Steel Markets
MSS Steel Tubes to Open Plant in Memphis
February 10, 2023
MSS Steel Tubes USA LLC is investing $6 million to open its first US steel tubes production plant in Memphis, Tenn.
The company is a subsidiary of Portugal-based MSS Steel Tubes SA, owned by Portugal-based Metalogalva Group in partnership with Brazil-based Soufer Group.
“We are thrilled to open this new plant in Memphis subject to approval of local programs,” Margarida Caetano, CFO of Metalogalva, said in a statement put out by the Greater Memphis Chamber. “Our business is heavily reliant on quick, affordable, and reliable transportation, and no city fit our needs better than Memphis.”
The decision to locate in Memphis will help MSS Steel Tubes better serve its US customer base of solar panel manufacturers, the statement said. The plant is expected to create nearly 130 jobs.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Markets
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.
Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.
Hot-rolled price hikes garner mixed reactions from the market
Several steel market sources say they were blindsided when mills increased spot prices for hot-rolled coils this week.