Nucor expects to complete the $650 million expansion and upgrade of its Gallatin sheet mill in Ghent, Ky., in June, company executives said. And the Charlotte, N.C.-based steelmaker’s new $1.35 billion plate mill in Brandenburg, Ky. – slated to have annual capacity of 1.2 million tons – remains on track to start up late in […]
The SMU Steel Summit Conference was, at its inception, about two things: networking and forecasting. Our conference aims to expand our attendees’ knowledge of the economy, the flat rolled and plate industries, and key market segments. It’s also about getting to know one another better as companies look to improve or expand their relationships with […]
Business activity in the state of New York expanded markedly in April, following the first decline in the headline index since the onset of the global pandemic nearly two years ago, according to the Empire State Manufacturing Survey. The headline general business conditions index is now at 24.6 (above the neutral mark of 0), surging 36.4 points […]
Today we are sharing the full proposed agenda for the 2022 SMU Steel Summit Conference. As you will note there are a few programs where we are in negotiations with speakers or working on making sure the program is fresh for those who have attended our conference in the past. There are several themes we […]
Contrary to the support echoed from domestic iron and steel organizations, the new ‘Buy America’ mandates introduced by the White House have drawn strong criticism from the Associated General Contractors of America (AGC). The association suggests that such measures laid out under the guidance will undermine the nation’s ability to build and improve infrastructure. “AGC […]
The American Iron and Steel Institute (AISI) and the Steel Manufacturers Association (SMA) both praised the White House guidance to federal agencies outlining obligations to procure materials domestically for infrastructure projects. “We appreciate the commitment of the Biden-Harris administration to ensure that all federally-funded infrastructure and public works projects use iron, steel and other products that […]
Shipbuilder Austal USA has officially opened its new steel manufacturing line to build steel ships for the US Navy and Coast Guard. The ultra-modern steel shipbuilding facility in Mobile, Ala., enables the simultaneous production of both aluminium and steel hulled ships, the company said. Known for its construction of aluminum vessels, the shipbuilder’s new 118-throusand-square-foot […]
Steel Market Update has been working on the agenda for the 2022 SMU Steel Summit Conference, which will be held in Atlanta on August 22-24. This year’s conference will address many of the issues affecting the flat-rolled and plate steel markets. Over the next few issues, we will roll out our conference program, many of […]
Steel Market Update has been working on the agenda for the 2022 SMU Steel Summit Conference, which will be held in Atlanta on August 22-24. This year’s conference will address many of the issues affecting the flat-rolled and plate steel markets. Over the next few issues, we will roll out our conference program, many of […]
President Biden on Friday signed two pieces of trade legislation that sailed through Congress: the “Ending Importation of Russian Oil Act” (HR 6968), which prohibits imports of oil, gas and other energy products from Russia, and “Suspending Normal Trade Relations with Russia and Belarus Act” (HR 7108), which imposes higher “Column 2” tariffs on imports […]
Despite economic and geopolitical headwinds, there remains tremendous opportunity for steel and industrial metals distribution, Ryerson president and CEO Eddie Lehner during the most recent Steel Market Update Community Chat webinar. There might be debate over where rising finished steel prices will settle. But gone are the days of hot-rolled coil averaging around $600 per ton ($30 […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. US construction spending in February totaled $1.704 trillion at a seasonally adjusted annual rate, rising less than expected as an increase in outlays on private projects was partially offset by a decline […]
My car was sideswiped recently – a parked car is hard to avoid, apparently – and I thought a silver lining might be that I could do my little part to keep North America’s scrap reservoir full. A quarter panel, maybe even a door. Instead, I am still driving around in that scrap (and probably […]
2022 SMU Steel Summit Finally, a note from our founder, John Packard, who wants to make sure all of you are aware of the latest developments for our big event which will be held in Atlanta on the 22nd through the 24th of August. The following companies registered for the 2022 SMU Steel Summit Conference […]
Schnitzer Steel Industries Inc. posted its best first half results in company history following a strong second quarter earnings. The result comes thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $38 million in the second quarter of […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook The invasion of Ukraine by Russian forces has continued to rock commodity and financial markets. We expect the fallout from the invasion to reduce world growth this year and next, through three main channels: Energy prices. Russia is a major producer and exporter of […]
The US labor market expanded at a strong pace in March, adding 431,000 new jobs and bringing the unemployment rate to a new, pandemic-era low of 3.6%, the Bureau of Labor Statistics reported. Though payroll gains were lower than economists had expected, they still rounded up a strong first quarter for the US labor market […]
Nucor announced today that it has acquired Elite Storage Solutions, a steel racking manufacturer employing 180 full-time teammates at locations in Monroe, Ga., and Chandler, Ariz. This $75 million acquisition expands Nucor’s steel racking capabilities and builds on the company’s acquisition of Hannibal Industries last year “We are excited to grow our steel racking capabilities with this acquisition of Elite Storage Solutions. […]
Ryerson president and CEO Eddie Lehner will be the featured speaker on our next SMU Community Chat. The webinar is on Wednesday, April 6, at 10 ET (9 am CT). It’s free. You can register here. We’ll talk about what’s in store for the second quarter, 2H and looking out into 2023. We’ll also discuss how to […]
We are now 140 days away, and I am getting very excited about this year’s SMU Steel Summit Conference. The agenda is coming together nicely, we have several new speakers, and I continue to work on a few special projects that I think you will enjoy. The conference dates are August 22-24, and the conference will be […]
We are now 140 days away, and I am getting very excited about this year’s SMU Steel Summit Conference. The agenda is coming together nicely, we have several new speakers, and I continue to work on a few special projects that I think you will enjoy. The conference dates are August 22-24, and the conference will be […]
The Commerce Department released a “strategic plan” to boost American competitiveness on March 28. It is long on buzzwords and short on specifics. The plan identifies some opportunities to boost American competitiveness. But it focuses too much on government subsidies and protection of entrenched domestic industries and not enough on playing to America’s most important […]
The global microchip shortage and snarled supply chains continue to trouble North American automakers nearly two years after these issues first resulted in widespread production outages. The list of carmakers impacted this week is extensive, including the Detroit-area “Big Three” – GM, Ford, and Stellantis (formerly Chrysler) – as well as Honda and Toyota. General […]
The outlook among purchasing managers surveyed by the Institute for Supply Management remains optimistic, showing continued expansion in March despite a slight month-on-month decline in growth rates. Last month’s Manufacturing PMI edged down to a reading of 57.1% versus 58.6% in February. The index reading above 50% indicates growth in the manufacturing sector, and March’s […]
US manufacturing activity saw a sharp improvement in March driven by big increases in output and new orders. Both domestic and foreign client demand ticked higher, according to the latest US Manufacturing PMI data from S&P Global. The overall upturn was aided by a sharper expansion in production at the end of the first quarter. Indeed, […]
Steel Market Update sources expect ferrous scrap prices to rise yet again in April, with obsolete grades potentially up $50-$100 per gross ton over March and busheling up $120-$200 per gross ton. The big anticipated gains in April follow record price increases in March due to the Ukraine-Russia war. “I have to say, this is one […]
Ryerson president and CEO Eddie Lehner will be the featured speaker on our next SMU Community Chat. The webinar is on Wednesday, April 6, at 10 ET (9 am CT). It’s free. You can register here. Why should you listen? Lehner told me back in January that the selloff was overdone. That was not a mainstream […]
When I first started writing Steel Market Update back in 2004, its purpose was to assist my steel buying clients by supplying information necessary for them to be proactive in their decision-making process in a volatile steel market. Its purpose did not change in 2008 when I started the newsletter as a publication for a […]
New orders for US manufactured durable goods fell 2.2%, or $6.0 billion, in February, snapping a four-month rally, according to the Commerce Department. Orders at domestic factories for long-lasting goods fell more than expected last month, while business investment fell for the first time in a year. February’s outcome suggests high inflation and ongoing supply […]
Producer prices rose moderately in February, maintaining a sustained 23-month growth run. Last month the headline index grew by just 0.8%, seasonally adjusted, but was a gain of 10% when compared to the same year-ago period, reports the U.S. Labor Department. Wholesale prices accelerated as steady consumer demand and pandemic-related supply-chain snarls continued to fuel […]