The US International Trade Commission issued a report to Congress last week on the impact of the Section 232 import restrictions on steel and aluminum and the tariffs on imports from China under Section 301. The report catalogued significant injury to downstream industries. Namely, those that use steel or aluminum in manufacturing. The losses were […]
Manufacturing business activity continues to decline in the state of New York, according to the latest Empire State Manufacturing Survey taken between March 2–9. The New York Fed’s Empire state headline general business conditions index—a gauge of manufacturing activity in the state—declined by 19 points to -24.6, with 45% of respondents reporting worsening business conditions […]
Despite a record backlog, Northwest Pipe Co. is experiencing a challenging start to the year, with customer-driven delays and severe weather hampering production at its various facilities. The Vancouver, Wash.-based company noted the challenges as it released its fourth-quarter and full-year 2022 results. Q4 brought higher production tonnages but lower selling prices within Northwest’s engineered steel […]
Steel Dynamics Inc. (SDI) expects lower first-quarter 2023 earnings on costs related to its Sinton, Texas, flat-roll mill and the continued work-through of higher-priced pig iron purchased in 2022. The Fort Wayne, Ind.-based steelmaker expects Q1 earnings in the range of $3.47 to $3.51 per diluted share. This is down from $3.61 per diluted share […]
US Steel said it will begin closing coke-making batteries 1, 2, and 3 at its Clairton plant outside Pittsburgh later this month. First announced in early 2021, the shutdown will take an estimated six days and is expected to be completed by the end of March, the Pittsburgh-based steelmaker said Tuesday. US Steel noted that […]
The LME aluminium three-month price eased lower again last week and was seen trading Friday at around $2,300 per tonne. Still below the high mark for 2023, recent news from the macroeconomic scene has dampened demand sentiment and prices accordingly. Market participants awaited Jerome Powell’s semi-annual congressional testimony, with Friday’s focus the nonfarm payrolls report. […]
The Biden administration has announced a plan to provide approximately $6 billion to speed up the decarbonization of US industry. The program, administered by the US Department of Energy, will target carbon emissions associated with the production of iron and steel, aluminum, cement, and concrete. It is part the administration’s goal of creating a “net-zero […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Monthly Key Market Indicators (KMI) improved over the past month, advancing repeatedly since hitting a recent low last November, according to the latest analysis by […]
Mexico continues to have its problems with US relations. On March 3, former Attorney General William Barr penned a column in the Wall Street Journal about failures by Mexico to stem the drug cartels. Illegal drugs are flowing into the US over the apparently porous border. Barr recommends that the US take action reminiscent of […]
Mexico has historically relied on steel sheet product imports to meet its demand as domestic suppliers, such as Ternium and AHMSA, had insufficient production capacity. But, in recent years, both Ternium and ArcelorMittal have built new capacities for hot-rolled (HR) coil in Mexico. Ternium is also in the process of building more downstream capacity and […]
The Congressional Steel Caucus (CSC) called on President Biden to keep Section 232 tariffs in place and to explore additional protections as well. “We encourage the Biden administration to continue to maintain the Section 232 tariffs and quotas, ensure strong trade remedy laws that address unfair trade practices, and protect our environment from high-emission foreign steel […]
President Biden devoted a significant portion of his State of the Union address earlier this month on Buy American issues. As on most issues, “the devil is in the details,” but his general sentiment is clear. America, he believes, has sent jobs and wealth overseas by allowing Americans to buy imported products. This is a […]
On the morning of Feb. 24, the White House issued a proclamation to adjust aluminum imports and taking further action under Section 232 of the Trade Expansion Act of 1962. Following the guidance of the Secretary of Commerce, the president issued an order adding a 200% duty to Russian metal coming into the US. Imported […]
The US government will impose a 200% tariff on aluminum products of Russian origin starting on March 10, the Biden administration announced Friday. Additionally, starting on April 10, a 200% ad valorem tariff will be applied to products that contain any amount of primary aluminum used in the manufacturing of aluminum products that are smelted or cast in Russia. The […]
Galvanized sheet continues to be in high demand, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. Since the January HARDI meeting, prices have increased, lead times have extended, scrap is up, and zinc is down. Despite the roller coaster, HARDI members remain bullish on demand in general. […]
Helping out with chores as a kid is something many of us do. But how often do your chores lead to a life-long career? Eric Daniel, general manager of Metalwest locations in Colorado, New Mexico, and Arizona, took doing chores to new heights. Steel Market Update interviewed Eric and learned how he’s made his career […]
Business activity remained negative in New York state in February, according to the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index—a gauge of manufacturing activity in the state— increased 27 points from January but was still negative at -5.8. Twenty-six percent of respondents reported that conditions had improved over the month, while 32% said conditions had […]
Tenaris SA will redirect funds initially slated for the acquisition of Benteler Steel & Tube Manufacturing Corp. in Shreveport, La., to its existing operations in the US. “We will reorient our investment plan in the United States to achieve, through organic growth, the objective of strengthening our local industrial and logistics system,” Tenaris chairman and CEO Paolo […]
Cleveland-Cliffs has ruled out spending money to build new electric-arc furnaces (EAFs), the company’s top executive said. The Cleveland-based steelmaker will instead focus on decarbonizing its blast furnaces (BFs) and basic-oxygen furnaces (BOFs), which are better suited than EAFs to supply the automotive industry, company chairman, president, and CEO Lourenco Goncalves said. “Cleveland-Cliffs does not […]
Reliance Steel & Aluminum Co. saw its best financial performance in 2022 on record-breaking sales of $17.03 billion, nearly 21% above 2021. The results were achieved “across nearly every metric during a period of continued metal price volatility and broader economic uncertainty,” Reliance president and CEO Karla Lewis said in earnings commentary released on Thursday, Feb. 16. […]
Ternium plans to spend $2.2 billion to build an electric-arc furnace (EAF) and direct-reduced iron (DRI) module in North America. The Latin American steelmaker said the EAF would have capacity of 2.86 million short tons (2.6 million metric tons) per year and that the DRI unit would have capacity of 2.31 million short tons (2.1 […]
Ternium recorded narrower profits in the fourth quarter on lower steel prices and higher costs. The Luxembourg-based steelmaker, which operates primarily in Latin America, said it expected results to improve in 2023, echoing the comments of its competitors in their recent earnings releases. Ternium’s earnings financial results are in the table to the left. The […]
US Steel said it will supply General Motors (GM) with verdeX® sustainable steel produced at Big River Steel, its electric-arc furnace (EAF) sheet mill in Arkansas. The low-carbon steel produced at the Osceola, Ark., mill will begin shipping to GM manufacturing facilities starting this year, the Pittsburgh-based steelmaker said. “We are pleased to join GM in […]
Depending on when you read this, you might know who won the Super Bowl, but we know who won this week—Joe Biden. President Biden gave an effective State of the Union on Tuesday. The speech had everything his (and Bernie Sanders’) supporters could hope for: more Buy American, more equality, more populism, even more support […]
The Covid-19-related shutdowns and subsequent supply chain disruptions emphasized the importance of onshoring. Geopolitical uncertainty, the war in Ukraine, and recent sovereign security issues, have added to global supply chain concerns. In the US, new legislation, the IRA, USMCA, and Build Back Better have focused on securing and bolstering North American manufacturing conditions. The task […]
Felman Production said it has signed a five-year agreement to sell ferro-silicomanganese to a multi-billion-dollar publicly traded steel and metal manufacturer based in the US. The deal is for is for 42,000 metric tons per year, a company spokesperson told SMU. They declined to name the company. “We’re thrilled about this deal because it will greatly benefit […]
I am writing these Final Thoughts from an exhibition hall at Tampa Marriot Water Street hotel, where we just wrapped up the Tampa Steel Conference. The table I’m writing from is about to be taken down and packed up, and I have to get to the airport soon – so forgive me for what tonight […]
Tenaris SA said Feb. 5 that Benteler North America Corp. has terminated the sale of Benteler Steel & Tube Manufacturing Corp. to Tenaris, effective immediately. Luxembourg-based Tenaris had announced in July the intended acquisition of the steel pipe producer in a deal valued at $460 million. By Ethan Bernard, ethan@steelmarketupdate.com
The US long products market was largely stable this month, as end-use demand remained subdued, and buyers continued to work through inventories. Scrap prices rose in January, fuelling bullish sentiments, but sluggish activity limited any expansion in margins. As a result, rebar, merchant bar, and structurals were all flat month-on-month (MoM). Wire rod prices decreased […]
Now that the new year is one-twelfth over, the changes from last year are taking shape. In foreign policy and trade, a primary focus has changed from economics to geopolitics. Trade between the West and China, which has been the key metric for the last 20 years, has tapered off, although it remains strong. Trade […]