Construction employment increased in 257 out of 358 metro areas between February 2017 and February 2018, declined in 50 and stagnated in 51, according to a new analysis of federal employment data released by the Associated General Contractors of America. “Growing private-sector demand for construction services is prompting construction firms to hire more people to […]
Major developments yesterday 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 on […]
Steel Market Update is pleased to announce the addition of Ron Insana, the highly respected commentator with TV news networks CNBC and MSNBC, as a keynote speaker. Insana will explore how the shifting domestic and global political environments could strain the economy, disrupt certain industries, and affect financial markets in the relatively near future. With […]
Steel Market Update is pleased to announce the addition of Ron Insana, the highly respected commentator with TV news networks CNBC and MSNBC, as a keynote speaker. Insana will explore how the shifting domestic and global political environments could strain the economy, disrupt certain industries, and affect financial markets in the relatively near future. With […]
Steel Market Update has been diligently working toward completing our SMU Steel Summit Conference agenda. We have been intentionally taking our time as we wait for market developments to mature and provide guidance as to what subjects will be the most pressing to the manufacturing companies, fabricators, steel distributors, steel mills, trading companies, toll processors […]
Steel Market Update has been diligently working toward completing our SMU Steel Summit Conference agenda. We have been intentionally taking our time as we wait for market developments to mature and provide guidance as to what subjects will be the most pressing to the manufacturing companies, fabricators, steel distributors, steel mills, trading companies, toll processors […]
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 […]
ITR Economics prides itself on keeping the hyperbole out of its economic analysis. Proper interpretation of the facts is fundamental. In a recent ITR blog, popular economist Alan Beaulieu pointed to “facts” cited by a recent speaker to illustrate his point. Beaulieu will make another appearance as a keynote presenter for Steel Market Update’s premier […]
Monthly steel imports plummeted more than 18 percent to 2.36 million net tons in February, according to the American Institute for International Steel, which represents foreign steel producers. The decline continued a downward trend, with February’s imports more than 13 percent below February 2017 shipments. Imports from Canada totaled 499,000 net tons, 10.5 percent less than […]
U.S. steel exports jumped by more than one-tenth to start the year, rising to 831,184 net tons in January, according to the American Institute for International Steel, which represents foreign steel producers. The monthly total, which was 10.5 percent higher than in December and 1.6 percent above the January 2017 level, included 429,384 net tons […]
“The trend is our friend,” said Lourenco Goncalves, the chief executive of Cleveland-Cliffs, Inc., pointing to the growth of electric arc furnace (EAF) steelmaking around the world. Cliffs is on track for commercial production of hot briquetted iron (HBI) by mid-2020 at its facility under construction in Toledo, Ohio, he told executives at S&P Global […]
The construction industry continues to add jobs despite a shortage of skilled workers, said the Associated General Contractors of America. In an analysis of Labor Department data, AGC said 35 states and the District of Columbia added jobs between February 2017 and February 2018, while 38 states added construction jobs between January and February. Association […]
Both current and future sentiment among flat rolled steel buyers saw a small but positive bump in the past two weeks, perhaps reflecting the announcements and uncertainty from the Trump administration on the steel tariffs that went into effect on March 23. In general, buyers’ attitudes have bounced up and down within a small range […]
A survey by the Precision Metalforming Association prior to the Section 232 announcement showed metalforming manufacturing companies expecting little change in business conditions and steady orders for the next three months. PMA President Roy Hardy, however, said the ensuing decision to impose tariffs will raise steel prices, impacting customers’ sourcing and harming the domestic metalforming […]
Trade attorney Lewis Leibowitz has been sharing information with Steel Market Update about the exclusion request process for both steel and aluminum. We will endeavor to provide as much information as possible to our readers as you determine whether to file for exclusions on your products or move to non-affected steel suppliers. Below is a […]
Registration is now available on our website for the next Steel 101 workshop in Memphis, Tenn. On June 5 & 6, 2018, Steel Market Update will host our Steel 101: Introduction to Steel Making & Market Fundamentals workshop. The workshop will be held at the Westin on Beale Street in downtown Memphis. From there we […]
Steel Market Update’s 8th Steel Summit Conference will be held at the Georgia International Convention Center on Monday, Aug. 27, through Wednesday, Aug. 29, 2018. We’ve been watching the markets very carefully as we put together our final agenda and have worked hard to select the best speakers possible. On Friday, we added AK Steel […]
Steel Market Update’s 8th Steel Summit Conference will be held at the Georgia International Convention Center on Monday, Aug. 27, through Wednesday, Aug. 29, 2018. We’ve been watching the markets very carefully as we put together our final agenda and have worked hard to select the best speakers possible. On Friday, we added AK Steel […]
SSAB Americas announced yesterday, March 14, that it is increasing steel transaction prices by a minimum of $50 per ton for customers in the United States, and $60 per ton for customers in Canada, effective immediately on all new non-contract orders, and for all existing noncontract orders acknowledged for shipment the week of April 29 […]
The Associated General Contractors of America warn that tariffs on aluminum and steel will drive construction costs up. The February report from AGC follows: Construction costs escalated in February, driven by price increases for a wide range of building materials including steel and aluminum, according to an analysis by the Associated General Contractors of America […]
Companies that import steel products can apply for relief from President Trump’s tariff immediately, even before the Commerce Department issues formal procedures, recommends Washington trade attorney Lewis Leibowitz. “I see no reason to wait for detailed procedures to come out from Commerce. A letter to the Secretary should suffice to get started,” he said. The […]
It is still early, but Steel Market Update is already collecting comments and opinions on how the Section 232 steel tariffs are going to affect existing business in the United States. We heard everything from allocation stories to a few companies that reported higher prices but no customers for that higher priced steel. “This is […]
President Trump’s 25 percent tariff on steel from countries around the world comes at what cost? The trade action by the Trump administration is unpopular among the majority of the executives who responded to Steel Market Update’s market trends questionnaire last week just before the president announced the tariffs, as expected. Nearly seven out of […]
Thirty-five states and the District of Columbia added construction jobs between January 2017 and January 2018, according to an analysis of Department of Labor data by the Associated General Contractors of America. “It is noteworthy that the three states with the largest job gains were all recovering from natural disasters, in addition to having generally […]
Kloeckner Metals is launching a new program called KloecknerCares to find ways to support the communities where employees live and work. The program will serve as a vehicle for employees to become involved in local organizations and help those in need through donations and volunteering. Kloeckner branches can continue to support the needs of local […]
Olympic Steel, a national metals service center, announced the promotion of Thomas Sacco to Regional Vice President. Sacco joined Olympic Steel in operations in 1994. After transitioning to the commercial group, he took on roles of increasing responsibility before being promoted to Regional Sales Manager in 2013. In 2016, he was promoted to his most […]
Nucor will add another rebar micro mill to its portfolio. On Monday, the company announced it will build a $240 million micro mill in Frostproof, Fla. This is the second rebar micro mill project Nucor has committed to in the past five months. In November, the company announced it will build a rebar micro mill […]
President Trump made headlines this week when he slapped a 25 percent tariff on steel imports from all nations except Canada and Mexico. His rationale is that the U.S. should treat other countries the way they treat us. Steel Market Update has heard many incorrect statements about how the rest of the industrialized world treats […]
Construction employment increased by 61,000 jobs in February to the highest level since June 2008 as rising pay rates enabled the industry to attract more workers, according to an analysis of new government data by the Associated General Contractors of America. Association officials, however, cautioned that the Trump administration’s newly imposed steel and aluminum tariffs […]
We believe we will have something special for those attending Steel Market Update’s Steel 101 workshop on June 5-6 in Arkansas, which will include tours of both the Nucor Hickman and Nucor-Yamato steel plants. This will provide a unique opportunity for those attending to see a working flat rolled mill with an electric arc furnace, […]