Nucor Executive Vice President of Raw Materials James Darsey will retire on June 9, 2018, after 39 years of service with the company. As of June 10, Craig A. Feldman, President of David J. Joseph Company and Nucor Vice President and General Manager, will be promoted to Executive Vice President of Raw Materials. Feldman will […]
“The tariffs are already causing our jobs and work to shift to competitors outside our borders and will continue to do so until action is taken. What was presented as a tariff on foreign steel producers has effectively become a tax on U.S. manufacturers like us,” stated Kevin Kennedy, president of Kennedy Fabricating, Inc., Splendora, […]
U.S. steel producers consider the Trump administration tariffs on steel imports a big step forward, albeit a journey still in progress, but are not resting on their laurels. AK Steel CEO Roger Newport presented the industry’s case once again in testimony Thursday before the House Ways and Means Committee in support of Section 232. “We […]
For those of you who may be new to Steel Market Update or haven’t been paying attention to President Trump over the past few months, the President has issued 25 percent tariffs on foreign steel coming from countries other than: Canada, Mexico, Australia, South Korea, Argentina, Brazil and member countries of the European Union. The […]
The European Union is concerned that the 25 percent tariffs on steel imports announced by President Trump in March could lead China and other countries to more aggressively sell steel in Europe. EU officials have launched an investigation to determine how the U.S. tariffs will affect the European market and whether they need to respond […]
Attorney and SMU contributor Lewis Leibowitz offers the following update on trade developments in Washington: This week saw some important developments. Very few people have the slightest idea where all the talk on national security, intellectual property, NAFTA renegotiation and tariffs is actually going. At this point, the only trade restrictions are on steel and aluminum, […]
The new cold mill complex at Nucor Steel Arkansas is now expected to start up in the first half of 2019, said the company. Nucor executives and state and local officials gathered at the facility for a ribbon cutting event yesterday. Nucor announced the new $230 million cold mill in September 2016 and said it […]
Union Partners, a Chicago-based, full-service metals and logistic company, announced on Wednesday the acquisition of Maksteel, a service center, toll processor and logistics provider located in Mississauga, Ontario. Founded in 1970, Maksteel claims to be the first service center in Canada to process advanced high strength steels (AHSS) and martensitic steels as part of its […]
On Monday, April 9, trade attorney Lewis Leibowitz shared the following observations regarding Section 232, Section 301 and other trade-related issues with Steel Market Update. Here is what he had to say: Another eventful day in Washington. Stocks rallied today as fears of a trade war “eased,” at least in the minds of Wall Street […]
President Xi Jinping announced today that China will significantly open access to its economy including lowering import tariffs on automobiles and recognizing and enforcing intellectual property rights. In a speech at the Boao Forum for Asia Annual Conference, Xi promoted his country as a leader in the global free market as the Trump administration threatened […]
Commerce announced an affirmative final decision in the antidumping investigation concerning imports of cold-drawn mechanical tubing from China, Germany, India, Italy, Korea, and Switzerland. In addition, Commerce found that “critical circumstances” exist with respect to Dalmine S.p.A. and Metalfer S.p.A., but not with respect to all other producers/exporters in Italy; Sang Shin Ind. Co., Ltd., […]
A lot is going on in shipping markets as uncertainty regarding the U.S. trade situation takes hold. Tariffs are expected to affect import volumes at coastal and inland ports. Truck availability continues to be an issue with the flatbed load-to-truck ratio soaring past 100 last week and prices on the increase. Barges are frustrated by […]
Orders for heavy-duty trucks are at their highest level since 2000, according to industry research firm FTR Transportation. Orders for the heavy-weight Class 8 trucks increased 98.4 percent year over year to 133,900 vehicles during the first quarter of 2018. Increased demand caused FTR to increase its forecast for 2018 North American Class 8 truck […]
The battle is being joined this week over the Trump administration’s tariffs on steel and aluminum and the World Trade Organization is the battleground. Washington trade attorney Lewis Leibowitz offers the following assessment of the current trade situation: China requested consultations with the United States—the initial step in WTO dispute settlement cases—over the steel and […]
Ryerson Holding Corp. announced the acquisition of Fanello Industries, a privately owned metal service company located in Lavonia, Ga. Fanello Industries provides blanking, stamping, laser cutting, bending, and machining metal solutions to a diverse group of industries in the southeastern U.S. The company employs 150 and has annual revenue of approximately $20 million. “Fanello Industries […]
The antidumping investigation by Commerce into the imports of tool chests and cabinets from China and Vietnam moved closer to a conclusion on Wednesday. Commerce announced its affirmative final determination, calculating a dumping rate of 97.11 percent for the mandatory respondent Tongrun Single Entity. All other producers/exporters in China that are eligible for a separate […]
Major developments this week in the escalating trade war between China and the United States could have serious consequences for global commerce. Washington trade attorney Lewis Leibowitz offers the following assessment of the trade situation: The Office of the U.S. Trade Representative released a list of about 1,400 tariff line items. Tariffs of 25 percent […]
Ryerson Holding Co., a processor and distributor of industrial metals, said in earnings guidance on Wednesday that tons sold and average selling prices are expected to be higher in the first quarter. Sales revenue is anticipated in the range of $930-$950 million compared to $811 million in the fourth quarter and $815 million in Q1 […]
A de facto round eight of NAFTA negotiations is about to begin in Washington, D.C., despite the U.S. Trade Representative deciding not to host an official eighth round. Instead, a “ministerial meeting” between Trade Representative Robert Lighthizer, Canadian Foreign Affairs Minister Chrystia Freeland and Mexican Economy Secretary Ildefonso Guajardo will be held along with discussions […]
Tensions between Washington and Beijing over China’s policies toward U.S. and foreign investment and the multibillion-dollar trade surplus with the United States continued to escalate this week. In retaliation for the Trump administration’s tariffs of 25 percent on steel and 10 percent on aluminum, which took effect March 23, China has imposed tariffs on up […]
Olympic Steel, Inc., has acquired Berlin Metals LLC, the Hammond, Ind., service center. Terms of the all-cash deal were not disclosed. With approximately $50 million in annual sales, Berlin Metals processes and distributes prime tin mill products and stainless-steel strip in slit coil form. The company is also a supplier of galvanized, light-gauge cold rolled sheet and strip, as well as other […]
Brazil is one of seven countries granted a temporary retrieve from Section 232 tariffs on steel and aluminum. If the 25 percent tariff is imposed on the Brazilian steel industry, it would impact 13 percent of the nation’s steel exports and lead to losses estimated at $350 million annually, according to a new study by […]
With so many trade issues under debate in Washington, it’s difficult to keep up. Trade attorney Lewis Leibowitz provided Steel Market Update with the following summation: • KORUS Negotiations: As part of the renegotiation of the Korea-U.S. free trade agreement (KORUS), the Trump administration has granted South Korea a permanent exemption from the steel tariffs […]
JSW Steel made another move to expand its U.S. operations by buying the Acero Junction sheet mill in Mingo Junction, Ohio. The $80.85 million purchase was finalized on Wednesday with JSM International, Acero Junction Holding Inc. and Acero Junction Inc. and is expected to close within 60 days. JSW, the India-based steelmaker, will have 100 […]
The Georgia Ports Authority broke ground on the $126.7 million Mason Mega Rail Terminal on Monday. The new terminal will increase the Port of Savannah’s rail lift capacity to 1 million containers per year. “Today is a great day for Georgia and the nation,” said Georgia Gov. Nathan Deal. “Not only will this new intermodal […]
Pointing to improving market conditions and favorable pricing trends, Canada’s Stelco forecasts Q1 earnings of $60-70 million and Q2 earnings of $120-150 million. The integrated steel producer expects first-quarter 2018 shipments to be 3-5 percent higher than fourth-quarter 2017. In late Q1 2018, the company expanded its distribution capabilities by adding 200 rail cars to […]
Recognizing the current sensitivity of trade relations with the Trump administration, Canada is taking extra precautions to ensure there is no circumvention of U.S. tariffs through the Canadian borders. The Canada Border Services Agency will be empowered to identify businesses that are attempting to dodge duties by shipping cheap steel to Canada. Agents will have […]
The U.S. and South Korea have reached an agreement on amendments to the KORUS agreement. In return for exemption from Section 232 tariffs, Korea will reduce its steel exports to the U.S. by 30 percent to 2.68 million tons annually. In addition, Korea agreed to increase automotive imports from the U.S. to 50,000 vehicles per […]
JSW Steel announced it will invest $500 million in its U.S. plate and pipe operations. The Baytown, Texas, facility will receive $150 million in upgrades and the rest will fund a new hot-end facility to make steel. Texas Governor Gregg Abbott signed an agreement with the company to provide a grant of $3.4 million. The […]
U.S. Trade Representative Robert Lighthizer wants to wind the NAFTA negotiations up by May 1, the day the temporary tariff exclusions expire for Canada and Mexico. Sources told Inside U.S. Trade that Lighthizer informed his NAFTA counterparts he wants to announce an agreement by March 31 and have the legal review completed by the beginning […]