Next Generation Manufacturing Canada (NGen), a manufacturing and technology alliance devoted to promoting manufacturing innovation, has announced a $28.8 million collaborative funding effort to support nine cutting-edge Canadian projects, including one at ArcelorMittal Dofasco. NGen runs Canada’s Advanced Manufacturing Supercluster, a government initiative begun in 2018 that pledged up to $950 million to match private […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
In stark contrast to the mostly bad news related to the coronavirus pandemic, the North American steel industry is celebrating the new USMCA trade agreement that took effect last week. “Entry into force of the USMCA represents a significant achievement by the United States, Canada and Mexico that will benefit the North American steel industry […]
Construction expenditures continued to show a positive but slowing year-over-year growth in May of 1.4 percent, non-seasonally adjusted. Because of the momentum that exists in most construction projects, steel consumption is likely to decline more slowly in building than in manufacturing. Steel Market Update analyzes Commerce Department Construction Put In Place (CPIP) data to provide […]
“Blunt force demand trauma.” That is how Ryerson President & CEO Eddie Lehner described the market environment as a result of the COVID-19 crisis. One really can’t use the word “unprecedented” too much when discussing the effects of the pandemic on the economy and industry, said Lehner. Losing 30 percent of demand in 30 days […]
The U.S. economy added 4.8 million jobs in June, exceeding analysts’ expectations once again, according to data released Thursday by the Bureau of Labor Statistics. May’s job gain was revised up by 160,000 to 2,699,000. Figure 1 shows the total number of nonfarm workers in the U.S. since 1990. The net loss since February’s all-time […]
The U.S. manufacturing sector is gaining strength after months of contraction, say supply executives surveyed in the June Manufacturing ISM Report on Business. The June PMI jumped 9.5 points to 52.6 indicating an expansion in the overall economy for a second straight month. “June signifies manufacturing entering an expected expansion cycle after the disruption caused […]
Manufacturing and construction both saw positive growth in employment in June. The net change in employed persons was negative 20.8 million in April followed by positive 2.7 million in May and positive 4.8 million in June. Table 1 breaks total employment down into service and goods-producing industries and then into private and government employees. Most […]
Global manufacturing contraction eased in June as indices rose steeply, marking the second month of upward trajectory. The J.P. Morgan Global Manufacturing PMI rose to 47.8 but remained below the 50.0 neutral mark. Milder rates of decline for new orders and production were cited as the world recovers from a recession exacerbated by the global […]
The 2020 SMU Virtual Steel Summit Conference is coming together very nicely. Steel Market Update and our parent company the CRU Group have been working diligently on the agenda for the 2020 SMU Virtual Steel Summit Conference. We have been adding new speakers to the group we already had committed for the live event, and […]
Heidtman Steel, one of the country’s leading coil service centers, has expanded into tube manufacturing through a joint venture known as TNT Pipe and Tube. The new tube mill, located at Heidtman’s Erie, Mich., flat rolled processing plant, began initial production last month and will be fully operational by the end of August, said Heidtman […]
Heidtman Steel Products, Inc., a leading coil service center, has renamed its tube mill, formerly TNT Pipe and Tube, to Heidtman Tubular Products. The change comes as Heidtman Steel seeks to showcase its vertical integration and full ownership and commitment to the tubular business, the company said. “As one of the largest, privately held, flat […]
For the second year in a row, Nucor Corp. was recognized as a General Motors Supplier of the Year during a virtual ceremony on June 24. Less than 1 percent of GM’s suppliers receive this award. Nucor remains the only electric arc furnace steelmaker to get this recognition. Supplier of the Year award winners were […]
Today we officially took our SMU Price Momentum Indicator on hot rolled, cold rolled, and galvanized to Lower from Neutral. We are leaving Galvalume and plate at Neutral. We have seen prices slipping over the past few weeks, and we do not see any immediate signs of that trend reversing itself. There will be questions […]
Ferrous scrap prices most likely will move lower in July as scrap supplies are increasing at a greater pace than steel demand. Finished steel prices have shown some weakness lately as the market struggles to get back on track and are unlikely to get any help from scrap next month. Ferrous scrap prices rose $30-40 […]
Orders for durable goods leapt 15.8 percent to $194.4 billion in May after plunging a revised 18.1 percent in April. The increase exceeded expectations and indicates the economy is in recovery, though orders are still well below pre-COVID levels. Transportation orders surged 80.7 percent, primarily due to a rebound in automotive orders. Motor vehicle and […]
Kate Mitchell joins the leadership team of Majestic Steel USA as executive vice president and chief marketing officer. Cleveland-based Majestic is a privately held distributor and processor of flat-rolled steel serving customers in manufacturing, construction and distribution throughout North America. Reporting to Majestic CEO Todd Leebow, Mitchell will oversee brand marketing and corporate communications, as well […]
Virtual Summit Networking – better than in real life? The SMU Steel Summit Virtual Conference will have a strong focus on networking, to facilitate business and to give you that human connection. From the minute you enter the virtual venue you’ll be able to see everyone else who is there and can start networking and […]
The American Iron and Steel Institute welcomed two new leaders today. The AISI Board of Directors has elected John Brett, president and CEO of ArcelorMittal USA, as chairman for the 2020-2021 term. Brett has been serving as interim chairman since the retirement of Roger Newport, former CEO of AK Steel. “With more than 30 years […]
The Ports of Indiana has been awarded a Marine Highway Grant by the U.S. Department of Transportation’s Maritime Administration to develop a steel barge shuttle with Nucor Steel at its Jeffersonville port. The project will allow barge shipments of steel coils from Ghent, Ky., to the Port of Indiana-Jeffersonville. The $778,766 project includes the construction […]
Why leave your employees in the dark? Last week we had one of our member companies upgrade to an Enterprise membership, and they added 429 of their employees to their account. Today, we had a steel mill ask to add another 100 people onto their existing account. From our inception, the goal of Steel Market […]
So, John… What is happening with the SMU Virtual Steel Conference this week? I am happy you asked. We continue to book more attendees as more and more companies are beginning to realize we are trying to create something unique in this age of the COVID-19 pandemic. We are pushing 300 registered attendees, and that […]
The House Transportation and Infrastructure Committee gave its approval to the INVEST in America Act on Friday, moving forward a measure that would fund much needed infrastructure work, create thousands of jobs and help the economy recover from the effects of the coronavirus pandemic. The measure is widely supported by the steel industry, as construction […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: A rather eventful week in D.C. has brought to the fore a new proposal from House Democrats to pass an infrastructure bill. Readers will recall “Infrastructure Week” last year, which featured a tense White House meeting that ended […]
Steel Dynamics expects its second-quarter earnings to be significantly lower than first-quarter results. Adjusted earnings per diluted share are expected to be in the range of $0.40 to $0.44, well below $0.88 per share reported in Q1. The decline in earnings is due to lower steel demand and selling prices attributed to the temporary closures […]
Mexican steelmakers Altos Hornos de México (AHMSA) and Villacero have a signed a non-binding agreement to merge assets as a new company. The agreement gives the two parties 90 days to complete regulatory documents to move forward with the reported $300 million deal. A June 18 filing with the Mexican Stock Exchange said: “The agreement […]
Flat rolled steel price momentum, for spot pricing out of the domestic mills, continues to be in transition, and the SMU Price Momentum Indicator is at Neutral. Neutral means spot mill pricing could go in either direction over the next 30 days. However, SMU and our parent company CRU have both been reporting lower spot […]
Flat rolled steel price momentum, for spot pricing out of the domestic mills, continues to be in transition, and the SMU Price Momentum Indicator is at Neutral. Neutral means spot mill pricing could go in either direction over the next 30 days. However, SMU and our parent company CRU have both been reporting lower spot […]
The term “sustainability” is most often associated with environmentalism. True to the word, U.S. Steel’s 2019 Sustainability Report details the steelmaker’s mission to reduce its global greenhouse gas (GHG) emission intensity by 20 percent over the next decade. But what makes a company’s success “sustainable” over the long term goes far beyond environmental considerations, said […]