Construction improved in October, but the longer-term trend is for a slowdown in construction spending. Construction slowed every month this year through August on a rolling three-months year-over-year basis. The slowdown in the growth rate stabilized in September and October, improving from 0.5 percent to 1.5 percent. Construction expenditures data is developed by the Department […]
Steel Market Update adjusted our Price Momentum Indicator to Higher from Neutral earlier today. It is our opinion that flat rolled steel prices will rise over the next 30 to 60 days. We last adjusted Momentum on Oct. 18, 2017, when we moved from “Lower” to “Neutral.” We are hearing from buyers and sellers of […]
Dan DiMicco, former CEO of Nucor Corp., has been appointed to a four-year term as a member of President Trump’s Advisory Committee for Trade Policy and Negotiations, the White House announced in a Dec. 4 release. DiMicco, who retired from Nucor, is a former trade advisor to the Trump campaign and serves as chairman of […]
In preliminary rulings today, the U.S. Department of Commerce announced that corrosion-resistant steel (CORE) and certain cold-rolled flat products imported from Vietnam, produced from substrate originating in China, are circumventing existing antidumping and countervailing duty (AD/CVD) orders. As a result, Commerce will instruct Customs and Border Protection (CBP) to begin collecting cash deposits on the […]
Overall construction spending reached a record high in October, totaling a seasonally adjusted annual rate of $1.241 trillion, an increase of 1.4 percent from September. However, government data analyzed by the Associated General Contractors of America shows public-sector infrastructure investments lagging behind other public and private spending. “There was healthy growth this October in both […]
We launched an updated version of our website over the weekend. Since then, we have been working diligently to fix the last remaining kinks in the system. The goal of this update is to make all news, blog posts, and other content much easier to read on a mobile device and tablet. We also upgraded […]
Kingspan North America announces the hiring of Brad Johnson as Vice President of Sales for the U.S. Johnson joins Kingspan from CENTRIA Architectural Systems, where he served as Executive Vice President of Sales since May 2016. For more than 25 years, Johnson has served as a successful leader in the industry. He began his career […]
Construction jobs were added in 41 states between October 2016 and October 2017, while 26 states added construction jobs between September and October, according to an analysis by the Associated General Contractors of America of Labor Department data. The October jobs data continues a pattern of widespread but uneven growth in industry employment, said AGC. […]
Nucor Corp. plans to invest $180 million in a full-range merchant bar quality mill at its existing bar steel mill in Bourbonnais, Ill. The MBQ mill, which will take two years to complete, will have an annual capacity of 500,000 tons. The Midwest region is one of the largest markets for MBQ products, and Nucor […]
Cleveland Cliffs announced Friday that P. Kelly Tompkins, Executive Vice President and Chief Operating Officer, will begin his planned retirement effective Dec. 31, 2017. Tompkins served as Cliff’s executive vice present and chief financial officer from April 2015 through December 2016 before assuming his current position in January 2017. Lourenco Goncalves, Chairman, President and Chief […]
Manufacturing in New York State continued to expand in November, but the headline business conditions index of the Empire State Manufacturing Survey fell to 19.4 after reaching a three-year high in October. The November index lost 11 points and dropped more than expected, but solid gains in new orders and shipments indicate still brisk growth […]
Main Steel, headquartered in Elk Grove Village Ill., has been acquired from by Samuel, Son & Co., Ltd, a Canadian metal manufacturer, processor and distributor. Main Steel is a processor and polisher of stainless steel, aluminum and nickel alloys with processing locations in Atlanta, Elk Grove Village, Harmony, Pa., and Riverside, Calif. The company will […]
Nucor became the first sheet mill to step out and attempt to nudge hot rolled, cold rolled and galvanized steel prices higher. This afternoon (Wednesday, Nov. 15, 2017) the Nucor Sheet Group announced a new $30 per ton ($1.50/cwt) price increase to be “effective immediately.” The Nucor price increase follows a plate and hot rolled […]
Mill Steel Co. has promoted commercial leader Joe Poot from Vice President of Purchasing to Senior Vice President. Poot began his career with the carbon flat roll distributor 18 years ago as an assistant controller, and served as business unit controller and purchasing manager before being elevated to shareholder and partner in 2006. Poot has […]
Contributed by Justin Philipp, People Area Director, Pacesetter Steel When you hire a new salesperson from within the industry, are you hiring them or their book of business? The term “book of business” originated in the legal industry, where two lawyers would combine their client lists to form a law firm. In the steel industry, […]
Stelco Holdings, Inc., closed its initial public offering today, successfully raising $230 million to be used for select capital investments, new product development and early payments to pension trusts. The 13.5 million shares were offered at a price of $17 per share. As of midday Friday, the stock was trading around $19.50 per share. Bedrock […]
The American Transportation Research Institute (ATRI) just released a new report assessing the nation’s infrastructure needs. Entitled, “A Framework for Infrastructure Funding,” the report concludes that a federal fuel tax increase is necessary for attaining the large-scale infrastructure program envisioned by the administration. Generating enough revenue through other mechanisms, such as mileage-based user fees and […]
Registration is now open for Steel Market Update’s next Steel 101: Introduction to Steel Making & Market Fundamentals workshop. This steel training workshop will be held at the Hilton Garden Inn in Merrillville, Ind., located just outside of Chicago. As part of this workshop, we will be touring the NLMK USA Portage, Ind., steel mill. […]
Members of the Congressional Steel Caucus sent a letter to President Trump Tuesday urging him to defend the American steel industry and its workers during his visit to China this week. Signed by Co-Chairman Mike Bost (R-IL), Co-Chairman Rick Crawford (R-AR), and Vice-Chairman Peter J. Visclosky (D-IN), the letter specifically asks the president to address […]
SMU Note: This construction market analysis article is normally reserved for our Premium members only, but it is being shared with our entire readership this month. To learn more about our Premium level membership and how it can benefit you, click here. Growth of total construction spending has almost come to a halt, according to […]
After four months of decline, the Dodge Momentum Index rebounded 13.2 percentage points in October to a reading of 130.9. The Dodge Momentum Index, published by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which has been shown to lead construction spending for […]
On Monday, SSAB sent a letter to customers advising of the company’s intention to raise spot transaction prices by a minimum of $40 per ton ($2.00/cwt) effective immediately. The increase covers all “…As-Rolled Mill Plate, Cut-to-Length Plate >72”, Hot Rolled Coils >72”, as well as Normalized and Quenched & Tempered Plate.” SSAB also advised that […]
Hurricane recovery may have boosted construction jobs slightly in October, but the Associated General Contractors of America says strong overall conditions prevail in the industry. Construction employment was at its highest level in nine years last month, adding 11,000 jobs and reducing industry unemployment to 4.5 percent, the lowest rate since 2006. “The construction industry […]
Construction spending in the private sector in September outpaced public sector investment in infrastructure and other projects, according to an analysis of new government data by the Associated General Contractors of America. Association officials urged members of Congress and the Trump administration to include new funding for roads, bridges, clean water and other important infrastructure as […]
China is cracking down on air pollution, which worsens during the winter heating season. Chinese steel producers are feeling the pressure from the government to scale back production in the next few months. Reuters reports that growth in China’s steel industry fell to a six-month low in October as a government crackdown on winter air […]
The month of October is now behind us and here are some of the key pieces of data either produced by or followed by Steel Market Update. As the month ended, our Price Momentum Indicator continues to point toward Neutral (meaning there is not a strong enough “push” to prices that will force them higher […]
Officials at the Associated General Contractors of America said that despite expansion at construction firms in August, many firms report having a hard time finding qualified workers to hire, particularly for craft positions. “Construction firms in many parts of the country continue to expand to keep up with demand for their services,” said Ken Simonson, […]
Market economy status for China is out of the question, according to a 205-page memo from the Commerce Department. The detailed memorandum, published on Oct. 26, was released just days before President Trump is to meet with Chinese President Xi Jinping and in close timing with a preliminary AD/CVD determination against China regarding imports of […]
In a preliminary ruling on Wednesday, the Commerce Department found that seven countries have sold carbon and alloy steel wire rod in the United States at less than fair value. Subject to antidumping duties ranging from 2 to 148 percent are imports from Italy, Korea, South Africa, Spain, Turkey, Ukraine and the United Kingdom. Wire […]
When Steel Market Update (SMU) began talking to our ferrous scrap sources over the past couple of days, we got a variety of opinions as to where prices will go for the month of November. From the East Coast we heard sideways was the most likely direction with a little “slightly stronger” for prime grades […]