Weekly raw steel production by U.S. mills contracted slightly for the second straight week. The average utilization rate was 84.7%, while production totaled 1,869,000 net tons in the week ending Aug. 14, according to the American Iron and Steel Institute (AISI). The dip, though minor, was the second in as many weeks after domestic production pushed […]
Toronto-based Russel Metals, Canada’s second largest metals distributor, posted its best second-quarter earnings ever off strong market conditions, the company said. Driven by rising demand and constrained supply chains, pre-tax earnings totaled $178 million, up 38% from Q1 on sales of $1.07 billion. That compares to EBITDA of $32 million on sales of $588 million in […]
Olympic Steel reported record sales and the most profitable quarter in company history. The achievement in the service center’s second quarter was bolstered by exceptional market conditions and historically high metal prices, the company said. Driven by higher pricing, Olympic set a sales record for the second consecutive quarter, posting net sales of $556 million […]
The Biden administration is calling for mass adoption of electric vehicles (EVs) by 2030, a target supported by major U.S. automakers such as General Motors, Ford and Stellantis. The goal, reinforced with an executive order from the president, bolsters the U.S. auto industry’s efforts to reach a 40-50% EV penetration within the next nine years. […]
Steel tube producer Tenaris saw global sales jump 29% sequentially to $1.53 billion in the second quarter of 2021, pushing results up 17% year-over-year. A 21% increase in volumes was aided by a 6% increase in selling prices. Sales surged by 37% in North America, supported by a continued recovery in energy drilling activity and […]
U.S. mills are producing steel at nearly full capacity. The average utilization rate for U.S. mills reached 85.0% in the week ending July 31, while raw steel production totaled 1,876,000 net tons, according to the American Iron and Steel Institute (AISI). Weekly output rose for the fifth straight week, up 0.4% compared to the week […]
New orders, production and employment grew in July despite a deceleration is supplier deliveries and growing backlogs, said the Institute for Supply Management in the July 2021 Manufacturing ISM Report on Business. The Manufacturing PMI fell 1.1 percentage points in July to 59.5%, still above 50% and indicating expansion in the overall economy for the […]
The U.S. manufacturing sector saw the most substantial improvement in operating conditions on record, according to July’s U.S. Manufacturing PMI data from IHS Markit. “July saw manufacturers and their suppliers once again struggle to meet booming demand, leading to a further record jump in both raw material and finished goods prices,” said Chris Williamson, chief […]
Construction sectors continued to diverge in June, reported the Associated General Contractors of America (AGC). Although residential construction increased month on month and when compared to the same year-ago period, nonresidential construction spending fell again. The nonresidential declines include a steep drop in spending on highway and street projects, prompting the AGC again to urge Congress […]
The U.S. construction sector saw mixed results in June. Overall spending rose by 0.1%, the Commerce Department reported, as an increase in private projects was offset by a decline in the public building segment. Supply chain disruptions, rising materials prices and labor shortages continue to hamper a construction sector trying to rebound from the COVID […]
Steel Dynamics Inc. (SDI) has proposed a major investment at its Heartland Division flat-rolled steel processing operations in Terre Haute, Ind., company President and CEO Mark Millett told Steel Market Update. The cost of the planned expansion – a 390,000-square-foot addition that would increase the facility’s footprint by 50% – is estimated at $231 million and would include enhancements to […]
Steel Dynamics Inc. (SDI) has proposed a major investment at its Heartland Division flat-rolled steel processing operations in Terre Haute, Ind., company President and CEO Mark Millett told Steel Market Update. The cost of the planned expansion – a 390,000-square-foot addition that would increase the facility’s footprint by 50% – is estimated at $231 million and would include enhancements to […]
In a trading update for Q2 2021, Evraz reported favorable market conditions and a 6.1% increase in sales over the first quarter. Although demand remained high in North America throughout the quarter amid a rapid economic recovery from the pandemic, fewer imports and relatively low levels of distributor inventory impacted overall sales in the region. […]
Toyota Motor North America in now a member of the Auto/Steel Partnership (A/SP), joining automakers Stellantis and General Motors in a consortium that includes the American Iron and Steel Institute’s (AISI) Automotive Applications Council. “We are excited to welcome Toyota to our team of automakers, steel companies and tier supplier representatives who are dedicated to […]
U.S. gross domestic product (GDP) grew by 6.5% in the second quarter of 2021 on an annualized basis, according to the advanced estimate from the Bureau of Economic Analysis (BEA). While the gain was the second-fastest pace of growth in 38 years, it was a disappointing mark, falling short of forecasts for 8% GDP. The second […]
Construction employment declined or stagnated in 101 metro areas between February 2020, the last month before the pandemic, and last month, reported the Associated General Contractors of America in its latest analysis of government data. Labor shortages and supply chain challenges have kept many firms from adding workers in various parts of the country, said […]
U.S. consumer confidence remained steady in July following more accentuated gains in five of the past six months, according to the latest data from The Conference Board. The July index rose by just 0.2 of a point month on month, on top of increases totaling nearly 34 points from February through June. “Consumer confidence was flat […]
Orders for manufactured durable goods rose slightly in June, slowing the upward momentum seen the month prior, reported the U.S. Census Bureau. Orders for cars, appliances and other durable goods rose by 0.8% to a seasonally adjusted $257.6 billion in June, weaker than expected and much less than the 3.2% growth seen the month before. […]
The average utilization rate for U.S. steel mills reached 84.6% in the week ending July 24, while domestic raw steel production totaled 1,868,000 net tons, keeping the upward momentum going for the fourth straight week, according to the American Iron and Steel Institute (AISI). Weekly output was up 0.5% compared to the week prior when […]
Sales of new single-family homes fell in June for the fifth time in six months, landing at 6.6% below May’s downward revised estimate at a seasonally adjusted annual rate of 676,000, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported on Monday. Sales fell by 19.4% when compared to the […]
Daimler AG has recognized Big River Steel (BRS) for its “exceptionally sustainable” steel. The electric arc furnace (EAF) producer, a U.S. Steel subsidiary, has helped the German automaker reduce the CO2 emissions attributed to the steel used in its Mercedes-Benz products by more than 70%. Emission-free mobility is a corporate goal for Damiler, which thinks climate […]
World crude steel production, at an estimated 167.9 million metric tons in June, was down 3.7% from a month ago but up 12.0% when compared to the same year-ago period, reported the World Steel Association (worldsteel). June’s data is the first decrease in more than four months and follows sequential record-breaking increases seen from March […]
World crude steel production lost momentum in June after repeated months of record-breaking output, according to World Steel Association (worldsteel) data. Global production in June, at an estimated 167.9 million metric tons, declined 3.7% from May, but was still 12.0% higher than the same period last year. Since March’s historic 12.7% jump, world crude steel production […]
Reliance Steel & Aluminum Co.’s sales soared to a record of $3.42 billion in the second quarter on shipments of 1.424 million tons. Sales were up 20.4% from the previous quarter and up 69.3% from the same period last year. The record-setting results for the largest service center in North America were due primarily to the […]
Demand for design services from U.S. architecture firms continued to increase in June, said the American Institute of Architects. AIA’s Architecture Billings Index reached 57.1 in the month, 1.4 points lower than May but still in growth territory. The billings index has expanded every month since January. The index for new design contracts declined 4.3 points from […]
Existing-home sales rose in June, ending a four-month decline, reported the National Association of Realtors. Three of the four major U.S. regions registered small month-over-month gains, while the South was sideways. All four areas saw double-digit gains year on year. June sales rose 1.4% from May to a seasonally adjusted annual rate of 5.86 million. […]
SSAB Americas reported record profits on shipments totaling 494,000 metric tons in the second quarter, up 2% from the previous quarter and up 6% when compared to the same year-ago period. Demand for heavy plate remained strong across most consumer segments, the company said. Sharp increases in steel prices pushed revenues up 32% from the […]
Nucor has agreed to buy racking and hollow structural section (HSS) manufacturer Hannibal Industries Inc. for $370 million. “Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel,” Nucor President and CEO Leon Topalian said. “This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes […]
Builder confidence slip modestly in July on high raw material costs and a shortage of skilled labor, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The index edged down one point to a reading of 80 last month. The dip in the index – a measure of builder confidence in […]
The average utlization rate for U.S. steel mills reached 84.1% in the week ending July 17, while domestic raw steel production totaled 1,859,000 net tons, up for the third consecutive week, according to the American Iron and Steel Institute (AISI). Weekly output was up 0.4% when compared with the week prior when production was 1,852,000 […]