Reliance Inc. – formerly Reliance Steel & Aluminum Co. – introduced its “new company identity” that emphasized its “evolution to more than steel,” the company said in its fourth-quarter and full-year earnings report.
Reliance has entered into an agreement to purchase Houston-based American Alloy Steel Inc. for an undisclosed sum.
Sheet prices have fallen again this week on shorter lead times, higher imports, and potentially higher inventories. (We’ll see for sure when we release our service center shipment and inventory data next week.) I remember reporting almost exactly the same thing about a month ago and getting a fair amount of pushback. Not so much these days.
The pace of sheet price declines accelerated this week as steel buyers said that domestic mills were competing against each other while also coping with higher-than-expected import volumes. “They are getting rid of the fluff. When you can pit 2-3 mills against each other, the fat margins get cut,” one industry source said.
Prices for galvanized products have been falling for more than a month, and market participants expect this trend to continue in the near term.
SMU’s latest survey results make it clear that the sheet market has hit an inflection point and headed lower. But while some market participants think that sheet prices might bottom within the next month or so, others expect a more protracted downturn.
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, […]
Reliance Steel & Aluminum Co. announced on Feb. 2 that it has acquired Tifton, Ga.-based Cooksey Iron & Metal Co.
Norfolk Iron & Metal is installing a new Butech Bliss temper mill cut-to-length line at its Port of Catoosa processing facility near Tulsa, Okla.
Thyssenkrupp Materials de México is opening a new service center in San Luis Potosí.
This latest SMU steel market survey is a snapshot of a sheet market inflecting lower. A significant 43% of survey respondents said that the hot-rolled (HR) coil market has already peaked. Compare that to only 8% when we released our last steel market survey on Jan. 5.
Worthington Industries recently completed its separation into two distinct companies: Worthington Steel and Worthington Enterprises. SMU sat down this week with Geoff Gilmore, president and CEO of Worthington Steel, to find out how the separation process went, and what’s on the horizon for the Columbus, Ohio-based company.
US service center flat-rolled steel inventories surged in December with the seasonal slowdown in shipments. At the end of December, service centers carried 64.8 shipping days of supply, according to adjusted SMU data, up from 54 days in November.
Bloomberg has reported that Nippon Steel’s $14.1-billion deal for U.S. Steel might not close until 2025 – well after the Q2/Q3 2024 close date both companies have guided toward. That’s because a national security review of the deal ($14.9 billion if you include the USS debt Nippon Steel would assume) by the Committee on Foreign Investment in the United States (CFIUS) could take longer than initially expected
With a new leadership team and a more streamlined workforce, digital metals marketplace Reibus is entering a new phase of its evolution as an innovator in the metals industry.
I expected that we’d start off January with prime scrap prices modestly up if for no other reason than industrial activity typically slows down over the holidays. And mills’ appetite for scrap typically increases in anticipation of stronger Q1 order activity.
Flat rolled distributor Mill Steel Co. announced the appointment of a new CFO on Jan. 9.
I’d have been surprised if anyone told me just last week that the January scrap market might move lower. What we saw on Friday were offers. Not settlements. And no doubt there are still some twists and turns in store before we can say for sure which way scrap will go.
Trading slowed across the Midwest hot-rolled coil (HRC) futures curve in the final weeks of 2023, with prices drifting mostly sideways through the month of December.
Steel mill lead times pulled back across the board this week but are still said to be at healthy levels, according to SMU's market survey this week.
Olympic Steel has promoted Zachary Siegal to the newly created role of president of manufactured metal products.
SMU doesn’t do forecasts. We leave that to our colleagues at CRU. But we’re pretty good at surveys, and we’ve got a great group of readers. That’s why we decided to ask you what’s in store for 2024. The results are below, along with some insightful comments in italics.
Steel Market Update’s Steel Demand Index declined, falling back into contraction territory after a very short-lived gain just two weeks ago, according to our latest survey data.
Steel Market Update’s Steel Demand Index has moved into growth territory, but barely, after recovering slightly from our reading in late November, according to our latest survey data.
Flat Rolled = 54.0 Shipping Days of Supply Plate = 61.7 Shipping Days of Supply Flat Rolled After three months of inventory cuts, US service center flat-rolled steel inventories grew in November as shipments slowed. At the end of November, service centers carried 54 shipping days of flat-rolled steel supply on an adjusted basis, up […]
Thursday felt eerily quiet after a frenzy of steel and financial market news on Wednesday.
SMU’s Community Chat on Wednesday, Dec. 13, featured Bank of America SVP Ira Kreft.
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel sheet prices, demand, inventory, imports, and what people are talking about in the market. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your […]
U.S. Steel will continue to operate the hot strip mill and finishing lines at its Granite City Works in southern Illinois.
Bank of America SVP Ira Kreft will be the featured speaker on SMU’s Community Chat webinar on Wednesday, Dec. 13, at 11 am ET. You can register here.