For all of you golf fanatics, it was fun to see Tiger Woods win after a 14-year drought at the Masters, and after his serious back injuries that made it look doubtful if he would ever be able to play again, never mind win a Masters Championship. I don’t have the exact count of current […]
Registrations continue to pour in for the 2019 SMU Steel Summit Conference. Here are a few of the latest registrations from this week (those with an * mean more than one person registered from that company): Ryerson*, Whirlpool, Rheem*, JFE Shoji Trade America, Wallner Expac*, Ram Steel Framing, Oshkosh Corporation*, JSW Steel USA* and Midrex […]
I want to make sure that all of you thinking of attending this year’s SMU Steel Summit Conference are aware of some of changes, so you can plan your schedules accordingly. First, the CME Group will be hosting a Price Risk Management Workshop in the Atlanta Airport Marriott Gateway Hotel (next to GICC) from 10:30 […]
After an accelerated decline in carbon and steel prices in the fourth quarter, spot prices bottomed in January and are now moving higher in the first quarter, said Ryerson President and CEO Eddie Lehner. Demand conditions appear favorable in the first part of 2019 despite weather interruptions in the early part of the year. Ryerson […]
It’s Oscar night. I will try to keep my final thoughts brief. President Trump has delayed the increase in the Section 301 tariffs against China. The deadline was March 2, 2019. No new deadline has been set. However, President Xi of China will meet with President Trump in Florida in the later part of March. […]
I am chomping on the bit as today we managed to book a nationally known and widely recognized speaker who will (I hope) hold everyone in their seats until the end of our SMU Steel Summit Conference. When booking your travel to Atlanta for our conference, you will want to arrive as early Monday morning […]
There is a considerable amount of information/debate happening in Washington, D.C., Canada, Mexico, China and Europe regarding tariffs either in place or being threatened by the Trump administration. We included a press release in tonight’s issue that was sent out by Wilbur Ross of the U.S. Department of Commerce earlier this week. U.S. Trade Representative […]
Ryerson Steel has sold a Central Steel & Wire facility in Milwaukee to Alro Steel for $7.1 million. CS&W was acquired by Ryerson in July. In its third-quarter 2018 earnings report, Ryerson stated it expected to receive about $10.5 million in proceeds from the sale of two midwestern CS&W facilities after consolidating operations into existing […]
Perhaps it’s because the year started out with so much promise that the end of 2018 seemed so uninspiring. On balance, most in the steel business would call 2018 a good year, some even a great year. But few look forward to 2019 with the same optimism and confidence they felt a year ago at […]
Industrial Metal Supply Co., a full-line metals distributor in the Southwest, has named David Pace as its new president, effective immediately. Pace will have responsibility for the Sun Valley, Calif., company’s strategic direction and growth initiatives and will report directly to owner Neil Sherman. Pace is a 23-year veteran of Industrial Metal Supply and since […]
Class 8 truck orders rose in October, reaching 43,000 units for the 10th best month ever. Orders were up 2 percent from September and 19 percent from a year ago. Robust freight volumes have kept truck capacity utilization tight, driving stronger build rates for new vehicles. “October is traditionally the start of the next year’s […]
Metals distributor Ryerson Holding Corp. reported a revenue gain of 44.6 percent year-over-year to $1.25 billion for the third quarter of 2018. Revenue was up 18.2 percent compared to the second quarter, driven by an increased average selling price and higher volume shipped. Net income attributable to Ryerson Holding Corp. was $77.5 million for the […]
Ryerson Holding Corp., a processor and distributor of industrial metals, gave upbeat guidance for third-quarter results. The company expects revenue to increase in the third quarter in the range of $1.23 billion to $1.24 billion compared to $1.057 billion in the second quarter and $864 million in third-quarter 2017. Net income is anticipated to be […]
Earnings week for the steel industry revealed trade was foremost on the minds of steel executives. The steel mills expressed their approval of the administration’s tariff action that has boosted steel pricing and, along with higher demand, earnings for the second quarter of 2018. • U.S. Steel Corp. CEO David Burritt was a strong advocate […]
Strong pricing and demand conditions boosted Ryerson’s second-quarter revenues by 20.8 percent from a year ago to $1.1 billion. Revenue increased 12.3 percent from the first quarter of 2018. Adjusted EBITDA, excluding LIFO, more than doubled from a year ago to $106.6 million and was more than 70 percent higher than first-quarter results. Ryerson CEO […]
Ryerson Holding Corp. has complete the acquisition of Central Steel & Wire Co. Central Steel & Wire will be a wholly-owned subsidiary of Ryerson and will continue to operate under its brand name. “The inclusion of Central Steel & Wire into the Ryerson family of highly valued industrial metal distribution and processing companies enhances Ryerson’s […]
Metals distributor and processor Ryerson Holdings is expecting stronger revenue in the second quarter due to an increase in tons sold and higher average selling prices. Year-over-year volume growth was evident in nearly all end markets, notably in commercial ground transportation, consumer durable equipment and industrial equipment, the company said. Pricing is continuing to improve […]
I am in London attending meetings with our new parent company, the CRU Group. I have been very impressed at the depth of the work being done by the CRU team. I will be sharing more about the CRU Group in the days and weeks ahead. I do want to stress to those of you […]
I am excited for you, our customers. I have been working closely with the CRU Group, and our members will begin to see some subtle changes to the articles we write. One will be the use of CRU data on such items as our Foreign vs. Domestic Price Spread articles, which we will publish in […]
Two venerable Chicago-based metals distributors are joining forces, marking the latest big merger in the consolidating service center sector. Ryerson Holding Corp. has agreed to acquire Central Steel & Wire Co. in a transaction valued at $140 million. Acquisition of Central Steel and Wire will solidify Ryerson’s position as the second largest service center organization […]
Last year, it took Steel Market Update until Aug. 1 to reach the number of registrations already booked for the 2018 SMU Steel Summit Conference. Today alone we received registrations from: Duferco, L&W Supply, A.B. Martin Roofing Supply, Ryerson, Lapham-Hickey Steel and Roll-Kraft. We are just a few people shy of 550 and on our […]
Last year, it took Steel Market Update until Aug. 1 to reach the number of registrations already booked for the 2018 SMU Steel Summit Conference. On Tuesday alone we received registrations from: Duferco, L&W Supply, A.B. Martin Roofing Supply, Ryerson, Lapham-Hickey Steel and Roll-Kraft. We are just a few people shy of 550 and on […]
Ryerson Holding Corp. reported an exceptional first quarter with net income of $10.4 million and revenue of $942.3 million. First-quarter revenue improved 16.1 percent over fourth quarter due to higher volume, seasonal improvement, and higher average selling price. Ryerson shipments totaled 526,000 tons for the quarter at an average selling price of $1,790 per ton. […]
For the ultimate prognosticators out there, individual tax returns were due today (April 17) by midnight. The IRS has had computer issues today and has extended the deadline to April 18 at midnight. The Metals Service Center Institute inventories and shipment article in tonight’s issue will be the last one Steel Market Update will produce. […]
Registrations for the 2018 SMU Steel Summit Conference have blasted through the 300 executives level and we continue to get multiple registrations daily. Here are some of the companies who registered on Monday of this week (those with an asterisk * denote more than one person registered from that company): Ryerson*, Nucor*, California Steel Industries, […]
Our 8th SMU Steel Summit Conference registrations are quickly approaching 300 executives. With 136 days still to go, we are confident we will set another record attendance. Over the past two days we have received registrations from the following companies (those with a * next to their name means there is more than one person […]
Ryerson Holding Corp. announced the acquisition of Fanello Industries, a privately owned metal service company located in Lavonia, Ga. Fanello Industries provides blanking, stamping, laser cutting, bending, and machining metal solutions to a diverse group of industries in the southeastern U.S. The company employs 150 and has annual revenue of approximately $20 million. “Fanello Industries […]
Ryerson Holding Corp. announced the acquisition of Fanello Industries, a privately owned metal service company located in Lavonia, Ga. Fanello Industries provides blanking, stamping, laser cutting, bending, and machining metal solutions to a diverse group of industries in the southeastern U.S. The company employs 150 and has annual revenue of approximately $20 million. {loadposition reserved_message} […]
Ryerson Holding Co., a processor and distributor of industrial metals, said in earnings guidance on Wednesday that tons sold and average selling prices are expected to be higher in the first quarter. Sales revenue is anticipated in the range of $930-$950 million compared to $811 million in the fourth quarter and $815 million in Q1 […]
Ryerson, a processor and distributor of metals, posted sales of $3.4 billion for 2017, a 17.7 percent increase year over year due to an 11.9 percent increase in the average selling price and a 5.1 percent gain in volume. Net income was $17.1 million for the year. Gross margins decreased to 17.3 percent in 2017 […]