U.S. Steel Corp is citing lower pricing and waning demand for the temporary layoff of approximately 200 workers at its Great Lakes Works in Ecorse, Mich. In June, U.S. Steel announced that due to market conditions it would idle a blast furnace at Great Lakes as well as one at Gary Works in Indiana. At this […]
Canadian steel producer Stelco Holdings pulled off a profit for the second quarter despite significant headwinds. Second-quarter revenue decreased 39 percent from a year ago, shipping volume was down 27 percent and the average selling price per ton fell 15 percent to $761, the company reported during its earnings call on Wednesday. (All figures are […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Last week, the Department of Commerce, for the first time, initiated an investigation into “circumvention” of antidumping and countervailing duty orders (AD/CVD) on corrosion-resistant steel (CORE) from Taiwan and China. This follows determinations on CORE from Korea, Taiwan […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: JSW Steel USA, an affiliate of a major Indian steel producer, is the first company to challenge the Section 232 steel product exclusion procedure. The company filed a lawsuit July 30 naming the Department of Commerce as the principal […]
Russel Metals, Inc., Canada’s second largest metals distributor, reported revenues of $937 million in the second quarter. Net income totaled $31 million, about half the $66 million the company earned in the same quarter last year (figures are in Canadian dollars). The company’s gross margins in this year’s second quarter averaged 18.8 percent, well below […]
Steel shipments at Ternium Mexico were relatively flat in the second quarter, increasing 0.4 percent from the first quarter to 1.57 million metric tons. Sales of $1.37 billion slipped 3.9 percent from Q1 and fell 17 percent from Q2 2018. Steel prices have declined in the past three quarters in Mexico, mostly driven by a […]
Distributors of galvanized steel to the HVAC sector are paying higher prices to their suppliers, but having difficulty collecting the increase from their contractor customers, reported members of the Heating, Air Conditioning & Refrigeration Distributors International during their monthly conference call earlier today. Since HARDI’s last call, domestic flat rolled mills have announced three price […]
Distributors of galvanized steel to the HVAC sector are paying higher prices to their suppliers, but having difficulty collecting the increase from their contractor customers, reported members of the Heating, Air Conditioning & Refrigeration Distributors International during their monthly conference call earlier today. Since HARDI’s last call, domestic flat rolled mills have announced three price […]
Demand for HVAC products remains relatively strong in an otherwise lukewarm steel market, but members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) say they are challenged by declining galvanized steel prices and rising intensity from the competition. Polled six weeks ago, nearly all the HARDI members expected galvanized steel prices to stay […]
JSW Steel (USA), Inc., is seeking relief from the Section 232 tariffs on the steel slabs it must import temporarily to supply its mill in Baytown, Texas. The U.S. arm of the India-based steel producer has filed a complaint against the U.S. alleging that the Commerce Department’s denial of JSW’s request for exclusion from the […]
Rising prime steel prices are bringing some welcome relief to sellers of secondary as well, but higher prices do not necessarily translate into higher margins. Sources tell Steel Market Update that conditions in the nonprime market have improved, but remain challenging. Nonprime or secondary steel includes coils that are rejected because they fail to meet […]
Olympic Steel executives expressed positive sentiments about the company’s performance during an “unusual” second quarter despite declines in both sales and income compared with the same period last year. The Cleveland-based service center reported quarterly net sales of $429 million, 5 percent lower than in second-quarter 2018. Net income for the quarter totaled $2.1 million, […]
AK Steel’s net sales for the second quarter declined by 4 percent to about $1.68 billion due primarily to lower shipments to the slowing automotive market. Yet the steelmaker’s earnings for the quarter reached $66.8 million, an improvement from the $56.6 million in Q2 2018, though down from $72.9 million in the prior quarter. Hot rolled […]
By CRU Analyst Chris Bandmann CRU is launching weekly Turkish HR coil export prices, enhancing the existing suite of weekly Turkish long product and scrap prices. This Insight being offered for these other markets has now been brought to flats – and offers a window into the world of Turkish hot rolled coil exports. Turkey […]
The European Union has prepared a list of nearly $40 billion (€35 billion) in U.S. goods it will hit with retaliatory duties should President Trump decide to impose tariffs of 25 percent on imported cars and auto parts. EU Trade Commissioner Cecelia Malstrom said the list of targeted goods has been raised from €20 billion […]
Trade actions have imposed new and increased burdens on both U.S. Customs and Border Protection and on importers, reported the American Institute of International Steel in a July 8 blog by AIIS Customs Committee Chairman and attorney Steven W. Baker. “Importers have recently been faced with many seldom used or new and unprecedented trade remedy […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: President Trump made news this week, announcing potential changes to the Buy American Act regulations. The changes could give additional advantages in government procurement to domestically produced steel products. The Buy American Act was signed into law by […]
By Fouad Egbaria, MetalMiner Editor’s note: The following article, Chatting with CRU’s Josh Spoores Ahead of the 2019 SMU Steel Summit, originally appeared in MetalMiner’s July 18 edition. Those in the steel sector will have a chance to learn about all of the trends impacting the steel industry during the upcoming SMU Steel Summit, scheduled […]
Nucor reported a decline in earnings for the second quarter of 2019 due to lower shipments and pricing. A build-up of inventory before the Section 232 tariffs resulted in aggressive destocking at the end of 2018 and into 2019, which impacted order rates, along with an increase in domestic steel supply and a declining scrap […]
By CRU Principal Analyst Josh Spoores and CRU North America Analyst Ryan McKinley U.S. domestic scrap prices fell by $10 /l.ton m/m in the Great Lakes and Ohio Valley for most grades prior to the Independence Day holiday, but dealers the following week pushed back on the price decline, with some successfully securing little to […]
Imports of “finished” foreign steel are trending below 2 million net tons for the month of July. Overall, the trend, based on the first two weeks of license data for all products, is for a 3.2 million net ton month. SMU believes these numbers are overstated due to the opening of a new quarter and […]
SMU contributor Gaurav Chhibbar is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Gaurav’s previous role, he was a trader at Cargill spending time in […]
To stiffen his Buy American policies, President Trump signed an executive order on Monday raising the threshold for American-made steel used in federal projects from 50 percent to 95 percent. The executive order states that the Federal Acquisition Regulatory Council is to “consider proposing” within 180 days amendments to the Federal Acquisition Regulation (FAR) that […]
NLMK USA’s second-quarter sales dropped 3 percent from the previous quarter to 580,000 metric tons due to lower shipments in anticipation of further deterioration of steel prices. Flat steel prices in the U.S. went down by 6-11 percent from first to second quarter and 23-30 percent on a year-over-year basis. Pricing was impacted by steel […]
California Steel Industries is the latest mill to raise flat rolled steel prices. In a letter to customers on Wednesday, the Fontana, Calif.-based steelmaker said transaction prices for hot rolled, P&O, cold rolled and galvanized steels would increase by $40 per ton ($2/cwt) effective immediately. CSI’s move follows on similar announcements this week from Nucor, […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Happy Bastille Day!! On Friday afternoon, which is traditionally the time to bury inconvenient news, the White House announced that President Trump had rejected the advice of the Secretary of Commerce to impose import restrictions on uranium trade. The […]
NLMK USA is blaming Trump’s tariffs for layoffs at its Pennsylvania steel mill. Last week, 80 to 100 workers were laid off at the hot mill at NLMK’s Farrell steel plant. NLMK USA CEO and President Robert Miller called the tariffs a “failed policy.” “This is what I predicted a year ago,’’ Miller told the […]
California Steel Industries is the latest mill to raise flat rolled steel prices. In a letter to customers on Wednesday, the Fontana, Calif.-based steelmaker said transaction prices for hot rolled, P&O, cold rolled and galvanized steels would increase by $40 per ton ($2/cwt) effective immediately. CSI’s move follows on similar announcements this week from Nucor, […]