2021 after it fell 16% in 2020, according to Ping Liang, senior analyst-strategic marketing, at ArcelorMittal […]
Flat-rolled steel prices have room to rise despite being at record levels, and any correction might not come until well into the second quarter. That was the takeaway from a conference call this morning with members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI). “I don’t remember a market like this. Maybe at […]
By CRU Principal Economist Alex Tuckett and Chief Economist Jumana Saleheen from CRU’s Global Economic Outlook This month has brought good and bad news. On the one hand, vaccines are being rolled out, and further U.S. fiscal stimulus looks increasingly likely. On the other hand, the growing severity of the second wave of COVID-19 means […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email info@steelmarketupdate.com. The Energy Information Administration’s Jan. 12 Short-Term Energy Outlook remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity from the pandemic has […]
U.S and Canadian active rotary drill rig counts increased this week, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs rose by 9 this week to 360, […]
Boomerang Tube has laid off 150 people at its mill in Liberty, Texas, because of a “rapid spike” in steel prices as well as in COVID-19 infections, according to documents filed with state labor officials. The layoffs were effective on Dec. 23, 2020, and affected approximately 50 salaried and 135 hourly employees, according to Worker Adjustment […]
Many of you may have sat, like me, in a line to get gasoline this week. It brought back memories of the Arab Oil Embargo of 1973 and the Iranian boycott of 1979. This time, a gasoline pipeline supplying about half of that product to the eastern United States was closed, allegedly due to a […]
U.S and Canadian active rotary drill rig counts were mixed this week, according to updated data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs rose by 8 this week […]
Steel Market Update is pleased to share the following Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. By CRU Principal Economist Alex Tuckett and Chief Economist Jumana Saleheen, from CRU’s Global Economic Outlook As the curtain falls on 2020, this overview looks back on the year […]
Steel Market Update is please to share this Premium content with Executive members. For more information on upgrading to a Premium level subscription, email Info@SteelMarketUpdate.com. The Energy Information Administration’s Dec. 8 Short-Term Energy Outlook remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity from the pandemic has […]
Worthington Industries reported net sales of $731.1 million and a net loss of $74 million for the second quarter of its fiscal 2021 ended Nov. 30 after accounting for nearly $150 million in pre-tax loss related to its investment in Nikola Corp. and $11.4 million in impairment and restructuring charges. In comparison, sales were $826.6 […]
U.S and Canadian active rotary drill rig counts were steady to up this week, according to updated data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs rose by 3 […]
The drill rig counts in the U.S and Canada were mixed this week, according to updated data released by oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs fell by […]
My “final thoughts” provide me an opportunity to give my opinions on a wide range of topics. Some are directly steel related and some are not. The question we are all asking ourselves today is what will a Biden administration mean for business? Here are some thoughts I picked up from my reading over the […]
The active U.S and Canadian drill rigs count continues to inch upwards, according to updated data released by oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs increased by 4 […]
The Department of Commerce has self-initiated an investigation into the circumvention of antidumping and countervailing duty orders on oil country tubular goods from China. Commerce said on Thursday that it will investigate whether hot rolled steel sheet and strip from China is exported to Brunei and the Philippines for minor processing before being exported to […]
By Principal Consultant Josh Spoores, from CRU’s Steel Sheet Products Monitor North American sheet prices have continued to surge after bottoming this past August. For HR coil, prices have been assessed at $712 /s.ton. Since Aug. 12, these prices have gained $237 /s.ton, or 63%. This is the fastest percent gain over three months in […]
By CRU Chief Economist Jumana Saleheen and Principal Economist Alex Tuckett, from CRU’s Steel Monitor In this Global Economic Outlook, we look ahead to 2021 and outline our top ten calls for the global economy. These include predictions on Covid-19 vaccines, world growth, the auto and construction sectors, the U.S. dollar, monetary and fiscal policy, […]
The October Energy Information Administration (EIA) Short Term Energy Outlook remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to COVID-19 continue to evolve. Reduced economic activity from the pandemic has caused changes in 2020 energy demand and supply patterns and will continue to affect these patterns in the future. EIA […]
By CRU Chief Economist Jumana Saleheen and Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook In this Global Economic Outlook, we reflect on some of the most important risks to the forecast we discussed with clients during LME week. Three issues were foremost: risks to the recovery from the second Covid-19 wave, policy stimulus […]
It’s an understatement to say it’s been a challenging year for Allegheny Technologies, Inc., said President and CEO Robert Wetherbee during ATI’s third-quarter earnings call. Commercial aerospace is ATI’s largest end market and was devastated by the COVID-19 pandemic. Sales in the jet engine segment plunged 68 percent year over year and 47 percent in […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: This campaign, like all others, is about many issues. The economy, though, is clearly the most powerful message of the Trump campaign. Over the last century or so, where does the Trump economy rank? There are many different […]
We had a good conference call with HARDI wholesalers this morning. The dealers who service the mechanical contractors with galvanized sheet and coils continue to be busy. They are surprised at the steepness of the cost curve, and they are beginning to be wary of paying too high a price. One reason they are wary is […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: This campaign, like all others, is about many issues. The economy, though, is clearly the most powerful message of the Trump campaign. Over the last century or so, where does the Trump economy rank? There are many different […]
The number of active U.S and Canadian gas and oil rigs increased yet again this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs increased by […]