Union Partners, a full-service metals and logistics company, announced that Steve Letnich will join the company as Chief Operating Officer of Contractors Steel, effective immediately. Letnich has held several leadership positions in his 25 years in the steel and metals industry including those at Outokumpu, Castle Metals, Central Steel & Wire and Worthington Industries. “We […]
Ryerson Steel has sold a Central Steel & Wire facility in Milwaukee to Alro Steel for $7.1 million. CS&W was acquired by Ryerson in July. In its third-quarter 2018 earnings report, Ryerson stated it expected to receive about $10.5 million in proceeds from the sale of two midwestern CS&W facilities after consolidating operations into existing […]
The Commerce Department’s research on the national security implications of auto and auto part imports has generated numerous drafts, said Commerce Secretary Wilbur Ross, because “the picture keeps evolving.” The latest Section 232 draft includes three options for President Trump to consider when weighing if tariffs on the foreign auto industry would be good for […]
U.S. tariffs on steel imports from Canada continue to put pressure on Canadian producers while goverment officials seek an ending to the trade measures. Algoma Steel, which recently emerged from bankruptcy protection, is one of the vulnerable steel producers affected by Section 232. The second largest mill in Canada is expected to receive up to […]
Residents near U.S. Steel’s Clairton plant were told to limit outdoor activities on Wednesday due to sulfur dioxide emissions following a December fire at the Pennsylvania coke works. “We have been closely monitoring this issue since we were first notified of the fire on December 24th. While the plant has substituted natural gas for coke […]
Nucor Corp. announced on Monday that it is scouting the Midwest for a suitable location to build a $1.35 billion EAF mill that is capable of producing 1.2 million tons of steel plate products annually. Nucor expects site selection to be completed in 2019 and construction to begin as soon as permits are secured. The […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: When the unusual happens, we often are jarred from our routine. I have experienced this since Dec. 21, when the government shutdown officially began at midnight (Dec. 22). The shutdown is “partial,” meaning that only certain government departments […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: When the unusual happens, we often are jarred from our routine. I have experienced this since Dec. 21, when the government shutdown officially began at midnight (Dec. 22). The shutdown is “partial,” meaning that only certain government departments […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: This is an update on the trade-related committees in the new Congress. The Senate Finance Committee and the House Ways and Means Committee are the congressional bodies with jurisdiction over most international trade matters. Senate The new chairman […]
The Christmas holidays slowed freight movement last week, as expected, but shippers still scrambled to find available trucks. A capacity crunch set load-to-truck ratios soaring and increased rates for dry van, refrigerated and flatbed freight. DAT Trendlines reports the flatbed ratio rose to 26.1 loads-per-truck from 19.5 the previous week. National flatbed rates increased by […]
Olympic Steel announced the acquisition of McCullough Industries, a manufacturer of self-dumping hoppers for industrial applications. The all-cash purchase closed on Jan. 2. McCullough and Wright branded containers are recognized nationally for their durability and performance, the company claims. Constructed from carbon and stainless steel, the hoppers are produced in a variety of configurations. Easily […]
ArcelorMittal announced it will take over as managing partner for Hibbing Taconite effective Aug. 12. The iron ore mine and pellet processing facility began production in 1976 and is currently managed by Cleveland Cliffs. The operation is jointly owned by ArcelorMittal, Cleveland Cliffs and U.S. Steel, holding shares of 62.4 percent, 23 percent and 14.7 […]
The service center sector will witness the return of a familiar old name in the new year. Norfolk Iron & Metal Co. has closed on its acquisition of O’Neal Flat Rolled Metals (OFR), which will now go to market under its former moniker Metalwest. Norfolk Iron purchased OFR from O’Neal Industries, based in Birmingham, Ala. […]
The following was submitted by trade attorney Lewis Leibowitz. His contact information is at the end of the article. As we approach the new year, I have been reflecting on the next few months and what may come in 2019. One of my history professors in college often said, “change is the only permanency.” I […]
On Wednesday in New York, a three-judge panel on the U.S. Court of International Trade began deliberating a case that will examine the constitutionality of the Section 232 tariffs imposed by President Trump on imports of steel and aluminum in the name of national security. Opponents argue that such tariffs should be subject to congressional […]
Worthington Industries reported net sales of $958.2 million for its fiscal 2019 second quarter ended Nov. 30, a 10 percent increase over the same quarter in fiscal 2018. However, its quarterly earnings were not as strong. Operating income totaled $35.9 million, a decrease of $16.2 million from the prior-year quarter. “I am pleased with the […]
In guidance on Tuesday, Steel Dynamics, Inc., (SDI) reported its expectations for record annual earnings in 2018 despite challenges in the fourth quarter. The company expects fourth-quarter earnings in the range of $1.11 to $1.15 per diluted share. Earnings were impacted by several factors: the $14 million cost of a planned maintenance outage at the company’s […]
There is a “new domestic” steel minimill capable of producing 1.5 million tons per year of steel from scrap. On Friday, JSW USA restarted the electric arc furnace at the JSW Ohio steel plant at Mingo Junction and cast their first domestically produced slab. “The last month has been incredibly butt hard work,” said JSW […]
Over this weekend, Steel Market Update had two conversations with JSW USA President & CEO John Hritz. On Saturday, we spoke about the successful start-up of the electric arc furnace at their JSW Ohio steel mill in Mingo Junction. On Sunday, we spoke in more detail about JSW USA and the company goal of being […]
Editor’s note: Steel Market Update is interested in your views of the Trump administration tariffs. Following are comments shared by two SMU readers. To submit your opinions (anonymously if preferred), email John@SteelMarketUpdate.com. Q: Do you think the Section 232 and Section 301 tariffs have accomplished what the president set out to do – improve national […]
In fourth-quarter guidance on Friday, Nucor reported that it expects strong steel demand and favorable pricing to continue in 2019. Nucor benefitted from strong economic conditions in the United States throughout 2018, which were positively impacted by tax and regulatory reform. Additionally, broad-based tariffs imposed under Section 232 provided a tailwind that contributed to Nucor’s […]
A new American Steel Index report by Business Forward shows U.S. steel prices have risen 7.4 percent since February, while foreign steel prices have fallen 9.8 percent. As a result, American manufacturers are paying 17.2 percent more for hot- and cold-rolled steel than their foreign competitors. “President Trump’s tariffs on steel and aluminum are increasing […]
The U.S. Chamber of Commerce announced its support of the new North American trade agreement, but urges the administration to drop the Section 232 steel and aluminum tariffs on Canada and Mexico. Chamber of Commerce President and CEO Thomas Donahue cites the onerous financial impact the tariffs have had on Chamber members and urged their […]
Ratner Steel ran the first coil on its new stretch leveler cut-to-length line in Osceola, Ark., on Monday, reported Ratner President and CFO Steve Gottlieb. The company hopes to replicate the success it has seen at its other service centers in Minnesota and Indiana. The line was installed by Red Bud Industries in a 150,000-square-foot […]
In a deal in the construction materials market, Carlisle Companies, Inc., has agreed to acquire Petersen Aluminum Corp. for approximately $197 million. Headquartered in Elk Grove Village, Ill., Petersen’s primary business is the manufacture and distribution of architectural metal roof panels, steel and aluminum flat sheets and coils, wall panels, perimeter roof edge systems and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: In the week following the G20 summit meeting in Buenos Aires, there is more uncertainty than ever about the U.S.-China negotiations over tariffs. Early in the week, President Trump moved the deadline for agreement between the U.S. and […]
Calling it “a good day for the little guys” after a frustrating eight-month wait, Priefert Manufacturing Co. reports the Commerce Department has finally granted the company a one-year exclusion on a 10-gauge, 80-inch hot rolled product that is not made in the United States. Based in Mount Pleasant, Texas, Priefert is a service center and […]
GFG Alliance’s purchase of Keystone Consolidated Industries this week was the latest move by British industrialist Sanjeev Gupta to become a leading producer of both long and flat steel products in the United States. GFG Alliance has been buying up steel, aluminum and energy assets around the world. On Monday, its Liberty Steel USA division […]
Cleveland-based Majestic Steel USA, Inc., has acquired Titan Metal Service, Inc., a Tampa, Fla., service center and processor. The acquisition expands Majestic’s business in the coated flat-rolled market and extends its reach in the Southeast, particularly the growing Florida market, the company said. “We are happy to welcome Titan Metal Service to the Majestic Steel USA […]
On Sunday, the HARDI galvanized steel council met to discuss what has been happening in the industry that is impacting their relationship with their steel suppliers. John Packard, President & CEO of Steel Market Update, along with Josh Spoores, Senior Analyst for CRU, discussed the status of steel prices and the forecast for 2019. The […]