The U.S. labor market exceeded expectations in February, adding 678,000 new jobs last month. It was the best month for job growth since last July, the Bureau of Labor Statistics reported Friday. The U.S. still has 2.1 million jobs to go before hitting the February 2020 level and recouping all positions lost in the pandemic. […]
U.S. construction spending in January totaled $1.68 trillion at a seasonally adjusted annual rate, boosted 1.3% by strong outlays on single-family homebuilding and private nonresidential structures, the Commerce Department reported. The gain is even more significant given December data was revised higher to show construction outlays rising 0.8% instead of 0.2% as previously reported. January’s […]
The U.S. economy has expanded at a modest pace since mid-January, the Federal Reserve said in its latest Beige Book report. Overall growth was constrained by a surge in Omicron, forcing firms to deal with heightened absenteeism and continued supply-chain bottlenecks. Consumer spending was weaker, with auto sales largely mixed and manufacturing activity expanding at […]
Ryerson has acquired Apogee Steel Fabrication, expanding the service center’s value-added offerings in a move likened to its purchase of Specialty Metals Processing (SMP) last September. Terms of the deal were not disclosed. “We see Apogee strengthening Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business,” […]
In a letter to customers this week, Cleveland-Cliffs said it does not expect the geopolitical fallout from Russia’s invasion of Ukraine to directly impact the company’s operations. “While we continue to monitor the situation closely, we have not identified any specific elevated risk to our operations at this time,” the company stated. Cliffs said it will continue […]
Construction spending rose in January with strong gains in private nonresidential and residential construction, but mixed results for public spending, reported the Associated General Contractors of America (AGC). “Private nonresidential construction, especially for manufacturing plants, has rebounded sharply in recent months, while demand for housing remains strong,” said Ken Simonson, AGC’s chief economist. “But public […]
U.S. manufacturing activity grew in February amid stronger demand and easing supply disruptions, according to the latest U.S. Manufacturing PMI data from IHS Markit. The report noted that the strong improvement in operating conditions was driven by the sharpest expansion in new orders since last October. Stronger new sales growth spurred manufacturers to increase staffing […]
Sentiment among purchasing managers surveyed by the Institute for Supply Management remains strongly optimistic, showing growth last month following a small dip in January. February’s Manufacturing PMI edged up to a reading of 58.6% versus 57.6% the month prior. The index reading above 50% indicates growth in the manufacturing sector, thus February’s measure marks the […]
The Chicago Business Barometer fell last month for the first time since last November, according to the latest indicators from Market News International (MNI) and the Institute for Supply Management (ISM). February’s Purchasing Managers Index (PMI) reading was 56.3, down 8.9 points from January, as almost a quarter of the firms surveyed reported New Orders […]
Raw steel production by U.S. mills fell again last week, now down five out of the past six weeks. Domestic mills produced a total of 1,755,000 net tons in the week ending Feb. 26, while mill capacity utilization slipped back down to 79.7%, reported the American Iron and Steel Institute. U.S. output was down 0.5% […]
Toyota Motor Corp. will suspend Japanese automotive production on Tuesday, Mar. 1, because of a system failure at a supplier of plastic parts and electronic components, a company spokeswoman confirmed to Steel Market Update (SMU). Kojima Industries Corp, the supplier in question, said the complete system failure might be the result of a cyber-attack. An investigation […]
New orders for U.S. manufactured durable goods rose 1.6% in January, doubling earlier estimates of 0.8%, according to the Commerce Department’s report. The surprising gain came following an upward revision in December’s totals to a 1.2% gain from the prior estimate of 0.7% and represents an increase in eight of the last nine months. The […]
The outlook for multifamily construction closed the year on a positive note, as confidence in the market for new multifamily housing improved in the fourth quarter of 2021, according to the National Association of Home Builders’ (NAHB) Multifamily Market Survey (MMS). The MMS’s two separate indices saw mixed results. The Multifamily Production Index (MPI) gained […]
The next three months remain favorable for metalforming companies, though widespread supply shortages and other challenges continue, according to the February 2022 Precision Metalforming Business Conditions Report. There was little change in this month’s forecast for business conditions. Only 10% of companies predict a decrease in economic activity during the period, up slightly from 7% […]
Ford Motor Co. will idle some production of the F-150 pickup, the carmaker’s best-selling vehicle, due to the ongoing global semiconductor chip shortage, a company spokesperson told Steel Market Update (SMU). Ford’s Kansas City Assembly Plant in Claycomo, Mo., will begin the week-long downtime on Monday, Feb. 28. The Dearborn, Mich.-based automaker said the disruption […]
Sales of new single-family homes fell in January following a sharp upwardly revised reading the month prior. Last month’s 4.5% decline in new homes sales resulted from rising interest rates. The seasonally adjusted rate of 801,000 was steady because demand remains strong, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported. […]
U.S. consumer confidence slipped again in February following a downward revision in January, reported The Conference Board. The slight erosion in the headline index was the second straight decline following a small recovery in late 2021 that saw gains from September through December. Though results are mixed, the shift in momentum is worth noting. Sentiment towards […]
World crude steel production fell in January, unable to maintain the growth seen the month prior. Global output was estimated at 155 million metric tons last month, as steelmakers around the world cut production by 6.7 million metric tons or 2.3% from December, according to World Steel Association (worldsteel) data. After hitting an all-time high […]
U.S. gross domestic product (GDP) expanded at a 7% annualized rate in the fourth quarter as businesses stepped up their restocking of supplies, according to the Bureau of Economic Analysis (BEA) advanced estimate. This second review and upward revision to fourth-quarter GDP growth by the BEA reflected more business spending on nonresidential structures and investment […]
Olympic Steel announced record results in the fourth quarter ended Dec. 31, 2021, a strong finish to the company’s most profitable year to date. “We achieved record sales and net income for the fourth quarter, a fitting capstone to a year of record-setting performance for Olympic Steel,” said Richard Marabito, Olympic’s CEO. “All three of our […]
JSW Steel (USA) and JSW Ohio’s lawsuit claiming Nucor, U.S. Steel and Cleveland-Cliffs conspired to stifle competition by denying semifinished steel slab to the company has been dismissed. The lawsuit, filed on June 8, 2021, in federal court in Houson, alleged that three of the largest American steelmakers formed a cartel and conspired to cause […]
Demand for design services from architecture firms in the U.S. strengthened for the 12th straight month in January, with AIA’s Architecture Billings Index registering 51.0, according to the latest report from the American Institute of Architects. The ABI is an advance economic indicator for nonresidential construction activity with a lead time of 9-12 months. A score […]
Jim Frias, Nucor’s long-time Chief Financial Officer, will retire on June 11. Steve Laxton, Nucor’s Vice President of Business Development and Strategic Planning, has been named to succeed him. The two will work together for the next few months on a seamless transition of the CFO responsibilities. Frias joined Nucor in 1991 as controller of Nucor Building Systems-Indiana. […]
Raw steel production by U.S. mills edged up last week, the first increase in five weeks. Domestic mills produced a total of 1,764,000 net tons in the week ending Feb. 19, while mill capacity utilization moved back up to 80.1%, reported the American Iron and Steel Institute. U.S. output was up 0.3% compared to the […]
Strong downstream demand for steel is expected through the first half of 2022, but unfilled orders and backlogs resulting from supply-chain troubles and labor shortages may wreak havoc in the second half, cautioned a panel of OEM and service center executives during the Tampa Steel Conferences last week. “We’re certainly seeing strong demand for the […]
Strong downstream demand for steel is expected through the first half of 2022, but unfilled orders and backlogs resulting from supply-chain troubles and labor shortages may wreak havoc in the second half, cautioned a panel of OEM and service center executives during the Tampa Steel Conferences last week. “We’re certainly seeing strong demand for the […]
Global crude steel production was estimated at 155 million metric tons in January as steelmakers around the world cut output by 6.7 million metric tons, or 2.3%, 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 […]
Builder confidence fell again in February despite strong demand from buyers, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Home builder sentiment fell for the second straight month on ongoing building material production bottlenecks, which have pushed up construction costs and delayed projects. February’s HMI reading moved one point lower […]
Housing starts fell in January as builders reported continued supply-chain troubles leading to construction delays, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Despite the slow start to the year for new construction, building permits increased at a solid pace in January, signaling strong demand […]
The Ontario government will contribute $500 million ($393 million U.S.) towards ArcelorMittal Dofasco’s $1.8 billion clean tech project to decrease its carbon intensity in steelmaking. The Hamilton-based steelmaker – a subsidiary of multinational ArcelorMittal SA – is working towards decreasing its greenhouse gas emissions by replacing its coal-fed coke ovens and blast furnaces with hydrogen-enabled […]