Manufacturing companies were almost unanimous when asked what service centers were doing with prices to them right now. Eighty one percent of the manufacturing companies responding to our survey reported distributors as raising prices. As you can see by the graphic below this is a tremendous change in price direction and market pricing momentum. It […]
We know our readers enjoy hearing comments from those with whom we speak on a regular basis regarding market trends and pricing. We have had an active week heading into the first full week of April so here are some of the things our readers and sources are talking about during the last week of […]
Ryerson CEO Eddie Lehner called 2015 “one of the harshest and most difficult metal environments we have seen in terms of magnitude and duration.” Ryerson Holding, a service center company, announced fourth quarter and full year results on Thursday. The company posted a net loss of $20.5 million for the quarter. Revenue was down 23 […]
The Association of Steel Distributors (ASD) has selected the Fabricators & Manufacturers Association, International® (FMA) to manage their association. ASD will continue to operate as an independent association, but will rely on FMA for management of its day-to-day affairs, membership relations and development, event planning, compliance and reporting issues, and general operation needs. For 73 […]
Mill Steel Co., one of the nation’s largest distributors of flat-rolled carbon steel, has acquired certain assets of S&S Steel Services, Inc. (S&S), an Indianapolis/Anderson based supplier of carbon flat-rolled steel service. Terms of the deal, which closed on January 11, 2016, were not disclosed. S&S Steel services manufacturing customers in the Midwest, Mid-South and […]
The year 2015 was a brutal one for the domestic steel mills as well as the distributors who service the end user markets on a spot basis. Many of the service centers who purchase secondary (non-prime or excess) steel have suffered and have had to change the way they conduct business in order to survive. […]
Moon Township, Pa., January 21, 2016—CENTRIA Coating Services (CCS), a leading provider of custom coil coating services, precise color matching and rapid turnaround for both small and large orders, is proud to announce the appointment of Jerry T. Hatley, Jr. as Vice President, CENTRIA Coating Services. “We are proud to welcome Jerry to the CENTRIA […]
Mill Steel, a distributor of flat rolled carbon steel, has announced the acquisition of certain assets of S&S Steel Services for an undisclosed amount. S&S Steel Services, located in Anderson, Ind., is a supplier of carbon flat-rolled steel services serving manufacturing customers in the Midwest, Mid-South and Mid-Atlantic United States. S&S will continue steel slitting […]
The winner of the 2015 Steel Man of the Year is Lisa Goldenberg, the first woman to receive the award from the Association of Steel Distributors. The press release from ASD follows: The Association of Steel Distributors (ASD) is proud to announce Lisa Goldenberg has received the 2015 Steel Man of the Year Award. Since […]
Flack Steel has closed the deal on acquisition of selected assets of Consolidated Systems, Inc.’s (CSi) Consolidated Metal Products (CMP) business. The acquisition expands Flack Steel’s penetration into the bare and painted hot-rolled and cold-rolled carbon steel, galvanized, stainless steel and aluminum markets. CMP provides metal processing for construction, transportation, HVAC, lighting, appliance and other […]
Manufacturing companies reported their service center suppliers dropping spot steel prices this past week. Ninety percent of the manufacturing respondents responding to last week’s SMU flat rolled steel market questionnaire reported service centers as dropping spot pricing. This continues a growing trend for distributors to dump inventory at reduced margins (or at no margins at […]
New Star Metals is changing its name to Material Sciences Corporation. New Star acquired MSC in March 2014 which remained in operation under the MSC brand. “We have an aggressive growth plan and believe we should go to market as one team – Material Sciences Corporation,” said CEO Patrick Murley, CEO of New Star Metals […]
Ryerson Holding Corp, a distributor and processor of metals, reported revenue of $790 million in third quarter, down 6 percent from second quarter and down 16.7 percent from Q3 2014. Net income was $6.7 million compared to income of $15.8 million in Q2 and a net loss of $34.7 million in Q3 2014 which included […]
One of the questions Steel Market Update received from a service center early this week was, “WHEN” will the bottom of the pricing cycle be achieved (the emphasis provided by the person asking the question). Stress levels continue to build at flat rolled steel distributors as evidenced by the percentage of our service center survey […]
SMU watches service center spot flat rolled steel prices to their end user customers very closely. As markets ebb and flow we have found that steel service centers reach a point of “capitulation,” which is seen as a point when distributors will support a change in the market environment – including accepting mill price increases. […]
SMU has been canvassing secondary flat rolled steel service centers and brokers around the United States to see how the secondary markets are faring in the current market conditions. We had an extended conversation with a Chicago based distributor who told us that the current market is all about “staying power.” What this executive meant […]
Throughout the first four months 2015, service centers were dumping steel into their manufacturing customers (and each other) as mill and international prices fell. Domestic mill spot prices bottomed at the end of April as the domestic mills announced their first of two $20 per ton price increases. Service centers responded to those price announcements […]
Lee Steel has sold all of the assets of its Wyoming, MI operations (Grand Rapids facility) and its working capital assets at the Romulus, MI facility to Union Partners I LLC, an affiliated group of service centers. The Romulus facility will be consolidated into the Wyoming facility and there will be no interruption in service […]
As expected, five U.S. steel mills banded together and filed an antidumping petition against cold rolled steel from: China, Russia, India, South Korea, Netherlands, Japan, United Kingdom and Brazil. Reaction from steel buyers about the scope of the cold rolled suit ranged from relatively muted to surprised. Those who had a muted response expected that […]
The Metal Service Center Institute (MSCI) will report June inventories and shipments on Friday of this week. The world is keenly interested in how much steel the distributors are holding on their floors and how June will compare not only to May’s totals but to June 2014 totals as well. The real test, however, will […]
“I have not heard anyone all that concerned about supply disruptions other than the industry media. It seems there is plenty of material to go around and anyone who took a position is hoping that there will be an interruption so that their inventory will become more profitable.” Ohio Valley Service Center Earlier today, SMU […]
Steel Market Update found the results of one of the group of questions about service center spot sales from this past week’s flat rolled steel survey quite interesting. There have been two price increase announcements by all of the domestic mills and a third laying there from US Steel and our results suggests – well, […]
The four year contract between USW local 1196 and Allegheny Technologies expired at 11:59 on June 30, 2015 but an agreement has been reached, for now, to keep the plant operational under terms of the previous contract. ATI and USW officials say there are still a number of significant issues to be resolved before a […]
PRO-TEC Coating Company, a 50/50 joint venture between United States Steel Corporation and Kobe Steel, Ltd., of Japan, announced today that its president, Bryan Vaughn, will retire effective June 1, 2015 after 34 years of service in the steel industry. Brent Rosebrook, currently vice president of finance and administration at PRO-TEC, has been named acting […]
According to the Metal Service Center Institute (MSCI), U.S. steel service centers shipped 3,465,900 tons of carbon steel (all products) at an average of 157,500 tons per day during the month of April 2015. Total carbon shipments were down 5.6 percent over the previous month and 9.0 percent lower than one year ago. The daily […]
For the first time in many months we have seen a break in spot market steel pricing coming out of the service centers. Manufacturing companies have been reporting to Steel Market Update via our flat rolled steel market questionnaire for a number of months that service center spot prices were falling. In the survey just […]
Ryerson Holding Company, a processor and distributor of metals, announced the appointment of Edward J. Lehner as President and Chief Executive Officer. Lehner will succeed Michael C. Arnold who will retire at the end of May. Lehner has served as executive vice president and chief financial officer for Ryerson since 2012. Prior to joining Ryerson, […]
According to the Metal Service Center Institute (MSCI,) U.S. steel service centers shipped 3,672,900 tons of carbon steel (all products) at an average of 167,000 tons per day during the month of March 2015. Total carbon shipments were up 10.1 percent over the previous month but 0.1 percent lower than one year ago. However, the […]
Twice per month Steel Market Update (SMU) conducts an analysis of the flat rolled steel market utilizing our proprietary questionnaire which is presented to approximately 600 companies for review. We receive well over 100 responses every time we canvass the market with the vast majority of respondents falling into either the manufacturing or service center/wholesaler […]
Lee Steel Corp, a privately owned steel service center in Novi, Michigan, filed for Chapter 11 bankruptcy protection on April 13, 2015. In a court filing the company cited “financial difficulties resulting from the present severe collapse in steel prices.” The company listed debt of approximately$10.8 million. The vast majority of the debt owed is […]