Existing-home sales fell in March for the second consecutive month, according to the National Association of Realtors. Three out of the four major US regions saw sales fall month-over-month in March while holding steady in the West. Sales were down across each region year-over-year. March sales fell 2.7% from February to a seasonally adjusted annual […]
Housing starts declined in March, driven by rising mortgage interest rates and ongoing supply chain bottlenecks that continue to delay construction projects and raise home building costs. Though the single-family housing market showed signs of softening last month, strong multifamily production pushed overall housing starts up 0.3% to a seasonally adjusted annual rate of 1.79 […]
Business activity in the state of New York expanded markedly in April, following the first decline in the headline index since the onset of the global pandemic nearly two years ago, according to the Empire State Manufacturing Survey. The headline general business conditions index is now at 24.6 (above the neutral mark of 0), surging 36.4 points […]
Steel Dynamics Inc. (SDI) posted better-than-expected results for the first quarter of 2022. Earnings surpassed the consensus estimate by 8.1% while sales exceeded expectations by 5.5% to start the year, according to data from Zacks. The Fort Wayne, Ind.-based steelmaker’s strong results came thanks to record steel shipments and increased production. The company said it […]
Builder confidence fell in April as strong headwinds continue to erode housing affordability and delay projects, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Homebuilder sentiment fell for the fourth straight month, as rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take […]
Contrary to the support echoed from domestic iron and steel organizations, the new ‘Buy America’ mandates introduced by the White House have drawn strong criticism from the Associated General Contractors of America (AGC). The association suggests that such measures laid out under the guidance will undermine the nation’s ability to build and improve infrastructure. “AGC […]
Construction employment exceeded pre-pandemic levels in just 32 states in March, as record-high job openings held back hiring, said the Associated General Contractors of America (AGC) in its latest analysis of federal employment data. “Contractors have been adding workers as fast as they can find them,” said Ken Simonson, AGC’s chief economist. “But there just […]
Raw steel production by US mills grew last week, expanding for the second straight week. Utilization rates exceeded the 80% mark for the first time in four weeks. Domestic output totaled 1,766,000 net tons in the week ending April 16, while mill capacity utilization was 80.9%, reported the American Iron and Steel Institute. US output […]
Michael McQuade, Algoma Steel’s chief executive officer, will retire on June 1. Michael Garcia has been named to succeed him. McQuade will continue to serve on the company’s board of directors, where Garcia will also join concurrent with his appointment as CEO, the company said. “Mike McQuade has provided exemplary leadership through this transition period, […]
The American Iron and Steel Institute (AISI) and the Steel Manufacturers Association (SMA) both praised the White House guidance to federal agencies outlining obligations to procure materials domestically for infrastructure projects. “We appreciate the commitment of the Biden-Harris administration to ensure that all federally-funded infrastructure and public works projects use iron, steel and other products that […]
Toyota North America has slashed its April production by an estimated 47,000 vehicles, with more reductions in May still possible due to the prolonged global microchip and parts shortage, a company spokesperson told Steel Market Update (SMU). “Toyota’s North American plants continue to face intermittent production delays due to supply chain disruptions,” she said. “We […]
Total mill shipments of steel products fell for the second straight month in February to 7.655 million tons, a 6.1% decline from January’s 8.153 million tons. Apparent supply also fell in February, down 12.1% versus the prior month, falling repeatedly and unable to maintain the momentum seen during the final quarter of 2021. This analysis is based […]
North American auto assemblies grew by 18.1% in March, expanding for the third straight month despite ongoing supply hurdles. Though North American production has improved since last December, March’s recovery was just 1% higher year on year. And it’s still 13.5% below the pre-pandemic period of March 2019. At the onset of 2022, the global auto […]
US light vehicle sales fell to 1.26 million units in March, down 22% year on year. The annualized selling rate declined to 13.332 million units from 14.071 million units the month prior, the US Bureau of Economic Analysis (BEA) reported. Interest rates are rising. But that’s probably not what’s holding sales back. It is supply rather […]
ArcelorMittal has agreed to acquire a controlling stake in Voestalpine’s hot-briquetted iron (HBI) plant in southern Texas, in a deal that values the operations at $1 billion. The Luxembourg-based steelmaker will take an 80% stake in the plant located in Portland, Texas – just outside of Corpus Christi. Opened in October 2016, it’s one of […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – jumped by more than 21% in March versus the same year-ago period, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. The association has called for relief from tariffs, urging the Biden administration […]
Shipbuilder Austal USA has officially opened its new steel manufacturing line to build steel ships for the US Navy and Coast Guard. The ultra-modern steel shipbuilding facility in Mobile, Ala., enables the simultaneous production of both aluminium and steel hulled ships, the company said. Known for its construction of aluminum vessels, the shipbuilder’s new 118-throusand-square-foot […]
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 […]