Category: Steel Products

Dennis Leebow, the founder and former president and CEO of Cleveland-based, family-owned service center Majestic Steel USA, passed away on July 12, 2023, at the age of 72.

Fort Wayne, Ind.-based steelmaker Steel Dynamics Inc. is taking advantage of opportunities in the Mexican steel market and plans to continue doing so moving forward.

While a weak European market is hampering SSAB’s quarterly results, the US market is providing more stability for the Swedish steelmaker.

Workers at Cleveland Cliffs’ Northshore Mining in Minnesota have joined the United Steelworkers (USW) union.

Steel buyers report that mills are willing to negotiate lower spot prices for the sheet products SMU surveys.

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Movements in lead times were mixed this week, with those for hot rolled and Galvalume falling back marginally, and those for cold rolled, galvanized, and plate extending slightly.

Business activity at architectural firms was stable in June vs. May, though billings were still increasing, according to the American Institute of Architects (AIA)/Deltek Architecture Billings Index (ABI) score. May’s rebound of 51.0, the highest reading since February, was slightly than June’s 50.1 index. Both readings are an improvement over April’s index of 48.5, and it’s […]

Atlas Tube, part of Zekelman Industries, has partnered with Mobility Worldwide for over 10 years to provide mobility carts to those in need globally, and said it will continue to dedicate resources where needed.  “When Zekelman Industries acquired the assets of EXLTUBE based in North Kansas City, Mo., in November 2022, we were well aware […]

The hot end of Steel Dynamics Inc.’s (SDI) Sinton, Texas, sheet mill is expected to be back up and running in the next few days.

Antidumping and countervailing duties on imports of steel wire rod from a handful of countries will remain in place for another five years.

US housing starts pulled back in June after a hitting an 11-month high in May.

Steel Dynamics Inc. (SDI) posted lower year-over-year second quarter profits but said demand “remains solid” across the automotive, construction, industrial, and energy sectors. The Fort Wayne, Ind.-based steelmaker also predicted that steel prices might find support thanks to what it described as low customer inventories. “We remain confident that market conditions are in place for […]

Raw steel production in the US inched up last week after dropping for two consecutive weeks, according to data released on Monday, July 17, by the American Iron and Steel Institute (AISI). Steel production in the US rose to 1,716,000 net tons for the week ended July 15, up 0.3% from 1,711,000 the previous week. Domestic production […]

US heating and cooling equipment shipments recovered in May, according to the most recent data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). The total amount of units shipped for the month of May was 1.98 million, compared to 1.74 million units in April. Shipments were up 13% month-over-month (MoM), but down 6% year-over-year (YoY). […]

 The US Federal Reserve said that overall economic activity has inched up since May in its latest Beige Book Report released on July 12. The Beige Book is a compilation of information on current economic conditions, gathered by each district Federal Reserve Bank, and is published eight times per year. The newest report by the Fed on the state […]

On Steel Market Update’s most recent Community Chat, we caught up with Timna Tanners, managing director of Wolfe Research, to hear her latest take on the steel market.

Commercial Metals Co. (CMC) has secured a permit giving it the go-ahead to begin construction of its new micro mill in West Virginia.

U.S. Steel expects stronger earnings in Q2 vs. the prior quarter but lower than a year earlier. The company also said the planned startup of an electrical steel line at its Big River Steel operation in Arkansas is crucial to Q3. The Pittsburgh based steelmaker on Monday released adjusted-net-earnings-per-diluted-share guidance of $1.81 to $1.86 for Q2. This […]

Worthington Industries’ plan to split into two separate companies by early 2024 is full-steam ahead, and the man getting ready to helm the ship of the new Worthington Steel is Geoff Gilmore. Gilmore joined Worthington in 1998, and has served as EVP and COO since August 2018. He will be the CEO of Worthington Steel, […]

U.S. Steel is bullish on the automotive market and believes it is well positioned to continue gaining market share in that important steel-consuming sector.  Auto OEMs desire to have their advanced high-strength (AHSS) and automotive-grade steels produced more sustainably, said Kevin Lewis, U.S. Steel’s VP of finance, speaking on the company’s first-quarter earnings conference call […]

For the second consecutive week, rig counts were up in the US and down in Canada, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 755 for the week ended April 28, up two rigs from last week. The number of active oil rigs in the US remaind flat at […]

A year ago, the LME was $3,100 per metric ton (mt) and the Midwest Premium (MWP) was pressuring $0.39/lb. In early May 2023, the LME is resting near $2,300/mt and the MWP is settled at $0.25/lb. That marks a $0.50 /lb. reversal in underlying metal value year over year (y/y). The US Midwest premium continues […]

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 […]

Canada-based miner Teck Resources withdrew a plan to split into two, hours before shareholders were due to vote on the proposal. But the company insists separation is still the best way to maximize value and it remains opposed to the $22.5-billion unsolicited takeover bid from Glencore. Teck also released its Q1 financial results, which showed a decline on […]

The percentage of steel buyers saying mills are willing to negotiate spot pricing jumped above 60% for the first time since late December, according to SMU data.  All the products SMU surveys showed substantial gains this week, with plate climbing to 40% of buyers saying mills were willing to talk price vs. 0% two weeks ago.  Every two weeks, […]

Mexico is benefiting from the trend of the reshoring of manufacturing as companies work to secure reliable supply chains and be closer to their end markets. As a result, Ternium’s Mexican operations are seeing increasing shipments and market share. Company executives discussed this and other topics on the company’s first-quarter earnings conference call on Wednesday, […]

Drama surrounding AHMSA – Altos Hornos de Mexico, the largest integrated flat steel plant in Mexico – may finally be coming to an end as a bankruptcy now clears the way for new owners to restart the facility with fresh capital. Due to various issues, AHMSA stopped production in December 2022. This sudden closure caused […]

Startup Swedish steelmaker H2 Green Steel aims to raise more than €1.5 billion ($1.65 billion) in equity funding, a company spokesperson confirmed to SMU on Monday. H2 Green Steel aims to reduce CO2 emissions up to 95% compared to traditional steelmaking at its planned plant in Boden, in northern Sweden, according to its website. The […]

Despite high interest rates dampening demand, strength in manufacturing across the globe will drive a rebound in steel demand this year, the World Steel Association (worldsteel) said in its April 2023 Short Range Outlook. “In 2022, recovery momentum after the pandemic shock was hampered by high inflation and increasing interest rates, the Russian invasion of […]