Something has to give. US Steel announced the closure of two of their OCTG production facilities. The McKeesport facility has a capacity of 315,000 tons of OCTG per year while the Bellville operation capacity is 100,000 tons of OCTG on an annual basis. Total US Steel production capacity of oil country tubular goods is 2.8 […]
According to Baker Hughes data from May 30th, 2014, the U.S rig count for this week is 1,866 rigs exploring for or developing oil or natural gas. This count is an increase of 9 rigs when compared to last week, with oil rigs up 8 to 1,536 rigs, gas rigs up 1 to 326 rigs, […]
The numbers are not looking good for the domestic steel mills as the latest license data from the US Department of Commerce shows May steel imports may well exceed the 3.7 million tons just reported for the month of April (Preliminary Census data for April). We remind our readers that the May tonnage shown in […]
The Keystone XL project continues to be beset by delays as court disputes in Nebraska prolong presidential approval. A decision by the administration was put off “indefinitely” in April and now is likely to be delayed until after November elections. TransCanada President Russ Girling recently stressed the company is not giving up on the pipeline […]
According to Baker Hughes data from May 23rd, 2014, the U.S rig count for this week is 1,857 rigs exploring for or developing oil or natural gas. This count is a decrease of 4 rigs when compared to last week, with oil rigs down 3 to 1,528 rigs, gas rigs down 1 to 325 rigs, […]
Records seem to be breaking just about every time we measure how flat rolled steel buyers and sellers feel about their company’s ability to be successful in the current market environment. There has been a growing optimism within the steel community as business conditions improve for most market segments. This optimism is reported in our […]
The U.S. Department of Commerce released updated import license data through the 20th of May. If we remember, the license data through the 13th projected that we would see May imports surpass 4.0 million net tons and could go as high as 4.5 million tons. We discounted that number as we have seen previous month’s […]
According to Baker Hughes data from May 16th, 2014, the U.S rig count for this week is 1,861 rigs exploring for or developing oil or natural gas. This count is an increase of 6 rigs when compared to last week, with oil rigs up 3 to 1,531 rigs, gas rigs up 3 to 326 rigs, […]
The Economic Policy Institute (EPI) and the law firm of Stewart and Stewart recently released its publication “Surging Steel Imports Put Up to Half a Million U.S. Jobs at Risk.” The publication was released in support of the domestic steel industry and their unions and contends that unfairly traded imports are costing the U.S. jobs […]
Shipments of heating and cooling equipment, a benchmark for residential construction as well as the home improvement segments of the industry, have made significant improvements in the shipping rates compared to the same month one year ago. Below is the press release from the The Air-Conditioning, Heating, and Refrigeration Institute on heating and cooling equipment […]
The U.S. Department of Commerce released their latest imported steel license data for the month of May 2014. The early indication is for May steel imports to remain at, or above the projected April imports of 3.7 million tons. March final imports came in at 3.2 million which is also our 3 month moving average. […]
Steel Market Update watches foreign steel imports as closely as humanly possible as we look for trends to see how imported steel tonnages relate to past historical averages. We use a monthly average as opposed to a specific monthly number in order to smooth out the numbers and provide a clearer picture. As you can […]
According to Baker Hughes data from May 9th, 2014, the U.S rig count for this week is 1,855 rigs exploring for or developing oil or natural gas. This count is an increase of 1 rigs when compared to last week, with oil rigs up 1 to 1,528 rigs, gas rigs unchanged at 323 rigs, and […]
According to Baker Hughes data from May 2nd, 2014, the U.S rig count for this week is 1,854 rigs exploring for or developing oil or natural gas. This count is a decrease of 7 rigs when compared to last week, with oil rigs down 7 to 1,527 rigs, gas rigs unchanged at 323 rigs, and […]
From the Associated General Contractors of America (AGC): Total construction spending remained in a holding pattern in March as strong gains in apartment construction and modest growth in home building and private nonresidential activity offset falling public outlays, according to an analysis of new Census Bureau data by the Associated General Contractors of America (AGC). […]
AM Castle reported a consolidated net loss of $16 million for first quarter 2014, compared to net loss of 10.6 million in first quarter 2013. Metals segment net sales were $219.1 million, 15.2 percent lower than Q1 2013 due to decline in average pricing per ton and volume. Net volume improved by 13.4 percent from […]
According to Baker Hughes data from April 25th, 2014, the U.S rig count for this week is 1,861 rigs exploring for or developing oil or natural gas. This count is an increase of 30 rigs when compared to last week, with oil rigs up 24 to 1,534 rigs, gas rigs up 7 to 323 rigs, […]
The U.S. Department of Commerce released preliminary steel import census data for March and reported total steel imports at 3,218,914 net tons (NT). Compared to February, March imports are down by 2.0 percent or 66,960 NT. Compared to the same month one year ago, total March 2014 imports are up 25.2 percent or 648,510 NT. […]
Reliance Steel & Aluminum, the largest metals service center in the United States, announced earnings earlier today. The company reported net income of $87.2 on sales totaling $2.09 billion. Sales included the recent acquisitions of Metals USA and Haskins Steel. The company reported an 8.4 percent improvement in same store sales over the same quarter […]
Caterpillar reported that, excluding restructuring costs, earnings were flat in first quarter compared to first quarter 2013. Sales and revenues totaled $13.241 billion. North American sales for Machinery, Energy & Transportation were up 16 percent year over year to $5,219 million in the first quarter of 2014. Construction industry sales were up 36 percent to […]
Foreign steel imports, for the month of April 2014 are projected by Steel Market Update to exceed 3.5 million net tons. Based on preliminary license data collected by the U.S. Department of Commerce through April 22, 2014 imports could reach as high as 3.7 million net tons. However, as our regular readers already know, license […]
Chinese statistical data is always questioned for a number of reasons, not least is, “Is the data politically motivated.” Other suspicions arise because China gets their data out faster than any other major economy and the data is never revised. However at SMU we believe that in spite of these concerns what we have is […]
This month (April 2014) the EIA (U.S. Energy Information Administration) released its report on petroleum reserves for 2012. Proved reserves are estimated volumes of hydrocarbon resources that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions. Reserves estimates change from year to year as new discoveries […]
John Correnti is moving forward with his plans for Big River Steel with groundbreaking anticipated in June. The air permit for the mill had been challenged by neighboring steel mill Nucor, but was upheld by a Mississippi County judge in March. The Arkansas Pollution Control and Ecology Commission will vote on acceptance of the permit […]
According to Baker Hughes data from April 17th, 2014, the U.S rig count for this week is 1,831 rigs exploring for or developing oil or natural gas. This count is unchanged when compared to last week, with oil rigs down 7 to 1,510 rigs, gas rigs up 6 to 316 rigs, and miscellaneous rigs up […]
General Electric reported today that the beginning of 2014 is off to a good start. Profits from its industrial segment rose 12 percent to $3.3 billion in the first quarter of 2014. Double digit growth was seen in five of its nine growth regions. Infrastructure orders were valued at $23.7 billion, flat with the same […]
The U.S. Department of Commerce released license data through Tuesday, April 15th for imported steel scheduled to arrive into the United States during the month of April. Based on this early license data (knowing it can be misleading) we are projecting total steel imports will exceed the 3.5 million net tons forecast for March. Our […]
The following is a release from the The Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on U.S. Heating and Cooling Equipment Shipment Data for the month of February 2014: Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for February 2014 increased 5.8 percent, to 366,057 units, up from 345,853 units shipped in February […]
According to Baker Hughes data from April 11th, 2014, the U.S rig count for this week is 1,831 rigs exploring for or developing oil or natural gas. This count is an increase of 13 rigs when compared to last week, with oil rigs up 19 to 1,517 rigs, gas rigs down 6 to 310 rigs, […]
Each month the Commerce Department issues its construction put in place (CPIP) data on the first working day covering activity two months earlier. February data was released on April 1st. Total Construction: February expenditures were $63.369 billion which breaks down to $46.647 B of private work, $14.945 B state and locally financed and $1.777 B […]