Olympic Steel, a leading national metals service center, announced the promotion of Andrew Greiff to Executive Vice President and Chief Operating Office, as of August 19, 2016. Greiff joined Olympic Steel in 2009 and was promoted to President, Specialty Metals in 2011. In that role he managed sales and distribution of stainless steel and aluminum […]
As I wander around the industry talking to buyers and sellers of steel I am always asking and listening for the signs of change. These are “warnings” to my ears and I heard one earlier today that needs to be pursued further and I think we will have the opportunity to do so at our […]
China has issued a new policy that outlines steps it will take to address overcapacity in major industrial areas. The report focuses on adherence to market rules and environmental and energy guidelines with punishment for those who fail to meet governmental standards. China has pledged to reduce overcapacity by 2020 in the iron and steel, […]
California Steel Industries, Inc. (CSI) announced that Marcelo Botelho will be the new president and CEO of CSI, effective August 1, following the retirement of Toshiyuki Tamai. Botelho most recently served as Controller Global Director at Vale S.A. His background also includes positions in the utility, aerospace, and aluminum industries in Brazil. Tamai will retire […]
AK Steel reported net income of $17.3 million for second quarter 2016 compared to a net loss of $64.0 million a year ago. Net sales were 1.49 billion a decrease from $1.69 billion in in Q2 2015 as a result of lower automotive contract pricing as well as a decrease in shipments. Shipments totaled 1,555,500 […]
What we like to hear for our member companies: One of the largest service centers in the U.S. told us earlier this week after registering for our Steel Summit Conference, “Our guys tell me your conference is very good, I’m looking forward to attending. Also, several mills tell me that your conference is turning into […]
Reliance Steel & Aluminum Co. reported net income rose 11.9 percent to $100.9 million in second quarter 2016. Sales of $2.20 billion were down 9.1 percent from a year ago but up from first quarter by 1.9 percent. Gregg Mollins, President and CEO of Reliance, said, “The metals pricing environment for carbon steel products was […]
Nippon Steel & Sumitomo Metal Corp. has developed a new automotive steel that is 20-30 percent lighter and 25 percent stronger than any high-tensile steel now on the market. The highest tensile strength currently available is 1400 megapascals with the industry average around 1200 MPa. NSSMC’s new steel has a grade of 1470 MPa and […]
The U.S. International Trade Commission announced Friday that it made an affirmative decision on injury to U.S. steel producers by imports of corrosion resistant steel products from China, India, Italy, Korea, and Taiwan. The USITC determined by unanimous vote that the U.S. steel industry was materially injured by the import of corrosion-resistant steel products (galvanized, […]
Leaders in the steel industry reacted favorably to Friday’s affirmative decision by the International Trade Commission (ITC)’s regarding injury to the industry resulting from the import of corrosion-resistant steel from China, India, Italy, Korea, and Taiwan. Mario Longhi, President and CEO, US Steel Corp.: “United States Steel Corporation is pleased with the International Trade Commission’s […]
The United Kingdom surprised the world by voting for an exit from the European Union on Thursday. Steel Market Update asked John Anton, Principal Economist-Steel at IHS Global Insight to provide us his insights into what this might mean for the global market. GDP growth in the EU27 is expected to lose 0.2 percent in […]
Here are some of the comments made to SMU over the past few days both in New York City and upon our return to our offices. Regarding scrap prices, one of our sources was telling us that the domestic steel mills are making a mistake by attempting to push ferrous scrap prices lower, especially when […]
On Wednesday this week the Bureau of Labor Statistics (BLS) released its series of Producer Price Indexes (PPI) for more than 10,000 goods and materials. For an explanation of this program see the end of this piece. The latest release this week reported results through May. We run this analysis every three or four months […]
ArcelorMittal is set to expand its portfolio of automotive steels by launching two new products in 2017, Usibor®2000 and Ductibor®1000. According to a spokesperson at ArcelorMittal , Usibor® 2000, which has been under development for some time, is a new Aluminum-Silicon coated high strength steel that will be even stronger than its predecessor Usibor® 1500. […]
Steel Technologies LLC plans to invest $18 million in a new processing facility in Smyrna, Tennessee. The 83,000 square foot facility will create 50 new jobs and handle both steel and aluminum sheet. “This new greenfield operation expands our exposed and unexposed automotive slitting and blanking capabilities,” Steel Technologies Vice President of Operations Randall Patterson […]
The US Treasury Secretary told Chinese students at Tsinghua University that excess steel capacity is distorting the world market. The comments came ahead of talks in Beijing between the US and China on trade and security. “Excess capacity is not just a domestic issue in China,” said Treasury Secretary Jacob Lew. “The question of excess […]
SMU Price Momentum continues to reflect the strength of steel mills as we expect prices to continue to rise over the next 30 days. Our Price Momentum Indicator has been pointing toward higher prices since early December 2015 (6 months and counting). Although our Steel Buyers Sentiment Index took a hit in May for both […]
The Department of Commerce announced on Wednesday affirmative final determinations in AD and CVD investigations of imports of corrosion-resistant steel products (CORE) from China, India, Italy, Korea; an affirmative final determination in the AD investigation of imports of CORE from Taiwan; and a negative final determination in the CVD investigation of imports of CORE from […]
The following article was written by Lisa Reisman, Managing Director and CEO Of Azul Partners, Inc., on May 24, 2016 and is reprinted with permission of MetalMiner: Jennifer Diggins is the director of Government Affairs at Charlotte, N.C.-based Nucor Corp., the largest steelmaker in the U.S. and North America’s largest recycler of any material (Nucor […]
Steel Market Update received a note from trade attorney Lewis E. Leibowitz regarding an “ex parte” memorandum from former Michigan Governor and current President of the Business Rountable, John Engler, about the AD investigation of imports of cold rolled steel from Japan. Mr. Engler was intervening on behalf of Steelcase and their subsidiary PolyVision which […]
Ryerson Holding Corporation reported net income of $13.5 million for the first quarter of 2016, compared to a loss of $2.5 million for the first quarter of 2015. Revenues were $702.6 million for the first quarter of 2016, down 19.1 percent from the year-ago period due to a 19.4 percent decline in the average selling […]
There have been many comments made in the press recently regarding the opinions of analysts and consultants as to how long the current flat rolled price environment will last.The Pittsburgh Post published an article by Len Boselovic entitled: “Heard off the Street: Analysts: steel price hike may not last.” This article, which quotes one of […]
Olympic Steel reported a narrower than expected net loss of $767,000 for first quarter 2016. Revenues were $258.3 million compared to $346 million in Q1 2015 due to lower prices and volume. First quarter shipments increased, however 16 percent from fourth quarter 2015 recapturing market share from last year’s declining marketplace. “We successfully navigated challenging […]
The United Steelworkers have retracted their petition to bring Section 201 action on imports of primary unwrought aluminum. The USW filed the petition on April 18 but is suspending it due to lack of industry support. The April 22 statement from the USW follows: “We have decided to suspend our petition seeking action to restore […]
Reliance Steel & Aluminum posted net income of $92.2 million on sales of $2.16 billion for first quarter 2016. Tons sold were up 8.9 percent from Q4 2015 with average selling price down 15.6 percent from a year ago and down 2.4 percent from the previous quarter. Reliance sold 1,216,700 tons of carbon steel in […]
The United Steelworkers filed a petition this week under Section 201 of U.S. trade law to attempt stem imports of primary unwrought aluminum. We are reporting on this because a number of companies/organizations having begun calling for the use of Section 201 to help stem unwanted steel imports (see article in tonight’s newsletter written by […]
There have been a number of questions about whether steel prices have the staying power to continue to move higher from here. We thought we would bring in another opinion on the subject. MetalMiner published an article on the subject just yesterday and they have allowed us to reproduce the article in tonight’s newsletter. Lisa […]
The following is one of the monthly analyses Steel Market Update does on key commodities and raw materials which impact steel prices: iron ore, scrap, coking coal as well as zinc and aluminum. Prices of the various commodities have been rising over the past month which is a net positive for the steel industry. The […]
China has agreed to eliminate some export subsidies on products exported to the United States, said U.S. officials this week. The subsidized products gave advantages to small firms in seven industries, including textiles and seafood, and were in violation of World Trade Organization rules. It is estimated that government subsidies for the program totaled about […]
The ocean bound freight market had a bit of good news last week—the Baltic Dry Index rose to 517 on April 7 and closed the week out on April 9 at 539, nearly an 86 percent increase from mid-February’s historic low of 290. MID-SHIP Report says a celebration is not yet warranted since the BDI […]