Product
September 28, 2021
Written by David Schollaert
L.B. Foster Company has completed the sale of its piling products division to JD Fields & Co. Inc. for $24 million.
The business unit had $43 million in sales for the first six months of 2021 and $59 million in 2020. The deal, which concluded on Friday, Sept. 24., included inventory plus steel yards in Petersburg, Va., L.B. Foster said.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
U.S. Steel held a ceremonial groundbreaking on Monday for its new $475-million quench-and-tempering facility at its Fairfield Tubular Operations in Alabama.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.