The U.S. economy added 379,000 jobs in February, making the first positive move in three months, reported the Bureau of Labor Statistics (BLS). The unexpected increases were driven by large job gains in the nation’s service and entertainment industries as the economy continues to recover. The jobs data was the strongest since October, resulting from a […]
After dismal reports for the U.S. labor market in December and January, February saw positive gains in employment. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 379,000 to their payrolls in February, as vaccinations and business reopenings gave the economy a boost. Despite the added jobs this past month, the unemployment rate […]
U.S. gross domestic product (GDP) closed out 2020 on an encouraging note with annualized growth of 4.1%, based on the second estimate from the Bureau of Economic Analysis (BEA). The second estimate included upward revisions to residential fixed investment, private inventory investment, and state and local government spending, partly offset by a downward revision to personal […]
Nucor today announced board approval to build a tube mill in the Midwestern U.S. The $164 million project will be completed within two years and will capitalize on Nucor’s recent Midwest investments that include a plate mill, galvanizing line and hot roll expansion. A specific location for the new plant was not provided, but sources expect […]
The PRO Act (Protecting the Right to Organize Act) will begin debate in the U.S. House this week. The legislation, voted down in previous years, would change long-established labor laws that not everyone believes will benefit employees and the industries in which they work. Among those critical of the legislation is the Associated General Contractors […]
Severe weather froze the construction industry in February, contributing to an employment loss of 61,000 workers, said the Associated General Contractors of America in an analysis of government data. The sector’s unemployment rate soared 9.6% last month. Total construction employment was 7,340,000, a 4.0% drop from the most recent peak in February 2020. “The steep decline […]
The Dodge Momentum Index jumped 7.1% in February to register 149.0 for the highest level in nearly three years. The index is a monthly measure of the first report of nonresidential projects in planning, shown to lead construction spending by a full year. A surge of large projects entered the planning phase last month, said […]
Registrations for the 2021 SMU Steel Summit Conference have topped 200 and counting. We continue to work toward having a live in-person conference in Atlanta on Aug. 23-25. We are heartened to hear President Biden speak to having enough vaccine to inoculate the entire U.S. population by the end of May. If true, that gives […]
Registrations for the 2021 SMU Steel Summit Conference have topped 200 and counting. We continue to work toward having a live in-person conference in Atlanta on Aug. 23-25. We are heartened to hear President Biden speak to having enough vaccine to inoculate the entire U.S. population by the end of May. If true, that gives […]
Steel prices continued their upwards climb in the month of February, fueled by strong demand and tight supply. Hot rolled steel prices surpassed $1,200 per ton in the third week of the month, reaching levels never before seen. Steel Market Update’s hot rolled price index reached $1,210 per ton by the end of February, up […]
Economic activity grew modestly in the U.S. from January to mid-February, reports the Federal Reserve in its latest Beige Book. The vaccine rollout has boosted confidence that business conditions will improve over the next 6-12 months. The leisure and hospitality sector continues to be impacted by COVID-19 restrictions with only slight improvement reported by some […]
Nonresidential construction spending expanded for the first time in seven months, according to a new analysis of January federal construction data by the Associated General Contractors of America. Total construction spending was $1.52 trillion in January, up 1.7% from December and 5.8% from January 2020. Combined private and public nonresidential construction spending climbed 0.9% from […]
There has been much said about the squeeze on supply of flat rolled and not as much about demand. Demand has been quite good in all sectors except the energy sector, which has been struggling for a couple of years due to prices that went below $40 per barrel. Now we are seeing warning signs […]
Demand is strong and approaching pre-COVID levels in the first quarter, said Olympic Steel President and COO Andrew Greiff during the service center’s fourth-quarter 2020 earnings call. All three company divisions contributed to earnings for Q4 with specialty metals turning in its third strongest quarter in the company’s history as well as the strongest quarter […]
The extreme cold snap that hit the southern U.S. disrupted production at Ternium Mexico, causing the loss of approximately 80,000 tons of production and an estimated $40 million. The facilities are now back to normal operations, but because the mill is operating at full capacity, lost production cannot be made up, said CEO Maximo Vedoya […]
Sales of newly constructed single-family homes leapt 4.3% in January to a seasonally adjusted annual rate of 923,000, said the U.S. Census Bureau and HUD. Sales compared to a year ago soared 19.3%. “Historically low mortgage rates and solid demand spurred an increase in new home sales in January, with the sales pace more than 19% […]
Nucor is expanding its value-added portfolio with the addition of a new TrueCore manufacturing facility. The company plans to build a 120,000-square-foot facility in Brigham City, Utah, that will manufacture insulated wall and roof panels. TrueCore was acquired by Nucor in 2019 and is part of Nucor’s Buildings Group. The Brigham facility will be the […]
This report is an analysis of Bureau of Labor Statistics (BLS) data and is intended to provide subscribers with a view of the competitive position of sheet steel, aluminum, plastic and wood. The analysis includes some downstream products and a comparison of truck and rail transportation. On Feb. 17, the BLS released its series of […]
North Star BlueScope continues to be a strong segment for Australian steelmaker BlueScope Steel. North Star BlueScope shipped 1,024,700 metric tons of steel in the first half of fiscal year 2021 for revenue of U.S. $569 million, up slightly from $557 million in the second half of FY 2020. The U.S. division ran at full […]
North Star BlueScope continues to be a strong segment for Australian steelmaker BlueScope Steel. North Star BlueScope shipped 1,024,700 metric tons of steel in the first half of fiscal year 2021 for revenue of U.S. $569 million, up slightly from $557 million in the second half of FY 2020. The U.S. division ran at full […]
TC Energy is considering liquidating excess equipment and steel following the cancellation of the Keystone XL pipeline. “Our project team … is evaluating what we can do with all of our equipment and its uses,” Bevin Wirzba, president of liquid pipelines for the Calgary, Alberta-based energy company, said during an earnings conference call earlier this […]
Finding that perfect house just became harder. The National Association of Realtors reports that inventory of existing homes at the end of January fell to a record low of 1.04 million units, a whopping 25.7% decline year-over-year. At the current sales rate, supply is at an all-time low of 1.9 months. Sales for the month […]
AM/NS Calvert has broken ground for construction of a $775 million electric-arc furnace (EAF) at its slab conversion mill in Alabama. The new EAF, to have a capacity of 1.5 million tons per year, is expected to come online in the first half of 2023, AM/NS Calvert CEO Jorge Oliveria said in a statement. The […]
Soaring prices and delivery delays for steel, lumber and other materials are squeezing the finances of construction firms already burdened by the pandemic, said the Associated General Contractors of America. The trade group called on the Biden administration to review and rescind a range of trade tariffs, which it claims are contributing to unmanageable price […]
“Extraordinary challenges on a global scale” is how Reliance Steel & Aluminum CEO Jim Hoffman characterized 2020 during the service center’s conference call this week. However, Hoffman was optimistic about the new year, “As I continue to say, America is going to need Reliance in order to rebuild.” In the fourth quarter, Reliance sales fell […]
Housing starts slowed in January as contractors struggle to build affordable homes amidst rising construction costs. Housing starts slid 6.0% in January to a seasonally adjusted annual rate of 1.58 million, according to the latest report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. “The weakness in housing starts […]
AM/NS Calvert has quietly increased prices for new spot orders by $40 per ton ($2/cwt), according to market participants. The move–which was effective on Feb. 16 but not widely announced–will see base prices for hot-rolled coil increase from $1,160 per ton to $1,200 per ton, sources said. Base prices for cold-rolled and coated products will […]
Good news for NLMK USA customers as the mill has worked out a tentative agreement with the union at their Farrell, Pa., facility, which will end the strike that goes back to late August. Once back in production, this will help (slightly) with some of the supply issues we have been seeing in the market. […]
After divesting most of its U.S. assets to Cleveland-Cliffs, ArcelorMittal is now focused on strategic growth, controlling costs and leading the industry on sustainability, the steelmaker claims. The company is targeting net-zero emissions by 2050 and looks forward to commissioning its Smart Carbon steelmaking technologies in Ghent in 2022. ArcelorMittal achieved its first sales for […]
Section 232 tariffs and quotas have left domestic steelmakers and steel consumers in sharply different realities. One side is investing big at home and enjoying record profits. The other is angry about sharply higher costs and is scouting for more steel abroad. That was the takeaway from a trade roundtable at Steel Market Update’s virtual Tampa […]