By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook Energy costs for consumers – in the form of utility bills and the cost of filling a car – have risen sharply, but not as sharply as the cost of crude oil and natural gas. But this doesn’t necessarily mean a lot more pain […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, June 8 The CRUspi plummeted again month-on-month in June by over 12.3%, which is a larger drop than in May. This makes it the third-largest percentage point drop on record and the second largest in terms of total points. The supply shock caused by […]
US construction spending in April totaled $1.744 trillion at a seasonally adjusted annual rate, just 0.2% above February’s upwardly revised $1.741 trillion. Investment in construction rose less than expected as an increase in private construction was partially offset by declines in public spending, the Commerce Department reported. Construction spending in April missed expectations, easing from a […]
The US labor market added 390,000 jobs in May, a robust figure but a slower pace of hiring versus the upwardly revised 436,000 additional payrolls in April. The result kept the unemployment rate unchanged month on month (MoM) at the pandemic-era low of 3.6%, the Bureau of Labor Statistics reported. Payroll gains were better than […]
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, email Info@SteelMarketUpdate.com. The US economy surprises in May by adding 390,000 new jobs, higher than earlier estimates and despite growing concerns about economic slowdown and surging inflation. The result kept the […]
Ford Motor Co. is investing big to increase electrical vehicle production in the Midwest. The Dearborn, Mich.-based automaker recently announced $3.7 billion in expenditures to increase manufacturing at plants in Michigan, Ohio, and Missouri. The funding will support more than 6,200 new union jobs, and nearly 3,000 temporary UAW-Ford workers will be converted into permanent full-time […]
Nucor has agreed to acquire Summit Utility Structures LLC and a related company, Sovereign Steel Manufacturing LLC. They produce metal poles and other steel structures for utility infrastructure and highway signage, the steelmaker said. Charlotte, N.C.-based Nucor said the companies will become part of a new business unit, Nucor Towers & Structures, serving the utility, […]
Registrations continue to flock in, and we are now approaching 700 registered executives for the 2022 SMU Steel Summit Conference. We anticipate close to 1,200 executives will be registered by the time we get to the conference, which is being held at the Georgia International Convention Center in Atlanta on August 22-24. You can join […]
Registrations continue to flock in, and we are now approaching 700 registered executives for the 2022 SMU Steel Summit Conference. We anticipate close to 1,200 executives will be registered by the time we get to the conference, which is being held at the Georgia International Convention Center in Atlanta on August 22-24. You can join […]
The S&P Global US manufacturing PMI – another measure of manufacturing – fell to 57 in May, its lowest level in four months, and a noticeable turn from the market improvement the month prior. Last month’s results are down from 59.2 in April and a “flash” May reading of 57.5. (Recall that a reading above […]
The outlook among purchasing managers surveyed by the Institute for Supply Management was positive in May. US manufacturing activity grew at a slightly faster rate than anticipated as the six biggest manufacturing industries registered moderate to strong growth last month. May’s Manufacturing PMI rose to 56.1%, a 0.7 percentage point gain compared to a reading […]
Spending on nonresidential construction projects declined for the second straight month in April because labor shortages suppressed construction activity, the Associated General Contractors of America (AGC) reported. “Nonresidential construction spending is being held back by a paucity of qualified workers, not a lack of projects,” AGC chief economist Ken Simonson said. “With job openings at an all-time […]
The Biden administration, picking up where the “America First” Trump administration left off, extols the virtues of increased production here at home. There are many advantages to this approach, the president says. Increased production in the US will diminish reliance on China in critical materials for electric vehicles (rare earth metals and lithium, for example). […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
Commercial Steel Products LLC (CSP) has acquired Ace Steel Supply Inc. (Ace) in a stock purchase agreement. The deal between the two steel service centers represents an alignment of mutual strategic interests, CSP said. Dallas-based CSP is a supplier of steel products, including tubular, flat-rolled, and structural steel. Its acquisition of Houston-based Ace will enhance […]
Who wants to be in the hot-rolled coil business anymore? I ask that only partly in jest. It’s not that no one wants to make spot HRC anymore. It’s just that not many companies seem to want to make it their bread and butter. Nucor spending $3 billion for a garage door company and looking […]
Nucor Corp.’s $3 billion acquisition of CHI Overhead Doors, its largest deal ever, represents a shift away from the company’s traditional roots as a steelmaker. “We absolutely want to pivot from being just a steelmaker to a manufacturing company,” Nucor president and CEO Leon Topalian said. That’s notable because Nucor is the largest steelmaker in the […]
Construction of a new pig iron caster has begun at US Steel’s Gary Works with start-up expected early next year. US Steel employees joined United Steelworkers leaders and others this week in Indiana to celebrate the $60 million investment. The company’s Minntac and Keetac Minnesota ore operations will feed the pig iron facility, which […]
The US Department of Commerce’s International Trade Administration has adjusted the antidumping duty margins on imports of hot-rolled steel flats from Japan after an administrative review covering the one-year period ended September 30, 2020. Commerce calculated a weighted-average dumping margin of 24.07% for mandatory respondents Nippon Steel Corp., Nippon Steel Nisshin Co., and Nippon Steel […]
Distributors who sell galvanized steel products continue to see balanced inventory levels and strong demand. In their monthly conference call earlier today, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) expressed optimism even as steel prices are on the decline. Russia’s invasion of Ukraine helped reset the steel market, explained Steel Market Update Senior […]
Distributors who sell galvanized steel products continue to see balanced inventory levels and strong demand. In their monthly conference call earlier today, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) expressed optimism even as steel prices are on the decline. Russia’s invasion of Ukraine helped reset the steel market, explained Steel Market Update Senior […]
What a whirlwind last week was. I want to thank Wolfe Research and Bank of America for inviting me to speak, the former virtually, the latter in person. I also want to thank Stanislav Zinchenko and the GMK Center for taking time to join us for what I thought was one of our better Community […]
What a whirlwind last week was. I want to thank Wolfe Research and Bank of America for inviting me to speak, the former virtually, the latter in person. I also want to thank Stanislav Zinchenko and the GMK Center for taking time to join us for what I thought was one of our better Community […]
Tariffs on China put in place under the Trump administration are under review now because Section 301 of the Trade Act of 1974 requires it after four years. I thought it was surprising that President Biden continued the “China tariffs” after criticizing them during the 2020 presidential campaign. But it is not too surprising. The tariffs […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management. Prior […]
Alan Beaulieu Comments, Stanislav Kinchenko Webinar, Steel Prices, Events SMU’s Michael Cowden and David Schollaert are at the Boy Scout Dinner in Chicago this evening (Thursday). Steel Market Update is a supporter of the event which has been hosted by the metals industry for 50 years. If you have never attended the dinner, I highly […]
Editor’s note: Paul Lowrey did a presentation at the Tampa Steel Conference in February 2022 covering a range of industry issues. It was well received by the audience. and SMU asked him to do it again at Steel Summit 2022 with updates. This is an excerpt of his anticipated presentation. I’m approaching 30 years in […]
Business activity in the state of New York sank in May, a startling result following a strong turnaround in the headline index the month prior, 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 – is now […]
North American auto assemblies shrank by 15.8% in April, falling for the first time in 2022 as ongoing supply hurdles mount. Despite the recent decline, North American production has improved since bottoming out last December. April’s results are just 4.6% higher year-on-year (YoY), and still 14.4% below the pre-pandemic period of April 2019. North American […]