Lock Joint Tube will supply steel tubing to solar energy company Array Technologies from a new mill in Texas. The two companies entered into an agreement for Albuquerque, N.M.-based Array to secure structural-grade steel tubing from Lock Joint, which is based in South Bend, Ind., Array said in a statement on Thursday. The new mill […]
Business activity at architectural firms was stable in June vs. May, though billings were still increasing, according to the American Institute of Architects (AIA)/Deltek Architecture Billings Index (ABI) score. May’s rebound of 51.0, the highest reading since February, was slightly than June’s 50.1 index. Both readings are an improvement over April’s index of 48.5, and it’s […]
The US Federal Reserve said that overall economic activity has inched up since May in its latest Beige Book Report released on July 12. The Beige Book is a compilation of information on current economic conditions, gathered by each district Federal Reserve Bank, and is published eight times per year. The newest report by the Fed on the state […]
Manufacturing activity in New York state has stayed relatively level in July compared with the previous month, according to the most recent Empire State Manufacturing Survey. The headline manufacturing general business conditions fell six points to 1.1 in July month-on-month, according to survey results collected between July 3 and July 11 by the Federal Reserve Bank […]
Steel prices continued to erode in June, a trend that began halfway through April. Hot-rolled coil (HRC) prices ended June at $875 per ton (43.75 per cwt) on average, falling by $115 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained shifted to Neutral halfway through June, after turning Lower […]
Steel shipments in the US fell 2.4% in May compared with a year earlier, the American Iron and Steel Institute (AISI) said Thursday. Domestic steel mills shipped 7,721,633 net tons in May vs. 7,910,730 net tons in May 2022, but shipments increased 3% from the 7,499,979 net tons shipped in April, according to AISI. Year-to-date […]
The US manufacturing sector receded for the eighth consecutive month in June, according to the latest monthly report on business from the Institute for Supply Management (ISM). The ISM’s manufacturing PMI was 46% in June, 0.9% lower than May. The reading marks the seventh month of contraction following a 30-month period of expansion in the […]
US hot-rolled coil (HRC) remains at a premium to offshore product, even as recent price declines have brought domestic hot band to its lowest mark since mid-February, according to SMU’s latest foreign vs. domestic price analysis. HRC tags stateside are down $285 per ton since peaking at $1,160 per ton back in mid-April, and are […]
The pressure that comes with being a CEO is not for the faint of heart. With every decision they make, CEOs have to keep in mind what’s best for the company. Karla Lewis, president and CEO of Reliance Steel & Aluminum, and Leon Topalian, president and CEO of Nucor Corp., sat down with Metal Service […]
In May’s preliminary count, total US steel imports came in below import licenses tallied for the month. At the same time, however, flat-rolled steel imports came in higher than licenses originally suggested, according to the latest data from the International Trade Administration’s (ITA’s) steel import monitor. SMU’s previous analysis of May import data showed 2,395,039 […]
Schnitzer Steel Industries reported lower earnings in its fiscal third quarter ended May 31 vs. a year earlier, but sequential performance was higher, driven by stronger demand for recycled metals. The Portland, Ore.-based scrap recycler and long steel producer reported net income attributable to shareholders of $13.5 million in its fiscal Q3, down 82% from […]
Algoma Steel anticipates increasing its plate production in the third calendar quarter of this year. Phase two of the Canadian steelmaker’s plate mill modernization project continues, CEO Michael Garcia said on the company’s fiscal fourth-quarter of 2023 earnings call with analysts on Thursday, June 22. The second phase had initially been expected to be finished […]
The US will import approximately ~50,000 metric tons of steel slab from China in June, according to license data from the US Commerce Department. The figure is notable because the US has imported no significant quantities of Chinese slab in at least the last six years, per Commerce figures. The average price was $694 per metric […]
The US Department of Commerce has reached a preliminary determination that producers of tin mill products from China benefit from significant countervailable government subsidies. Cleveland-Cliffs applauded the decision in a press release on Wednesday. The Cleveland-based steelmaker said Commerce found a subsidy rate of 542.55% for Baoshan Iron and Steel and a rate of 89.02% for […]
The latest Empire State Manufacturing Survey shows an increase in business activity in the state of New York in June after a drop the prior month. The headline manufacturing general business conditions index from the Federal Reserve Bank of New York jumped up into the positive, rising by 38 points to 6.6 in the survey […]
H2 Green Steel has entered into a multi-year deal with Cargill Metals to supply the company with low-carbon emission steel. The Swedish sustainable steelmaker said in a press release Monday that the deal “aims to accelerate global ferrous supply chain decarbonization.” The release noted that Singapore-based Cargill Metals, part of global conglomerate Cargill, “connects different parts […]
Decarbonization in the steel industry is fueling growth in orders for the SMS group. The Düsseldorf, Germany-based metals technology and equipment provider reported a year-on-year (YoY) improvement in its 2022 results, with sales, order intake, order backlog, and earnings before taxes all rising significantly. Order intake grew by nearly a third to €4.612 billion ($5.04 billion) […]
A poll commissioned by the Alliance for American Manufacturing (AAM) shows the vast majority of American voters support strong trade remedies and bringing manufacturing back to the US. The poll found nearly nine-in-10 voters (87%) agree the federal government should crack down on unfair trade, and four-in-five voters (82%) think the federal government should offer […]
TT Iron Steel Co. Ltd. (TTIS) has signed an agreement to acquire the ArcelorMittal Point Lisas iron and steel plant in Trinidad and Tobago. Completion of the transaction is subject to approval by Trinidad and Tobago’s government, TTIS said in a release on June 7. The company said initial refurbishment and restart of the plant […]
Rio Tinto said it has signed a memorandum of understanding (MoU) with Chinese steelmaker Baowu to explore projects in China and Australia to help decarbonize the steel value chain. The global metals and mining company commented that the move follows the recently announced $2-billion Western Range joint venture in the Pilbara region of western Australia […]
The Congressional Steel Caucus held a hearing on The State of the Steel Industry in Washington on Wednesday, June 7, where prominent steel executives and the United Steelworkers (USW) union gave testimony on issues such as international trade and sustainability. In his opening remarks, US Rep. Frank Mrvan (D.-Ind.), vice-chairman of the Caucus, stressed his […]
Steel shipments in the US fell 1.7% in April vs. the same month last year, the American Iron and Steel Institute (AISI) reported on Wednesday. AISI said US steel mills shipped 7,499,979 net tons in April, down from 7,629,985 tons shipped a year earlier, but up 1.7% from the 7,372,430 tons shipped during March. Year-to-date […]
H2 Green Steel has signed a memorandum of understanding with Mercedes-Benz for the potential supply of green steel made in North America. In the same news release on Wednesday, the Swedish sustainable steelmaker said it has signed a binding agreement with Germany-based Mercedes-Benz to deliver ~50,000 metric tons of green steel annually for use in the […]
Overall economic activity saw little change in April and early May, while manufacturing activity was flat to up in most Federal Reserve Districts, and supply chain issues continued to improve, the Federal Reserve said in its latest Beige Book report. The Beige Book is a compilation of information on current economic conditions, gathered by each district […]
Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to […]
Australian steelmaker InfraBuild said it could be on the hunt for steel plants in the US after closing on a $350-million asset-backed term loan. The loan, managed by BlackRock and Silver Point Finance, will allow InfraBuild to pursue growth objectives, which include the “potential acquisition of steel assets in the United States currently owned by GFG […]
The US labor market added 339,000 jobs in May, up from April’s payroll gain of 253,000 and well ahead of consensus estimates of 190,000, according to data from the Bureau of Labor Statistics (BLS). Last month’s result marked the 29th straight month of positive job growth. Despite the surprise jobs gain, the unemployment rate rose to […]
The US economy added 339,000 new jobs in May, according to data from the US Department of Labor. The labor market again outperformed economists’ consensus expectations with another show of resilience, and beating April’s total of 253,000. May’s job growth came despite the Federal Reserve’s aggressive efforts to cool the economy to slow the labor […]
Trade organizations along the electrical steel value chain are urging President Biden to increase domestic production of the products. Groups represented in a May 22 letter sent to the president included the Alliance for Automotive Innovation, American Public Power Association, Edison Electric Institute, GridWise Alliance, International Brotherhood of Electrical Workers, Leading Builders of America, National Association of […]
New orders for manufactured durable goods increased for the second consecutive month in April, rising 1.1% from the previous month to $283.0 billion, according to the US Census Bureau. This follows a 3.3% month-over-month (MoM) gain in March, according to Census data. The bureau said transportation equipment, also up for a second straight month, drove the increase, rising 3.7% MoM to $97.6 billion. […]