Steelmakers stand firm in the face of Russian aggression The invasion of Ukraine led to a sharp and sudden decline in steel production as steelmakers hurried to idle their assets in the face of military aggression. In the weeks that followed, some of these producers restarted their facilities – albeit at reduced capacity utilization. As […]
Final Census data shows that June steel imports totalled 2.84 million net tons, 24,000 tons higher than preliminary figures reported last week. June imports are down 8% compared to March’s 26-month high of 3.09 million tons. Import licenses for July now total 2.57 million tons through Aug. 3rd data. This is up from 2.15 million […]
While the rest of us are melting from the heat of the sun, Nucor announced it will build a new melt shop at its bar mill in Kingman, Ariz. The $100 million investment will create approximately 140 new full-time jobs and have the capacity to produce around 600,000 tons a year. Construction is expected to […]
Preliminary Census data indicates that June steel imports will total 2.81 million net tons, just 61,000 tons higher than May levels. June figures are down 9% compared to March’s 26-month high of 3.09 million tons. Import licenses for July are currently at 2.15 million tons through July 25th data. (July figures are expected to increase as import […]
Leaders of the American steel industry gathered with members of the Congressional Steel Caucus on Wednesday in Washington, to discuss the state of the industry and how Congress can continue to support this critically important sector of the economy. Topics of discussion at the Caucus hearing included building and supporting critical supply chains and domestic manufacturing, […]
Steel Market Update sources reported ferrous scrap prices fell significantly in July, the third consecutive month of declines since peaking in March and April. Prime grades declined as much as $150 per gross ton, while obsolete grades decreased $30-50 per ton. Scrap prices are now in line with levels seen in the first two months […]
Final Census data reveals that May steel imports totaled 2.75 million net tons, just 17,000 tons higher than April, but down 11% from March’s 26-month high of 3.09 million tons. June import licenses are at 2.79 million tons through July 6th data, (up from 2.29 million tons last week), now in line with April and […]
The rally was fun while it lasted, but new capacity delayed in large part because of Covid has arrived or soon will, popular analyst Timna Tanners said. And it will coincide with some demand weakness. The result: “steelmageddon” (aka “sheet storm”) might have been delayed. But it has finally arrived, she said. “Here we are with capacity starting […]
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 […]
Preliminary Census data shows that steel imports in May currently total 2.74 million net tons, 6,000 tons higher than April, but down 11% from March’s 26-month high of 3.09 million tons. June import licenses are now at 2.29 million tons, 16% less than April and May levels, and potentially the lowest level seen since Feb. […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. Don’t miss it! You can register here. The live webinar is free for all. A recording will be available free only to SMU members. We’ll talk about Tanners’ outlook […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. Don’t miss it! You can register here. The live webinar is free for all. A recording will be available free only to SMU members. We’ll talk about Tanners’ outlook […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Strong demand is expected to continue benefiting Irving, Texas-based Commercial Metals Co. (CMC). The steelmaker posted strong results for its fiscal third quarter ended May 31, which president and CEO Barbara Smith attributed to strong operational execution and robust market conditions both in North America and Europe. The company’s fiscal Q3 net earnings of $312.4 […]
Final Census data shows that steel imports in April totaled 2.73 million net tons, falling 12% from March’s 26-month high of 3.09 million tons. May import licenses have risen from our late-May report to 2.61 million tons, 4% less than April levels and 16% lower than the March high. Total finished steel imports were 2.29 […]
By Greg Wittbecker, Advisor, CRU Group The First Movers Coalition (FMC) was launched in November 2021 at COP26 as a public-private partnership to decarbonize hard to abate sectors. At that time, the 25 founding members of FMC targeted eight sectors where innovative technology would need to be applied to effect change. The sectors of initial […]
Preliminary Census data recently released shows that steel imports in April declined 12% month-over-month to 2.73 million net tons, falling from March’s 26-month high of 3.09 million tons. May import licenses through May 23 and are currently at a 15-month low of 2.02 million tons, down 26% compared to April and 35% lower than the […]
MaryEmily Slate, Nucor’s executive vice president of commercial, will retire on June 11 due to health-related issues. Dan Needham, Nucor’s executive vice president of bar, engineered bar and rebar fabrication products, has been named to succeed her. The transition is effective May 15, Nucor said. Slate joined Nucor in 2000 as district sales manager of Nucor Steel Arkansas. […]
Final US Department of Commerce data shows that steel imports in March rebounded 32% month-over-month to 3.09 million net tons, a 2+ year high. But April import licenses through May 4 are currently at 2.58 million tons, down 17% from March. (That said, April is still up 10% compared to February.) Final finished steel imports were 2.52 […]
By CRU Analysts Chris Bandman and Christopher Dix, from CRU’s Steel Monitor, April 29 Over two months ago, the Russian invasion of Ukraine quickly resulted in the suspension of effectively all Ukrainian steelmaking operations. Since late March, several steelmakers have begun to return to production. Currently, the following operations have partially returned to production: ArcelorMittal […]
Preliminary Census data shows that steel imports in March increased 31% month-over-month to 3.09 million net tons, rising from an 11-month low to a 2+ year high. April import licenses through April 24 are currently at 2.07 million tons, down 33% from March and down 12% compared to February. Preliminary finished steel imports were 2.52 million tons in March, up […]
Nucor plans to build its $350 million rebar “micro mill” in Lexington, N.C., in response to growth in the Southeast and in anticipation of increased demand from federal infrastructure spending. The new mill is expected to have capacity of 430,00 tons per year. Construction is slated to take roughly two years pending permits and other […]
Schnitzer Steel Industries Inc. posted its best first half results in company history following a strong second quarter earnings. The result comes 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 $38 million in the second quarter of […]
Final Census data confirms that February steel imports declined 23% month-over-month to 2.35 million net tons, now at an 11-month low compared to January’s two-year high. March import licenses through April 4 are up to 3.08 million tons, a 31% increase over February and 1% higher than January. Current April licenses are already at 449,000 […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor, April 5. Iron ore has risen again in the past week as lockdowns in China have fuelled hopes of new stimulus measures, resulting in an overall bullish sentiment last week, ahead of the Chinese Qingming holiday (Sunday–Tuesday). Iron ore has now returned to […]
Preliminary Census data shows that steel imports in February fell 23% month-over-month to 2.34 million net tons, falling from a two-year high to an 11-month low. March import licenses through March 28 are currently at 2.69 million tons, up 15% from February but down 12% compared to January. Total finished steel imports are preliminarily at 1.85 million tons in February, down 19% from […]
The Supreme Court has declined to hear a case about whether former President Donald Trump had legal authority to double Turkey’s Section 232 steel tariff to 50% The high court did so by denying “certiorari” on Monday, March 28, in the matter of TransPacific Steel LLC et al v. United States et al. The move […]
Steel prices that spiked in 2021 over disruptions from the coronavirus, then again in the past month due to Russia’s invasion of Ukraine, have been particularly challenging for the construction sector, said executives from Structural & Steel Products, Inc., Fort Worth, Texas. Speaking during Steel Market Update’s Community Chat webinar on Wednesday, the pair appealed […]
SMU is pleased to announce the guest speakers for our next Community Chat webinar: Matt Brace, owner of rebar fabricator Brace Steel and CEO of Structural and Steel Products Inc. Also joining us will be Brian Desigio, company president and chief operating officer. We’ll be holding the Community Chat on Wednesday, March 23, at 1 […]