The U.S. economy has expanded at a modest pace since mid-January, the Federal Reserve said in its latest Beige Book report. Overall growth was constrained by a surge in Omicron, forcing firms to deal with heightened absenteeism and continued supply-chain bottlenecks. Consumer spending was weaker, with auto sales largely mixed and manufacturing activity expanding at […]
Ryerson has acquired Apogee Steel Fabrication, expanding the service center’s value-added offerings in a move likened to its purchase of Specialty Metals Processing (SMP) last September. Terms of the deal were not disclosed. “We see Apogee strengthening Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business,” […]
February marked month six of declining steel prices, following a 12-month streak of continuous price increases. Hot rolled prices declined $215 per ton throughout the month, with the SMU index averaging $1,020 per ton at the end of February (recall our HR average this week declined another $20 to $1,000 per ton). The SMU Price Momentum Indicator for sheet products was […]
Construction spending rose in January with strong gains in private nonresidential and residential construction, but mixed results for public spending, reported the Associated General Contractors of America (AGC). “Private nonresidential construction, especially for manufacturing plants, has rebounded sharply in recent months, while demand for housing remains strong,” said Ken Simonson, AGC’s chief economist. “But public […]
Evraz North America has seen no impact on its U.S. and Canadian operations or on its finances from sanctions rolled out following Russia’s invasion of Ukraine. Nor does the Chicago-based steelmaker expect any disruption as a result of the New York Stock Exchange (NYSE) and Nasdaq halting trading of U.S.-listed Russian companies, an Ervaz NA […]
By Trade Attorney Lewis Leibowitz Albert Einstein is reputed to have said that time is the “fourth dimension” because you cannot tell where you are except by knowing “when” you are. The onset of war in Europe is “when” we are right now. As I write, there is a battle for control of Kyiv. Because […]
The outlook for multifamily construction closed the year on a positive note, as confidence in the market for new multifamily housing improved in the fourth quarter of 2021, according to the National Association of Home Builders’ (NAHB) Multifamily Market Survey (MMS). The MMS’s two separate indices saw mixed results. The Multifamily Production Index (MPI) gained […]
Sales of new single-family homes fell in January following a sharp upwardly revised reading the month prior. Last month’s 4.5% decline in new homes sales resulted from rising interest rates. The seasonally adjusted rate of 801,000 was steady because demand remains strong, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported. […]
Ryerson, the Chicago-based steel processor and distributor, reported record annual results for 2021 highlighted by capital investment in two new service centers and significant debt reduction that positions the company well for what management expects to be a strong 2022. Ryerson reported net income of $294.3 million on revenues of $5.68 billion in 2021. That’s […]
Demand for design services from architecture firms in the U.S. strengthened for the 12th straight month in January, with AIA’s Architecture Billings Index registering 51.0, according to the latest report from the American Institute of Architects. The ABI is an advance economic indicator for nonresidential construction activity with a lead time of 9-12 months. A score […]
For those of you who don’t pay attention to such things, today’s date is 2/22/22…. On Monday, Cleveland-Cliffs announced on their website their intention of indefinitely idling the #4 blast furnace at Indiana Harbor, and a $50 per ton ($2.50/cwt) price increase on orders slated for production in April 2022. Cliffs CEO Lourenco Goncalves spoke […]
Distributors who sell galvanized steel products to the construction and HVAC sectors see Cleveland-Cliffs Inc.’s announcement of a price increase this week as a positive sign the market’s slide may be nearing a bottom. The Cleveland-based steelmaker notified customers this week that it is shutting down a blast furnace and will raise prices for April […]
Strong downstream demand for steel is expected through the first half of 2022, but unfilled orders and backlogs resulting from supply-chain troubles and labor shortages may wreak havoc in the second half, cautioned a panel of OEM and service center executives during the Tampa Steel Conferences last week. “We’re certainly seeing strong demand for the […]
Strong downstream demand for steel is expected through the first half of 2022, but unfilled orders and backlogs resulting from supply-chain troubles and labor shortages may wreak havoc in the second half, cautioned a panel of OEM and service center executives during the Tampa Steel Conferences last week. “We’re certainly seeing strong demand for the […]
North Star BlueScope contributed substantially to record earnings reported yesterday by BlueScope Steel Ltd., its Australian parent. Sales for the first half of the global company’s 2022 fiscal year totaled $9.42 billion ($6.77 billion U.S.), netting earnings before interest and taxes of about $2.2 billion ($1.58 billion U.S.). For its North Star BlueScope operation in […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]
The Tampa Steel Conference has wrapped up, and I thank all of you who attended and who took the time to catch up with me on stage or along the sidelines. Below are five themes that I took away from the event. If I were to sum it up in a sentence, it’s this: Steel […]
Builder confidence fell again in February despite strong demand from buyers, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Home builder sentiment fell for the second straight month on ongoing building material production bottlenecks, which have pushed up construction costs and delayed projects. February’s HMI reading moved one point lower […]
Housing starts fell in January as builders reported continued supply-chain troubles leading to construction delays, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Despite the slow start to the year for new construction, building permits increased at a solid pace in January, signaling strong demand […]
U.S. Steel Corp. is beginning a search for a new chief financial officer after the resignation this week of Senior Vice President and CFO Christine S. Breves, who will continue to serve as Executive Vice President-Business Transformation while the company seeks her permanent replacement. “Christie’s deep knowledge of the industry, leadership and superb insight have […]
Ternium plans to invest $1 billion to expand the operations of its Pesquería flat steel facility in Nuevo Leon, Mexico. The news came during the steelmaker’s fourth-quarter conference call on Wednesday, Feb. 16, when the Latin American steel group’s chief executive officer, Máximo Vedoya, confirmed the company was in the final stage of studying an […]
Reliance Steel & Aluminum Co. “finished the year strong with record financial performance across nearly every metric,” CEO Jim Hoffman said during the service center’s earnings call on Thursday. Reliance reported record annual gross profits of $4.49 billion on record annual sales of $14.09 billion for full-year 2021. The fourth quarter was also the best […]
Industry analyst Paul Lowrey is “bullish on the short-term outlook for steel,” but his goal as a presenter during the Tampa Steel Conference this week was “to get some of you to think differently about what is going on.” Lowrey, founder of Pittsburgh-based Steel Research Associates, is a contrarian when it comes to the common […]
Monthly Key Market Indicators improved slightly through January, showing promising signs of progress, according to the latest analysis by Steel Market Update. Following a more uncertain close to 2021, both neutral and positive indicators expanded, while negative indicators continued to ease. Though economic dynamics remain in flux, with supply-chain bottlenecks and rising inflation and producer […]
Ternium reported net earnings of $1.136 billion in the fourth quarter 2021, down from $1.366 billion in the prior quarter, but a 31.4% boost from $865 million in the fourth quarter of 2020. The steelmaker achieved record profitability for the full year ended Dec. 31, 2021, with earnings totaling $4.367 billion, more than a five-fold […]
With three quarters of its fiscal year in the books, Friedman Industries Inc. says it is on track to achieve a record year – but not without a few bumps in the road. The Texas-based steel processor and manufacturer reported a net loss of $2.96 million on sales of $51.66 million in its third quarter […]
Prices contractors pay for construction materials jumped more than 20% in January versus the same period a year ago, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. The results have led AGC to urge federal officials to take additional steps to ease the industry’s challenges associated with volatile materials […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor, Feb. 9 The global sheet market often exhibits price trends that vary by region. Occasionally, prices do move in the same direction, though on these occasions, prices typically reflect a unified trend of global costs or inventory change. In the current sheet […]
After the close of the market today, Canada’s Russel Metals reported net earnings of $432 million (U.S. $340 million) on annual revenues of $4.2 billion (U.S. $3.3 billion) for fiscal year 2021. That’s a big improvement from earnings of just $25 million (U.S. $20 million) on revenues of $2.7 billion (U.S. $2.1 billion) in 2020 […]