Reliance Steel & Aluminum increased sales 18.9 percent to $2.44 billion in the third quarter 2013 from $2.06 billion in third quarter 2012. Tons sold were up 31.3 percent year-over-year to 1.45 billion tons. Net income was $95.1 million, down 3.1 percent from $98.1 million in the third quarter of 2012 and up 17.4 percent from […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning, Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United States […]
According to Baker Hughes data from October 18th, 2013, the U.S rig count for this week is 1,739 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 6 to 1,361 rigs, gas rigs up 3 to 372 rigs, […]
According to Baker Hughes data from October 11th, 2013, the U.S rig count for this week is 1,743 rigs exploring for or developing oil or natural gas. This count is a decrease of 13 rigs when compared to last week, with oil rigs down 5 to 1,367 rigs, gas rigs down 9 to 369 rigs, […]
The proposed Keystone XL pipeline from Canada’s oil sand region to the Gulf Coast has been delayed until 2014. In a securities filing, TransCanada said it “no longer expects that the decision on the presidential permit required for the project will be made by year end and the corporation anticipates that its previously disclosed expected […]
According to Baker Hughes data from October 4th, 2013, the U.S rig count for this week is 1,756 rigs exploring for or developing oil or natural gas. This count is an increase of 12 rigs when compared to last week, with oil rigs up 10 to 1,372 rigs, gas rigs up 2 to 378 rigs, […]
Specialty pipe maker Edgen Group Inc., based in Baton Rouge, has been purchased by Japan-based Sumitomo Corporation for $12 per share. The acquisition is valued at $520 million and is expected to close by the end of the year. “The investment in Edgen Group will represent further expansion of Sumitomo’s distribution presence across the upstream, […]
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs are considered active from the time they break ground until the time they reach their target depth and may be establishing […]
Over the past week we have been receiving a number of calls and emails regarding both John Anton’s (IHS Global Insight) forecast for higher steel prices as we move into 2014 and Andre Marshall’s (Crunch Risk, LLC) hot rolled futures article where he points out that the market fundamentals will force flat rolled steel prices […]
The headline you are seeing both here and in other trade publications is total steel imports are up 13.9 percent in August based on just released Preliminary Census Data from the U.S. Department of Commerce. Total imports rose from 2,520,506 net tons in July to 2,870,266 net tons in August. When looking at flat rolled, […]
According to Baker Hughes data from September 20th, 2013, the U.S rig count for this week is 1,761 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 up 8 to 1,369 rigs, gas rigs down 15 to 386 rigs, […]
Ocean Freight Ocean freight rates, as reported by the Baltic Exchange, have rebounded strongly in the last few months driven mainly by the cape-size component. The composite Baltic Dry Index has risen by 152 percent from its 2013 low point in February an increase from 737 to 1860 (Figure 1). The Capesize component has risen […]
A group of construction industry trade associations have formed the Construction Industry Safety Coalition in response to a proposed OSHA rule on crystalline silica exposure. In an August 23 website posting, the Occupational Safety and Health Administration recommended a reduction of the permissible exposure limit for breathable silica. “Exposure to silica can be deadly, and […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for July 2013 increased 14.1 percent, to 296,623 units, up from 260,065 units shipped in July 2012. Residential electric storage water heater shipments increased 11.2 percent in July 2013, to 286,013 units, up from 257,290 units shipped in July 2012. For the […]
Each month the Bureau of Labor Statistics puts out its series of producer price indexes, for thousands of goods and materials. The latest release on Friday reported August results. These statistics are a useful way to evaluate any changes in the competitive position of steel against competing materials. For the purpose of this report, Steel […]
The U.S. International Trade Commission determined on September 12 to continue trade restraints on welded large diameter pipe from Japan following a second five-year sunset review. The dumping margin is set at 30.80 pct. It was determined that revoking the existing antidumping duty order “would be likely to lead to continuation or recurrence of material […]
According to Baker Hughes data from September 13th, 2013, the U.S rig count for this week is 1,768 rigs exploring for or developing oil or natural gas. This count is an increase of 1 rig when compared to last week, with oil rigs down 4 to 1,361 rigs, gas rigs up 7 to 401 rigs, […]
Dubai-based Alita USA Holdings will construct a $102 million steel plant in Buffalo, NY. The new plant will produce casing pipes used in the oil and gas industries and employ an estimated 172 workers. Alita president and CEO Ali Hosseini said in an interview with The Buffalo News that the choice of location was between […]
Sooner Inc., the largest U.S. distributor of pipes for oil and gas, has been purchased by Tokyo-based Marubeni-Itochu Steel Inc. for $600 million in cash. MISI subsidiary Marubeni-Itochu Tubulars America, Inc., will gain a 100 percent of share of Sooner Inc. The two companies are both based in Houston. “We are pleased to complete […]
According to Baker Hughes data from September 6th, 2013, the U.S rig count for this week is 1,767 rigs exploring for or developing oil or natural gas. This count is a decrease of 9 rigs when compared to last week, with oil rigs down 23 to 1,365 rigs, gas rigs up 14 to 394 rigs, […]
According to Baker Hughes data from August 30th, 2013, the U.S rig count for this week is 1,776 rigs exploring for or developing oil or natural gas. This number is unchanged when compared to last week, with oil rigs up 6 to 1,388 rigs, gas rigs down 7 to 380 rigs, and miscellaneous rigs up […]
The Conference Board composite measure of consumer confidence increased slightly in August and the 3MMA improved from 79.1 also to 81.5 the highest value since February 2008 and up by 18.4 year over year. The view of both the present situation and expectations improved on a 3MMA basis. The consumer’s view of the present situation […]
According to Baker Hughes data from August 23rd, 2013, the U.S rig count for this week is 1,776 rigs exploring for or developing oil or natural gas. This number represents a decrease of 15 rigs compared to last week, with oil rigs down 15 to 1,382 rigs, gas rigs down 1 to 387 rigs, and […]
The European economy finally seems to be on the road to recovery. In figures released by the European Commission, GDP in the second quarter rose by 0.3 percent in the Eurozone—a small but positive indicator of growth. The growth was led by Germany and France where GDP improved by 0.7 percent and 0.5 percent, respectively. […]
JSW Steel Ltd. is considering selling its U.S. mill in Baytown, Texas said reports by Bloomberg. JSW, India’s third largest steel maker, hopes to pay off some of its debt and boost earnings margins by selling the USA asset. In its fourth quarter earnings statement in March 2013, the company reported a decline of 61.56 […]
Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for June 2013 decreased 6.5 percent, to 330,948 units, down from 354,140 units shipped in June 2012. Residential electric storage water heater shipments decreased 9.5 percent in June 2013, to 307,959 units, down from 340,402 units shipped in June 2012. For the year-to-date, […]
A Game Changer for the Domestic Steel Industry? The OCTG trade injury cases filed against nine countries will go forward said the US International Trade Commission on Friday. The ITC found there is “reasonable indication that a U.S. industry is materially injured by imports of certain oil country tubular goods.” The preliminary countervailing duty determinations […]
According to Baker Hughes data from August 16th, 2013, the U.S rig count for this week is 1,791 rigs exploring for or developing oil or natural gas. This number represents an increase of 13 rigs compared to last week, with oil rigs up 12 to 1,397 rigs, gas rigs up 2 to 388 rigs, and […]
Written by: John Packard With other periodicals calling a top or “peak” to the market the pressure has been put on Steel Market Update to clear up the muddied waters. From our perspective, the peak is usually identified when one of the domestic mills breaks ranks and starts cutting deals at numbers less than what […]
With other periodicals calling a top or “peak” to flat rolled prices, the pressure has been put on Steel Market Update to clear up the muddied waters. From our perspective, the peak is usually identified when one of the domestic steel mills breaks ranks and starts cutting deals at numbers less than what they were […]