Tag: US

Construction spending in the US in June was slightly lower, declining for the second straight month. Despite the decline it increased notably year on year (y/y).

US drill rig activity resumed its downward trend last week according to the latest data from Baker Hughes. Meanwhile Canadian counts ticked higher for the fifth consecutive week. They now stand near a five-month high.

What a difference a week makes! SMU has shifted its sheet momentum indicators from “lower” to “neutral”. And we’ll be on the lookout for evidence of higher prices in the weeks ahead.

SMU’s sheet price was largely flat this week, an unusual sight for the better part of the past four months. The same trend was seen for tandem products and plate as well.

Pennsylvania Governor Josh Shapiro has come out against Nippon Steel’s proposed buy of U.S. Steel because it doesn’t have union support, according to media reports.

Former U.S. Steel executive Kenneth Jaycox is moving from steel to the automotive parts industry.

When we last talked to Jared Rowe in May, he had just been appointed Reibus International's new CEO and chairman of the board. Now two months into the job, SMU caught up with him on our July 24 Community Chat for the latest on the online metals marketplace.

Japan’s Nippon Steel announced it was withdrawing from a joint venture (JV) with China's Baoshan Iron & Steel (Baosteel) that served the Chinese automotive industry.

Nearly 1,200 people have registered for SMU Steel Summit, which is less than a month away now. That means we’re still on pace to meet or exceed last year’s record attendance despite a tough flat-rolled steel market over the last few months. So, a big thank you to everyone who already plans to go for your continued support. If you haven’t booked travel yet, don’t miss out on one of the greatest shows in steel – register here. (You can also check out the latest agenda here.)

GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.

A roundup of aluminum news from CRU.

Drilling activity rose in both the US and Canada last week, according to the latest data release from Baker Hughes. US rig activity increased to a six-week high but remains near multi-year lows. Canadian counts continue to improve, now at a 20-week high.

Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).

Cleveland-Cliffs announced on Friday that it would seek $670 per short ton (st) for hot-rolled (HR) coil. The steelmaker said the move was effectively immediately. It coincides with the opening of the company’s HR order book for September.

SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?

Summer is here, and a familiar sentiment has hit the hot-rolled coil (HRC) futures market. Prices continue to decline in both the spot market and the futures market, with expectations of sub-$800 prices for the remainder of the year.

The majority of steelmaking raw material prices declined in June, following the same trend seen in May, according to SMU’s latest analysis.

Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.

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 […]

Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.

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.

SMU’s sheet price ranges slid again this week. But the declines were more pronounced on tandem products whereas prices for hot-rolled coil held roughly steady.

Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.

Global steel output eased 2% in June following May’s 14-month high, according to World Steel Association’s (worldsteel) latest release.

SMU’s Key Market Indicators include data on the economy, raw materials, manufacturing, construction, and steel sheet and long products. They offer a snapshot of current sentiment and the near-term expected trajectory of the economy. All told, nine key indicators point lower, 16 are neutral, and 13 point higher. One thing worth noting: The nine indicators pointing lower are all lagging indicators. Many of those pointing upward are leading indicators.

Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.

Domestic raw steel production rise to a seven-week high last week, according to the latest release by the American Iron and Steel Institute (AISI). Raw output from US steel mills now stands at the highest recorded weekly rate since the first week of June.

The United Auto Workers (UAW) and United Steelworkers (USW) unions have thanked President Biden for his service following his announcement that he is no longer seeking re-election.

Cleveland-Cliffs is starting a new electrical distribution transformer production plant in Weirton, W.Va.