A poll commissioned by the Alliance for American Manufacturing (AAM) shows the vast majority of American voters support strong trade remedies and bringing manufacturing back to the US. The poll found nearly nine-in-10 voters (87%) agree the federal government should crack down on unfair trade, and four-in-five voters (82%) think the federal government should offer […]
TT Iron Steel Co. Ltd. (TTIS) has signed an agreement to acquire the ArcelorMittal Point Lisas iron and steel plant in Trinidad and Tobago. Completion of the transaction is subject to approval by Trinidad and Tobago’s government, TTIS said in a release on June 7. The company said initial refurbishment and restart of the plant […]
Rio Tinto said it has signed a memorandum of understanding (MoU) with Chinese steelmaker Baowu to explore projects in China and Australia to help decarbonize the steel value chain. The global metals and mining company commented that the move follows the recently announced $2-billion Western Range joint venture in the Pilbara region of western Australia […]
The Congressional Steel Caucus held a hearing on The State of the Steel Industry in Washington on Wednesday, June 7, where prominent steel executives and the United Steelworkers (USW) union gave testimony on issues such as international trade and sustainability. In his opening remarks, US Rep. Frank Mrvan (D.-Ind.), vice-chairman of the Caucus, stressed his […]
Go figure, in the last month, HR spot has continued to decline. The index tied to CME HR futures has given up $140/ST ($1,130/ST to $990/ST). A look at the fundamentals would appear to support the latest market direction. The list includes declining steelmaking component prices (zinc, coking coal, iron ore and scrap), a sharply […]
Steel shipments in the US fell 1.7% in April vs. the same month last year, the American Iron and Steel Institute (AISI) reported on Wednesday. AISI said US steel mills shipped 7,499,979 net tons in April, down from 7,629,985 tons shipped a year earlier, but up 1.7% from the 7,372,430 tons shipped during March. Year-to-date […]
H2 Green Steel has signed a memorandum of understanding with Mercedes-Benz for the potential supply of green steel made in North America. In the same news release on Wednesday, the Swedish sustainable steelmaker said it has signed a binding agreement with Germany-based Mercedes-Benz to deliver ~50,000 metric tons of green steel annually for use in the […]
Overall economic activity saw little change in April and early May, while manufacturing activity was flat to up in most Federal Reserve Districts, and supply chain issues continued to improve, the Federal Reserve said in its latest Beige Book report. The Beige Book is a compilation of information on current economic conditions, gathered by each district […]
Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to […]
Australian steelmaker InfraBuild said it could be on the hunt for steel plants in the US after closing on a $350-million asset-backed term loan. The loan, managed by BlackRock and Silver Point Finance, will allow InfraBuild to pursue growth objectives, which include the “potential acquisition of steel assets in the United States currently owned by GFG […]
The US labor market added 339,000 jobs in May, up from April’s payroll gain of 253,000 and well ahead of consensus estimates of 190,000, according to data from the Bureau of Labor Statistics (BLS). Last month’s result marked the 29th straight month of positive job growth. Despite the surprise jobs gain, the unemployment rate rose to […]
The US economy added 339,000 new jobs in May, according to data from the US Department of Labor. The labor market again outperformed economists’ consensus expectations with another show of resilience, and beating April’s total of 253,000. May’s job growth came despite the Federal Reserve’s aggressive efforts to cool the economy to slow the labor […]
Over the last two weeks, we have seen worsening market sentiment, as evidenced by movement in the futures curve, which sold down as much as $45 per ton in July and $28 per ton in August and September, respectively. This overall flattening of the curve is most clearly seen in the chart below, with the […]
Trade organizations along the electrical steel value chain are urging President Biden to increase domestic production of the products. Groups represented in a May 22 letter sent to the president included the Alliance for Automotive Innovation, American Public Power Association, Edison Electric Institute, GridWise Alliance, International Brotherhood of Electrical Workers, Leading Builders of America, National Association of […]
New orders for manufactured durable goods increased for the second consecutive month in April, rising 1.1% from the previous month to $283.0 billion, according to the US Census Bureau. This follows a 3.3% month-over-month (MoM) gain in March, according to Census data. The bureau said transportation equipment, also up for a second straight month, drove the increase, rising 3.7% MoM to $97.6 billion. […]
After hitting a 10-month high in March, global crude steel production fell back in April as output declined in both China and the rest of the world (RoW). Production was down 2.4% from the same month last year, according to the latest data from the World Steel Association (worldsteel) analyzed by SMU. Global steel output […]
CME Midwest HRC futures continue to be under pressure. Every month from June through March has declined since the start of May. The July and August futures were hardest hit, dropping $50 and $53, respectively, through today’s close. These two months outpacing the others lower has flattened the curve. Editor’s note: SMU Contributor David Feldstein […]
While architecture firms saw a modest decline in billings from March to April, there were more inquiries for future projects, according to the latest data from the American Institute of Architects (AIA). The monthly AIA Architecture Billings Index (ABI) registered a 48.5 reading in April, a decline from 50.4 the month prior. Excluding the slight […]
Altos Hornos de México (AHMSA) has sold approximately 19,000 tons of scrap to help pay for workers’ salaries, according to a local media report. The Mexican steelmaker is also raising money by selling coke from its coke plants, Mexico’s El Tiempo reported, citing comments from bankruptcy trustee Elmer Rocha. AHMSA and hedge fund Argentem Creek […]
The National Transportation Safety Board (NTSB) is urging action for bridges nationwide made of “uncoated weathering steel” (UWS). Based on an ongoing investigation of a 2022 bridge in Pittsburgh, the NTSB recommended on May 18 that federal and state authorities go over inspection reports and identify incomplete follow-up actions for bridges that included the material. “On Jan. […]
Forza Steel is investing $60 million to build a manufacturing facility at the Port of Brownsville in Texas on the Mexican border. The Mexican carbon steel pipe producer is planning to install equipment in early July to begin rolling mill operations, according to a press release from the Port of Brownsville on May 2. The facility […]
Global steel production during the month of April was lower both sequentially and on-year, according to the latest data from the World Steel Association (worldsteel). Worldsteel reports an estimated 161.4 million metric tons of crude steel was produced globally in April. This was a 0.8% drop from the month prior and a 2.4% decline from […]
Bend, Oregon-based Origami Solar has announced its Gen 2 steel module frame, which can be sourced from domestic steelmakers. The solar panel company said the steel solar module frame represents “a game-changing opportunity to disrupt high-risk Asian supply chains.” It can achieve this by leveraging US steel resources to end the solar industry’s reliance on […]
Sweden’s H2 Green Steel and Germany-based thyssenkrupp nucera have partnered on an electrolysis plant at H2’s Boden facility in northern Sweden. The agreement between the two companies secures capacity of more than 700 megawatts for H2’s electrolysis plant in Boden, “making it one of the world’s largest electrolysis plants to date,” H2 said Monday. H2 […]
Mexican President Andrés Manuel López Obrador is open to restructuring the debts of Altos Hornos de Mexico’s (AHMSA’s) if it is governed by more professional leadership, according to Spanish language media reports. In remarks last Tuesday at the national palace, he said the restructuring of up to $280 million in debt depends on a “responsible […]
Solar tracker maker Nextracker and MSS Steel Tubes USA announced the commissioning of a new factory in Tennessee on Wednesday to make low-carbon steel components for Nextracker’s solar tracking systems. Nextracker said the Memphis facility will manufacture Nextracker steel torque tubes, create 129 jobs, and generate millions of dollars in local economic investment. In February, […]
Lethbridge, Alberta-based Varsteel Ltd. has acquired Canadian tube manufacturer Atlantic Tube & Steel. “The Varsteel team is excited to join forces with Atlantic Tube & Steel Inc., broadening our company platform and delivering more value to our customers through additional products and steel services,” Gerald Varzari, Varsteel president and CEO, said in a statement on […]
Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO—as well as the newly elected AISI chairman—and Kevin Dempsey, AISI president and CEO, discussed issues ranging from Section 232 tariffs and hydrogen in steelmaking, to steel imports from Mexico, along with a host of other topics on Tuesday at the American Iron and Steel Institute (AISI) General Meeting press […]
The latest Empire State Manufacturing Survey shows a steep decline in business activity in the state of New York. The headline manufacturing general business conditions index from the Federal Reserve Bank of New York fell into the negative, dropping by nearly 43 points to -31.8 in the survey taken between May 2-9. The April index […]
Tampa, Fla. is now home to the North American headquarters of refractory provider RHI Magnesita. With operations in 37 countries, the Vienna, Austria-based company is a global provider of high-grade refractory products used in the steel, cement, non-ferrous metal, and glass industries. The new corporate hub in Tampa will serve customers in the US, Canada, […]