Boston Metal has announced $120 million in funding for its effort to fully decarbonize steel production. The Woburn, Mass.-based company said the first close of Series C fundraising was led by an investment from international steelmaker ArcelorMittal. Other investors include Microsoft’s Climate Innovation Fund and SiteGround Capital. “In Boston Metal, we are investing in a […]
Nucor Corp.’s ramp-up at its Gallatin operations are six months behind schedule, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Jan. 26. “We’re about six months behind where were wanted to be on the ramp-up,” Topalian said. “However, over the last few months that team has […]
Business conditions continued to contract at architecture firms in December, though slightly fewer firms reported a decline in billings, according to a report from The American Institute of Architects (AIA). AIA said the pace of decline during December slowed from November, with an Architecture Billings Index (ABI) score of 46.5 vs. 46.6, respectively. The ABI […]
Steel Dynamic Inc.’s new sheet mill in Sinton, Texas, should become profitable in 2023 after costing the Fort Wayne, Ind.-based steelmaker more than $400 million in 2022, company executives said. The shift should come thanks to increased shipments, lower raw material costs, and a lack of import competition from Mexico stemming from production issues at […]
Nucor Corp.’s fourth-quarter net earnings slid 44% from a year ago, but the company still reported the most profitable year in its history. The Charlotte, N.C.-based steelmaker posted net earnings of $1.26 billion in the quarter ended Dec. 31 vs. $2.25 billion in the same quarter of 2021 on net sales that dropped 16% to […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 445 people have already registered, which is more than total attendance last year. New companies are being added […]
Demand for galvanized sheet is stable, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. A few high points from this month’s meeting are that prices have climbed for the first time since April, import levels are low, and the spread between hot-rolled (HR) and galvanized material is […]
Housing starts declined 1.4% in December, even though single-family housing starts posted a double-digit percentage gain last month, according to a report from the US Department of Housing and Urban Development and the US Census Bureau. Led by a decline in multi-family production, overall housing starts decreased to a seasonally adjusted annual rate of 1.38 […]
Just about two-thirds of US states added construction jobs in December, while many job openings remained unfilled, according to the Associated General Contractors of America (AGC). AGC said that open positions at the end of December remained high as demand for many types of commercial construction projects remain strong, adding that firms would likely have added […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 430 people have already registered, which is more than total attendace last year. We expect that number to […]
Mill Steel Co. has acquired Cleveland Metal Exchange (CME) and Chicago Stainless Metal Exchange. A full line of stainless steel and aluminum products is now available through the Mill Steel Stainless and Aluminum division led by former CME CEO, Randy Horvat, and president, Jeff Haas. “We are thrilled to be entering the stainless and aluminum […]
Cleveland-Cliffs has announced a sheet price hike of $50 per ton ($2.50 per cwt) and new base prices for hot-rolled coil of $800 per ton ($40 per cwt). The big question now is not whether prices will continue to go up one or two weeks from now, but whether a price rally that began after […]
The Midwest premium (MWP), calm at year end, started the new year off with a bang, and has jumped up $0.03-.04 in the first two weeks of January. Movement is likely based on the market regulating back up to the full replacement cost level (freight, inventory carry cost, insurance) as trading activity picks back up. […]
US Steel is increasing the warranty policy on Galvalume-coated coils. The Pittsburgh-based steelmaker said it is doubling the standard limited warranty policy for Galvalume-coated coils used in nonresidential and residential building construction. The new warranties will range from 40-60 years vs. 20-25 years for existing warranties, the company said in a statement. “At US […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Becca@SteelMarketUpdate.com […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Becca@SteelMarketUpdate.com […]
We’re less than one month away from the Tampa Steel Conference. The event will be at the Tampa Marriott Water Street hotel again, so mark your calendar for Sunday-Tuesday, Feb. 5-7. There are nearly 375 attendees registered, and the list is growing daily. Keep in mind that this is the high season for tourism in Florida, and […]
The Dodge Momentum Index registered 222.2 in December, up 6.6% from 208.3 in November, according to data and analytics from the Dodge Construction Network. Dodge is the leading index for commercial real estate, using the data of planned nonresidential building projects to track spending in the sector for the next 12 months. For December, the index’s […]
Commercial Metals Co. said high demand in North America and increased market share in Europe helped to lift net earnings 12% in its fiscal first quarter of 2023 vs. the same period a year earlier. The Irving, Texas-based long products steelmaker and recycler posted net earnings of $261.8 million in its fiscal first quarter ended Nov. […]
Steel Market Update’s (SMU) Current Steel Buyers Sentiment Index and Future Steel Buyers Sentiment Index both edged down this week. SMU’s Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three to six months down the road. Every other week we […]
Starting after the recovery of the financial system from the 2008 global financial crisis, and continuing until Covid-19 hit, the economy was remarkably stable and consistent. Demand for aluminum in general grew at a steady pace, with some end-use segments outperforming historical averages. For financial markets, the running joke became “stock prices go up.” Since 2020, […]
Sheet prices started out the year modestly higher. That’s what you’d expect given that Q1 is typically a busy and that scrap prices usually rise over the winter months. The question now is whether prices, which have been moving upward since Thanksgiving, continue to increase or whether the current upswing might prove to be a […]
Evraz North America (NA) is transitioning to a new general contractor for its rail mill under construction in Pueblo, Colo. “Construction will continue with a new general contractor in place to ensure the overall safety, quality, and timeliness of the project,” Evraz NA SVP David Ferryman said in a statement. “The work is not going […]
The new year is off to a great start, and there’s still time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again, so mark your calendar for Sunday-Tuesday, Feb. 5-7. Nearly 300 of you have registered already. We’re on track […]
At the start of each year, CRU continues to feature top expectations and outliers for the year ahead. This annual list of expectations is a thought piece, meant to stimulate internal discussions, scenario analysis, and strategic planning around potential risks to the markets we cover. This 2023 edition covers six expectations and three potential outliers. […]
With 2022 now in the past, the door has closed on one of the most volatile years for the aluminum industry. Supply chain disruptions as a residual fallout from Covid-19 and elevated levels of geopolitical risk raised uncertainty throughout the value chain. The shift in import trends has also been a major topic and is […]
This is the final Final Thoughts of 2022. We made it! This time last year I was talking to customers about processing orders. This year I’m writing about market tends. So things are a bit different. But I still notice the steel industry’s typical holiday lull. This week we saw that consumer confidence increased, the USW […]
The US economy’s growth was even better than expected in the third quarter, the US Commerce Department’s Bureau of Economic Analysis (BEA) said in its third and final review. Gross Domestic Production (GDP) accelerated to a 3.2% annualized pace in Q3. That’s an improvement from the previously estimated government reading in November, which showed 2.9% […]
In our column of Nov. 4, we updated you on the progress that Novelis and Steel Dynamics (SDI) were making on executing on their planned two mills. Since that time, nothing has really changed. That perhaps is profound in and of itself, in that we have nothing new to tell you about the status of […]