April was a strong month for sales of light vehicles in the US, with monthly sales pushing the seasonally adjusted annual rate to 15.9 million, according to figures from the Bureau of Economy Analysis (BEA). Light-vehicle sales totaled 1.347 million units in April, according to the BEA. This was a 1.5% decline from the month […]
Less than half of US states added construction jobs in April, according to Associated General Contractors of America (AGC) figures. Despite the poor employment showing vs. month-ago totals, more than three-quarters of states added construction jobs year-on-year (YoY), the report said. The poor month-on-month (MoM) performance is likely a result of low unemployment rates and […]
Existing-home sales slowed in April amidst an environment of push-pull housing demand, according to the National Association of Realtors (NAR). Total sales in all regions were down both month on month (MoM) and year on year (YoY). April’s seasonally adjusted annual rate (SAAR) of sales at 4.28 million, was off 3.4% from March’s rate and down […]
A Canadian union put forward its top-of-mind issues at the Unifor Special Auto Council May 17-18 in London, Ontario, as it prepares for labor talks with the Detroit Three automakers this summer. Unifor—which represents Canadian auto workers, among others—said the main areas of focus will be pensions, wages, transition plans for the shift to electric […]
United Auto Workers (UAW) members at a Constellium plant in Michigan are on strike after failing to reach a labor agreement with the aluminum products producer. 160 members of UAW Local 174 at Constellium’s automotive structures plant in Van Buren, Mich., opted to strike as of May 17 “after weeks of the company refusing to […]
Single-family housing starts are showing gradual improvement so far this year, according to the National Association of Home Builders (NAHB), which looked at data from the US Department of Housing and Urban Development and the US Census Bureau. Overall housing starts, at a seasonally adjusted annual rate (SAAR) of 1.4 million units in April, were […]
US heating and cooling equipment shipments were up for the second straight month in March, according to the most recent data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in March were 2.03 million units, compared to 1.69 million units in February. While shipments were up month over month (MoM), they were down […]
The Dodge Momentum Index (DMI) declined for the second month in a row in April as office, hotel, and retail planning activity showed weakness, the latest data from the Dodge Construction Network (DCN) shows. The reading is at its lowest level in eight months. April’s DMI declined 5.1% to 180.9 from the revised March reading […]
Automaker Stellantis, Chrysler’s European parent company, and the United Auto Workers (UAW) union are at odds over a proposed worker buyout program. “In response to today’s increasingly competitive global market conditions and the necessary shift to electrification, Stellantis is thoroughly reviewing its North American operations to improve efficiency, reduce cost, and protect the competitiveness of our […]
Russian mining and steel company Metalloinvest has been added to the US sanctions list. On April 12, the US Department of Treasury’s Office of Foreign Assets Control imposed the sanctions targeting the vast holdings of one of Russia’s wealthiest billionaires, Alisher Usmanov, including Moscow-based Metalloinvest and its parent company USM Holdings. The measures are meant […]
Hot-rolled coil (HRC) imports remain attractive, even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while domestic tags continue to inch higher, they remain well behind the targeted base price of $1,300 per ton ($65 per cwt) for HRC issued by Cleveland-Cliffs back on April 3. The price […]
Brazilian steelmaker Gerdau has confirmed a planned outage at its mill in Whitby, Ontario. “Gerdau confirms a planned outage in its Whitby, Ontario mill. Rolling operations will undergo routine annual maintenance, lasting two weeks. The melt shop will experience a longer outage, beginning in late April and lasting approximately six weeks,” a spokesperson for the […]
The United Auto Workers (UAW) union has sworn in Shawn Fain as its new president. This completes the union’s first-ever direct election of top leadership, UAW said in a statement on March 26. Fain defeated former UAW president Ray Curry. Fain on Monday delivered a message to the delegates on day one of the 2023 UAW Special Bargaining Convention. […]
The LME aluminum three-month price steadied this week despite a whirlwind of upsetting news, finding its footing near $2,300 per metric ton. That’s below the $2,500-per-ton mark we saw as 2023 opened on a more optimistic tone. The recent news from across the geopolitical and macroeconomic scene has dampened demand sentiment in the near term. […]
The failure of Silicon Valley Bank (SVB) and acquisition of Credit Suisse are unlikely to cause severe financial disturbance on the scale of the global financial crisis (GFC). However, these events further amplify the probability of recession in the US and Europe, and they have certainly got the market talking about whether a new GFC […]
I referred to the fast-paced mill price increase announcements for HR back on March 9. The HR spot index had just moved up over $100 per short ton (ST) from the prior week to set the monthly contract price at $1,017/ST. HR spot indexes have continued to move higher albeit at a slower pace. Hot Rolled […]
Voestalpine AG is set to commission the construction of two electric-arc furnaces (EAFs) in Austria. The Linz, Austria-based company said the approval stage has been reached allowing for the investment of around €1.5 billion ($1.62 bilion) to construct one EAF in Linz and another in Donawitz. As part of its “greentec steel” plan, the plant and […]
US light-vehicle (LV) sales declined to an unadjusted 1.14 million units in February, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, February’s total was still 8.7% higher year-on-year (YoY), and the seventh consecutive month to see a YoY increase in sales. On an annualized basis, LV sales were down 6.2% MoM in […]
Worthington Industries reported lower net earnings in its fiscal 3Q ended Feb. 28 vs. the same period a year earlier on lower steel prices. The Columbus, Ohio-based service center and processor posted 3Q 2023 net earnings of $46.3 million, down 18% from $56.3 million a year earlier on net sales that fell 20% to $1.1 billion. […]
Citing rising raw material costs and strong demand, Nucor Tubular Products has announced its fourth price increase so far this year. The tubular producer said in a March 17 letter to customers that new orders for hollow structural sections (HSS), pipe, mechanical, and piling products will increase by $150 per ton, effective immediately. Earlier, on […]
Manufacturing business activity continues to decline in the state of New York, according to the latest Empire State Manufacturing Survey taken between March 2–9. The New York Fed’s Empire state headline general business conditions index—a gauge of manufacturing activity in the state—declined by 19 points to -24.6, with 45% of respondents reporting worsening business conditions […]
US heating and cooling equipment shipments were down in January, according to recently released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in January were 1.65 million units, compared to 1.68 in December, and down 9% compared to the same time last year. The highest shipment levels of 2022 were recorded […]
The Dodge Momentum Index (DMI) rose 1.9%% in February to 203 from the revised January reading of 199.3, according to data and analytics from the Dodge Construction Network (DCN). Additionally, the commercial component of the DMI also advanced 1.4% and the institutional component increased 2.9%, respectively, last month. The Dodge Momentum Index returned to growth […]
New, single‐family home sales rebounded slightly in January in response to declining mortgage rates and home prices in December, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. The result was helped by home builders’ use of sales incentives, which boosted new home sales, the […]
Existing home sales declined for the 12th month in a row in January, according to the National Association of Realtors (NAR). All four major regions in the US registered year-over-year (YoY) drops, though sales were mixed month over month (MoM) among the four regions. The South and West regions registered increases MoM, while the East and Midwest […]
Raw steel production by US mills slipped last week following five straight weeks of increases, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Feb. 21. The decline pushed capacity utilization down to 74%, driven by decreases in tons in all regions except for the South. This is down from […]
Nucor Corp. is pushing its hot-rolled coil price up by at least another $100 per ton ($5 per cwt), its third sheet price hike in a matter of three weeks. The Charlotte, N.C.-based company, the largest steelmaker in the US, said the move was effective immediately for base prices on new orders. Nucor made the […]
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 […]
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 […]
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, […]