Final Thoughts
Final Thoughts
Written by John Packard
October 7, 2016
When we last left you Hurricane Matthew was just beginning to approach the east coast of Florida as a category 4 storm. I was a little concerned about our office building and our home. I am pleased to tell you that the storm took a little jog to the east as it left the Bahamas. Enough of a move that the storm remained off shore and there was essentially little damage done in southern Florida. We dodged the bullet on this one.
I want to thank everyone who sent well wishes as we waited out the storm.
As I drove around this area of Florida I didn’t see the roofing and other structural wind damage to structures that require steel for repairs. This may be different in northern sections of Florida, Georgia, South Carolina and North Carolina where flooding seems to be rampant.
Last week I mentioned that we have a waiting list for the Memphis/Big River Steel Steel 101 workshop. The next one after Memphis will be held in Huntsville, Alabama and we will tour the Nucor Decatur facility. We hope to have exact dates and details on our website towards the end of this week or the beginning of next week. Stay tuned to our website for details.
Tonight is the second presidential debate (9 PM ET) so I am going to end here to allow everyone time to get popcorn and their favorite drink of the day and settle in for the show.
As always your business is truly appreciated by all of us here at Steel Market Update.
John Packard, Publisher
John Packard
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Final Thoughts
A short tour of key dates in the Nippon/USS deal, and what the future might hold.
Final Thoughts
I sort of expected big news last Friday and over the long, Memorial Day weekend. Because that's become more the norm than the exception for steel this year. Sure enough, Trump posted on Truth Social on Friday afternoon that he had given his blessing to a “partnership” between Nippon Steel and U.S. Steel. And then over the weekend we had market moving new on tariffs, this time involving the EU.
Final Thoughts
We're going to have to wait a bit longer for the final outcome of the Nippon/USS deal.
Final Thoughts
Sure, demand isn’t as good the market had hoped it would be earlier this year. But assuming it doesn’t fall of a cliff, buyers will have to restock at some point. And that might give domestic mills enough leverage to raise prices again.
Final Thoughts
While I would anticipate market sentiment to pivot and improve if all the questions around tariffs were answered, that still leaves us with a few other factors.