Two of the biggest steel companies in the U.S. are expecting earnings to decline in the second quarter. Nucor and Steel Dynamics both cite lower shipments and inventory destocking as contributing factors. In guidance released on Monday, Nucor forecast earnings in the range of $1.20 to $1.25 per diluted share compared to $1.63 per share […]
I have been in New York City where one of the competitors of Steel Market Update was conducting a steel conference. There were a number of satellite mini-conferences surrounding the NYC event. I attended three of them: the CRU Steel Briefing, which attracted about 100-150 executives; the Bank of America Merrill Lynch dinner drawing a […]
Imported steel prices are no longer competitive with domestic steel mill pricing – even on light gauge galvanized and other specialty products that normally have gone to trading companies. Lead times are short, but as one steel executive put it to me this afternoon, “It’s not that the mills have no business. [For this time […]
Here we discuss the agenda, speakers and what we were thinking as we put together Day 2 of the SMU Steel Summit Conference, which is Tuesday, August 27, 2019. 7:00 AM to 8:00 AM – Doors Open at the Georgia International Convention Center Coffee, drinks and pastries will be available. Exhibition areas will be manned. […]
2019 SMU Steel Summit Conference – A Sneak Peek – Day 2 Written by: John Packard, President & CEO, Steel Market Update RE: 2019 SMU Steel Summit Conference, August 26-28, 2019 – Location: Georgia International Convention Center, Atlanta, GA On Thursday of this past week, I laid out the thought process involved with putting together […]
The Georgia International Convention Center (www.gicc.com) as well as the three Gateway Hotels (Marriott, Renaissance and SpringHill Suites) are all conveniently located at the first stop of the free SkyTrain out of the Atlanta International Airport (ATL). The second stop on the SkyTrain is for car rentals. Our overflow hotel – the Atlanta Airport Marriott […]
2019 SMU Steel Summit Conference – A Sneak Peek – Day 1 Written by: John Packard, President & CEO, Steel Market Update RE: 2019 SMU Steel Summit Conference, August 26-28, 2019 – Location: Georgia International Convention Center, Atlanta, GA The Georgia International Convention Center (www.gicc.com) as well as the three Gateway Hotels (Marriott, Renaissance and […]
Nucor Tubular Products announced on Monday a $27.2 million expansion for its Trinity, Ala., division that will include new production, finishing, processing and packaging equipment, and hiring of additional workforce to support the new operations. The expansion will allow Nucor Tubular Products to produce 1″ through 8″ A135/795 sprinkler pipe Schedule 10 and Schedule 40; […]
I am in Washington, D.C., attending the joint SMA/AISI annual meeting. I had the unique opportunity to sit down with Phil Bell, President of the Steel Manufacturers Association, and the SMA board to discuss my viewpoints regarding various issues affecting the electric arc furnace manufacturers. The SMA got to see a few of the proprietary […]
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 […]
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, […]
Nucor Steel South Carolina will celebrate its 50th anniversary next month with plans to add vacuum degassing to its engineered bar capabilities at the Darlington mill. “This strategic investment complements our existing bar mills that primarily produce engineered bar products in Norfolk, Neb., Memphis, Tenn., and Wallingford, Conn. It will position us to better serve […]
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 […]
Steel Market Update is dedicated to assist the greater steel community to attract and maintain young people to the industry. The SMU NexGen Leadership Award, which is in partnership with the Steel Manufacturers Association, is but one step in the process that was begun many years ago. Our Steel 101: Introduction to Steel Making & […]
AISTech 2019, presented by the Association for Iron & Steel Technology, boasted more than 8,000 attendees this year. The four-day conference May 6-9 in Pittsburgh included more than 550 technical presentations and nearly 550 domestic and international exhibiting companies. The exhibit floor was a dizzying display of the latest innovations from software and robotics to cranes […]
AISTech 2019, presented by the Association for Iron & Steel Technology, boasted more than 8,000 attendees this year. The four-day conference May 6-9 in Pittsburgh included more than 550 technical presentations and nearly 550 domestic and international exhibiting companies. The exhibit floor was a dizzying display of the latest innovations from software and robotics to cranes […]
Ronald J. O’Malley has been appointed president of the Association for Iron & Steel Technology (AIST) for 2019–2020. O’Malley succeeds James F. Dudek of United States Steel Corp. O’Malley is the F. Kenneth Iverson Chair Professor in Steelmaking Technologies and director of the Kent D. Peaslee Steel Manufacturing Research Center at the Missouri University of Science […]
U.S. Steel announced a major $1.2 billion investment in new thin-slab casting technology, a new rolling mill and a co-gen power plant at its Mon Valley Works complex. This investment is not adding new steelmaking capacity to USS Mon Valley, which is rated at 2.9 million net tons. In a note to her clients, Bank […]
Another exciting week in the steel industry… A couple of reminders: With four months yet to go we are marching toward 400 registered executives for the 2019 SMU Steel Summit Conference, which will be held in Atlanta on Aug. 26-28. This is THE premier networking event for the steel industry during the calendar year. Here […]
Management at NLMK USA is contemplating its next move after receiving the disappointing news Tuesday that the U.S. Commerce Department has denied its appeals for exclusions from the Section 232 tariffs on imported slabs. Commerce has determined that semifinished steels are available in sufficient quantities to support the domestic market, and that slab converters like […]
Like the mills, service centers enjoyed robust returns in 2018. With one quarter in the books, it appears this year is setting up to be more challenging. Steel Market Update has recruited three of the industry’s top distribution execs to share their perspectives on steel demand in 2019 during SMU’s Steel Summit Aug. 26-28 in […]
Like the mills, service centers enjoyed robust returns in 2018. With one quarter in the books, it appears this year is setting up to be more challenging. Steel Market Update has recruited three of the industry’s top distribution execs to share their perspectives on steel demand in 2019 during SMU’s Steel Summit Aug. 26-28 in […]
Nucor announced net income of $501.8 million for the first quarter of 2019, a 22 percent decrease from income of $646.85 million in the fourth quarter. Net sales slipped 3.0 percent sequentially to $6.10 billion from the fourth quarter as the average sales price per ton dipped 4.0 percent. The drop in earnings was expected […]
Non-coated flat rolled and plate prices are under pressure and there is worry coming from steel buyers about the second half of this calendar year. I am hearing mixed results regarding actual demand. The weather has finally broken in the north and products such as the metal building industry are seeing significant gains. We also […]
Nucor Corporation announced today that Chief Digital Officer and Executive Vice President R. Joseph Stratman plans to retire on June 8 after more than 29 years of service with Nucor. Stratman began his career with Nucor in 1989 as Controller of Nucor Building Systems-Indiana. He then served as Controller of Nucor-Yamato Steel Company, General Manager […]
Nucor Corporation announced today that Chief Digital Officer and Executive Vice President, R. Joseph Stratman, plans to retire on June 8, 2019 after more than 29 years of service with Nucor. Mr. Stratman began his career with Nucor in 1989 as Controller of Nucor Building Systems-Indiana. He then served as Controller of Nucor-Yamato Steel Company, […]
Nucor Corp. has acquired Century Tube LLC, a supplier of carbon tubing for automotive, mechanical and structural applications. Century Tube, based in Madison, Ind., offers round, square, rectangular, oval and other special welded shapes of mechanical steel tubing, and is a leader in supplying induction heat-treated tubes for automotive applications. The company has produced over […]
Steel Market Update conducted an analysis of flat rolled and plate steel market trends last week. One of the key trends we watch closely is the relationship between how service centers are handling spot prices to their customers and what support is being given to domestic steel mill price increases. With the two increases announced […]
Following a slower than expected first quarter, activity has begun to pick up in the nonprime/secondary steel market, report service center executives. “Maybe that’s good news for April going forward,” said Lisa Goldenberg, president of Delaware Steel of Pennsylvania, Fort Washington, Pa. Nonprime or secondary steel includes coils that are rejected because they failed to […]
The steel industry is on the brink of a capacity boom as mills reinvest their record profits in dozens of mill additions and upgrades. What will that mean for steel supply and prices in the coming years? Who better to answer that question than the chief executives from four of North America’s leading steel producers—JSW […]