The Chicago Business Barometer fell to a four-month low in June with a PMI reading of 66.1, according to MNI Indicators. The June PMI slipped 9.1 points from May. Through Q2, however, the index jumped by 7.9 points to 71.1, its highest quarterly reading since Q4 1973. Demand was not as robust as anticipated. Supplier […]
U.S. GDP grew by 6.4% in the first quarter of 2021 on an annualized basis, according to the Bureau of Economic Analysis’ (BEA) third and final revision. The third revision saw no change in overall GDP compared to the advance and second estimates; however, upward revisions to nonresidential fixed investment, private inventory investment, and exports […]
World crude steel production kept its upward momentum in May with another record-breaking month, according to World Steel Association (worldsteel) data. Global output, at an estimated 174.4 million metric tons, was 16.5% higher than the year-ago period and 2.8% higher than April. Since March’s historic 12.7% jump, world crude steel production has been trending up. May’s […]
U.S. consumer confidence improved further in June on top of repeated gains in each of the four previous months, according to the latest data from The Conference Board. The June index rose by 7.3 points month on month, following increases of nearly 25 points from February through May. “Consumer confidence increased in June and is currently […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
Raw steel production by U.S. mills totaled 1,835,000 net tons in the week ended June 26, down 0.2% compared with the week prior when production was 1,839,000 net tons. The average mill utilization rate was 82.7%, also down 0.2% week on week, based on the available data compiled and reported by the American Iron and […]
World crude steel production, at an estimated 174.4 million metric tons, was 16.5% higher in May than in the same month last year, reported the World Steel Association (worldsteel). May’s data is significant not just due to a stellar recovery from the coronavirus-driven doldrums, but the fact that May’s output is 2.8% higher than April’s […]
Encouraging the market to use better steel, and use steel better, along with being a leader in fossil-free steel production, is SSAB’s broader goal, said SSAB Americas President Charles Schmitt, during Wednesday’s SMU Community Chat webinar. SSAB Americas is the largest supplier of heavy steel plate in North America. Steel consumption has doubled since 2000, and […]
Producer prices have not only recovered from the COVID-19-driven fallout, but have now overtaken pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) has seen consistent month-on-month increases. May’s index registered a 3.2% increase versus the […]
Raw steel production by U.S. mills totaled 1,839,000 net tons in the week ended June 19, up 0.3% compared with the week prior when production was 1,834,000 net tons. The average mill utilization rate was 82.9%, also up 0.3% week on week, reported the American Iron and Steel Institute (AISI). Last week’s output represents a […]
Steel Market Update’s latest analysis of monthly Key Market Indicators underscores that the recovery is still under way. Markers for both the Present Situation and Trends show small but positive moves from a month ago and now exceed pre-pandemic levels. SMU’s Key Market Indicators include a host of data on the economy, raw materials, manufacturing, construction, and […]
Mill shipments of steel products declined by 2.0% in April compared with the month prior, while apparent supply increased by 2.8% during the same period. April’s totals were a letdown from the strong performance in March, which saw shipments of steel products leap by 18.3% and apparent supply accelerate by 18.1%. This analysis is based […]
U.S flat products import volumes are at their highest level in more than two years—and import data for May has not yet been finalized. The U.S. is poised to import at least 914,886 metric tons of flat products in May, according to the latest import license data from the Commerce Department. That volume is already 16.7% […]
Easing pressure on construction costs and supply-chain bottlenecks is at a tipping point, the Associated General Contactors of America (AGC) said, urging the Biden administration to end tariffs and quotas on steel, aluminum, and lumber at once. The cost of goods and services used in construction climbed by a record-setting 4.3% in May and 24.3% […]
Raw steel production by U.S. mills totaled 1,834,000 net tons in the week ended June 12, down a slight 0.3% compared to the week prior, but still at a healthy mill utilization rate of 82.6%. That compares to production of 1,272,000 net tons and mill utilization of just 56.8% in the same period last year […]
U.S. steel and metals trade associations warned Congressional leaders that the condition of the nation’s infrastructure is “dire.” They urged legislators to support the “historic” and metal-intensive infrastructure bill proposed by the Biden administration. The trade groups—which claim to represent more than 74,000 domestic facilities—pointed out that an American Society of Civil Engineers (ASCE) 2021 report card gave U.S. […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 46.6% in April, up from 46.2% in March. Both domestic shipments (-7.0%) and imports of tubular products (-5.8%) fell month on month, yet domestic shipments edged down at a stronger clip when compared to March. […]
This report examines the import share of sheet and plate products. Imports’ share of total sheet product shipments was 12.5% in April, down from 12.7% in March. By comparison, the import share of total plate product shipments jumped to 19.9% in April, up from 15.7% the month prior. Import share for sheet products has dipped […]
U.S. steel product shipments fell by 2.4% in April following an increase of 15.6% in the month prior. The decline, although disappointing, is not surprising because steel product shipments have been irregular from month to month since bottoming out in May 2020. The lack of consistency has been attributed to seasonal factors at times but […]
U.S. Steel wants to make Big River Steel the leader in non-grain-oriented electrical steels (NGOES). To that end, the Pittsburgh-based integrated steelmaker will invest $450 million at Big River’s steel mill in Osceola, Ark., to target the growing demand from the electric vehicle market. Funded entirely from cash generated at Big River, the NGOES expansion […]
Steelmaker Cleveland-Cliffs marked sixth months of continued operation and production of hot-briquetted iron (HBI) at its direct reduction plant in Toledo, Ohio, with a ribbon-cutting celebration. In attendance for the June 9 on-site event hosted by Cliffs’ Chairman, President and CEO Lourenco Goncalves were Ohio Governor Mike DeWine, Rep. Marcy Kaptur (D, Ohio), and Toledo […]
The U.S. economy recovered from the disappointing showing in April by adding 559,000 new jobs in May, the Bureau of Labor Statistics (BLS) reported. Although fewer workers were added to the payroll than the 700,000-plus forecasted by economists, the May jobs report was in line with February and March totals. The gains underscore the positive impact of steady […]
The U.S. labor market gained some ground in May following a disappointing performance the month prior. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 559,000 workers to their payrolls in May, a vast improvement from the measly 266,000 new jobs added in April – but still behind the 770,000 new hires in […]
Raw steel production by U.S. mills totaled 1,840,000 net tons in the week ended June 5, up 0.2% compared to the week prior when production totaled 1,836,000 net tons, according to the American Iron and Steel Institute (AISI). The mill utilization rate last week averaged 82.3%, up from 81.5% the week before and up 46.3% […]
Shipbuilder Austal USA has been awarded a design contract to build a new ship for the U.S. Navy. The agreement, valued at $3.6 million, is for the functional design and construction of the new 80-meter (252.5 foot) Navajo-class Steel Towing, Salvage and Rescue Ship (T-ATS). This follows recent news of Austral USA’s new steel manufacturing […]
The construction sector continues to gain momentum, but the effects of the COVID pandemic linger. Growth remains uneven as most sectors are still struggling to rebound from the doldrums seen last year. Total construction spending during April 2021, at a seasonally adjusted annual rate, was $1.524 trillion, up 0.2% from March’s revised estimate of $1.521 trillion, […]
U.S. gross domestic product (GDP) grew by 6.4% in the first quarter of 2021 on an annualized basis, according to the second estimate from the Bureau of Economic Analysis (BEA). The second estimate saw no change in overall GDP compared to the advance estimate; however, upward revisions to consumer spending and nonresidential fixed investment were […]
Raw steel production by U.S. mills totaled 1,836,000 net tons in the week ended May 29, up 2.4% compared to the week prior when production totaled 1,793,000 net tons, according to the American Iron and Steel Institute (AISI). The mill utilization rate last week averaged 81.5%, up from 79.0% the week before and up 50.1% […]
Nonresidential construction spending hit a two-year low in April, down for a fifth consecutive month due to supply-chain woes and soaring costs, according to the Associated General Contractors of America (AGC). Extended delivery and production times as well as fast-rising materials prices caused demand to wane across several public and private project categories. “Both public […]