The construction outlook for 2023 is shaped by the tug-of-war between private- and the public-sector spending. That’s according to Edward Sullivan, chief economist and senior vice president of market intelligence at the Portland Cement Association (PCA), a trade group representing the cement and concrete industries. The private-construction sector is retreating under the weight of interest rate hikes. But […]
MSS Steel Tubes USA LLC is investing $6 million to open its first US steel tubes production plant in Memphis, Tenn. The company is a subsidiary of Portugal-based MSS Steel Tubes SA, owned by Portugal-based Metalogalva Group in partnership with Brazil-based Soufer Group. “We are thrilled to open this new plant in Memphis subject to approval […]
Steel Dynamics Inc. (SDI) has named Barry T. Schneider to the newly created position of president and COO, effective March 1. Schneider is a 28-year veteran of the Fort Wayne, Ind.-based steelmaker. He has been senior vice president of its flat-roll steel group since March 2016, where he was responsible for flat-roll steel operations across three steel mills […]
I am writing these Final Thoughts from an exhibition hall at Tampa Marriot Water Street hotel, where we just wrapped up the Tampa Steel Conference. The table I’m writing from is about to be taken down and packed up, and I have to get to the airport soon – so forgive me for what tonight […]
Sheet prices continue to rise, extending a rally that began the week after Thanksgiving. SMU’s hot-rolled coil price is now above $800 per ton ($40 per cwt) for the first time since early August, roughly six months ago. At $810 per ton on average, HRC prices are up $30 per ton from $780 per ton […]
Algoma Inc.’s transition from an integrated to electric-arc furnace steelmaker is on track and full-steam ahead, according to company CEO Michael Garcia. Garcia, with Sault Ste Marie, Ontario-based Algoma for six months, sat down with SMU managing editor Michael Cowden for a Fireside Chat during CRU’s Tampa Steel Conference Feb. 5-7. “To put it simply, […]
Raw steel production by US mills rose for a fourth straight week, cresting the 74% utilization mark for the first time since the last week of October 2022, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Feb. 6. The increase pushed capacity utilization up to 74.1%, driven by increases […]
US Steel restarted the No. 3 blast furnace at its Mon Valley Works in western Pennsylvania because of stronger demand, company executives said. The Pittsburgh-based steelmaker intends to keep the No. 8 blast furnace at its Gary Works in northwest Indiana temporarily idled “for now,” chief financial officer Jessica Graziano said. “We’re watching the order […]
Now that the new year is one-twelfth over, the changes from last year are taking shape. In foreign policy and trade, a primary focus has changed from economics to geopolitics. Trade between the West and China, which has been the key metric for the last 20 years, has tapered off, although it remains strong. Trade […]
Worthington Industries Inc. has announced the senior leadership teams for New Worthington and Worthington Steel. The appointments will be effective on completion of Columbus, Ohio-based Worthington’s planned separation of the steel processing business, tentatively set for early 2024. “The leadership teams of New Worthington and Worthington Steel reflect the unique focus and strategic priorities of […]
Nucor Corp. has joined the push to increase sheet prices by at least another $50 per ton ($2.50 per cwt). The Charlotte, N.C.-based steelmaker, the largest in the US, said the move was effective immediately for base prices on new orders. The company made the announcement in a letter to customers dated Friday, Feb. 3. […]
US Steel posted a drop in fourth-quarter 2022 profits partly attributable to lower flat-rolled steel shipment volumes and selling prices. But the Pittsburgh-based steelmaker nonetheless recorded the second-best annual profit in its history. “We are well-positioned for 2023. Our record cash and liquidity support a balanced capital allocation approach,” US president and CEO David Burritt […]
Cleveland-Cliffs Inc. aims to increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). The Cleveland-based steelmaker said the move was effective immediately and applied equally to hot-rolled, cold-rolled, and coated products. The company said it also set a minimum base price of $850 per ton for hot-rolled coil, […]
It’s always interesting to take a peek behind the curtain. For Michael Cowden, managing editor of Steel Market Update (Hey, that’s us!), it’s a common experience. As a seasoned journalist, Michael is no stranger to asking the tough questions. Multiple times a year he moderates panel discussions, live interviews, hosts workshops, and speaks at various industry functions. […]
Evraz North America Inc. said it would lay off workers in Canada because of high volumes of low-priced imports. The company noted that “unfairly traded imports” continue to negatively impact its Canadian operations. “Due to these imports, and starting next month, Evraz North America will make production adjustments that will regrettably result in layoffs at its Canadian […]
Boston Metal has announced $120 million in funding for its effort to fully decarbonize steel production. The Woburn, Mass.-based company said the first close of Series C fundraising was led by an investment from international steelmaker ArcelorMittal. Other investors include Microsoft’s Climate Innovation Fund and SiteGround Capital. “In Boston Metal, we are investing in a […]
Business conditions continued to contract at architecture firms in December, though slightly fewer firms reported a decline in billings, according to a report from The American Institute of Architects (AIA). AIA said the pace of decline during December slowed from November, with an Architecture Billings Index (ABI) score of 46.5 vs. 46.6, respectively. The ABI […]
US apparent steel supply dropped 6% in November to 8 million net tons compared to the previous month, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Apparent steel supply is determined by combining domestic steel mill shipments and finished US steel imports, then deducting total US […]
Preliminary Census data indicate that steel imports totaled 2.24 million net tons for the month of December. This is up 11% compared to November, a slight rebound month on month (MoM) after recording the lowest level since February 2021 the month prior. Import levels had been gradually falling since reaching a 26-month high in March […]
Demand for galvanized sheet is stable, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. A few high points from this month’s meeting are that prices have climbed for the first time since April, import levels are low, and the spread between hot-rolled (HR) and galvanized material is […]
JSW Steel USA operating results were mixed in its fiscal third quarter of 2023, with operations at Mingo Junction, Ohio, posting a decline, while the Baytown, Texas, plate and pipe mill improved in the quarter vs. the previous year. Mingo Junction swung to a loss on EBITDA of $22.77 million in its third quarter ended […]
Nucor Corp. has introduced its new sustainable, heavy-gauge steel plate “Elcyon.” The product will be made exclusively for the US offshore wind energy sector, and will be manufactured at Nucor’s new $1.7-billion ultramodern plate mill in Brandenburg, Ky. “By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our […]
Canadian drilling rig numbers rose again this past week, while the number of working rigs in the US edged down slightly, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
Domestic hot-rolled coil (HRC) competitive price advantage over imported steel continues, gaining ground over the past week as foreign HRC prices accelerated, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 9% cheaper than foreign prices this week, doubling the roughly 4.5% mark from last week after consideration of […]
Raw steel production by US mills rebounded last week for the first time in five weeks as capacity utilization rose to just 71.7%, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Jan. 17. The increase came driven by increases in tons in the Great Lakes, Midwest, and South. Domestic […]
Cleveland-Cliffs said it is raising current spot market base prices for all carbon hot-rolled, cold-rolled, and coated steel products by a minimum of $50 per net ton ($2.50 per cwt), effective immediately with all new orders. The Cleveland-based steelmaker said it had seen increases in both pricing and volume from its automotive steel business since […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook In December we conducted our annual macroeconomic survey, asking our clients to look into the future of the global economy. As we look back on a year full of challenges for the global economy and head into 2023 full of uncertainty, we explore the […]
Last week I wrote about the US loss in the Section 232 steel and aluminum trade dispute at the World Trade Organization (WTO). This week, the US suffered another loss—the dispute settlement proceeding under the United States-Mexico-Canada Agreement (USMCA) on the Agreement’s rules of origin for automobiles. The United States has thus recently lost two […]
The Great Lakes Clean Hydrogen Coalition (GLCH), which includes steelmaker Cleveland-Cliffs, has been given green light to proceed with its full hydrogen hub application. GLCH has proposed to develop low-carbon hydrogen via electrolysis at the Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, the coalition said. Hydrogen would then be distributed across the Great Lakes region by pipeline and […]