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    Market Segment

    March 19, 2023

    CRU Aluminum: Banking Sector Woes Dent Macro Sentiment

    Written by Matthew Abrams

    The macro environment in the US has proven to be extremely volatile and continues to change on a month-by-month and sometimes even week-by-week basis.

    Last year ended with worries about an incoming recession as the Federal Reserve hiked interest rates to slow the economy. As 2023 opened and year-end economic data trickled in, the figures were better than expected and provided a bit of optimism.

    Matthew Abrams

    Read more from Matthew Abrams

    Latest in Market Segment

    USS, USW to resume labor talks on Friday, union predicts progress

    The United Steelworkers (USW) union will meet with U.S. Steel (USS) on Friday as negotiations around terms of a new labor contract continue. The meeting comes after the USW and Cleveland-Cliffs, one of U.S. Steel’s competitors, agreed to a tentative labor agreement last week. “USS knows how this process works. They agreed to meet with us on Friday. The company knows they need to move, so this meeting should be productive,” the union said in a text to members on Wednesday. U.S. Steel did not respond to a request for comment for this article.

    Steel market chatter: Tight supply, strong demand keep sheet prices climbing

    In this week's Market Chatter, steel buyers point to tight supply and steady demand as reasons sheet prices could keep rising, with many expecting HRC to reach $1,400-1,449 per short ton in two months. Views on when the rally will peak are mixed, with some anticipating further increases while others mention softening demand and political uncertainty. Respondents also disagree on tariffs' impact. They say reshoring is generating activity but has yet to translate consistently into demand.

    CORRECTION: Randall Metals closes on buy of Titan Steel

    Randall Metals has closed on its acquisition of tinplate and specialty flat-rolled products supplier Titan Steel. Further terms of the deal were not disclosed. Titan Steel has facilities in Baltimore and the Chicago area, and serves the food packaging, filtration, and construction markets, among others. "Scale is increasingly important in the service center market, and this transaction brings together the complementary strengths of our two businesses to address the challenges and opportunities of the changing global steel industry," Titan Steel CEO Max Levin said in a statement on Tuesday.