Final Thoughts: The 'Donroe Doctrine'
A sneak peek at the first survey results of 2026.
Contributor: Ethan Bernard
Ethan Bernard
Read more from Ethan Bernard 
SMU Survey: Current Buyers' Sentiment jumps, Future Sentiment slips
The Current SMU Steel Buyers’ Sentiment Index has rebounded from our previous market check in December. However, Future Buyers’ Sentiment has edged down, according to our latest survey data.
Dodge Momentum Index rises 7% in December
The Dodge Momentum Index (DMI) increased from November to December, according to the latest data released by Dodge Construction Network (DCN).
CMC swings to profit on firm North American market
CMC’s earnings jumped in the company's first fiscal quarter of 2026 on strong market conditions in North America.
SMU Survey: Mills hold firm on price to start 2026
Mill spot price negotiation rates have tumbled across all products SMU tracks, according to our latest survey data.
AISI: Domestic steel shipments fall in November but rise from 2024
US steel shipments fell month over month in November but rose year over year.
Final Thoughts
We are quickly approaching the one-month countdown to the 2026 Tampa Steel Conference. Let's look at Tampa 2025 to see what people were saying and how it applies to this year.
USS buys USS-UPI property in California for $275M: Report
U.S. Steel has bought the Pittsburg, Calif., property where the former USS-POSCO mill was located for $275 million, according to a report in the San Jose Mercury News.
Final Thoughts
This is the final Final Thoughts of 2025. In fact, let's throw in the final Final Thoughts of the first half of the 2020s. End of year. Mid-decade. What does it all mean?
USS board OKs $350M BF #14 reline project at Gary Works
U.S. Steel’s board of directors has approved the funding for the full $350-million Gary Works blast furnace (BF) reline project.
Metalformers' near-term outlook more bullish in December despite slip in shipping: PMA
Metalforming manufacturers are more upbeat on the prospect of improved near-term economic activity despite lower shipping levels in December, according to the Precision Metalforming Association’s (PMA) December report.
Rig count falls in both US and Canada
The US and Canadian rig counts both fell this week, according to the latest Baker Hughes data released on Friday, Dec. 19.
CRU: Startup of new rail mill in US nears
Rocky Mountain Steel Mills has begun hot commissioning a universal rail mill at its mini-mill in Pueblo, Colo.
AISI elects Outokumpu's Steiner to board
AISI elects Outokumpu's Steiner to board.
Final Thoughts: Register for Tampa Steel today!
A look at possible scenarios that could be announced during SMU's Tampa Steel Conference.
Worthington Steel's profits, sales rise in fiscal Q2'26
Worthington Steel reported higher profits and sales in its fiscal second quarter of 2026.
Posco affirms 20% stake in Louisiana EAF mill with Hyundai
Posco has confirmed a 20% stake in a joint EAF mill in Louisiana with fellow South Korean firm Hyundai, an investment valued at $582 million.
Nucor sees lower Q4 earnings sequentially across all segments
Nucor has guided to lower earnings sequentially in the fourth quarter but higher on-year.
European Commission seeks relief from Section 232 tariffs: Report
The European Commission is aiming to have Section 232 tariffs eased on steel and aluminum, with a special eye towards derivative products as well, as it negotiates with the Trump administration, according to a report in Politico on Dec. 15.
Kestenbaum is still in running for Italy's Ilva assets
Two bids remain for Italy’s shuttered ILVA steelworks, with one belonging to a company headed by steel veteran Alan Kestenbaum, according to a report in Bloomberg.
Manufacturing in New York state contracts in December
Business activity in New York state retreated in December, according to the Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York.
US rig count slips as Canadian count ticks up
The US rig count edged down this week while the Canadian count inched up, according to the latest Baker Hughes data released on Friday, Dec. 12.
HRC vs. prime scrap spread continues to widen in December
The price spread between hot-rolled coil and prime scrap has widened for the third consecutive month in December, based on SMU’s most recent pricing data.
Final Thoughts
Let's take a look inside the last SMU Scrap Survey of 2025.
US scrap tags increase in December
US ferrous scrap prices have picked up in December, sources told SMU.
SMU Scrap Survey: Sentiment Indices rise in December
SMU’s Current and Future Sentiment Indices for scrap increased this month, according to the latest data from our ferrous scrap survey.
Worthington Steel in negotiations for possible takeover of Germany's Klöckner
Worthington Steel is in talks to possibly take over German-based service center chain Klöckner & Co. SE, both companies have confirmed.
US, Canadian rig counts increase
US and Canadian rig counts both increased this week, according to the latest Baker Hughes data released on Friday, Dec. 5.
AISI's Dempsey gives proposals to USTR ahead of USMCA review
The American Iron and Steel Institute’s (AISI's) Kevin Dempsey gave a series of policy proposals ahead of the review of the USMCA trade agreement next year.
October US mill shipments slip but still higher than 2024
Domestic steel shipments dropped in October vs. September, but increased year over year.