Cleveland Cliffs reported another great quarter with net income of $318 million and sales of $601 million, compared to prior-year income of $81 million and sales of $754 million. For the full year, revenue totaled $2.3 billion with net income of $371 million. Adjusted EBITDA has increased for the past two years, 28 percent in […]
The wheels are moving and things are happening that are going to affect the momentum behind this market. First, there are new price increase announcements being made, first out of California and now by ArcelorMittal USA, which has put new base prices into the market. Second, Big River Steel put their customers on allocation for […]
The pile of unfinished paperwork on President Trump’s desk just got a little taller with Friday’s delivery of the Section 232 report on aluminum. It joins the Section 232 report on steel that hit the president’s desk on Jan. 11, starting the clock on a 90-day deadline for possible trade action. On Jan. 19, the […]
Last year was a record breaker for Steel Dynamics in multiple areas. The company reported records for steel shipments, fabrication shipments, net sales, operating income and EBITDA. Annual net income totaled $813 million compared to $382 million in 2016. Net sales for the full year totaled $9.5 billion compared to $7.8 million the previous year. […]
Steel is a core business for the port in Tampa, Fla., which handled steel and scrap imports and exports totaling about 900,000 tons last year. Hundreds of industry executives will also pass through the port as attendees of the 29th annual Tampa Steel Conference to be hosted by Port Tampa Bay and Ports America on […]
President Trump’s decision today to impose tariffs on imports of solar panels and large washing machines in a bid to help U.S. manufacturers has heated speculation the administration may take a similar tack on the pending Section 232 rulings on steel and aluminum imports. President Trump has approved recommendations by the U.S. International trade Commission […]
The pile of unfinished paperwork on President Trump’s desk just got a little taller with Friday’s delivery of the Section 232 report on aluminum. It joins the Section 232 report on steel that hit the president’s desk on Jan. 11, starting the clock on a 90-day deadline for possible trade action. On Jan. 19, the […]
Steel is a core business for the port in Tampa, Fla., which handled steel and scrap imports and exports totaling about 900,000 tons last year. Hundreds of industry executives will also pass through the port as attendees of the 29th annual Tampa Steel Conference to be hosted by Port Tampa Bay and Ports America on […]
We have mentioned this elsewhere in today’s newsletter, but it bears repeating. The recent Section 201 decision by President Trump on residential washers and solar equipment may well be a blueprint for what we might see when the Section 232 decision is made on steel. The formula seems to be pointing toward some form of […]
Most steel buyers agree that prices are on the increase, it’s just a question of how high and how fast. About 92 percent of the respondents to Steel Market Update’s latest market trends questionnaire concur that steel prices are heading higher, while the remainder say they see no clear price direction. Following are some of […]
Steel buyers recognize that flat rolled prices are moving higher and momentum is clearly on the side of the steel mills. Hot rolled price offers, which Steel Market Update identified earlier this week as being $650 to $710, have moved higher based on information gleaned from steel buyers today. The new spread is $680 to […]
Current and future sentiment among flat rolled steel buyers has rarely been higher, according to the latest Steel Market Update Steel Buyers Sentiment Index. The index measures changes in buyers’ optimism levels, which offers insight into their likely decision-making. Nearly eight out of 10 respondents to SMU’s flat rolled steel questionnaire say their company’s chances […]
The American Line Pipe Producers Association filed an antidumping and countervailing duty petition with the Department of Commerce and U.S. International Trade Commission on Wednesday. The group alleges that the dumping of large diameter welded pipe from Canada, Greece, India, China, Korea and Turkey is causing injury to domestic producers. The group also charges that […]
I was “chatting” (by email) with a financial analyst about a number of items earlier today. (How long will price momentum remain with the steel millls? Will a downturn in Chinese numbers creep into the U.S. market, etc.?) One of the items discussed was Section 232 and whether Trump will do anything that would actually […]
Demand is good heading into 2018, mill prices are on the upswing and trade cases promise to keep low-priced imports at bay. So why aren’t distributors who sell galvanized steel products to the HVAC market happier? Members of the Heating, Air-conditioning, and Refrigeration Distributors International (HARDI) reported that market conditions remain highly competitive despite price […]
Emotions are running hot as the market awaits President Trump’s decision on Section 232, and whether to impose new trade restrictions on steel imports for national security reasons. Sharply contrasting comments recently from Dan DiMicco and Richard Chriss serve to bookend both sides of the issue. DiMicco, the former CEO of Nucor and current trade […]
Emotions are running hot as the market awaits President Trump’s decision on Section 232, and whether to impose new trade restrictions on steel imports for national security reasons. Sharply contrasting comments recently from Dan DiMicco and Richard Chriss serve to bookend both sides of the issue. DiMicco, the former CEO of Nucor and current trade […]
The January import licenses are catching what one domestic mill callls, “Taiwanese January onslaught on Galvalume” as it trends toward 100,000+ net tons for the month (from less than 40,000 tons in December). This is what the mill had to say about pricing in general: “We keep moving our HR and CR up. Coated is […]
The Section 232 report on the effect of steel mill product imports on U.S. national security was submitted to President Trump by Secretary of Commerce Wilbur Ross late on Thursday, Jan. 11. The president now has 90 days to take action. Details of the report have not been released. In its announcement, the Commerce Department […]
The Section 232 report on the effect of steel mill product imports on U.S. national security was submitted to President Trump by Secretary of Commerce Wilbur Ross late on Thursday, Jan. 11. The president now has 90 days to take action. Details of the report have not been released. In its announcement, the Commerce Department […]
As expected, Wilbur Ross and the U.S. Department of Commerce submitted the Section 232 report on steel on Thursday evening. The much-anticipated report, originally “due” back in June 2017 (at President Trump’s request), beat the technical timeline by a couple of days. The White House did not release the recommendations reported and does not have […]
In Q1 2018, long product imports increased by 9.5 percent compared to Q4 2017. Total long product imports were down by 150,000 tons per month year over year on a three-month moving average (3MMA) basis, but there was a turn for the worse in the first quarter, according to Steel Market Update’s analysis of federal […]
In Q1 2018, tubular product imports increased by 3.8 percent compared to Q4 2017. Total rolled steel imports increased by 3.6 percent, and tubular products by 3.8 percent, in the three months through March compared to three months through December 2017, but on a year-over-year basis tubulars were up by 20.2 percent, according to Steel […]
There was an interesting article in World Trade Today this afternoon regarding the expectations associated with the Section 232 investigation and the report that will be provided to President Trump by Commerce Secretary Wilbur Ross over the weekend or early next week. WTT reported, “While the final steel report is expected to be delivered to […]
Anticipation is building over the Commerce Department’s Section 232 report, which is finally due to the White House in the next few days. Will its recommendations to the president on trade action to protect the national security prove to be a bombshell or a bust? Proponents of new tariffs or quotas on steel imports have […]
We have had companies contact us already regarding when registration will open for the 2018 SMU Steel Summit Conference. We will be working on the Steel Summit section of the website tomorrow (Wednesday) with the hope to open up registration for the Aug. 27-29, 2018, event on Friday of this week. We will also open […]
Did your business exceed its goals for 2017? If so, you are among the top one-third (32 percent) of companies responding to Steel Market Update’s latest flat roll market trends questionnaire. Last year was clearly a good one for most steel suppliers and buyers as another 46 percent reported meeting their business expectations despite the […]
Current and future sentiment among flat rolled steel buyers remains high as the New Year begins, much the same as at this time last year, according to the Steel Market Update Steel Buyers Sentiment Index. The SMU Steel Buyers Sentiment Index measures changes in buyers’ optimism levels, which offers insight into their likely decision-making. Three […]
Earlier today, Steel Market Update provided our “Flash Report” on flat rolled steel service center inventories to those distributors who are actively providing months of supply data to SMU. Our first Flash Report prompted three comments from the group that we would like to share with our readers: Service Center One: “This market is the […]
After treading water through the Christmas and New Year Holidays, and then pushed by the most recent price increase announcements (+$40 on flat rolled and +$50 on plate), we are seeing steel prices moving higher by an average of $10 to $20 per ton. The expectation by most steel buyers (not all) is for higher […]