Lordstown will not be getting another General Motors vehicle, says CEO Mary Barra. And no, it is not a “PR stunt” by the company. The Ohio manufacturing facility was one of five North American plants included in a global restructuring of the company. During an interview with Reuters in Washington last week, Barra defended plans […]
By CRU Principal Economist Lisa Morrison April reports related to manufacturing indicate a potential softening in the sector going forward. Since total IP growth for Q1 was revised down to register a decline of 0.5 percent q/q, we have reduced our forecast for 2019 IP growth to 2.0 percent from 2.7 percent previously. The ISM […]
Global manufacturing activity sank into contraction in May. The JP Morgan Global Manufacturing PMI slipped to 49.8 last month for its lowest level since October 2012. International trade concerns dampened new export orders, which fell for the ninth month in a row. Business optimism fell to a level not seen since October 2012. Said JP Morgan […]
Today, June 6, is D-Day. I know there are many who read this newsletter who are well-removed from those who served in World War II. For us baby boomers, the children of the men and women who served either in the military or supporting the war effort at home, we learned early in life about […]
As one perk of the award, the winner of the SMU NexGen Leadership Award will have a once in a lifetime opportunity to spend the day with one of the most interesting and accomplished CEOs in the steel industry, Mark Millett, Co-Founder, President and CEO of Steel Dynamics Inc. Mark D. Millett is President and […]
As one perk of the award, the winner of the SMU NexGen Leadership Award will have a once in a lifetime opportunity to spend the day with one of the most interesting and accomplished CEOs in the steel industry, Mark Millett, Co-Founder, President and CEO of Steel Dynamics Inc. Mark D. Millett is President and […]
The Coalition of American Metal Manufacturers and Users issued the following statement on the one-year anniversary (June 1) of full implementation of the Section 232 tariffs on steel and aluminum imports: The Coalition of American Metal Manufacturers and Users (CAMMU) is encouraged by the termination of Section 232 steel and aluminum tariffs on Mexico and […]
Manufacturing in May grew at its slowest pace in two and a half years amid trade tensions and slower demand, reports the Institute for Supply Management. The PMI for the Manufacturing ISM Report on Business decreased 0.7 percentage points from April to a reading of 52.1 percent. The index for new orders gained one percentage […]
Key Market Indicator trends deteriorated in May and were the worst since October 2016, according to Steel Market Update’s analysis. This report is designed to be a big picture summary of data we have reported in detail during the month. In it we summarize 36 data streams that critically describe the state of the steel […]
China’s crude steel production in April exceeded an annualized rate of one billion tons for the first time as the Asian giant continues to grow its global market share, according to Steel Market Update’s analysis of the latest World Steel Association data. On March 27, the OECD Steel Committee reported: “Low growth prospects for the […]
Promises of steel tariff relief were short-lived for Mexico as President Trump’s latest tariff move adds new penalties and dashes hopes for quick ratification of the USMCA. Trump announced on Thursday that 5 percent tariffs will be imposed June 10 on all Mexican goods, including steel, until such time that Mexico stops the influx of […]
Metalforming companies are expecting a downward trend in business conditions for the next three months, according to 119 metalforming companies surveyed by the Precision Metalforming Association. The PMA Business Conditions Report for May shows only 19 percent of those surveyed expected economic activity to improve. About 24 percent expected orders to decline, an increase from […]
The MNI Chicago Business Barometer gained 1.6 points in May to register 54.2. Survey responses showed softening in both manufacturing business activity and confidence. The three-month average for the Index slipped to a two-year low, said MNI Indicators. Production and new orders rose in May, but not enough to make up for weaker levels in […]
AK Steel reports that members of the United Auto Workers (UAW), Local 4104, have ratified a new three-year labor agreement covering about 110 hourly production and maintenance employees at the company’s Zanesville (Ohio) Works. AK Steel said that UAW officials notified the company that the new contract was ratified in voting held on May 30. […]
Industry veteran Greg Gross has accepted a position with Chicago-based Blackhawk Steel Corp. as its new director of purchasing and sales and chief operating officer. Blackhawk Steel is a distributor specializing in secondary steel products. Its sister company Dockside Steel Processing offers a range of processing services including leveling and slitting from a 120,000-square-foot processing […]
Steel Market Update, in partnership with the Steel Manufacturers Association, is now accepting nominations for the new SMU NexGen Leadership Award. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North […]
I am back, well sort of… (I took some vacation days this past week. Did you miss me?) I will be traveling to Washington, D.C., where I will be speaking with the board of directors of the Steel Manufacturers Association. This will be interesting as there are no prepared remarks, just SMA President Phil Bell […]
Steel Market Update, in partnership with the Steel Manufacturers Association, is now accepting nominations for the new SMU NexGen Leadership Award. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North […]
Strong and healthy competition has always existed between the steel and aluminum industries as each vies to capture and retain market share through innovation, advertising, pricing and other strategies. However, beyond this story of upstream competition, both materials are integral to a wide range of manufactured products and are widely purchased, fabricated and distributed by […]
Trade tensions with China and a slower economy took a toll on durable goods orders in April. Orders fell 2.1 percent in April to a seasonally adjusted $248.4 billion, reported Commerce. April’s data includes a revision for March new orders to $506.2 billion from $508.5 billion. Civilian aircraft led last month’s decline, plummeting 25 percent […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel The hot rolled steel market remains cautious but optimistic with domestic producer prices coming in at even larger discounts to foreign […]
British Steel Ltd. has been ordered into liquidation after failing to receive another bailout from the government. British Steel hoped to receive a $95 million support package from the government to help it with issues related to the U.K.’s withdrawal from the European Union. The government previously granted a $152 million loan to the company […]
Last year, the number of companies reporting new reshoring and foreign direct investment (FDI) jumped by 38 percent over 2017, accounting for 145,000 new jobs in the U.S. The total number of manufacturing jobs brought to the U.S. from offshore is now over 757,000 since the manufacturing employment low of 2010, reports the Reshoring Initiative, […]
Steel Market Update is pleased to announce the new SMU NexGen Leadership Award in partnership with the Steel Manufacturers Association. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North America, SMU is […]
I am flying back to Florida after completing my second speaking engagement this week. I think I’ve logged 10,000 miles over the past few weeks flying to Atlanta (twice), Chicago, Iowa, Minnesota after having previously flown to Monterrey, Mexico, and Los Angeles. I am looking forward to not going anywhere for a week (I am […]
Major steel producers in the U.S. had hoped the president wouldn’t blink on the Section 232 tariffs on Canada and Mexico—but he did—in an apparent effort to clear the way for passage of the new North American free trade agreement. Now the mills are supporting the administration’s demand that steel trade in North America be […]
Like everyone else in the steel industry, members of the Heating, Air-conditioning and Refrigeration Distributors International (HARDI) are wondering what will happen to supply and prices now that the Trump administration has lifted the Section 232 tariffs on steel imports from Canada and Mexico and cut in half the tariffs on steel imports from Turkey. […]
Nucor Corp. and AK Steel were each recognized as a Supplier of the Year for Non-Fabricated Steel at General Motors’ 27th annual awards ceremony in Detroit on May 15. Recipients are chosen by a global team of GM purchasing, engineering, quality, manufacturing and logistics executives. Winners were selected based on performance criteria in Product Purchasing, […]
The competitiveness of steel continues to lose ground against aluminum and plastic, according to the latest data from the Bureau of Labor Statistics. Cold rolled steel sheet has become less competitive against aluminum sheet in the last year and this has carried through to steel and aluminum cans. Steel tubular goods have lost ground to […]
So, I don’t even need to be in the office to know what question(s) I am going to be asked all this week. Now that President Trump has removed the Section 232 tariffs from Canada and Mexico (without a quota, but instead a promise of no surge), everyone wants to know how this will affect […]