Nearly two-thirds of US states added construction jobs month-on-month (MoM) in September. Most also boosted construction employment during the past twelve months, according to Associated General Contractors of America (AGC) figures. AGC said the job gains were welcome news even if significant labor shortages probably prevented an even bigger upswing in employment. “While it is encouraging […]
Nucor Corp.’s $650 million expansion project at Nucor Steel Gallatin in Ghent, Ky., will not reach its nameplate capacity of 3 million tons per year by the end of the year, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Oct. 20. “The ramp-up at Nucor Steel […]
Nucor Corp.’s new $1.35 billion plate mill in Brandenburg, Ky., remains on track to start up late in the fourth quarter of this year, with “meaningful production” to occur in the first quarter of 2023, Leon Topalian, Nucor’s chair, president, and CEO said on an earnings conference call with analysts on Thursday, Oct. 20. The […]
A strong performance from its steel fabrication operations offset lower earnings within its flat rolled steel business, resulting in another strong quarter for Steel Dynamics Inc. The Fort Wayne, Ind.-based steelmaker and recycler reported net income of $914 million on sales of $5.65 billion in the third quarter ended Sept. 30. While sales were 11% […]
A new railcar manufacturing facility will soon be built in Washington County, Md. Hitachi Rail announced plans for a $70 million factory to build all types of trains to meet growing demand in North America’s rail market. Construction of the facility’s building will use 1,050 tons of steel including joists, girders, and structural steel columns. […]
Investing further in its US operations, agricultural and heavy equipment manufacturer Deere & Co. is reshoring production of a certain cotton harvester model back from China. The steel end user is expanding its operations in Thibodaux, La., with a $29.8 million investment, according to a news release from Louisiana Governor John Bel Edwards. A new […]
Builder confidence fell for the tenth straight month in October, while traffic of prospective buyers fell to its lowest level since 2012 (excluding the two-month period at the onset of the pandemic), the National Association of Home Builders (NAHB) said. The report, in conjunction with the Wells Fargo Housing Market Index (HMI), said that rising […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor Global scrap prices stay subdued while those of ore-based metallics have found some support. Overall metallics demand continues to be hampered by the steel market weakness, a trend which may sustain through the short term, particularly in Europe. The CRU metallics price […]
News that the Biden Administration is considering a total ban on Russian aluminum imports lifted the market Tuesday afternoon, Oct. 11. The LME aluminum three-month price increased sharply to a high of $2,400 per ton before some of the gains were reversed by the close. The price saw some volatile shifts during the week but […]
Green iron startup company Electra has raised $85 million to support its production of low-temperature iron (LTI). The process will utilize commercial and low-grade ores and zero-carbon electricity. The Boulder, Colo.- based company focuses on iron refining without a green premium and is backed by various organizations, including the Bill Gates-founded Breakthrough Energy Ventures, Amazon, […]
ArcelorMittal has broken ground on its $1.8 billion CAD ($1.3 billion USD) project to decrease the carbon intensity of its steelmaking. The ground-breaking ceremony comes just about a year after the Hamilton, Ontario-based steelmaker announced the initial federal subsidy granted for the investment. ArcelorMittal Dofasco, a subsidiary of multinational ArcelorMittal SA, is working towards decreasing […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex who has been active in the metals markets for two years. In his role, Mike performs fundamental and quantitative analysis which directly leads to actionable trading/risk management strategies across the base, precious and ferrous metals derivative spaces. Prior to joining Marex, Mike received […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex who has been active in the metals markets for two years. In his role, Mike performs fundamental and quantitative analysis which directly leads to actionable trading/risk management strategies across the base, precious and ferrous metals derivative spaces. Prior to joining Marex, Mike received […]
Commercial Metals Co. posted solid results for its fiscal fourth quarter ended Aug. 31, helping make the company’s fiscal year 2022 the best financial performance in its 107-year history. CMC’s North American segment saw strong demand for it finished long products during the quarter, as well as meaningful increases in downstream bid volumes. Destocking activity […]
The prices contractors pay for construction materials and services — chiefly for new nonresidential construction — jumped 12.6% year-on-year (YoY) in September despite a slight 0.2% decline month-on-month (MoM), the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that the industry is suffering mostly from inflation, and […]
Independent hot-dip galvanizer and coil coater AZZ Inc. achieved record sales in the second quarter (ended Aug. 31) of its fiscal 2023 year. The quarter was the first to include results from Precoat Metals, whose acquisition was completed in May of this year. Total Q2 sales reached $406.7 million. This includes record sales of $165.8 […]
The US labor market added 263,000 jobs in September, down for the second consecutive month but still better than expected. The result signals that the Federal Reserve will likely have to do more to slow it down. September was the slowest monthly gain in nearly a year and a half, according to the Bureau of […]
The Dodge Momentum Index saw a sizable increase in September, accelerating by 5.7% last month over the upwardly revised reading for August, according to data and analytics from the Dodge Construction Network. The index registered 183.2 in September, up from 173.4 in August. The leading index for commercial real estate measures data about planned nonresidential […]
US Steel Corp. began construction on its $150 million direct-reduced-grade iron pellet plant in Keewatin, Minn., on Thursday, Oct. 5. Minnesota Governor Tim Walz joined US Steel’s President and CEO David Burritt, and other leadership members to celebrate the company’s project and tout its “commitment to produce products that are mined, melted and made in […]
Zekelman Industries is closing its Long Beach, Calif., steel conduit manufacturing facility, pointing its finger at imports from Mexico as a major reason for the closure. The Long Beach facility, which employed 145 workers represented by the United Autoworkers union, manufactured steel conduit under the Western Tube and Wheatland Tube brand names. The Chicago-based company […]
Bull Moose Tube Co. (BMT) is nearing completion of its new, 350,000-tons-per-year welded tube mill on the campus of Steel Dynamics Inc.’s new sheet mill in Sinton, Texas. The new hollow structural sections (HSS) and sprinkler pipe mill, Bull Moose’s eighth facility, will allow the company to expand, grow, and increase its total operational capabilities […]
Steel prices were steady to slightly down throughout the month of September, following declines seen in each of the four months prior. Hot-rolled prices averaged $780 per ton ($39.00 per cwt) the first week of September, falling to a low of $770 per ton in the third week of the month, and rising to $775 […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook September has reminded us how risky the current global environment is. Stubbornly high inflation, rapidly tightening monetary policy, tight energy markets, and a surging dollar are taking their toll on growth. And the more bad news keeps materializing. In eastern Europe, Russia’s partial mobilization […]
Worthington Industries announced it will be splitting off its steel business and creating two separate, publicly traded businesses. Worthington’s Steel Processing business segment will become the independent Worthington Steel, with an aim to be a processor with expanded offerings in electrical steel laminations and automotive lightweighting solutions. Worthington’s current chief operating officer, Geoff Gilmore, will serve as the […]
In a time where technology is fashionable and trends change in the blink of an eye, starting fresh can feel like a step in the wrong direction. For the team at NQ Industries, a steel startup in the Pacific Northwest, it’s anything but that. Steel Market Update (SMU) caught up with the founders of NQ […]
New, single‐family home sales fell in September as rising mortgage rates stymied demand, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. Sales of newly constructed single-family homes fell 10.9% month-on-month (MoM) in September. Mortgage rates reached an average of 6.11% last month, while just […]
Demand for galvanized sheet is strong or softening, depending on where you’re located, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. And with pricing bouncing along somewhat steadily in recent weeks, most members are not expecting any big swings in galvanized pricing in the coming months. In […]
Nucor Corp. announced Wednesday plans to build two new galvanizing lines, with specific details for one line to be constructed at the Nucor Steel Berkeley sheet mill in Huger, S.C. The $425 million investment will create more than 50 full-time jobs, with an expected start-up date of mid-2025. Nucor said this expansion will provide more […]
Canadian flat-rolled steelmaker Algoma Steel Inc. expects results for its fiscal 2023 second quarter to be down significantly compared to prior quarters because of operational challenges, declining shipments, and lower prices. In its latest earnings guidance, the Sault St. Marie, Ontario-based company said it expects fiscal ’23 Q2 adjusted earnings before interest, taxes, depreciation, and […]
The US economy was balanced between “slight to modest” growth and softening in early July but is headed for “generally weak” in the next six to 12 months, the Federal Reserve said in its latest Beige Book report. The latest temperature check by the Fed on the state of the economy said the outlook for […]