Market Segment
August 9, 2022
Written by Michael Cowden
Algoma’s plate mill is up and running following the first phase of a modernization project that was completed in June.
The second phase of the expansion, initially expected to be finished by November 2022, has been moved to June 2023, a company spokeswoman told SMU on Tuesday, Aug. 9.
Private equity firm SCF Partners announced it has acquired American Piping Products (APP), a pipe and tube distributor headquartered in Chesterfield, Mo.
The Greenbrier Companies received orders for 3,400 new railcars with an aggregate value of ~$600 million during its fiscal fourth quarter ended Aug. 31.
Worthington Enterprises reported higher fiscal first-quarter sales and earnings while citing rapidly growing data center demand and continued tightness in the steel 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.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.