Market Segment
July 22, 2024
Written by Michael Cowden
| Second quarter ended June 29 | 2024 | 2023 | % Change |
|---|---|---|---|
| Net sales | $8,077.2 | $9,523.3 | -15.2% |
| Net earnings | $645.2 | $1,461.4 | -55.9% |
| Per diluted share | $2.68 | $5.81 | -53.9% |
| Six months ended June 29 | |||
| Net sales | $16,214.3 | $18,233.2 | -11.1% |
| Net earnings | $1,490.1 | $2,597.9 | -42.6% |
| Per diluted share | $6.14 | $10.26 | -40.2% |
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 proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.
The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.
Nucor said on Monday, Sept. 21, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,210 per short ton (st) this week, a $10/st increase from a week earlier.