U.S. job growth was weaker than expected in December, well below estimates for the fourth time in the past five months. November payrolls rose by 199,000, well below the 400,000 anticipated by economists and underperforming for the second straight month. Despite the big hiring miss, the unemployment rate fell again to 3.9%, a 0.3 percentage […]
The U.S. labor market disappointed once again, adding just 199,000 jobs in December, down from the 249,000 jobs added the month prior. Despite seeing the smallest gains in a year, the unemployment rate fell to 3.9%, from 4.2% in November. The latest data from the U.S. Bureau of Labor Statistics showed that the U.S. economy […]
U.S. Steel will invest $3 billion in a new state-of-the-art minimill in Osceola, Ark., near its Big River Steel plant. This new minimill will combine two electric arc furnaces (EAFs) with 3 million tons per year of advanced steelmaking and finishing capabilities, highlighted by the first endless casting and rolling facility in the U.S. Construction […]
SMU’s Community Chat webinar with Wolfe Research metals and mining managing director Timna Tanners last week was our second-best attended ever. With more than 800 registered attendees, Tanners topped her own previous record. Barry Zekelman, executive chairman and CEO of Zekelman Industries, still holds the title. But not by quite as wide a margin. We […]
Commercial Metals Co. (CMC) plans to build a “micro mill” to better serve markets in the Northeast, Mid-Atlantic and Midwest. “The new micro mill will fortify our position in the large construction markets within the region and optimize CMC’s existing Eastern U.S. operational footprint,” CMC Chairman, President and CEO Barbara Smith said. The new mill […]
Commercial Metals Company (CMC) reported yet another record-breaking earnings result. The Irving, Texas-based steelmaker posted net earnings from continuing operations of $232.9 million on net sales of $2.0 billion in the first quarter of fiscal 2022 ended Nov. 30, 2021, besting the previous record set the prior quarter by more than $80 million. “Our record […]
U.S. construction spending increased in November amid strong gains in single-family homebuilding, but outlays on public projects were weak. Construction spending rose 0.4% after a similar advance in October, the Commerce Department reported. The Census Bureau’s report on construction spending shows spending on private construction projects rose 0.6% in November. Outlays on residential construction were […]
By CRU Research Analyst James Mills and Multi Commodity Analyst Alex Christopher, Jan. 6 The synchronized rise in commodity prices in 2021 prompted some market commentators to speculate the beginnings of a “supercycle.” At CRU, we are more cautious. In the past year, commodity prices have been more volatile than in the preceding years, with […]
Steel prices declined for the fourth consecutive month in December, following a year-long streak of continuous price increases. Hot-rolled coil prices declined $130 per ton throughout the month, with the SMU index averaging $1,600 per ton ($80.00 per cwt) as of Tuesday, Dec. 21 (SMU did not published updated prices on Dec. 28). The SMU Price Momentum […]
Welcome back to those who took an extra day or two off after the New Year. This is my first article of the year as Michael and Tim continue to absorb more of my workload. For those of you who did not view or listen in on the SMU Community Chat we hosted yesterday with […]
Tubular products producer PTC Alliance has agreed to purchase the business of Metal-Matic Inc., another maker of welded and drawn over mandrel (DOM) carbon steel tubing. The transaction, which will strengthen the company’s foothold in the Midwest, is expected to close by the end of the year. The deal will add four production facilities employing […]
Continuing its aggressive growth through acquisition, Reliance Steel & Aluminum Co. has purchased Rotax Metals, Inc., a metals service center specializing in copper, bronze and brass alloys. This is the third deal announced by Reliance just this month, extending its reach in various regions and product categories. Founded in 1947 and located in Brooklyn, New […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Monitor, Dec. 15 Seasonal pressures are starting to temporarily slow demand for some steel products. For sheet, this weakness is adding to a monumental shift in supply fundamentals. For other products, an unseasonably warm start to December has allowed construction demand to remain stronger than normal. […]
By Greg Wittbecker, Advisor, CRU Group It’s that time of year when we start looking ahead as we put the current year in our “rear view mirror.” Here are some of the things that I circulated to the CRU Aluminum Analysis team for consideration among our “top calls for 2022.” These are not officially “blessed,” […]
Automakers are beginning to report improvements in semiconductor and supply-chain-related downtime, with General Motors Co. the latest to report production gains due to better inflows of the microchips. At one point, the Detroit, Mich.-based GM had nearly idled every North American assembly plant in September. Widespread outages or production cuts were seen from mid-summer and well […]
Housing starts accelerated in November due to strong demand for new construction of single-family and multifamily housing, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 million units. The November reading – indicating […]
Ternium USA Inc. plans to invest $98 million to increase coating capacity at its steel mill in Shreveport, La. The money will be used to add a second paint line to the Shreveport facility with capacity of 120,000 tons per year. Construction of the new paint line is expected to begin in the first quarter […]
Steel Dynamics Inc. (SDI) has joined competitor Nucor in predicting another quarterly earnings record for the last quarter of 2021. The Fort Wayne, Ind.-based steelmaker predicted fourth-quarter earnings in the range of $5.46 to $5.50 per diluted share, according to guidance released on Thursday, Dec. 16. That’s up from $4.85 per diluted share in the […]
Monthly Key Market Indicators, as analyzed by Steel Market Update, continued their shift to a neutral position over the past month with positive indicators eroding further, slipping for the sixth successive month. What began as a typical summer slowdown, worsened by a surge in Delta cases and a less-than-ideal job market, has been compounded by […]
The Associated General Contractors of America (AGC) together with two of its chapters, the Dallas-based TEXO chapter and the statewide AGC of Texas chapter, filed suit earlier this week in federal court to block the Biden administration’s effort to impose a COVID-19 vaccine mandate on federal contractors and subcontractors. According to the suit, the groups […]
Nucor Corp. expects earnings this quarter to be the highest in the company’s history, surpassing the previous quarterly record of $7.28 per diluted share in the third quarter of 2021. The Charlotte, N.C.-based steelmaker predicted fourth-quarter earnings would be in the range of $7.65 to $7.75 per share. “Steel mill segment earnings in the fourth quarter of 2021 remain robust and […]
Producer prices expanded 1.4% in November, seasonally unadjusted, climbing consecutively since reaching the most recent bottom 20 months ago, reports the U.S. Labor Department. Persistently high prices in large part continue to reflect clogged supply chains, as manufacturers scramble to keep up with unusually strong consumer demand. The Labor Department said that its Producer Price Index […]
Steel Technologies, Louisville, Ky., has agreed to purchase the assets of Calstrip Industries, Inc., expanding Steel Technologies’ North American steel processing platform to 31 facilities, including joint-venture operations, located throughout the United States, Canada and Mexico. The transaction is expected to close late this month. Calstrip – a flat-rolled processor with operations in California, New […]
The 33rd Tampa Steel Conference will be live and in-person as we return to the Marriott Water Street Hotel in Tampa, Fla. The conference dates are Feb. 14 (networking opportunities and first day of Introduction to Hedging Workshop), Feb. 15 (golf outing, boat tour, and hedging workshop in the morning followed by the beginning of the […]
The 33rd Tampa Steel Conference will be live and in-person as we return to the Marriott Water Street Hotel in Tampa, Fla. The conference dates are Feb. 14 (networking opportunities and first day of Introduction to Hedging Workshop), Feb. 15 (golf outing, boat tour, and hedging workshop in the morning followed by the beginning of the […]
Nucor Corp. plans to build a new, $350 million rebar “micro mill” in the South Atlantic region of the U.S. The new mill is expected to have capacity of 430,000 tons per year, the Charlotte, N.C.-based steelmaker said. “We have recently executed two successful rebar micro mill start-ups and believe the East Coast market will be in […]
The Dodge Momentum Index contracted in November following a 10.0% expansion the month prior. The index registered 171.7 in November, a 4.0% decline against the revised October reading of 178.1, according to data and analytics from the Dodge Construction Network. The value of nonresidential building projects continues to move in a sawtooth pattern, alternating between […]
Total construction spending edged higher in October, as gains in public and private project types outmatched decreases in single- and multifamily residential outlays, reported the Associated General Contractors of America (AGC). Public sector investments would likely rise in the near future as a result of the recently-passed infrastructure bill, according to the AGC, but they […]
The U.S. construction sector saw 31,000 new employees added to payrolls in November. Even though nonresidential construction firms added workers for a third straight month, the sector’s unemployment rate rose 0.7 percentage points to 4.7% during the same period, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. The […]
U.S. construction spending rose fractionally in October after contracting the two months prior, but actual construction outlays year-to-date are 7.5% greater than the first 10 months of 2020, the Commerce Department reported. The Census Bureau’s report on construction spending shows residential slipped 0.5% during October, the once meteoric market now in its fourth month of easing. […]