North American auto assemblies improved by 5.9% in May, after shrinking by 15.8% the month prior – the first decline all year. And though ongoing supply hurdles continue, North American production has improved since bottoming out last December. May’s results are 14.4% higher year-on-year (YoY), but still 17.5% below the pre-pandemic period of May 2019. […]
Housing starts tumbled in May as the construction sector faces strong headwinds. Rising interest rates, ongoing building material supply chain troubles, and ballooning construction costs further delayed construction projects and raise home building costs. Overall housing starts fell 14.4% to a seasonally adjusted annual rate of 1.55 million units in May from an upwardly revised […]
Business activity in the state of New York was little changed in June, following a surprising fall in May, according to the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index – a gauge of manufacturing activity in the state – rose 10.4 points in June but remained at […]
Steel Dynamics Inc. (SDI) expects its best second-quarter earnings to date for the three-month period ended June 30. Record results are projected despite lower average flat-rolled steel selling prices. The Fort Wayne, Ind.-based steelmaker expects earnings of $6.66-6.37 per diluted share in the second quarter, according to guidance figures released on Thursday, June 16. That’s […]
Imports of less expensive sheet and plate products continue to arrive at US ports, though at a much slower pace in April. Following a boost in volumes in March, imports of flat products decelerated in April and saw their share of the domestic steel market fall, according to Commerce Department data. Imports’ share of US sheet […]
Total mill shipments of steel products slipped in April following a slight uptick the month prior. April’s mill shipments totaled 8.12 million tons, 2.6% decline from March’s 8.34 million tons. Apparent supply also fell in April, down 4.7% versus the prior month. This analysis is based on steel mill shipment data from the American Iron and Steel […]
Nucor Corp. expects to post the most profitable quarter in its history, the company said, for its second-quarter ending July 2 earnings guidance. The Charlotte, N.C.-based steelmaker expects earnings of $8.75 to $8.85 per diluted share in the second quarter, according to figures released on Wednesday, June 15. That’s up from the previous record of […]
SSAB and its green steel partners LKAB and Vattenfall have launched HYBRIT’s pilot facility for fossil-free hydrogen gas storage. The first-of-its-kind rock cavern storage facility is in Luleå, northeast Sweden. The launch of the new storage concept marks the beginning of a two-year test period, which will run until 2024, the company said. The unique […]
Raw steel production by US mills edged up last week, rebounding from a slight dip the week prior. Domestic capacity utilization rose to 81.7% while mill production totaled 1,784,000 net tons in the week ending June 11, the American Iron and Steel Institute reported. US output was up 0.2% versus the week prior but 3.3% […]
US automotive sales in May are expected to drop below previous forecasts and to fall to their slowest pace in 2022, Cox Automotive reported. Declines of roughly 28% in sales year-on-year (YoY) were expected last month, though preliminary results indicate a drop of more than 29%, the automotive agency said. “Auto sales in May are […]
US construction spending in April totaled $1.744 trillion at a seasonally adjusted annual rate, just 0.2% above February’s upwardly revised $1.741 trillion. Investment in construction rose less than expected as an increase in private construction was partially offset by declines in public spending, the Commerce Department reported. Construction spending in April missed expectations, easing from a […]
The US labor market added 390,000 jobs in May, a robust figure but a slower pace of hiring versus the upwardly revised 436,000 additional payrolls in April. The result kept the unemployment rate unchanged month on month (MoM) at the pandemic-era low of 3.6%, the Bureau of Labor Statistics reported. Payroll gains were better than […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The US economy surprises in May by adding 390,000 new jobs, higher than earlier estimates and despite growing concerns about economic slowdown and surging inflation. The result kept the […]
The Dodge Momentum Index moved 7% higher in May, gaining ground on the upward revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 176.2 in May, up from 165.2 the month prior. The index measures data about planned nonresidential building projects to track spending in […]
The number of open construction jobs jumped to a record-high 449,000 unfilled positions in April. This is the highest measure in the history of the data series (going back to late 2000), said the National Association of Home Builders. According to the latest Job Openings and Labor Turnover Survey data from the Bureau of Labor […]
Construction employment increased by 36,000 jobs in May backed by rapidly rising hourly earnings. And a record number of job openings suggests contractors are seeking to hire even more workers, the Associated General Contractors of America (AGC) reported. “It is encouraging that contractors were able to add workers in May, but they will need many more […]
Nucor has agreed to acquire Summit Utility Structures LLC and a related company, Sovereign Steel Manufacturing LLC. They produce metal poles and other steel structures for utility infrastructure and highway signage, the steelmaker said. Charlotte, N.C.-based Nucor said the companies will become part of a new business unit, Nucor Towers & Structures, serving the utility, […]
Raw steel production by US mills was down slightly last week, edging down for the first time in five weeks. Despite the lower output, domestic capacity utilization was a healthy 81.6% while mill production totaled 1,781,000 net tons in the week ending June 4, reported the American Iron and Steel Institute. US output was down […]
The S&P Global US manufacturing PMI – another measure of manufacturing – fell to 57 in May, its lowest level in four months, and a noticeable turn from the market improvement the month prior. Last month’s results are down from 59.2 in April and a “flash” May reading of 57.5. (Recall that a reading above […]
The outlook among purchasing managers surveyed by the Institute for Supply Management was positive in May. US manufacturing activity grew at a slightly faster rate than anticipated as the six biggest manufacturing industries registered moderate to strong growth last month. May’s Manufacturing PMI rose to 56.1%, a 0.7 percentage point gain compared to a reading […]
Spending on nonresidential construction projects declined for the second straight month in April because labor shortages suppressed construction activity, the Associated General Contractors of America (AGC) reported. “Nonresidential construction spending is being held back by a paucity of qualified workers, not a lack of projects,” AGC chief economist Ken Simonson said. “With job openings at an all-time […]
The US economy contracted in the first quarter of 2022 at a worse rate than expected with gross domestic production declining at a -1.5% annualized pace, according to the second estimate from the US Commerce Department’s Bureau of Economic Analysis (BEA). The second review for Q1 was a slight downward revision from its first estimate […]
US light vehicle sales fell to 1.25 million units in April, down 18.2% year on year (YoY). The annualized selling rate rose to 14.29 million units from 13.41 million units, the US Bureau of Economic Analysis (BEA) reported. Interest rates are rising. But what’s holding sales back is supply rather than demand, disrupting normal seasonality. The […]
US consumer confidence edged lower in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation, The Conference Board reported. Confidence could stumble further as stubborn inflation may be around for a bit. Inflation soared over the past year at its fastest pace in more than 40 years. […]
World crude steel production rose in April, gaining ground for a second consecutive month and reaching a 10-month high. Global output was estimated at 162.7 million metric tons in April. Steelmakers around the world increased production by just 1.6 million metric tons, or 1% from March, according to World Steel Association (worldsteel) data. Although April’s crude […]
SSAB AB has named Leena Craelius as chief financial officer. Craelius had held the position of acting CFO since Nov. 1, 2021, succeeding Håkan Folin, who joined mining and infrastructure equipment make Epiroc. Craelius will take up her new position immediately and will be based in Stockholm, the Swedish steelmaker said in a press release […]
Test Module 1 for both exec and Premium Raw steel production by US mills grew last week, expanding for the fourth straight week, and reaching the second-highest utilization mark year-to-date. Domestic output totaled 1,798,000 net tons in the week ending May 28, while mill capacity utilization was 82.4%, reported the American Iron and Steel Institute. […]
SSAB and Alfa Laval have partnered to develop a heat exchanger engineered with fossil-free steel, the first of its kind. The goal is to roll out the first unit made with hydrogen-reduced steel by 2023, SSAB said. “We’re proud to welcome Alfa Laval as a partner and look forward to jointly exploring ways forward to […]
Commercial Steel Products LLC (CSP) has acquired Ace Steel Supply Inc. (Ace) in a stock purchase agreement. The deal between the two steel service centers represents an alignment of mutual strategic interests, CSP said. Dallas-based CSP is a supplier of steel products, including tubular, flat-rolled, and structural steel. Its acquisition of Houston-based Ace will enhance […]
Mill executives said they are ready for the demand infrastructure spending would generate during AISTech 2022’s Town Hall Forum in Pittsburgh this week. “The infrastructure bill is positive for the entire industry and for downstream industries, but we need to cut red tape,” Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves said. “The bill is great. […]