Infrastructure, Energy, Wind Farms, Tanners, Summit Conference, Imports. If you are watching the news, you are aware of the Biden administration’s push for a large (at least $1 trillion) infrastructure bill. There is a lot of discussion about what infrastructure entails in light of the current economy. It’s not your father’s economy. There is need […]
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 […]
The number of active oil and gas drill rigs decreased this past week for the United States, while the Canadian rig count jumped 24%, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. […]
An explosion over the weekend at Evraz North America’s steel mill in Pueblo, Colo., injured eight people, three of them critically, a union official told Steel Market Update. The resulting damage will disrupt production at the mill given that its electric arc furnace (EAF) feeds three downstream operations, some of which do not have an […]
Salzgitter Mannesmann International (USA), Inc., will be under the new leadership of Thomas Rechtien, effective June 1. Rechtien most recently was responsible for the North American trading arm of Salzgitter Mannesmann International (USA), Inc., as General Manager of Trading and Automotive. Rechtien has served in a variety of roles during his 12-year tenure at the […]
The number of active oil and gas drill rigs increased this past week for the United States, while the Canadian rig count declined, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The […]
The Energy Information Administration’s April Short-Term Energy Outlook remains subject to heightened levels of uncertainty as responses to COVID-19 continue to evolve. Economic activity has increased significantly compared to previous years and, combined with the easing of COVID restrictions, energy use is rising. The EIA expects oil demand to continue to strengthen due to those […]
The number of active oil and gas drill rigs increased this past week for both the United States and Canada, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
The ISM Manufacturing Report on Business came in lower than expected in April. The PMI dipped four points to a reading of 60.7% as both the new orders and production indexes edged downward to 64.3% and 62.5%, respectively. A score above 50, however, indicates expansion, which means demand continued to improve in April. Fabricated metal […]
By CRU Chief Economist Jumana Saleheen and CRU Head of Fertilizers Chris Lawson, from CRU’s Steel Monitor Commodity prices have continued an upwards tear in 2021. Steel and its raw materials have seen the sharpest gains, but less well-known commodities such as fertilizers are also attracting attention. With such steep price rises, calls for a […]
Steel tube producer Tenaris saw global sales increase 5% sequentially to $1.18 billion in the first quarter of 2021, but results were still down 33% year-over-year. An 8% increase in volumes was offset by a 5% decrease in selling prices. Sales jumped 31% in North America as drilling activity picked up during the first quarter. […]
Hot rolled steel prices have been on the rise since last August and hit a new record of $1,440 per ton this week as nine-week lead times have tightened supplies and made spot tons scarce. Can steel prices possibly continue rising for the rest of the year? Chris Shipp is convinced steel prices have a […]
When I started Steel Market Update in August 2008 and I began to look at steel prices, I did so from a different viewpoint than the indexes that already existed. Having just completed a 31-year career in selling flat rolled steel, I believed what was most important for steel buyers to understand was the range […]
The number of active oil and gas drill rigs declined slightly this past week for both the United States and Canada, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of […]
Reliance Steel & Aluminum Co., the nation’s largest metals distributor and processor, reported record pretax income of $359 million in first-quarter 2021, fueled by the unexpectedly high steel prices and solid demand in most of the markets the company serves. “The combination of a record quarterly gross profit margin, average selling prices well above our […]
My first job in the steel industry started in July 1977. I have been involved with the industry ever since. I’m coming up on 44 years in a few months. That either makes me old or wise…well, old anyway. What I can tell you is during those 44 years I have never seen a market […]
Tenaris will bring its Pennsylvania facilities back online as part of plans to expand operations across the Northeast U.S. The Koppel melt shop and Ambridge seamless pipe are slated for restart this summer. “There are encouraging trends in the market from increases in production and oil prices to total demand. While taking a cautious approach, […]
Downstream metals M&A is back, and it could be bigger than ever – or at least as big as it’s been since the last metals super cycle in 2006-08, according to one investment banker. Deal volume in the metals service center and processing sectors was good in early 2020 and “cratered” following the COVID-19 outbreak. But […]
The World Steel Association was cautiously optimistic in its April 2021 Short-Range Outlook published last week. The association expects steel demand to grow 5.8% this year, reaching 1.874 billion metric tons, after declining 0.2% during the pandemic in 2020. “Despite the disastrous impact of the pandemic on lives and livelihoods, the global steel industry was […]
Flat Rolled = 41.4 Shipping Days of Supply Plate = 43 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories remained very lean in March, as shipments were strong, but mills continued to run late on deliveries. At the end of March, U.S. service centers had 41.4 shipping days of supply of […]
TriMark Tubulars is a new brand in the market, but not a brand new competitor. Russel Metals and Marubeni-Itochu Tubulars America Inc. have combined their Canadian oil country tubular goods (OCTG) and line pipe businesses into a joint venture that will be better equipped to handle the challenging conditions in the energy market. Russel Metals […]
Spring has sprung including a bounce in economic activity, according to the latest Federal Reserve Beige Book. The April survey of federal districts showed a moderate increase in activity from auto sales to tourism, along with heightened optimism. Spring break, vaccine rollout and stimulus payments gave the tourism industry a boost from late February to […]
The number of active U.S. rotary drill rigs continued to increase this past week, while the Canadian rig count declined, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
The Energy Information Administration’s April Short-Term Energy Outlook remains subject to heightened levels of uncertainty as responses to COVID-19 continue to evolve. Reduced economic activity from the pandemic caused a decline in 2020 energy demand and supply. As of April 6, the EIA expects oil demand to strengthen, as COVID-19 vaccination rates and global economic […]
Steel prices might be at record levels, but the Organization for Economic Cooperation and Development’s Steel Committee remains worried about global overcapacity. “While steel prices declined in 2020, they have recently increased as steelmaking capacity idled during the heights of the pandemic could not be brought online quickly enough to meet recovering steel demand and […]
In the famous words of Isaac Newton, “what goes up must come down.” While he was not referring to steel prices per se, the sentiment still holds true. Steel tags can’t stay at record highs indefinitely. Supply will eventually catch up with demand. What happens then? Will prices see a sharp correction or a gradual […]
In the famous words of Isaac Newton, “what goes up must come down.” While he was not referring to steel prices per se, the sentiment still holds true. Steel tags can’t stay at record highs indefinitely. Supply will eventually catch up with demand. What happens then? Will prices see a sharp correction or a gradual […]
Worthington Industries completed a successful third quarter in FY 2021, shed underperforming businesses, and now looks forward to accelerating strategic growth initiatives. “Our fiscal third quarter was a record financial performance,” said CEO Andy Rose. “We faced some lingering operational challenges including steel supply shortages, staffing issues related to COVID quarantines and some extreme weather, […]
The number of active U.S. rotary drill rigs increased this past week, while the Canadian rig count declined, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs […]
NLMK USA has slated an approximately one-week maintenance outage in June on the melt shop and hot strip mill at its facility in Portage, Ind., a company official confirmed. The plant-wide outage is for routine semi-annual maintenance and “isn’t a big deal,” said NLMK USA Executive Vice President James Banker. The Portage electric-arc furnace (EAF) […]