U.S. gross domestic product (GDP) grew by a healthy 6.7% in the second quarter of 2021 on an annualized basis, slightly faster than the 6.6% previously estimated, according to the Bureau of Economic Analysis (BEA). This third and final review was adjusted higher thanks to upward revisions in personal consumption expenditures, exports and private inventory […]
U.S. gross domestic product (GDP) grew at a 2.0% annual rate in the third quarter, the slowest pace in more than a year, according to the Bureau of Economic Analysis (BEA). The Delta variant is likely to blame for slowing U.S. economic growth in the third quarter. Consumer spending was stifled as the new strain of […]
Stupp Corp. said it plans to lay off 45 workers at its Baton Rouge, La., pipe manufacturing plant in November. The layoffs will begin on Nov. 6, according to the Worker Adjustment and Retraining Notification (WARN) notice filed with the Louisiana Workforce Commission earlier in the month. The Baton Rouge-based pipe manufacturer said in the […]
Worthington Industries Inc. reported net sales for the first quarter of fiscal 2022 totaling $1.1 billion, up 58% from $702.9 million in the year-ago quarter. The increase was driven primarily by higher average direct selling prices in Steel Processing and by higher overall volume improvements, the company said. “We again delivered record adjusted earnings per […]
Worthington Industries Inc. has agreed to buy Tempel Steel Company, a manufacturer of precision motor and transformer laminations for the electrical steel market, for roughly $255 million. The move by the Columbus-based steel processor will boost its position in the growing electric vehicle (EV) landscape, the company said. Tempel Steel, headquartered in Chicago and founded […]
U.S. consumer confidence declined for the third straight month in September, following a downward revision for the month prior, according to the latest data from The Conference Board. The September index fell by 5.9 points month on month after slipping 9.9 points in August. “Consumer confidence dropped in September as the spread of the Delta variant […]
World crude steel production contracted for the third consecutive month in August, a complete reversal from the repeated months of record-breaking output from March through May, according to World Steel Association (worldsteel) data. Global production in August, at an estimated 156.8 million metric tons, declined 3.0% from July, and was 1.4% lower than the same […]
L.B. Foster Company has completed the sale of its piling products division to JD Fields & Co. Inc. for $24 million. The business unit had $43 million in sales for the first six months of 2021 and $59 million in 2020. The deal, which concluded on Friday, Sept. 24., included inventory plus steel yards in […]
Domestic raw steel production crept up in the week ending Sept. 25, recovering from the slight dip the week prior and landing just under the pandemic-era high seen earlier in the month. According to the American Iron and Steel Institute (AISI), production by U.S. mills was estimated at 1,880,000 net tons while the average utilization […]
North American auto assemblies rebounded in August after light vehicle production hit a 14-month low the prior month. Despite the increase, the impact of the chip shortage continued to worsen, diminishing vehicle inventories and pushing regional sales down during the month, according to LMC Automotive (LMCA). Total North American vehicle production, including personal and commercial […]
(Editor’s note: This article corrects an earlier version that inaccurately reported the company is planning a new EAF. The plan is for a new paint line.) BlueScope Steel Ltd. is looking to build a new facility in the eastern U.S., the company said during its recent investor webcast. Mark Vassella, CEO of Melbourne, Australia-based steelmaker, […]
Steelmakers around the world produced an estimated 156.8 million metric tons of crude steel in August, down 3.0% or 4.9 million metric tons from the month prior, reported the World Steel Association (worldsteel). Cutbacks in China accounted for much of the decrease. Global steel production in August was also down 1.4% compared to the same […]
(Editor’s note: This article corrects an earlier version that inaccurately reported the company is planning a new EAF, rather than just a paint line.) BlueScope Steel Ltd. is looking to build a new facility in the eastern U.S., the company said during its recent investor webcast. Mark Vassella, CEO of Melbourne, Australia-based steelmaker, said the […]
North Star BlueScope intends to take a 10-day outage in November at its flat-rolled steel mill in Delta, Ohio, according to SMU sources. The scheduled outage planned for the first week of November will be the final step to tie the new electric arc furnace and caster into the existing mill. The downtime is expected […]
Monthly Key Market Indicators, as analysed by Steel Market Update, slipped again in the past month, albeit slightly. The typical summer slowdown may have been compounded by the ongoing drag of COVID-19 as well as an uneasy economic and political landscape. Markers for the Present Situation have contracted for a third straight month and Trends […]
Housing starts increased 3.9% in August, propelled by a surge in multifamily production while single-family starts edged lower. The rise brought the seasonally adjusted annual rate to 1.62 million units, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Ongoing supply chain limitations and labor challenges […]
Builder confidence ended a three-month decline in September, edging up slightly following some correction in lumber prices and strong housing demand, according to the NAHB/Wells Fargo Housing Market Index (HMI). Although the housing sector continues to struggle with supply chain disruptions and labor challenges that are impacting housing affordability, builder sentiment for newly built single-family […]
Domestic raw steel production edged down marginally in the week ending Sept. 18 after climbing to a new pandemic-era high the week prior. According to the American Iron and Steel Institute (AISI), production by U.S. mills was estimated at 1,874,000 net tons while the average utilization rate was 84.9%. Mill utilization has fluctuated in recent weeks […]
U.S. domestic steel demand remains strong, but supplies have been catching up and are largely in balance. These dynamics are starting to show as steel prices have seen a slower rate of rise and may be near a peak. Lead times are also contracting, with hot rolled now below nine weeks. These changes are largely a […]
Mill shipments of steel products rose 2.0% in July to 8.7 million tons, following an increase of 1.7% the month prior. Apparent supply jumped 3.6% in July after a 6.0% increase the prior month. July marks the fifth consecutive month of gains after February’s double-digit contraction. This analysis is based on steel mill shipment data from […]
Manufacturing growth in New York State accelerated in September, climbing 16 points and nearly reversing the slowdown from the prior month, according to the Empire State Manufacturing Survey. The general business index climbed to 34.3, compared to 18.3 in August. Indices for new orders and shipments grew by double digits in September, expanding by 19 and […]
U.S. Steel expects its third-quarter earnings to be one for the record books, exceeding even the record-breaking results of the prior quarter. The news comes as both Nucor and Steel Dynamics Inc. (SDI), two of the Pittsburgh-based steelmaker’s domestic competitors, also predicted record-setting third-quarter earnings this week. U.S. Steel forecasts third-quarter earnings of roughly $2 […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices expanded further in August, albeit at a slower rate. The gains continued, however, maintaining the historic climb for the index and subcategories for final demand, which have […]
A new North American railway network may soon become reality after a months-long saga. Canadian Pacific Railway Ltd. (CP) and Kansas City Southern (KCS) initially agreed to a merger agreement in March that would establish the first railway network spanning Canada, the U.S. and Mexico. The deal was put on hold, however, after Canadian National Railway […]
Container ships are stacking up all around the U.S. as the ports are overwhelmed by surging imports of all types of goods. Delays at the ports may further extend the already-long lead times for the growing orders of foreign steel. Imports of all types of products from Asia, for example, increased 32.4% in the first […]
Production by U.S. mills was 1,882,000 net tons while the average utilization rate was 85.3% in the week ending Sept. 11, according to the American Iron and Steel Institute (AISI). Weekly domestic raw steel production rebounded after slipping for two straight weeks, eclipsing the 85% mark for the first time since Sept.13, 2008. Weekly output […]
Weekly domestic raw steel production slipped for the second straight week. Production by U.S. mills was 1,866,000 net tons while the average utilization rate was 84.5% in the week ending Sept. 4, according to the American Iron and Steel Institute (AISI). Weekly output dipped by 0.4% compared to the week prior when production was 1,873,000 […]
The Dodge Momentum Index declined for a third straight month in August, a stark contrast from the six consecutive months of gains seen since the close of 2020. The downturn suggests strong headwinds from supply-chain limitations, rising raw material prices, and labor shortages that are plaguing the nonresidential construction sector, especially new projects. The index […]
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. The U.S. construction sector rose in July, lifted by gains in both the private and public sectors. Overall spending rose by 0.3% following a sideways revision for the month prior, the Commerce […]
The U.S. labor market saw its worst monthly performance since January, according to the U.S. Bureau of Labor Statistics’ (BLS) August report. The latest data showed 235,000 new workers were added to payrolls in August, less than a quarter of the 1.053 million positions added in July. August’s employment report was a huge disappointment, nearly […]