“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, […]
A small fire occurred at SSAB Mobile on Wednesday evening. The incident was confined to the building of plate processing partner Bastech, said a spokesperson for SSAB. The SSAB steel mill was not impacted and there was no disruption to production. No injuries were reported and an investigation is underway. SSAB’s Alabama steel mill is […]
Not long ago, supercomputers were few in number and basically only accessible to the likes of university research labs and government agencies. Today, ready access to supercomputing technology is poised to change the business world, says Stephen Pratt, co-founder of Noodle.ai, a San Francisco-based enterprise artificial intelligence company. Pratt has a long and impressive resume […]
U.S. Steel announced it will restart one of its two blast furnaces at Granite City Works later this year. The “B” Furnace will be placed back online to support anticipated increased demand for steel in the U.S. as a result of the pending Section 232 tariffs. “Our Granite City Works facility and employees, as well […]
NLMK USA told Steel Market Update this afternoon that if the 25 percent tariff on steel, and specifically on steel slabs, goes into effect, the future of their company and the people who work for it is in jeopardy long term. Steel Market Update spoke with Bob Miller, President of NLMK USA and Executive Vice […]
Nucor Chairman, President and CEO John Ferriola remains an unabashed supporter of strong trade action by the Trump administration to level the playing field for domestic steelmakers against unfairly traded imports. “I’m encouraged that the president will take action that is both decisive and meaningful and will help restore the steel industry to its former […]
Trump says there will be no tariff exclusions for Canada and Mexico unless a “new and fair NAFTA agreement is signed.” Translation: If you accede to our demands, we will exclude you from Section 232. Trump tweeted early on Monday morning: “We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation […]
ArcelorMittal (AM) and Nippon Steel & Sumitomo Metal Corp. (NSMMC) have teamed up to acquire and operate financially troubled Essar Steel India Ltd. (ESIL). The joint venture is still subject to regulatory approval. ESIL operates one of India’s largest integrated mills with annual capacity of 10 million tons. It manufactures hot rolled, cold rolled and […]
Imagine a steel industry where terabytes are more important than tons, where information rather than inventory is the most prized asset. Steel seems about as far removed from the realm of Silicon Valley as an industry could be, yet Gisbert Rühl, CEO of German metals company Klöckner, is convinced that steel companies must embrace digital […]
Union Partners has acquired Lamination Specialties Corp., a manufacturer of electrical steel laminations with three Chicago-area locations. The company also operates a full-service electrical steel service center. It anticipates no disruption of services as it transitions to new ownership. Lamination Specialties is the latest to join the Union Partners family, which includes Mapes & Sprowl, […]
The White House announced that it would be formally announcing the remedies under Section 232 on steel and aluminum this morning. Then they said no, there would not be an announcement this week. Shortly after that information was shared by the White House, President Trump was asked a question… SMU advice to steel buyers: Do […]