Analysis
January 8, 2024
Written by Laura Miller
CMC saw robust demand from the construction markets in its first fiscal quarter, which ended on Nov. 30, 2023.
| First quarter ended Nov. 30 | 2023 | 2022 | % Change |
|---|---|---|---|
| Net sales | $2,003 | $2,227 | -10% |
| Net earnings (loss) | $176.3 | $261.8 | -33% |
| Per diluted share | $1.49 | $2.20 | -32% |
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
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.
The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations.
SSAB Americas announced immediate changes to pricing extras on select products, according to a letter sent to customers Friday morning.
Kibar Americas said production has started at its aluminum plant in Fairmont, W.Va., where it will manufacture products for the HVAC, packaging, automotive and industrial sectors.