SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.
Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if your […]
I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).
Sheet steel buyers continue to report that mills are willing to talk price on new orders, according to our most recent survey data collected this week.
Steel mill lead times remain short according to our latest market canvass of steel service center and manufacturer buyers. Of the sheet and plate products SMU tracks, production times for all materials are nearing historical lows not seen in months or years.
Flat Rolled = 60.9 Shipping Days of Supply Plate = 59 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply remained high at the end of June at 60.9 shipping days of supply, according to adjusted SMU data. This translates to 3.05 months of supply in June. At the end of May, […]
Reliance Inc. has reached an agreement to buy certain assets of Ferragon Corp.'s FerrouSouth division, a toll processing operation based in Iuka, Miss.
Two veteran investment bankers joined SMU's Community Chat on Wednesday, July 10, to talk consolidation and M&A in the metals industry.
Steel Warehouse plans to expand in Jefferson City, Tenn., with an investment of ~$20 million.
Flat-rolled steel prices have been largely falling since the beginning of the year. Even after a slight bump in early April when mills tried to halt the downtrend, the decrease resumed.
Looking out over the American economy, Triple-S Steel Holdings CEO Gary Stein believes what is required doesn’t fundamentally have to do with government policy. “Rather, it’s a mind shift.”
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
Domestic plate prices have been on a historic run since they began surging in January 2021. Tags reached an all-time high of $1,940 per short ton (st) in May 2022, though they have mostly trended lower over the past two years.
Mill Steel Co. has named Evan Keebler as VP of sales for its construction segment.
Many of our contacts remain bearish about the very short-term direction of steel prices. But a consensus seems to be forming, according to our latest survey results, that a bottom will occur in July. Consensus is also that hot-rolled (HR) coil prices won't fall below $600 per short ton (st).
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]
Steel mill lead times remain short for all steel products tracked by SMU, according to our latest market survey. Service center and manufacturers continue to report short to normal lead times for sheet and plate products.
Mill Steel Co. announced several executive appointments as it works to transform the organization.
Flack Global Metals (FGM) is set to take majority ownership of Pacesetter Steel Service.
Galvanized prices have tumbled from a month ago, and many market participants expect that trend to continue in July.
Flat Rolled = 60.6 Shipping days of supply Plate = 61.1 Shipping days of supply Flat Rolled US service center flat-rolled steel supply rose in May with a drop-off in shipments. At the end of May, service centers carried 60.6 shipping days of supply on an adjusted basis, up from 57.8 shipping days of supply […]
Friedman Industries reported lower earnings in its fiscal fourth quarter, and the company expects first-quarter margins to be lower than Q4 margins due to declining HRC prices.
Olympic Steel is celebrating Executive Chairman Michael D. Siegal's 50th work anniversary and the company’s 70th year in business.
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
Sometimes, words can lead you in interesting directions. Specifically, crosswords. For the last six weeks we have been making steel-themed crosswords in the lead-up to SMU's Steel 101 course in Fort Wayne, Ind., which is taking place today and tomorrow. I’ve learned snippets of steel history and educated myself on the finer points of sponge iron.
The USMCA is an important trade agreement, as long as the member countries honor its requirements. These were the sentiments echoed by top officials of the Steel Manufacturers Association (SMA) and Metals Service Center Institute (MSCI) during a press conference at their annual meeting last week in Scottsdale, Ariz.
Where do sheet prices go from here? How is the state of steel demand? And is the dip in prices we've seen just a case of the summer doldrums, or is it something more significant?