The U.S. economy expanded at a modest to moderate rate from late August to early October, said the Federal Reserve in its latest Beige Book report. Overall growth was curbed, though, due to supply chain disruptions, labor shortages and uncertainty around the surging Delta variant. Consumers spent more dollars in travel and tourism activity once again, […]
Manufacturing growth in the state of New York grew at a noticeably lower rate in October compared to September, according to the Empire State Manufacturing Survey. The headline general business conditions index fell nearly 15 points to 19.8 during the month. After climbing by 16 points in September, the headline index nearly lost all the […]
General Motors Co. will extend production downtime at its Orion Assembly through the end of the month, a company spokesperson confirmed to Steel Market Update. The automaker’s Lake Orion, Mich., assembly plant, down since Aug. 23 due to the semiconductor scarcity, will extend its downtime to include the weeks of Oct. 18 and Oct. 25. […]
U.S. raw steel production has recovered after slipping for two straight weeks. Production by U.S. mills was estimated at 1,882,000 net tons in the week ending Oct. 16, while the average utilization rate equaled its highest reading all year at 85.3%, according to the American Iron and Steel Institute (AISI). Output rose by 1.3% compared to […]
Monthly Key Market Indicators, as analysed by Steel Market Update, softened again in the past month. A typical summer slowdown followed by a surge in COVID variant cases, compounded by a lackluster job market, reflects an uneasy economic landscape. Consumer confidence has dwindled, highlighted by decreases in key indicators across the marketplace. SMU’s Key Market Indicators […]
Producer prices posted the smallest advance year-to-date in September, according to data released by the Labor Department. Despite supply chain snarls and shortages that have driven up manufacturing and shipping costs, the negligible expansion kept the historic climb for the index and subcategories for final demand going. Since the fall in early 2020, the composite […]
Global steel demand will grow by 4.5% in 2021 and reach 1.855 billion metric tons following a 0.1% growth the year prior, according to World Steel Association’s (worldsteel) October 2021 Short-Range Outlook (SRO). An additional increase of 2.2% to 1.896 billion metric tons in 2022 is forecast for steel demand worldwide. The current forecast assumes […]
North American auto assemblies fell in September, reaching the second lowest monthly total year-to-date. The impact of the chip shortage and supply-chain disruptions pulled automotive production down nearly 13% month on month. Semiconductor scarcity and parts delays further worsened, reducing vehicle inventories and causing regional sales to tumble during the month, according to LMC Automotive […]
The prices contractors pay for construction materials rose further in September despite a recent decline in a few materials’ prices. The costs still far surpass the prices contractors charged in the 12-months ending in September, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. “Construction materials costs remain out […]
Construction employment totaled 7,447,000 jobs on a seasonally adjusted basis in September, an increase of 22,000 month on month, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. September’s total was 201,000 or 2.6% below the pre-pandemic peak from February 2020. Residential construction employment expanded by 3,400 in September, […]
Commercial Metals Company (CMC) posted record-breaking earnings from continuing operations of $152.3 million on net sales of $2.0 billion in the fourth quarter of FY 2021, exceeding the previous record posted the prior quarter by more than $22 million. For the full year, CMC’s earnings from continuing operations totaled $412.9 million, the best results in […]
U.S. raw steel production edged down for the second straight week. Production by U.S. mills was estimated at 1,858,000 net tons in the week ending Oct. 9, while the average utilization rate was still a very strong 84.2%, according to the American Iron and Steel Institute (AISI). Output was down by 0.7% compared to the week […]
Swedish steelmaker SSAB AB has appointed Leena Craelius as acting chief financial officer. In the planned transition effective Nov. 1, she succeeds Hakan Folin who is stepping down to become finance chief at Epiroc AB. Craelius, who has been with SSAB since 2005, is currently vice president of finance, controlling and IT at SSAB Europe. […]
Klöckner & Co. SE has secured a distribution partnership with H2 Green Steel (H2GS), bolstering its efforts to become a pioneer in the sustainable steel business. The collaboration guarantees Klöckner access to substantial volumes of “green steel” from the Swedish steelmaking start-up. H2GS is building a large-scale, hydrogen-based steel plant in northern Sweden with the goal […]
Mill shipments of steel products jumped 11.2% in August to 9.69 million tons, following an increase of 2.0% the month prior. Apparent supply was up 7.8% in August after a 3.6% increase in July. August’s expansion is the sixth straight month of growth in the steel supply since February’s double-digit contraction. This analysis is based on […]
In the face of strong demand, limited availability and record-high prices in the U.S., steel buyers have looked overseas for relief. August Commerce Department data shows steel imports have been on the rise for the past three months, with imports’ share of total sheet product shipments reaching 17.5%, up from 16.7% the month prior, and the […]
September saw the worst monthly performance for the U.S. labor market since January, according to the U.S. Bureau of Labor Statistics’ (BLS) job report. The latest data showed the economy created a stingy 194,000 new jobs in September to mark the second disappointing monthly increase in a row. The sharp dive from the 1.091 million positions […]
U.S. job creation came up short again in September with just 194,000 added, marking the second disappointing monthly increase in a row. U.S. economic growth continued to decelerate in September on COVID concerns, driving hiring to its slowest pace since January. Surprisingly, the unemployment rate dropped to its lowest level since February 2020, down 0.3 […]
Nucor Corp. is expanding its Fastener Division with the acquisition of a coil processing facility in Shelbyville, Ind. The latest asset will complement upgrades planned at the company’s engineered bar mill in Nebraska, allowing the steelmaker to expand its sales to the automotive market. Nucor Fastener is a division of the Charlotte, N.C.-based steelmaker that makes cap […]
The Dodge Momentum Index rebounded in September after contracting for three successive months. The index registered 164.9 in September, an 11% gain against the revised August reading of 148.0, according to data and analytics from the Dodge Construction Network. The improved Momentum Index in September suggests developers are looking past the current concerns over pricing, […]
U.S. steel product shipments rose for a fourth consecutive month in August, but at a slower pace, just 0.6% above July’s total. Despite the slow pace of growth, steel product shipments have been on a steady upward trend for much of the year. Although the expansion in steel product shipments and new orders continued, the […]
The U.S. manufacturing sector continued strong in September, though the PMI dropped to a five-month low due to ongoing material and labor shortages, according to the latest U.S. Manufacturing PMI data from IHS Markit. “The U.S. manufacturing sector continues to run hot, with demand once again racing well ahead of production capacity as firms report […]
The U.S. construction sector was virtually unchanged in August, as spending was largely flat for a second straight month. Increase in public sector projects was offset by weakness in the private sector, the Commerce Department reported. Supply chain disruptions, rising materials prices and labor shortages continue to keep the construction sector captive. The trend has […]
Total construction spending was flat for a second consecutive month in August, as a decrease in nonresidential projects offset continuing gains in residential construction, reported the Associated General Contractors of America (AGC). Spending on infrastructure year-to-date declined when compared to the same year-ago period, leading the AGC to urge the House of Representatives to promptly […]
Cleveland-Cliffs Inc. has a new three-year labor agreement with United Auto Workers (UAW) Local 3044, which represents approximately 350 workers at the steelmaker’s Rockport Works near Rockport, Ind. The new contract is retroactively effective from Oct. 1, 2021, through Sept. 30, 2024. “Our union workforce is at the core of not just what we do […]
Domestic raw steel production slipped in the week ending Oct. 2, remaining just under the pandemic-era high seen the month prior. According to the American Iron and Steel Institute (AISI), production by U.S. mills was estimated at 1,827,000 net tons while the average mill utilization rate was 84.8%. Output edged down slightly by 0.4 of […]
The paralyzing blows from the semiconductor chip scarcity haven’t just been limited to automakers. Supply chain disruptions, labor shortages, and logistical constraints have been decimating the domestic manufacturing sector at a similar clip, as detailed in a recently released white paper by a coalition of four major manufacturing associations. The Association of Home Appliance Manufacturing […]
Schnitzer Steel Industries, Inc., expects to deliver its best fiscal fourth quarter operating performance since 2011 thanks to high prices and strong demand for both ferrous and nonferrous scrap, as well as strong demand for finished steel products. The Portland Ore.-based scrap recycler and long steel producer announced preliminary results for its fourth quarter and […]
Job losses continue to have widespread effect on the construction sector. Nearly one-third of U.S. metro areas lost construction jobs during the 12-month period ended August 2021, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. As the fate of a bipartisan infrastructure bill remains uncertain in the U.S. […]
U.S. steel product shipments grew for the third straight month in July, up 2.8% from the prior month. Following some irregularity to start the year after bottoming out in May 2020, steel product shipments have been on a steady upward trend. Mill outages, factory curtailments, seasonal disruptions, and COVID-related closures slowed steel products’ shipments to […]