There were many questions raised earlier this week about the announced new steelmaking and rolling capacities and whether those projects would indeed continue through completion. The questions came during various steel meetings held by analysts, steel mills, CRU and others in New York City. I participated in three events and found the question brought up […]
Two of the biggest steel companies in the U.S. are expecting earnings to decline in the second quarter. Nucor and Steel Dynamics both cite lower shipments and inventory destocking as contributing factors. In guidance released on Monday, Nucor forecast earnings in the range of $1.20 to $1.25 per diluted share compared to $1.63 per share […]
By CRU Principal Analyst Chris Asgill Scrap supply has continued to outpace demand in most of the key scrap supply markets and CRU’s metallics price indicator (CRUmpi) has fallen a further 4.2 percent m/m to 231.2 (see chart). This is the lowest level for the indicator since June 2017. The depth of U.S. scrap price weakness surprised the […]
2019 SMU NexGen Leadership Award – Frequently Asked Questions Question: What is the purpose of the award? Answer: To recognize the contributions being made by younger people in various roles in manufacturing, fabrication, steel distribution, steel mills, trading companies – essentially any company that handles mild carbon (coil, sheet or plate) or automotive steels. Steel […]
2019 SMU NexGen Leadership Award – Frequently Asked Questions Question: What is the purpose of the award? Answer: To recognize the contributions being made by younger people in various roles in manufacturing, fabrication, steel distribution, steel mills, trading companies – essentially any company that handles mild carbon (coil, sheet or plate) or automotive steels. Steel […]
Orders for metal cutting machines and metalforming and fabricating machines saw their lowest April rate since 2016. The Association for Manufacturing Technology reports manufacturing technology orders totaled $344.6 million in April, a decline of 16.5 percent from March and 17.6 percent year-over-year. For the first four months of this year, orders were down 11.6 percent […]
Liberty Steel has announced the acquisition of Johnstown Wire Technologies, a producer of value-added carbon and alloy wire, in Johnstown, Pa. The acquisition will give Liberty the capacity to manufacture a range of high-value carbon and alloy wire products for multiple end markets including the infrastructure, automotive, utility and consumer sectors. The Johnstown operations will […]
Have you considered nominating that young up-and-comer in your organization for Steel Market Update’s NexGen Leadership Award? Deadline for nominations is Aug. 1. This is the first year for the award, which is designed to recognize truly exceptional emerging leaders, age 35 and under, for their extraordinary achievements. The honor is open to individuals employed in […]
The Georgia International Convention Center (www.gicc.com) as well as the three Gateway Hotels (Marriott, Renaissance and SpringHill Suites) are all conveniently located at the first stop of the free SkyTrain out of the Atlanta International Airport (ATL). The second stop on the SkyTrain is for car rentals. Our overflow hotel – the Atlanta Airport Marriott […]
2019 SMU Steel Summit Conference – A Sneak Peek – Day 1 Written by: John Packard, President & CEO, Steel Market Update RE: 2019 SMU Steel Summit Conference, August 26-28, 2019 – Location: Georgia International Convention Center, Atlanta, GA The Georgia International Convention Center (www.gicc.com) as well as the three Gateway Hotels (Marriott, Renaissance and […]
The Steel Market Development Institute (SMDI), a business unit of the American Iron and Steel Institute (AISI), presented awards for achievement and service to the North American steel industry at the institute’s General Meeting in Washington this week. Recipients were Dr. Grant Thomas of AK Steel, Eric Petersen, formerly of AK Steel, and Edward Pleet […]
As one perk of the award, the winner of the SMU NexGen Leadership Award will have a once in a lifetime opportunity to spend the day with one of the most interesting and accomplished CEOs in the steel industry, Mark Millett, Co-Founder, President and CEO of Steel Dynamics Inc. Mark D. Millett is President and […]
As one perk of the award, the winner of the SMU NexGen Leadership Award will have a once in a lifetime opportunity to spend the day with one of the most interesting and accomplished CEOs in the steel industry, Mark Millett, Co-Founder, President and CEO of Steel Dynamics Inc. Mark D. Millett is President and […]
The Coalition of American Metal Manufacturers and Users issued the following statement on the one-year anniversary (June 1) of full implementation of the Section 232 tariffs on steel and aluminum imports: The Coalition of American Metal Manufacturers and Users (CAMMU) is encouraged by the termination of Section 232 steel and aluminum tariffs on Mexico and […]
May turned out to be a good month for several automakers. Fiat Chrysler, Toyota and Nissan all reported year-over-year gains. Fiat Chrysler posted a 2 percent gain in May, its first monthly increase since January, while Toyota jumped 3.2 percent and Nissan 0.1 percent. Automotive News estimates that General Motors sales increased 1.2 percent in […]
Promises of steel tariff relief were short-lived for Mexico as President Trump’s latest tariff move adds new penalties and dashes hopes for quick ratification of the USMCA. Trump announced on Thursday that 5 percent tariffs will be imposed June 10 on all Mexican goods, including steel, until such time that Mexico stops the influx of […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: President Trump announced his intention to impose new tariffs on imports from Mexico on Thursday afternoon. Beginning June 10, 5 percent tariffs will be imposed on all imports of goods from Mexico. On the first of July, the […]
Steel Market Update, in partnership with the Steel Manufacturers Association, is now accepting nominations for the new SMU NexGen Leadership Award. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North […]
Steel Market Update, in partnership with the Steel Manufacturers Association, is now accepting nominations for the new SMU NexGen Leadership Award. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North […]
Steel Market Update is pleased to announce the new SMU NexGen Leadership Award in partnership with the Steel Manufacturers Association. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North America, SMU is […]
Nucor Corp. and AK Steel were each recognized as a Supplier of the Year for Non-Fabricated Steel at General Motors’ 27th annual awards ceremony in Detroit on May 15. Recipients are chosen by a global team of GM purchasing, engineering, quality, manufacturing and logistics executives. Winners were selected based on performance criteria in Product Purchasing, […]
Nucor Steel South Carolina will celebrate its 50th anniversary next month with plans to add vacuum degassing to its engineered bar capabilities at the Darlington mill. “This strategic investment complements our existing bar mills that primarily produce engineered bar products in Norfolk, Neb., Memphis, Tenn., and Wallingford, Conn. It will position us to better serve […]
On Friday, May 17, President Trump concurred with findings by the Commerce Department that imports of automotive vehicles and parts threatened to impair national security. As a result, the President directed the U.S. Trade Representative to pursue negotiation of agreements with the EU and Japan, and any other country the Trade Representative deems appropriate, to […]
Although not a disaster, steel demand has fallen short of expectations so far in 2019, contributing to the downtrend in steel prices. The benchmark price for hot rolled steel has declined by double digits since the beginning of the year. Steel Market Update’s canvass of the market over the past week reveals that many service […]
Steel Market Update is pleased to announce the new SMU NexGen Leadership Award in partnership with the Steel Manufacturers Association. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North America, SMU is […]
President Trump could decide this week whether to extend the Section 232 tariffs to imports of vehicles and auto parts. May 18 is the deadline for the president to act on the Commerce Department report submitted back in February. As with the steel industry, the administration has argued that a strong automotive industry is essential […]
Opponents of the proposed Section 232 tariffs on imports of autos and auto parts have won at least a temporary reprieve. On Friday, President Trump announced that he will wait six months before reconsidering the tariffs to give the U.S. Trade Representative time to negotiate new agreements on automotive trade with Europe and Japan. In […]
Metal fabricators are worried about how content provisions in the U.S.-Mexico-Canada Agreement will impact their industry. The proposed trade agreement for North America includes provisions on steel and aluminum regional content for automobiles, but may extend to other manufacturing sectors. “Too many people view NAFTA as just about cars when the agreement impacts virtually every […]
Steel Market Update is pleased to announce the new SMU NexGen Leadership Award in partnership with the Steel Manufacturers Association. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North America, SMU is […]
More than 40 percent of respondents to Steel Market Update’s market trends questionnaire this past week said they are confused by the current steel market and price direction. Judging by their comments, it’s unclear to many why steel prices are declining at a time when the economy is so strong, imports are down and the […]