Crowe LLP, a public accounting, consulting and technology firm, announced two new executive appointments of particular interest to those in the steel and manufacturing industries. Scott L. Spencer, CPA, has been named managing partner of the manufacturing and distribution services group at Crowe LLP. In this role, Spencer will oversee the delivery of the firm’s […]
U.S. steel product shipments fell by 2.4% in April following an increase of 15.6% in the month prior. The decline, although disappointing, is not surprising because steel product shipments have been irregular from month to month since bottoming out in May 2020. The lack of consistency has been attributed to seasonal factors at times but […]
We are approaching 550 registered attendees for this year’s SMU Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. Just last week we received registrations from the following companies: Niagara LaSalle Steel, JN Linrose Manufacturing, Atlantic Logistics LLC, Steel Dynamics Inc*., Alliance Steel LLC*, Rock […]
We are approaching 550 registered attendees for this year’s SMU Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. Just last week we received registrations from the following companies: Niagara LaSalle Steel, JN Linrose Manufacturing, Atlantic Logistics LLC, Steel Dynamics Inc*., Alliance Steel LLC*, Rock […]
Flat rolled and plate steel mill lead times continue to extend, according to the results of this week’s flat rolled and plate steel analysis conducted by Steel Market Update. Hot rolled lead times have sustained 10 weeks or more for a month – the first time that has happened in the history of our records, […]
Steel buyers reported to Steel Market Update this week that the trend for steel mills to limit or totally remove any negotiations on spot steel prices continues. Steel pricing power is totally in the hands of the steel mills as supply continues to be less than the demand for mill products. Steel Market Update went […]
A deadline has been set by the European Union and the U.S. to end Section 232 steel and aluminum tariffs, and any retaliatory measures, by Dec. 1, according to a draft communiqué obtained by Reuters. An announcement of the agreement is expected at the G7 Summit next week in Brussels. “We commit to work towards […]
A 100-day review, authorized by President Biden, was released this week to address vulnerabilities in critical U.S. supply chains. The report, “Building Resilient Supply Chains, Revitalizing American Manufacturing, and Fostering Broad-Based Growth,” was prepared by the departments of Commerce, Energy, Defense, and Health and Human Services. The 250-page report included recommendations not only for reducing […]
The U.S. economy recovered from the disappointing showing in April by adding 559,000 new jobs in May, the Bureau of Labor Statistics (BLS) reported. Although fewer workers were added to the payroll than the 700,000-plus forecasted by economists, the May jobs report was in line with February and March totals. The gains underscore the positive impact of steady […]
The U.S. labor market gained some ground in May following a disappointing performance the month prior. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 559,000 workers to their payrolls in May, a vast improvement from the measly 266,000 new jobs added in April – but still behind the 770,000 new hires in […]
Nucor will purchase Cornerstone Building Brand’s insulated metal panels (IMP) business for a cash price of $1 billion dollars. The purchase is expected to close later this year, pending regulatory approval. The transaction includes seven manufacturing facilities located throughout North America that will complement Nucor Buildings Group and the company’s existing IMP business, TrueCore, the […]
Shipbuilder Austal USA has been awarded a design contract to build a new ship for the U.S. Navy. The agreement, valued at $3.6 million, is for the functional design and construction of the new 80-meter (252.5 foot) Navajo-class Steel Towing, Salvage and Rescue Ship (T-ATS). This follows recent news of Austral USA’s new steel manufacturing […]
Canadian steel producer Stelco is getting into the electric vehicle battery recycling business. The company announced it will enter into a joint venture with Primobious to build a facility in North America that will recover and recycle materials from EV batteries. Primobious is a 50-50 joint venture of Neometals Ltd and SMS Group, formed to […]
The following article was reprinted with permission from John Burns Real Estate Consulting. True statements can lead to misleading conclusions, especially in a busy world full of sound bites and analysis limited to 280 characters. Thank you to one of our clients for several long exchanges that pushed me to clarify our thinking on numerous […]
The 2021 SMU Steel Summit Conference will be the first major steel conference to be held in person since the pandemic shut down all events across the world. Our conference will begin at 9 a.m. ET with our Pre-Summit Programs on Monday, Aug. 23. The official opening of the conference will be at 1 p.m. ET […]
The U.S. economy expanded at a moderate pace from early April to late May as vaccine rates increased and social activity began to normalize, said the Federal Reserve in its latest Beige Book report. Consumers spent more dollars on leisure travel and restaurants, giving a boost to the tourism industry that was among the hardest […]
It has been a busy day trying to condense two days of data collection into one as we produce our flat rolled and plate indices for this evening. It should come as no surprise our numbers did track higher this week, and our Price Momentum Indicator continues to point toward higher prices over the next […]
Good news on the global manufacturing front in May: The J.P. Morgan Global Manufacturing PMI showed production accelerating at one of the fastest rates in a decade and new order growth was at an 11-year high. The PMI, produced by J.P Morgan and IHS Markit, rose to 56.0 in May. Only six of the 20 […]
Global manufacturing remained in a strong growth phase in June, with output, new orders and employment all rising and business optimism at robust levels. However, stressed global supply chains continued to disrupt production schedules and delay input deliveries resulting in sharp price increases. The J.P. Morgan Global Manufacturing PMI dipped slightly to 55.5 in June, […]
Steel prices continued to climb higher in May, now the ninth consecutive month prices have increased. Hot rolled steel prices increased an average of $23 per ton each week, reaching $1,590 per ton as of last week when this article was filed. The SMU Price Momentum Indicator has remained unchanged since the August 2020 adjustment […]
New orders, production and employment picked up in May despite slower supplier deliveries and lengthening backlogs, said the Institute for Supply Management in the May 2021 Manufacturing ISM Report on Business. The Manufacturing PMI rose 0.5 percentage point to 61.2 after contracting in April and indicates expansion for the overall economy. “Manufacturing performed well for the […]
Zekelman Industries plans to build a fully automated warehouse at its Wheatland Tube facility in Warren, Ohio. The highly automated, 83,000-square-foot warehouse is scheduled to begin operating in December 2022. The new warehouse will convey pipe from the production lines of the manufacturing facility into the warehouse storage system. From there, pipe is automatically moved […]
Durable goods orders took a surprising tumble in April, dipping 1.3% instead of rising 7-9% as predicted by economists. The volatile transportation category was responsible for most of the decline, falling 6.7%. Automotive orders fell 2.6%, sliding for a second time in the past three months as production slowed due to supply issues with semiconductor […]
Steel Market Update spot prices on flat rolled moved higher today and our Price Momentum Indicator continues to point toward higher prices on hot rolled, cold rolled, galvanized, Galvalume and plate steel over the next 30 days. However, having said that, we spent a good portion of today in conversation with steel buyers around the […]
Steel Market Update is pleased to announce that one of the top woman steel mill executives in North America will mentor the 2021 SMU NexGen Leadership Award recipient. Barbara Smith is Chairman, President and Chief Executive Officer of Commercial Metals Company. Barbara joined CMC in June 2011 as Senior Vice President and Chief Financial Officer. […]
Steel Market Update is pleased to announce that one of the top woman steel mill executives in North America will mentor the 2021 SMU NexGen Leadership Award recipient. Barbara Smith is Chairman, President and Chief Executive Officer of Commercial Metals Company. Barbara joined CMC in June 2011 as Senior Vice President and Chief Financial Officer. […]
Ah, remember the good old days… In this month’s galvanized steel conference call with HARDI wholesalers, one of the manufacturing companies discussed the frustrations of buying foreign steel, issues with late deliveries and then difficulties moving the steel from the port to his manufacturing facilities. Traders expressed frustrations related to freight issues (ship and truck). […]
Ah, remember the good old days… In this month’s galvanized steel conference call with HARDI wholesalers, one of the manufacturing companies discussed the frustrations of buying foreign steel, issues with late deliveries and then difficulties moving the steel from the port to his manufacturing facilities. Traders expressed frustrations related to freight issues (ship and truck). […]
Ford has joined General Motors in extending North American assembly plant outages into the third quarter because of a persistent shortage of microchips. “Our teams continue making the most of our available semiconductor allocation and will continue finding unique solutions to provide as many high-quality vehicles as possible to our dealers and customers,” a Ford […]
The manufacturing sector can expect continued growth for the remainder of this year, says the Institute for Supply Management in their Spring 2021 Semiannual Economic Forecast. ISM raised its projections for several components of the survey that covers 18 manufacturing industries. “Expectations for the remainder for 2021 have strengthened somewhat compared to December 2020, as […]