Market Segment
March 11, 2024
Written by David Schollaert
Domestic production of raw steel inched higher last week, recovering after declining the week prior, according to the most recent data from the American Iron and Steel Institute (AISI).
Steel output in the US totaled an estimated 1,734,000 short tons (st) in the week ended March 9. That’s up 1% from the previous week and up 0.9% from the same week last year when production stood at 1,718,000 st.
Private equity firm SCF Partners announced it has acquired American Piping Products (APP), a pipe and tube distributor headquartered in Chesterfield, Mo.
The Greenbrier Companies received orders for 3,400 new railcars with an aggregate value of ~$600 million during its fiscal fourth quarter ended Aug. 31.
Worthington Enterprises reported higher fiscal first-quarter sales and earnings while citing rapidly growing data center demand and continued tightness in the steel market.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.