First, I want to commend Michael Cowden for the outstanding Final Thoughts he has been creating for our readers. I also want to thank the SMU team for doing an excellent job over the past few weeks since Tim Triplett retired. We have new people coming soon, but in the meantime Brett Linton and David […]
Steel Market Update sources expect ferrous scrap prices to decline in May, following record high prices in March and April due to the Ukraine-Russia war. Some expect obsolete grades to decline significantly from April, with busheling prices potentially down as well. “Just looking at the export market makes me think US domestic will see significant drops for all […]
Distributors who sell galvanized steel products to the construction and HVAC sectors are still seeing strong demand despite record-high prices. But the flurry of buying that happened immediately following the outbreak of the war in Ukraine has slowed, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) said in their monthly conference call on Tuesday. […]
This past week the Office of Management and Budget (OMB) issued a memorandum with details of the Buy America rules that apply to infrastructure projects governed by the infrastructure bill passed last year (the “Infrastructure Investment and Jobs Act,” or “IIJA”). This week, I detail some of the changes and their impact on the number […]
Cleveland-Cliffs Inc. expects record free cash flow this year thanks to fixed-price contracts resetting higher and a more bullish outlook on average selling prices in general. The Cleveland-based steelmaker predicts that average selling prices for the year will be $1,445 per ton ($72.25 per cwt), up $220 per ton from prior guidance of $1,225 per […]
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 […]
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 […]