Sales of new homes tumbled 9.4 percent to a seasonally adjusted annual rate of 571,000 and were 8.9 percent below the July 2016 estimate of 627,000. Median sales price was $313,700, compared to $310,800 in June, and at the highest July level ever. Average sales price was $371,200, down from $379,500 the previous month. Sales […]
Existing home sales slid 1.3 percent in July, according to data from the National Association of Realtors. The seasonally adjusted annual rate dropped to 5.44 million from the downwardly revised June total of 5.51 million for the lowest level of the year. The decline in sales was steepest for condominiums and co-ops, falling 4.8 percent […]
How can domestic mills expect to increase prices when their lead times are so short and foreign steel is still so plentiful? In the monthly steel conference call hosted today by the Heating, Air-conditioning, and Refrigeration Distributors International, HARDI members commented on the contradictions in mill behavior that have left them confused and concerned about […]
BlueScope Steel, the parent of North Star BlueScope, will have a change in command. Mark Vassella has been appointed the new managing director and chief executive officer following retirement by outgoing CEO Paul O’Malley effective Dec. 31, 2017. O’Malley has been at the helm of BlueScope Steel the past 10 years of his 12-year tenure. […]
Thirty-six states and the District of Columbia added construction jobs in the year between July 2016 and July 2017, yet only half the states added construction jobs in the month between June and July of this year amid declining public-sector investments in infrastructure and other construction projects, reports the Associated General Contractors of America in […]
June’s rebound in housing starts was short-lived, according to data from the Department of Commerce on Wednesday. Housing starts dipped in July to a seasonally adjusted annual rate of 1,155,000, 4.8 percent lower than the June estimate and 5.6 percent below the July 2016 rate. Construction of single-family homes was relatively steady, slipping just 0.5 […]
Trucks needed to haul steel and other materials are in short supply and availability is likely to get tighter later this year when drivers will be required to use electronic logging devices (ELDs) rather than hand-written logs to record their hours behind the wheel. The American Trucking Associations estimate that the new ELD requirement, which […]
Cliffs Natural Resources, in celebration of 170 years in business, has returned to its historical name Cleveland-Cliffs Inc. “The historical name Cleveland-Cliffs is synonymous with our strong heritage and is the perfect one for our next era of growth,” said Chairman, President and CEO Lourenco Goncalves. “As we did more than 60 years ago, when […]
Cliffs Natural Resources, in celebration of 170 years in business, has returned to its historical name Cleveland-Cliffs Inc. “The historical name Cleveland-Cliffs is synonymous with our strong heritage and is the perfect one for our next era of growth,” said Chairman, President and CEO Lourenco Goncalves. “As we did more than 60 years ago, when […]
By: Jack Bellissimo of Hubbell, Inc. The information technology culture is growing rapidly all around us and everyday new innovations are being developed. What is it about the IT or computer science job field that is so exciting? When was the last time we took a step back and analyzed what the allure is? What […]
By: Jack Bellissimo of Hubbell, Inc. The information technology culture is growing rapidly all around us and everyday new innovations are being developed. What is it about the IT or computer science job field that is so exciting? When was the last time we took a step back and analyzed what the allure is? What […]
The following article on the hot rolled coil (HRC) futures markets was written by David Feldstein. As the Flack Global Metals Director of Risk Management, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
Nebraska began final hearings on the Keystone XL pipeline this week to determine if approval of the long-delayed project is in the best interest of its citizens. Nebraska is the last of three states that must give a thumbs-up for the project before the pipeline can finish winding its way from Canada’s Alberta province to […]
Ryerson Holding Corp. turned in a strong performance in Q2 despite conflicting business and industry conditions, said President and CEO Eddie Lehner. Margins took a hit as steel import levels rose and nickel and carbon hot rolled prices moved lower. “Ryerson saw some mix-shift impact to margins,” said Lehner, “as sheet and stainless related demand […]
The Bureau of Labor Statistics (BLS) employment report for July was released on Friday with a gain in jobs that exceeded analysts’ expectations. The May result was revised down by 7,000 and June was revised up by 9,000 positions. Using a three-month moving average (3MMA), the July result was 195,000 jobs, which was pulled down […]
Construction employment increased by 6,000 jobs in July to the highest level since October 2008, amid a tight labor market that may be keeping contractors from hiring as many workers as they need, according to an analysis of new government data by the Associated General Contractors of America. Association officials urged local, state and federal […]
Despite getting pressure to adjust our SMU Price Momentum Indicator due to uncertainty associated with the Section 232 investigation and the lack of a recommendation to date, along with small signs of a need by one or two steel mills for orders on galvanized, SMU is continuing to reference flat rolled steel prices as moving […]
Olympic Steel celebrated a particularly strong second quarter. Net sales jumped 30 percent year-over-year to $356.2 million on higher shipping volume and selling prices. Net income grew 35 percent for the quarter to $4.8 million. Carbon flat product sales increased 37 percent to $237 million from Q2 2016 sales of $173 million. Shipments increased 13 […]
Total construction expenditures are expanding slowly, but the contraction of infrastructure expenditures is accelerating, according to June data for construction put in place (CPIP) released by the U.S. Department of Commerce on Aug. 1. Total construction still shows positive growth, but slowed to 1.3 percent year/year in the latest three months of data. Privately funded […]
Construction employment made the biggest gains in metro areas in June with particular strength in the western U.S., according to an analysis of data by the Associated General Contractors of America. The largest losses were in the middle or eastern parts of the country, noted AGC Chief Economist Ken Simonson. AGC officials noted that inconsistent […]
Written by: John Packard, Founder, Steel Market Update Steel Market Update was incorporated and began selling subscriptions (memberships) of just our steel newsletter during August 2008. Today, we are celebrating our ninth birthday. I want to take a moment to thank our members and those who participate in our conference and workshops. I want to […]
Written by: John Packard, Founder, Steel Market Update Steel Market Update was incorporated and began selling subscriptions (memberships) of just our steel newsletter during August 2008. Today, we are celebrating our ninth birthday. I want to take a moment to thank our members and those who participate in our conference and workshops. I want to […]
Construction spending is suffering from a decrease in public investment said Ken Simonson, chief economist at the Associated General Contractors of America. “Construction spending is still increasing overall but growth has become much more uneven across categories in recent months,” said Simonson. “There has been a steep decline in public investment in nearly all types […]
On Monday, August 28, the steel event of the year will kick off in Atlanta. With less than four weeks to go and 575 steel and manufacturing executives already registered, expectations are for this conference to truly be the most dynamic steel conference in North America for 2017. Welcome to the Steel Market Update Steel […]
On Monday, Aug. 28, the steel event of the year will kick off in Atlanta. With four weeks to go and 560 steel and manufacturing executives already registered, expectations are for this conference to truly be the most dynamic steel conference in North America for 2017. Welcome to the 7th Steel Market Update (SMU) Steel […]
In the Key Indicators data released in July, both the present situation and trends have recovered from what now appears to have been a temporary downward blip in June. Trends lead the present situation by about four months. An explanation of the Key Indicators concept is given at the end of this piece for those […]
The following article on the hot rolled coil (HRC) futures markets was written by David Feldstein. As the Flack Global Metals director of risk management, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
Kloeckner Metals Corp., Roswell, Ga., reported a solid second quarter due largely to more favorable steel pricing in the U.S. Asked about the status of the Section 232 investigation during the second-quarter earnings call, Kloeckner CEO Bill Partalis said it’s unclear if or when President Trump will act on possible new tariffs on steel imports. […]
Cliffs Natural Resources is psyched to begin construction on its HBI facility. The company is currently in discussions with potential financial partners that align with Cliffs’ strategy for growth. CEO Lorenzo Goncalves says a financial partner for a $700 million private investment is not necessary to move the project forward, but would be nice to […]
Reliance Steel & Aluminum Co. is expecting flat up to a 3 percent increase in pricing in third quarter after experiencing pricing pressure in second quarter. Recent price increases in June and July have held, and Reliance expects demand to carry prices higher, whether or not Section 232 action is taken. “The absence of meaningful […]