The ongoing drama with AHMSA continues, but the bankrupt Mexican steelmaker has finally put out an official statement. A spokesperson for the company has previously made statements to local media, but an official announcement has not been released by the company since April. On Wednesday, July 12, a statement was issued on the company’s Twitter […]
US steel exports spiked in May to the highest monthly level in nearly five years. Exports reached 914,018 net tons in May (Fig. 1), according to the latest figures from the US Department of Commerce. That’s 19% higher month-on-month and 15% higher year-on-year. Recall that exports in March neared a five-year high; May’s total was […]
It’s the time of year when I’m going to be banging the drum about Steel Summit – even in the lede to Final Thoughts 🙂 We’ll get to the latest steel market trends in a moment. But first I want to highlight that hotels are still available near the Georgia International Convention Center (GICC) in Atlanta, where […]
US steel imports climbed in June to the highest monthly level over the past 12 months, based on June import license data compiled by the US Department of Commerce. Import license applications reached 2,803,597 net tons in June, according to Commerce’s license count as of July 5. This was a 20.7% spike from the month […]
US Trade Representative Katherine Tai met on Thursday in Cancun, Mexico, with Mexico’s Secretary of Economy, Raquel Buenrostro, where the two discussed confronting steel imports, among other issues. In a press release, the USTR said she spoke with Secretary Buenrostro regarding “the importance of addressing the recent surge of imports of steel and aluminum products, and […]
Argentem Creek Partners is in negotiations with the Kickapoo Tribe of Texas for a sum of approximately $1 billion dollars to invest in troubled Mexican steelmaker Altos Hornos de México (AHMSA), according to media reports. The US-based investment fund requested an initial loan of around $200 million from the Kickapoo Tribe, with a pre-negotiated goal […]
Ternium and Tenaris have upped their stake in Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas). Ternium’s Brazilian subsidiary Confab Industrial S.A., Ternium Investments, and Ternium Argentina, collectively known as the T/T group within the controlling group of Usiminas, closed on a previously announced acquisition of 68.7 million ordinary shares of Usiminas. The shares […]
We’re now less than two months away from the kickoff of SMU’s 2023 Steel Summit Conference, which runs from Monday-Wednesday, Aug. 21-23, in Atlanta. Registrations for Steel Summit are flooding in, with roughly 820 people already registered, and hotel availability dwindling fast. Register here. The hotels within walking distance of the event – Georgia International Convention […]
Several North American automakers have confirmed with SMU their planned summer outages for maintenance programs, facility updates, and model-year changeovers. Some outages are starting this month, while others can be seen as late as August, but the bulk of the scheduled downtime will be taken throughout the month of July. Stellantis (Chrysler’s European parent company), […]
Our latest survey results indicate that the round of $50/ton ($2.50/cwt) sheet price hikes have a good chance of at least stabilizing prices or increasing them modestly. To be clear, SMU does not make formal forecasts. I’m basing this on what we’re seeing in past survey results following price hikes compared to what we’re seeing […]
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 […]
Ternium announced this week that its new slab mill will be built in Pesquería, Nuevo León, Mexico. The Luxembourg-based Latin American steelmaker had said earlier this year it would build an electric-arc furnace (EAF) and direct-reduced iron (DRI) facility in North America. Brownsville, Texas, had been rumored to be in the running for the new […]
How can SMU’s sheet prices go down shortly after a round of $50-per-ton mill price hikes? Long story short: It’s because we’re capturing both pre- and post-increase pricing in our survey as well as in calls and emails with some of you. And, as those of you who’ve been in the industry for a while […]
North American auto assemblies saw nearly an 11% boost in May, posting the second-best monthly total year to date. The month’s assemblies were also nearly 18% higher year-on-year (YoY), according to LMC Automotive data. A modest decline was seen in supply levels in April, but that easing was in part due to seasonal factors and […]
What to make of the latest round of sheet prices hikes: Are they aimed at stopping the bleeding, getting buyers off the sidelines, or actually getting sheet prices back up again? These are serious questions now in a way that they weren’t after U. S. Steel first announced its price hike last Wednesday. That hike […]
We are counting down the days until SMU’s Steel Summit Conference on Monday-Wednesday, Aug. 21-23, in Atlanta. It’s only a little over two months away. Approximately 755 people have already registered. Our discounted room blocks are almost gone. Register here. The event will again be held at the Georgia International Convention Center, a massive conference center in close […]
The solution to the dilemmas faced by Altos Hornos de México (AHMSA) is in the hands of the federal government, a spokesman for the Mexican steelmaker told a local news outlet. AHMSA spokesman Francisco Orduña was responding to comments last Friday by Mexican President Andrés Manuel López Obrador regarding restructuring the company’s debt, according to […]
Sometimes it seems the whole world is downstream of the steel industry. Now, that may be a side effect of spending my days immersed in lead times, steel buyers sentiment, and hot-rolled coil futures. That would be a fair assessment. However, looking into the testimonies from the Congressional Steel Caucus’ recent hearing on June 7 […]
After hitting an almost five-year high in March, US steel exports fell back during the month of April. Exports totaled 768,235 net tons in April, according to the latest figures available from the US Department of Commerce. This was a 13% month-on-month (MoM) and a 7% year-on-year (YoY) decline. Note that March exports of 886,458 […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. US light-vehicle (LV) sales rose to an unadjusted 1.36 million units in May, up 22.9% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) […]
On Tuesday, Ford Motor Co. announced a new head to lead its global supply chain operations, while also detailing other changes to its executive team. Liz Door will be the automaker’s new chief supply chain officer beginning on June 12. She will be taking on responsibilities that were held since September on an interim basis […]
The sale of Mexican steelmaker Altos Hornos de México (AHMSA) has reportedly stalled because the investment capital has not yet been received, according to a local media report. The remarks were made by AHMSA’s Alonso Ancira Elizondo in a meeting he had with union officials in San Antonio, Texas, according to an article in Mexico’s […]
The LME aluminum three-month price continued to make steady gains on the morning of June 2 and was seen trading at $2,308/t. The move marks the successful test of the key $2,200/t support earlier last week. SHFE aluminum prices also traded higher on that day. The cash price settled at RMB18,585/t and last traded at RMB18,665/t, […]
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 […]
Altos Hornos de México (AHMSA) workers and their wives demonstrated peacefully on Thursday, according to a local media report. Monclova Mayor Mario Dávila expressed solidarity with the workers who met on Thursday morning at the municipal presidency building looking for support, according to an article in El Periódico La Voz on Thursday. The action was taken because of […]
The US will extend for another year an exemption for Ukrainian steel from Section 232 tariffs. “The United States has provided a much-needed market for the steel that Ukraine is able to export,” Commerce Secretary Gina Raimondo said in statement on Wednesday, May 31. “In doing so, Americans are directly supporting the people of Ukraine, […]
US light-vehicle (LV) sales rose to an unadjusted 1.35 million units in April, the US Bureau of Economic Analysis (BEA) reported. The month-on-month (MoM) boost pushed April’s total 9% higher year-on-year (YoY), and is the eighth consecutive month to see a YoY increase in sales. On an annualized basis, LV sales were up 7.2% MoM in April, […]
North American auto assemblies declined by 15.5% in April, edging down for the first time year-to-date, and for the first time since last November. Last month’s assemblies, however, were still 7.8% higher year-on-year (YoY), according to LMC Automotive data. While supply levels began to rebound in the second half of last year, inventories fell modestly in […]
Altos Hornos de México (AHMSA) has sold approximately 19,000 tons of scrap to help pay for workers’ salaries, according to a local media report. The Mexican steelmaker is also raising money by selling coke from its coke plants, Mexico’s El Tiempo reported, citing comments from bankruptcy trustee Elmer Rocha. AHMSA and hedge fund Argentem Creek […]
Forza Steel is investing $60 million to build a manufacturing facility at the Port of Brownsville in Texas on the Mexican border. The Mexican carbon steel pipe producer is planning to install equipment in early July to begin rolling mill operations, according to a press release from the Port of Brownsville on May 2. The facility […]