Steel Products Prices North America
Northwest Pipe Reports Sharply Higher Q3 Results
Written by David Schollaert
November 10, 2022
Engineered pipe and tube producer Northwest Pipe Co. posted sharply higher profits for the third quarter ended Sept. 30.
The Vancouver, Wash.-based company said the boost was driven by strong demand and increasing backlogs from its engineered pipeline systems and precast products, according to earnings data released on Tuesday, Nov. 8
All told, Northwest Pipe posted net income of $10 million in Q3, up 3.1% sequentially and more than double the $4.9 million reported in the year-ago quarter. Revenue rose 45.3% to $123 million over the same period.
“The order book of $74 million, while slightly off the record level from the second quarter, is very high by historical standards as we enter the seasonally slow time of the year,” Northwest Pipe president and CEO Scott Montross said.
Northwest Pipe’s precast infrastructure and engineered systems business remained strong in Q3, producing $39.3 million in revenue, a three-fold gain versus the year-ago period. But results were impacted by extended downtime due to planned system integration at the company’s ParkUSA facilities in Houston, Ferris, and San Antonio, Texas.
Its engineered steel pressure pipe business saw a 20.5% YoY sales boost, generating $83.7 million in revenue, driven by a 17% increase in tons produced. The record backlog includes confirmed orders of $347 million.
“We have continued to experience strong bidding levels,” added Montross. “Regardless of some of the current economic headwinds, we expect the precast business to remain fairly strong for the near term.”
Northwest Pipe has 13 manufacturing facilities across North America.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Products Prices North America
CRU: Longs pricing trends diverge in North, South America
Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]
Nucor cuts plate prices by $125/ton, cites ongoing competition
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
Nucor cuts HR price for fourth straight week
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
Cliffs sets $720/ton HR price with opening of August books
Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]