Economy
American steel firms' fundamentals sound for 2024: Fitch
Written by Ethan Bernard
November 29, 2023
Sector fundamentals for US steel companies remain solid overall for the coming year, according to ratings agency Fitch’s 2024 outlook report.
The New York-based company said it expects North American steel demand ”to grow modestly in 2024 and for new supply coming online to meet incremental demand growth and continue to displace imports.”
“US steel producers continue to pursue investments focused on expanding higher value-added production and growth through construction of new mills,” Fitch said in its report on Wednesday.
The company said it views the federal government’s Investment Infrastructure and Jobs Act (IIJA), CHIPS Act, and Inflation Reduction Act (IRA) “as tailwinds for non-residential construction spending and steel demand over the next few years.”
“In addition, Fitch expects a continued recovery in US vehicle sales driven by pent up demand as supply chain bottlenecks ease,” the ratings agency said.

Ethan Bernard
Read more from Ethan BernardLatest in Economy

House committee blocks GOP budget proposal
The budget proposal has big implications for steel and manufacturing.

Manufacturing in New York state contracts again in May
Manufacturing activity in New York state declined for the third consecutive month, according to the May Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Responding firms continue to forecast weaker business conditions in the coming months.

Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).

Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)

Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.