Market Data
February 16, 2023
Written by David Schollaert
Reliance Steel & Aluminum Co. saw its best financial performance in 2022 on record-breaking sales of $17.03 billion, nearly 21% above 2021.
The results were achieved “across nearly every metric during a period of continued metal price volatility and broader economic uncertainty,” Reliance president and CEO Karla Lewis said in earnings commentary released on Thursday, Feb. 16.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.
The results of the latest SMU flat-rolled market survey are now available on our website to all premium members.
Steel mill lead times extended for sheet and plate products this week, according to buyers responding to our latest market survey. Production times have been historically long for most of the summer.
US service centers’ flat-rolled steel supply declined in August, making the marginal gain the month prior an outlier year-to-date. Shipping days of supply slipped to 44.2 in August, according to SMU data.