Job creation slowed in July but is still healthy and in its 10th year of uninterrupted expansion, according to Steel Market Update’s analysis of the latest Bureau of Labor Statistics data. In July, 16,000 jobs were created in manufacturing industries and 4,000 in construction activities. About 148,000 jobs were created in the private sector, while […]
The rate of job creation in the U.S. in 2019 is slowing, according to Steel Market Update’s analysis of the latest Bureau of Labor Statistics data. Net job creation in July declined to 164,000 from a downwardly revised 193,000 in June. June was revised down by 31,000 and May down by 10,000. Rising […]
Nearly 1,000 executives are registered with just two weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our 9th […]
Steel prices are up, but the same cannot be said for industry optimism. Following a brief uptick shortly after the mill price increases were announced last month, Steel Market Update’s Steel Buyers Sentiment Index has ticked back down. Steel buyers’ comments suggest that concerns about the economy, steel demand and the staying power of the higher […]
Russel Metals, Inc., Canada’s second largest metals distributor, reported revenues of $937 million in the second quarter. Net income totaled $31 million, about half the $66 million the company earned in the same quarter last year (figures are in Canadian dollars). The company’s gross margins in this year’s second quarter averaged 18.8 percent, well below […]
A leading index for nonresidential construction is continuing a downward trend that started in mid-2018. The Dodge Momentum Index fell 4.6 percent last month to a reading of 138.9. The index by Dodge Data & Analytics is a measure of the first report for nonresidential building projects in planning, which have been shown to lead […]
Declining steel prices and inventory destocking contributed to a guidance miss for Ryerson Holding Corp. Although shipments increased 0.6 percent to 623,000 tons quarter-to-quarter, net sales fell 2.1 percent to $2.1 billion. Net income was $16.4 million, down from $30 million in the previous quarter and $18 million a year ago. Earnings per diluted share dropped […]
Steel shipments at Ternium Mexico were relatively flat in the second quarter, increasing 0.4 percent from the first quarter to 1.57 million metric tons. Sales of $1.37 billion slipped 3.9 percent from Q1 and fell 17 percent from Q2 2018. Steel prices have declined in the past three quarters in Mexico, mostly driven by a […]
Demand for HVAC products remains relatively strong in an otherwise lukewarm steel market, but members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) say they are challenged by declining galvanized steel prices and rising intensity from the competition. Polled six weeks ago, nearly all the HARDI members expected galvanized steel prices to stay […]
Olympic Steel further advanced its strategy to add manufactured metal products to its portfolio with the acquisition this week of EZ-Dumper. EZ-Dumper, a nationally recognized brand, produces steel and stainless steel dump inserts for pickup truck and service truck beds. Built from heavy-gauge materials and backed by a structural steel frame, the dump inserts can […]
U.S. Steel reported sales of $3.5 billion in the second quarter, down from $3.6 billion a year ago due to lower steel prices. Net earnings totaled $68 million, down from the $214 million in the second quarter of 2018. The company’s flat rolled segment posted earnings of $134 million despite significant weather-related logistics problems during […]
By CRU Principal Economist Lisa Morrison Total IP contracted q/q in both Q1 and Q2, but the June report pointed to potential stabilization in manufacturing. YTD through June, total IP is up 2.2 percent y/y, but it is averaging just 1 percent higher than in 2018. Since we expect little expansion during H2, we now […]
Construction spending declined in June, but most categories made gains in the first six months of 2019 compared to the same period in 2018, says a new analysis of federal data by the Associated General Contractors of America. Construction spending totaled $1.287 trillion at a seasonally adjusted annual rate in June, down 1.3 percent from […]
Private construction contracted in three months through June, but state and locally funded work, including infrastructure, is continuing to boom. Construction Put in Place (CPIP) expenditures data for June was released on Aug. 1. Through June, total construction has had negative momentum every month since October last year. This was entirely a result of […]
In June, China’s share of global steel production exceeded 55 percent for the first time. In May and June, the annual rate of global steel production exceeded 1.9 billion metric tons. Capacity is calculated to be 2.4 billion metric tons and capacity utilization in June was 80.0 percent, according to the latest Steel Market Update […]
Steel Market Update’s analysis of Key Market Indicators shows the present market situation was basically unchanged in the last month, based on data released in July, but half the 36 indicators trended positive and half negative. This report is designed to be a big picture summary of data on which we have reported in detail […]
Zekelman Industries plans to build what it claims will be the world’s largest continuous ERW tube mill in Blytheville, Ark., on property adjacent to its existing Atlas Tube mill. Startup of the new mill is scheduled for September 2021. “Having two mills within close proximity of each other will only increase our organization’s efficiency. We […]
Construction employment continued to grow in June, but could have been stronger if more qualified workers were available for hire, said the Associated General Contractors of America in its latest analysis of federal employment data. “Demand for construction remains robust in most metro areas,” said Ken Simonson, the association’s chief economist. “But, with record job […]
AK Steel’s net sales for the second quarter declined by 4 percent to about $1.68 billion due primarily to lower shipments to the slowing automotive market. Yet the steelmaker’s earnings for the quarter reached $66.8 million, an improvement from the $56.6 million in Q2 2018, though down from $72.9 million in the prior quarter. Hot rolled […]
A new bipartisan Senate bill on transportation infrastructure is getting the enthusiastic support of industry associations. The America’s Transportation Infrastructure Act of 2019 will authorize $287 billion over five years to improve the nation’s roads and bridges. The legislation includes provisions to improve road safety, accelerate project delivery, improve resiliency to disasters and reduce highway […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
Steel Market Update and the Steel Manufacturers Association are committed to promoting youth and encouraging more young people to consider careers in the steel and manufacturing industries. The 2019 SMU NexGen Leadership Award is just one of the ways we are recognizing the existing talent within the industry. There is still time to get in […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
The wait is over—Steel Dynamics has announced it will build its new $1.9 billion flat rolled steel mill in Sinton, Texas, 30 miles northwest of Corpus Christi. The new steel mill will serve the four-state Texas area, the western U.S. and Mexico market regions, representing approximately 27 million tons of relevant flat rolled steel consumption—7 […]
Steel Dynamics is expecting modest growth for steel consumption in the second half of 2019 supported by the end of steel inventory destocking and further reduction of steel imports. “The team delivered a solid second-quarter performance in a challenging steel pricing environment,” said SDI President and CEO Mark Millett. “A weakening scrap price environment coupled […]
Brian Harroun, founder and president of Nobilis Pipe Co., sees an opportunity for a new domestic steel mill to bring production of specialty pipe and tube products back to the United States—and to do it in an environmentally responsible and sustainable way. Nobilis Pipe is now working to secure financing for construction of one of […]
By Fouad Egbaria, MetalMiner Editor’s note: The following article, Chatting with CRU’s Josh Spoores Ahead of the 2019 SMU Steel Summit, originally appeared in MetalMiner’s July 18 edition. Those in the steel sector will have a chance to learn about all of the trends impacting the steel industry during the upcoming SMU Steel Summit, scheduled […]
Cleveland Cliffs reported a dramatic increase to $249 million in adjusted EBITDA in the second quarter compared to $21 million in the first quarter of this year. Seasonality and stronger than expected demand resulted in shipping volumes of 6.2 million long tons. The full year pellet forecast remains at 20 million long tons despite reduced […]