Flack Global Metals (FGM) has hired risk management and hedging experts Brad Clark and Sean Kessler as directors of Flack Metal Bank (FMB). The additions of Clark and Kessler will help expand FMB’s ferrous metals trading desk, improving risk management and hedging strategies to complement its customers’ current supply chains, the company said. FGM launched […]
US steel mills shipped 7.233 million net tons in February, a 7.4% increase from the same month last year when shipments totaled 6.753 million net tons, the American Iron & Steel Institute (AISI) said. But while shipments were up year over year, they were down 6.8% from January. Shipments by US steelmakers year-to-date through February […]
Raw steel production by US mills rebounded last week, following repeated declines the prior two weeks. Despite the gain, utilization rates remain below the 80% mark for the third straight week. Domestic output totaled 1,739,000 net tons in the week ending April 9, while mill capacity utilization was 79.7%, the American Iron and Steel Institute […]
Voestalpine is in advanced talks to sell a majority stake in its hot-briquetted iron (HBI) plant in southern Texas, the company said. “In recent months, Voestalpine has been conducting an open-ended market sounding to stabilize the business model of its direct reduction plant in Corpus Christi, Texas.” The Austrian specialty steelmaker didn’t disclose a potential […]
Despite economic and geopolitical headwinds, there remains tremendous opportunity for steel and industrial metals distribution, Ryerson president and CEO Eddie Lehner during the most recent Steel Market Update Community Chat webinar. There might be debate over where rising finished steel prices will settle. But gone are the days of hot-rolled coil averaging around $600 per ton ($30 […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. US construction spending in February totaled $1.704 trillion at a seasonally adjusted annual rate, rising less than expected as an increase in outlays on private projects was partially offset by a decline […]
Construction employment exceeded pre-pandemic levels in nearly 60% of US metro areas through February, according Associated General Contractors of America (AGC) figures. AGC also said it is getting harder to find workers and urged officials to invest more in career training and education programs for the construction sector. “The rebound in construction employment in most […]
The US construction sector added 19,000 new workers to payrolls in March, while spending on construction projects rose for the 12th straight month through February, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. Despite repeated gains, the AGC urged US trade officials to end tariffs on key materials […]
The Dodge Momentum Index moved 4% higher in March, maintaining the growth seen the month prior, according to data and analytics from the Dodge Construction Network. The index registered 166.9 last month, up from February’s revised reading of 160.3. In March, planning for commercial projects drove the index’s overall reading upward, expanding by 7% while […]
Schnitzer Steel Industries Inc. posted its best first half results in company history following a strong second quarter earnings. The result comes thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $38 million in the second quarter of […]
US job growth was strong in March. The hiring pace was boosted by consumer demand and declining COVID-19 caseloads. Employers added 431,000 jobs last month, bringing the unemployment rate down to 3.6% from 3.8% a month earlier. That rate is just a touch higher than levels right before the pandemic hit in 2020, according to […]
The US labor market expanded at a strong pace in March, adding 431,000 new jobs and bringing the unemployment rate to a new, pandemic-era low of 3.6%, the Bureau of Labor Statistics reported. Though payroll gains were lower than economists had expected, they still rounded up a strong first quarter for the US labor market […]
Mexican flat-rolled steelmaker Altos Hornos de México (AHMSA) has restarted its No. 5 blast furnace following a planned two-week upgrade outage, a company spokesman said. The 130 million pesos ($6.5 million) investment included upgrades to its continuous caster, coking plant ovens, service areas, and loading systems. Maintenance to AHMSA’S No. 5 blast furnace – its […]
Raw steel production by US mills slipped further last week, with utilization rates below the 80% mark for the second straight week. Domestic output totaled 1,724,000 net tons in the week ending April 2, while mill capacity utilization was 79.3%, the American Iron and Steel Institute (AIS) reported. US output was virtually unchanged, down just […]
The global microchip shortage and snarled supply chains continue to trouble North American automakers nearly two years after these issues first resulted in widespread production outages. The list of carmakers impacted this week is extensive, including the Detroit-area “Big Three” – GM, Ford, and Stellantis (formerly Chrysler) – as well as Honda and Toyota. General […]
Raw steel production by US mills slipped last week, with utilization rates edging back below the 80% mark. Domestic output totaled 1,726,000 net tons in the week ending March 26, while mill capacity utilization was 79.4%, reported the American Iron and Steel Institute (AISI). US output dipped 0.9% compared to the prior week and was 2.4% […]
The outlook among purchasing managers surveyed by the Institute for Supply Management remains optimistic, showing continued expansion in March despite a slight month-on-month decline in growth rates. Last month’s Manufacturing PMI edged down to a reading of 57.1% versus 58.6% in February. The index reading above 50% indicates growth in the manufacturing sector, and March’s […]
US manufacturing activity saw a sharp improvement in March driven by big increases in output and new orders. Both domestic and foreign client demand ticked higher, according to the latest US Manufacturing PMI data from S&P Global. The overall upturn was aided by a sharper expansion in production at the end of the first quarter. Indeed, […]
The Chicago Business Barometer showed a much bigger than expected increase in March after falling to an 18-month low the month prior, according to the latest indicators from Market News International (MNI) and the Institute for Supply Management (ISM). MNI Indicators said the business barometer jumped to 62.9 in March from 56.3 in February and […]
World crude steel production fell in February, declining for the second straight month. Global output was estimated at 142.7 million metric tons last month, as steelmakers around the world cut production by 12.3 million metric tons, or 7.9%, from January, according to World Steel Association (worldsteel) data. After hitting an all-time high of 174.4 million […]
The US economy closed out 2021 by expanding at an annual pace of 6.9% from October through December, a slight downgrade from previous estimates, according to the US Commerce Department’s Bureau of Economic Analysis (BEA). This agency’s third and final review showed the nation’s gross domestic product (GDP) up 5.7% in the fourth quarter, the […]
US consumer confidence bounced back slightly from a one-year low in March on labor market optimism. But confidence could slip as the Federal Reserve raises interest rates to tamp down inflation, The Conference Board reported. Sentiment about current business and labor market conditions recovered in March after falling in the prior two months. Americans’ outlook for the […]
Global crude steel production was estimated at 142.7 million metric tons in February as steelmakers around the world cut output by 12.3 million metric tons, or 7.9%, from the prior month, the World Steel Association (worldsteel) reported. Since reaching an all-time high of 174.4 million metric tons last May, global steel output has waned in […]
Sales of new single-family homes tumbled 2% in February compared to the month prior on a lack of existing home inventory as well as rising mortgage rates and construction costs. The seasonally adjusted rate in February was 772,000 units, down an even steeper 6.2% compared to February 2021, the U.S. Department of Housing and Urban Development […]
New orders for US manufactured durable goods fell 2.2%, or $6.0 billion, in February, snapping a four-month rally, according to the Commerce Department. Orders at domestic factories for long-lasting goods fell more than expected last month, while business investment fell for the first time in a year. February’s outcome suggests high inflation and ongoing supply […]
Raw steel production by US mills slipped last week, with utilization rates edging back below the 80% mark. Domestic output totaled 1,726,000 net tons in the week ending March 26, while mill capacity utilization was 79.4%, reported the American Iron and Steel Institute (AISI). US output dipped 0.9% compared to the prior week and was 2.4% […]
While February construction employment exceeded pre-pandemic levels in nearly two-thirds of US states, the Associated General Contractors of America (AGC) cautions further gains could be undermined if skyrocketing materials costs and delayed shipments postpone or cancel projects. “Construction is doing well at the moment in most states, but fast-rising costs may cause some owners to […]
Demand for design services from architecture firms in the US rose moderately in February. The gain marked the 13th consecutive month of growth following the pandemic-induced downturn in 2020. February’s AIA’s Architecture Billings Index registered 51.3, according to the latest report from the American Institute of Architects. The ABI is an advanced economic indicator for nonresidential […]
NLMK USA’s lawsuit claiming US Steel had misled the Commerce Department into denying the company Section 232 tariff exemptions was dismissed last week. The lawsuit was originally filed in January 2021 in the Court of Common Pleas of Allegheny County, Pa. NLMK alleged that US Steel undermined its requests for exemptions from Section 232 tariffs […]
General Motors will pause part of its Chevrolet Silverado and GMC Sierra production for two weeks in April because of the ongoing microchip shortage, a company spokesperson told Steel Market Update (SMU). The Detroit-based automaker’s Fort Wayne, Ind., assembly plant will take downtime the weeks of April 4 and April 11, the company’s first chip-related […]