U.S. construction spending increased in November amid strong gains in single-family homebuilding, but outlays on public projects were weak. Construction spending rose 0.4% after a similar advance in October, the Commerce Department reported. The Census Bureau’s report on construction spending shows spending on private construction projects rose 0.6% in November. Outlays on residential construction were […]
World crude steel production slipped in November, contracting for the fifth time over the past six months. Steelmakers around the world produced an estimated 143.3 million metric tons of crude steel in November, down 1.6% or 2.4 million tons from the prior month, according to World Steel Association (worldsteel) data. Steel production has been trending […]
Schnitzer Steel Industries Inc. posted its best first quarter earnings on record 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 $47 million in the first quarter of fiscal 2022 ended Nov. 30, 2021, more than triple the […]
Stelco Holdings Inc. said its fourth-quarter steel shipments were negatively impacted by production challenges and unplanned outages. The Hamilton, Ontario-based steelmaker shipped roughly 625,000 net tons of steel in the fourth quarter of 2021, below prior guidance of 675,000 to 680,000 net tons. Shipments in the fourth quarter were lower than expected due to various […]
Steel production by domestic mills saw a small dip over the holidays, but capacity utilization remains above a healthy 80% to start the New Year. Raw steel output totaled 1,785,000 net tons in the week ending Jan. 1, 2022, up 9.5% from the same period last year but down 0.9% from the prior week when […]
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. U.S. consumer confidence rose for the third straight month in December, following a slight upward revision on November’s results and steady momentum after decreasing from July through September, reported The Conference Board. […]
Existing-home sales expanded for the third straight month in November, reported the National Association of Realtors. Of the four major U.S. regions, only the Northeast didn’t register a month-on-month gain, holding flat versus October. The Midwest ticked up 0.7%, the South grew by 2.9%, while the West rose by 2.3% in November when compared to […]
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. U.S. gross domestic product (GDP) expanded at an annual 2.3% rate in the third quarter, up from the prior estimate of 2.1% but still at the slowest pace in more than a […]
Domestic raw steel production lost some ground in the week ending Dec. 18, slipping for the third time over the past four weeks and falling to its lowest total since the week ending May 22. U.S. mills produced an estimated at 1,805,000 net tons during the week, while the average mill utilization rate fell to […]
Automakers are beginning to report improvements in semiconductor and supply-chain-related downtime, with General Motors Co. the latest to report production gains due to better inflows of the microchips. At one point, the Detroit, Mich.-based GM had nearly idled every North American assembly plant in September. Widespread outages or production cuts were seen from mid-summer and well […]
Housing starts accelerated in November due to strong demand for new construction of single-family and multifamily housing, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 million units. The November reading – indicating […]
Monthly Key Market Indicators, as analyzed by Steel Market Update, continued their shift to a neutral position over the past month with positive indicators eroding further, slipping for the sixth successive month. What began as a typical summer slowdown, worsened by a surge in Delta cases and a less-than-ideal job market, has been compounded by […]
American Iron & Metal (AIM) has purchased Fern Piche & Sons Ltd., a metal recycler based in North Bay, Ontario, a company spokesperson confirmed to Steel Market Update. Although the details of the strategic acquisition were not disclosed, Montreal, Québec-based AIM completed the deal on Dec. 1, extending its regional reach and adding to its worldwide […]
Despite steady improvements across supply chains, the North American auto industry hasn’t seen the last of the semiconductor and related parts shortages. Although most automakers are steadily improving and, in some cases, back to regular production, some downtime continues to be reported. Toyota alone is slashing another 40,000 to 50,000 vehicles from its January production […]
Worthington Industries Inc. reported net earnings of $110.3 million for the second quarter of its fiscal 2022 ended Nov. 30 on total sales of $1.2 billion. Revenues for the Columbus, Ohio-based steel processor jumped by 69% or $501.8 million from the same period last year, driven primarily by higher average direct selling prices in its Steel […]
Manufacturing in the state of New York saw a strong growth rate in December, exceeding November’s by a slight margin, according to the Empire State Manufacturing Survey. The headline general business conditions index rose 1 point to 31.9 during the month. The index closes out the year on an upbeat note with gains in November and […]
The Associated General Contractors of America (AGC) together with two of its chapters, the Dallas-based TEXO chapter and the statewide AGC of Texas chapter, filed suit earlier this week in federal court to block the Biden administration’s effort to impose a COVID-19 vaccine mandate on federal contractors and subcontractors. According to the suit, the groups […]
ArcelorMittal Mexico anticipates a run rate of roughly 70% by year’s end at its new hot strip mill in the Michoacan province. Executives lauded the production ramp-up of the new 2.75-million-ton hot strip mill during the company’s earnings call late last week, noting the facility’s output could be around 1.50 to 1.75 million tons in […]
Producer prices expanded 1.4% in November, seasonally unadjusted, climbing consecutively since reaching the most recent bottom 20 months ago, reports the U.S. Labor Department. Persistently high prices in large part continue to reflect clogged supply chains, as manufacturers scramble to keep up with unusually strong consumer demand. The Labor Department said that its Producer Price Index […]
Domestic raw steel production recovered some ground in the week ending Dec. 11 after slipping for two straight weeks. U.S. mills produced an estimated at 1,818,000 net tons during the week, while the average mill utilization rate rose to 82.4%, according to the American Iron and Steel Institute (AISI). Production was up an estimated 0.6% […]
Alro Steel has acquired Ace Steel, a Roanoke, Va.-based service center and distributor of steel and plastic products. The deal will grow Alro’s customer base while providing improved service for cut-to-size metals and plastics, the company said. Established in 1992 as a full-service metal distributor, Ace Steel serves the Roanoke Valley in Virginia. The acquisition strengthens […]
Imports of less-expensive sheet and plate products continue to make their way into the U.S. market, a steady increase over the past six months as buyers continue to seek relief from record-high steel prices in the U.S. October Commerce Department data show imports’ shares of the U.S. flat products markets at their highest levels in the past […]
Total mill shipments of steel products edged up 1.4% in October to 8.619 million tons, following a 12.2% fall the month prior. Apparent supply slipped for the second straight month in October, down 2.2% on top of a 6.9% decline in September. October’s contraction marks the first month-on-month decrease in steel supply since apparent supply fell […]
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. North American auto assemblies pushed higher in November, expanding for the second straight month as they recover from the lowest monthly total year-to-date in September. November’s production total was up 4.1% sequentially, […]
U.S. steel product shipments rose for a sixth straight month in October, expanding by 1.7% versus the prior month. The pace of growth has been steady over the past few months. Steel product shipments have grown at a rate just under 2.0% month on month since July and keeping a steady upward trend since May. […]
The Dodge Momentum Index contracted in November following a 10.0% expansion the month prior. The index registered 171.7 in November, a 4.0% decline against the revised October reading of 178.1, according to data and analytics from the Dodge Construction Network. The value of nonresidential building projects continues to move in a sawtooth pattern, alternating between […]
Total construction spending edged higher in October, as gains in public and private project types outmatched decreases in single- and multifamily residential outlays, reported the Associated General Contractors of America (AGC). Public sector investments would likely rise in the near future as a result of the recently-passed infrastructure bill, according to the AGC, but they […]
The U.S. construction sector saw 31,000 new employees added to payrolls in November. Even though nonresidential construction firms added workers for a third straight month, the sector’s unemployment rate rose 0.7 percentage points to 4.7% during the same period, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. The […]
U.S. construction spending rose fractionally in October after contracting the two months prior, but actual construction outlays year-to-date are 7.5% greater than the first 10 months of 2020, the Commerce Department reported. The Census Bureau’s report on construction spending shows residential slipped 0.5% during October, the once meteoric market now in its fourth month of easing. […]
November was a major letdown for the U.S. labor market, which added just 210,000 jobs, though the unemployment rate ticked slightly lower. The latest data from the U.S. Bureau of Labor Statistics showed that the U.S. economy created far fewer jobs than expected in November, in a sign that hiring started to slow even ahead […]