Six steel industry organizations have urged House Speaker Mike Johnson to include the Leveling the Playing Field 2.0 Act in any proposed package of legislation against China’s "unfair" trade practices.
SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?
The majority of steelmaking raw material prices declined in June, following the same trend seen in May, according to SMU’s latest analysis.
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
SMU’s Key Market Indicators include data on the economy, raw materials, manufacturing, construction, and steel sheet and long products. They offer a snapshot of current sentiment and the near-term expected trajectory of the economy. All told, nine key indicators point lower, 16 are neutral, and 13 point higher. One thing worth noting: The nine indicators pointing lower are all lagging indicators. Many of those pointing upward are leading indicators.
Operating income from Steel Dynamics Inc.’s (SDI) recycling operations clocked in higher in the second quarter than in the first on increasing volumes and despite lower realized pricing. Recycling operations brought in $32.1 million, an increase over $22.6 million in Q1, but lower than the $40.3 million last year, the Fort Wayne, Ind.-based company said […]
Steel Dynamics Inc.’s (SDI’s) earnings slid in the second quarter, but the company's top executive believes steel tags are set to rise.
Longs producer and metal recycler CMC plans to open a new rebar fabrication plant in Akron, Ohio.
The ferrous scrap export market on the Atlantic and Gulf Coasts of North America has maintained its pricing for several months despite continuing declines in domestic markets.
Three steel trade groups and United Steelworkers (USW) union held an event on Capitol Hill urging action on strengthening legislation against unfair trade.
Canada’s industry minister Francois-Philippe Champagne has conditionally allowed a Glencore-led consortium to acquire Teck’s Elk Valley Resources (EVR) metallurgical coal business for $6.9 billion. He also raised the bar for foreign companies wanting to buy into the country’s critical mineral resources.
Data on US industrial production, capacity utilization, new orders and inventories all held steady through the latest figures, indicating a stable and healthy manufacturing sector. The strength of the manufacturing economy has a direct bearing on the health of the steel industry.
Steel Market Update’s offices will be closed on July 4th for Independence Day.
US manufacturing activity contracted again in June, as reported in the latest release from the Institute for Supply Management (ISM).
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
At the end of every Supreme Court term there are a few big cases. This year, there are more. The last day for releasing opinions comes July 1. On Friday, the Court issued a long-awaited and long-expected decision about interpreting statutes that give powers to administrative agencies, including (among many others) the Commerce Department, the […]
U.S. Steel and Nippon Steel explained their position on USS’ participation in US trade cases should their proposed nearly $15-billion merger deal go through. The companies hope to close the deal by the end of the year.
It was great to have Gary Stein, CEO of Triple-S Steel, join SMU for a Community Chat earlier this week. (Btw, you can find a record of the webinar here.) We covered a lot of ground. From Andrew Carnegie and the Johnstown Flood to the current steel market and the state of domestic manufacturing broadly speaking. One thing that stuck with me was how unevenly construction spending appears to be on “green” initiatives and other key items funded by infrastructure spending, the Inflation Reduction Act, and the CHIPS Act.
A press conference at a Cleveland-Cliffs mill in Ohio touched upon several topics, including the unfair trade practices of Mexico and China and Nippon Steel’s proposed acquisition of U.S. Steel.
Flatbed rates remain roughly 20% higher than dry van but have stayed relatively calm for the first half of 2024, rising just 5% in the first half of the year and remaining negative on a year-over-year basis.
Mill Steel Co. announced several executive appointments as it works to transform the organization.
Steel Dynamics Inc.’s (SDI’s) top executive Mark D. Millett has received the 2024 Willy Korf/Ken Iverson Steel Vision Award.
Olympic Steel is celebrating Executive Chairman Michael D. Siegal's 50th work anniversary and the company’s 70th year in business.
Alacero has named new top leaders to help guide the Latin American steel association through its ongoing transformation and modernization process.
ArcelorMittal plans to continue to invest and expand its operations in North America, a senior company executive said in an exclusive interview with SMU. “People were talking about our demise in North America or maybe our exit. And I want to emphasize that nothing could be further from the truth,” said Brad Davey, executive vice president and head of corporate development at the company.
U.S. Steel Chief Commercial Officer Kenneth Jaycox has decided to leave the company, a company spokeswoman confirmed on Tuesday. Jaycox will transition his responsibilities to Jim Bruno from now through the end of June. Effective July 1, Bruno will be in charge of the Pittsburgh-based steelmaker’s commercial operations, she said. Bruno, who joined U.S. Steel […]
US manufacturing activity contracted in May for the second month in a row, according to the latest report from the Institute for Supply Management (ISM). After a brief expansion in March, ISM’s manufacturing index has since returned to contraction, where the manufacturing sector has been for 18 of the last 19 months. The ISM Manufacturing […]
The Steel Manufacturers Association (SMA) has named Brandon Farris as vice president of government affairs
Reibus International Inc. is a growing and maturing company, finding its way in the world of steel. Like any youngster, it is moving through growing pains and pushing through to reach new heights. After rapid growth in its infancy, six-year-old Reibus is now naturally transitioning from being a founder-led company to a management-led one, according to its new leader, Jared Rowe.
Why have steel emissions policies forgotten about recycling? The short answer is that they haven’t. ResponsibleSteel was recently characterized in an article featured in the SMU Executive Newsletter as advocating for steel emissions policies which “discourage recycling.” In fact, ResponsibleSteel sees recycled scrap as playing a critical role in driving steel decarbonization. Recent revisions to […]