A coalition of trade groups is urging President Joe Biden to help with the ongoing West Coast port labor negotiations. Negotiations for a long-term labor agreement between the International Longshore and Warehouse Union and the Pacific Maritime Association at the Ports of Long Beach and Los Angeles have been ongoing for more than 10 months […]
Chevrolet recently announced it was retiring the sixth-generation Camaro. An iconic muscle car that first went on sale in late 1966 for the 1967 model year, it had already gone through a few changes. Recall that in 1967 a gallon of gas cost around 35 cents in the USA. That’s for those who can recall […]
Josh Spoores, principal analyst at CRU, will be the featured speaker on the next SMU Community Chat webinar on Wednesday, April 5, at 11 a.m. ET. The live webinar is free. A recording will be available for free to SMU members. You can register here. We’ll talk about CRU’s forecast for fourth quarter HRC prices and […]
General Motors is temporarily idling production at one of its plants in order to adjust production schedules to fit customers’ needs. While the automaker’s production has increased over the past month, automotive demand has been remaining consistent, thus leading to an increase in inventories, a GM spokesman told SMU. As a result, GM has decided […]
The appeal for imports of hot-rolled coil (HRC) continues to grow as US prices move higher in response to repeated mill tag hikes. The price advantage domestic HRC had enjoyed over offshore just last month has swung negative at an accelerated rate, according to SMU’s latest foreign vs. domestic price analysis. The most recent pricing […]
It’s not always easy to be a market disruptor, but when done right, it’s worth it. Reibus International is one of those companies hoping to bring change, increased efficiencies, and new ways of doing business to an older industry steeped in tradition. SMU sat down this week with John Armstrong, the founder and CEO of […]
North American auto assemblies rose 1.3%% in February, expanding for a second straight month after declining repeatedly to close out 2022. Last month’s assemblies are 8.4% higher year-on-year (YoY), according to LMC Automotive data. Despite the repeated increases through February, production hasn’t topped the 1.2-million-unit mark since November. And while inventories have improved, the market remains […]
This week started without a price increase. Not that we needed another. Still, it felt weird after so many consecutive weeks of them. Prices continue to move up even without increases and lead times continue to extend. But the pace has moderated. Our hot-rolled coil price stands at $1,140 per ton ($57 per cwt) this […]
Ken Simonson, chief economist for The Associated General Contractors of America (AGC), will be the featured speaker on the next SMU Community Chat webinar on Wednesday, March 22, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about the outlook for […]
Raw steel production by US mills rose 0.5% last week from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, March 20. Domestic production stood at 1,686,000 net tons in the week ended March 18 vs. 1,677,000 net tons the previous week. It was off 1.4% from 1,710,000 net tons […]
The macro environment in the US has proven to be extremely volatile and continues to change on a month-by-month and sometimes even week-by-week basis. Last year ended with worries about an incoming recession as the Federal Reserve hiked interest rates to slow the economy. As 2023 opened and year-end economic data trickled in, the figures were […]
Rig counts dropped in Canada and rose in the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 754 for the week ended March 17, up eight rigs from the week prior. The number of active oil rigs in the US fell by one to 589 from the […]
Lead times are increasing and so are prices. Do I sound like a broken record yet? This week’s survey showed that a whopping 61% of participants think lead times will remain flat two months from now. Based on historical data, March through June is high season for the HVAC sector. Taking that into account, we […]
We are less than a month away from our LIVE Steel 101: An Introduction to Steelmaking and Market Fundamentals training course, to be hosted in Cleveland on April 11-12. The workshop will include a guided tour of the Cleveland-Cliffs mill, in the heart of downtown Cleveland. Attendees will be able to see firsthand all stages of production at […]
Flat Rolled = 52.2 Shipping Days of Supply Plate = 45 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply in February edged down slightly, while the amount of material on order surged. At the end of February, service centers carried 52.2 shipping days of supply, according to adjusted SMU data. This […]
Evraz North America is joining other steelmakers in raising prices for steel plate. All new orders for carbon, high-strength low-alloy, hot-rolled coils, normalized, and quenched-and-tempered products will immediately increase by a minimum of $60 per ton ($3 per cwt), the Chicago-based steelmaker said in a letter to customers. “We reserve the right to re-quote any […]
Klöckner & Co. expects steel prices to come down later this year after a sharp rise in Q1, the company said in its 4Q earnings report. “Despite the rise in steel prices at the beginning of 2023, Klöckner & Co. expects a lower price level overall compared to the prior-year period and correspondingly lower sales,” […]
Top executives from US Steel met with White House officials to explore funding opportunities for decarbonization. The Pittsburgh-based steelmaker said president and CEO David B. Burritt and Richard L. Fruehauf, chief of strategy and sustainability, joined White House climate officials as well as industry and labor leaders to discuss “public and private collaborations to support […]
The United Autoworkers (UAW) union announced on Sunday, March 2, they have agreed to a new labor pact with Caterpillar Inc. after UAW members ratified the terms of a new, six-year collective agreement. A tentative pact was settled ahead of the expiration of a prior contract on March 1, according to both parties. The UAW […]
US Steel has been named one of the world’s most ethical companies in 2023 by Ethisphere. The Pittsburgh-based steelmaker said this is the second consecutive year it has been recognized and, out of 135 honorees, is the only integrated steel producer to be chosen. Scrap recycler and long steel producer Schnitzer Steel Industries was also […]
Gerdau Long Steel North America aims to increase prices for most merchant, structural, miscellaneous beams, and piling product by $50 per ton ($2.50 per cwt). The move is effective with new orders as of Monday, March 13, the steelmaker said in a letter to customers the same day. But orders confirmed as of the close […]
Nucor Corp. aims to increase base prices for steel plate by at least $50 per ton ($2.50 per cwt) with the opening of its May order book. The plate increase is the first of its kind for the steelmaker since March 31, 2021, according to SMU’s steel mill price increase calendar. Nucor had repeatedly maintained […]
Cleveland-Cliffs aims to increase spot market prices for hot-rolled, cold-rolled, and coated flat-rolled steel by at least $100 per ton ($5 per cwt) effective immediately. The Cleveland-based steelmaker also said its new minimum base price for hot-rolled coil (HRC) was $1,200 per ton in a press released on Monday, March 13. That’s up from the […]
ArcelorMittal has completed the acquisition of Brazilian steelmaker Companhia Siderúrgica do Pecém (CSP) for approximately $2.2 billion. Located in the state of Ceará in northeast Brazil, CSP produces slab and operates a 3-million-ton capacity blast furnace. “This is a very exciting strategic acquisition for ArcelorMittal,” ArcelorMittal CEO Aditya Mittal said in a statement. “It enables us to capture steel […]
Steel Dynamics Inc. (SDI) has broken ground on its previously announced aluminum rolling mill outside of Columbus, Miss., according to local media reports. When local TV station WCBI asked SDI chairman, president, and CEO Mark Millett why the company chose the area, he said it was in large part because of opportunities in the beverage […]
JSW Steel USA said it is the first steel company in the US to adopt Environmental Product Declarations (EPDs). The steelmaker said that with new technology, called “Smart EPD,” it can directly generate and publish verified digital EPDs on demand. Developed by sustainability consultancy TrueNorth Collective, JSW USA said the Smart EPD platform is based on […]
Commercial Metals Co. has acquired metal recycler Roane Metals Group. Financial terms of the private transaction were not disclosed, in a deal guided by Carl Marks Securities LLC. Roane Metals is a ferrous and nonferrous metals recycling company with headquarters in Rockwood, Tenn. It specializes in the purchase, processing, and sale of scrap metals from […]
US Steel has signed a preliminary agreement with CarbonFree Chemical Holdings to pursue the capture of CO2 at the steelmaker’s Gary Works in Indiana. The two companies signed a non-binding Memorandum of Understanding (MoU) to use CarbonFree’s SkyCycle™ technology at Gary Works. Pittsburgh-based US Steel said that if a definitive agreement is reached, up to […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at steelmarketupdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
Ryerson has acquired metals processor and distributor BLP Holdings LLC (BLP). BLP consists of three Houston-based companies: Absolute Metal Products, Metal Cutting Specialists, and Houston Water Jet. Terms of the deal were not disclosed. “BLP and its divisions offer advanced processing solutions aligned with our commitment to growing our high-margin, value-added business,” said Alan Singleton, president […]