According to Baker Hughes data from September 30, 2016, the U.S rig count for the week was 522 rigs exploring for or developing oil or natural gas. This is up 11 rigs compared to last week, with oil rigs up 7 to 425 rigs, gas rigs up 4 to 96 rigs, and miscellaneous rigs unchanged […]
Worthington Industries delivered record earnings in the first quarter of FY 2017 (ending August 31, 2016). Net sales totaled $737.5 million for net earnings of $65.6 million. Gross margin increased $34.3 million year-over-year to $147.3 million primarily due to inventory holding gains of $17 million in Steel Processing which were partly offset by lower volume […]
According to Baker Hughes data from September 23, 2016, the U.S rig count for the week was 511 rigs exploring for or developing oil or natural gas. This is up 5 rigs compared to last week, with oil rigs up 2 to 418 rigs, gas rigs up 3 to 92 rigs, and miscellaneous rigs unchanged […]
Tenaris is recalling workers to its Tenaris Algoma Tubes factory in Sault Ste. Marie. The facility which make seamless pipe for the oil and gas industry has been idle since February 8 due to continued adverse market conditions in the energy sector. Tenaris Algoma Tubes said it will recall 120-150 employees and restart production in […]
Below is the latest release issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through July 2016. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for July 2016 increased 3.0 percent […]
Both these data points are reported in the Federal Reserve G17 data base. The index had an all-time high of 106.70 in November 2014 and trended down until June this year when it experienced a two month turnaround followed by a slight decline in August to 104.402. The three month moving average (3MMA) had positive […]
MID-SHIP Group expressed optimism in its first report of the fall season. The Sept. 8 MID-SHIP Report said the group is “cautiously optimistic” about better dry bulk shipping demand in the second half of 2016. Oversupply of vessels continues to be a problem but as the seasonal grain shipments begin late in September demand should […]
The price of oil and natural gas have much to do with sales of oil country tubular goods (OCTG) and related steel products. The energy markets represent a large portion of the hot rolled coil used to make pipe and tube, storage facilities as well as equipment used to drill and pump oil and natural […]
The Bureau of Economic Analysis (BEA) introduced a new data set for GDP by state and region last year and back dated it to Q1 2005. On Tuesday this week the data was updated through Q1 2016. Even though we might consider this to be historically ‘old’ we think it’s worth reporting because it is […]
According to Baker Hughes data from September 9, 2016, the U.S rig count for the week was 508 rigs exploring for or developing oil or natural gas. This is up 11 rigs compared to last week, with oil rigs up 7 to 414 rigs, gas rigs up 4 to 92 rigs, and miscellaneous rigs unchanged […]
This month as we contemplate the August job creation performance we will lead off with the thoughts of J.G. Collins managing director of the Stuyvesant Square Consultancy. On September 2nd he wrote: The August jobs report released this morning was full of disappointment, with just 151,000 jobs created. Higher wage occupations continued to shed jobs […]
Manufacturing contracted in August after five consecutive months of growth, according to the latest Manufacturing Report on Business from the Institute of Supply Management. ISM reported the August PMI at 49.4, down 3.2 points from July at 52.6 percent. It was the first time the index has slipped since February of this year. New orders […]
The Federal Reserve Open Market Committee met on Friday, an event closely watched by currency traders around the world as they try to anticipate the Fed’s future interest rate activity. AllianceBernstein (AB) had this to say on Saturday. While Yellen’s main focus in Wyoming was on the tools needed to ensure a resilient monetary policy […]
According to Baker Hughes data from August 26, 2016, the U.S rig count for the week was 489 rigs exploring for or developing oil or natural gas. This is down 2 rigs compared to last week, with oil rigs unchanged at 406 rigs, gas rigs down 2 to 81 rigs, and miscellaneous rigs unchanged at […]
The prices for flat rolled steel have dropped over the past few weeks which is creating a situation where the domestic steel mills want to recoup a portion (or all) of the reductions by negotiating lower ferrous scrap pricing. The mills are asking for $20 per gross ton across the board (HMS, shred, prime grades) […]
According to Baker Hughes data from August 19, 2016, the U.S rig count for the week was 491 rigs exploring for or developing oil or natural gas. This is up 10 rigs compared to last week, with oil rigs up 10 to 406 rigs, gas rigs unchanged at 83 rigs, and miscellaneous rigs unchanged at […]
Below is the latest release issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through June 2016. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for June 2016 decreased 12.5 percent […]
According to Baker Hughes data from August 12, 2016, the U.S rig count for the week was 481 rigs exploring for or developing oil or natural gas. This is up 17 rigs compared to last week, with oil rigs up 15 to 396 rigs, gas rigs up 2 to 83 rigs, and miscellaneous rigs unchanged […]
At SMU we almost always use three month moving averages to mitigate situations like the dismal and not credible May job creation statistics. In the July report May was revised up slightly from 11,000 to 24,000 and June was revised up from 287,000 to 292,000. This week’s report from the Bureau of Labor Statistics reported […]
Ryerson Holding Corp, a leading metals distributor and processor, reported net income of $5.6 million for second quarter 2016. Sales of $739.8 million declined 12 percent year over year due to lower average selling price, but increased 5.3 percent from Q1. Tons shipped increased 3.5 percent. Ryerson expects manufacturing growth to remain slow in the […]
A.M. Castle & Co., a specialty metals distributor, announced that it will sell its 50 percent joint venture ownership in Kreher Steel Business to partner Duferco. Duferco will become the 100 percent owner of Kreher in exchange for a purchase price of approximately $31.6 million. The transaction is expected to close August 22, 2016. The […]
According to Baker Hughes data from August 5, 2016, the U.S rig count for the week was 464 rigs exploring for or developing oil or natural gas. This is up 1 rig compared to last week, with oil rigs up 7 to 381 rigs, gas rigs down 5 to 81 rigs, and miscellaneous rigs down […]
June data for Construction Put in Place (CPIP) was released by the Department of Commerce on Monday August 1st. In June total construction slowed for the third consecutive month on a 3MMA (three month moving average) basis. All four sectors had negative momentum. These are non-residential buildings, residential buildings, infra-structure and other, which is a […]
Vallourec, French-based global pipe manufacturer, is expecting challenging market conditions for the oil and gas industry for the remainder of 2016. CEO Phillipe Crouzet said in the company’s second quarter earnings report that the oil and gas market will continue to be “significantly impacted by low demand and intense pricing.” He offered some optimism for […]
Manufacturing activity expanded in July for the fifth consecutive month, while the overall economy grew for the 85th consecutive month, according to supply executives surveyed in the July ISM Report on Business. The PMI registered 52.6 in July, down 0.6 percentage points from June and 2.2 percent above the 12 month average of 50.4. New […]
Global manufacturing began the second half of 2016 on a positive note, according to the JPMorgan Global Manufacturing PMI, compiled by Markit. The rate of growth for manufacturing rose at a faster rate between June and July on all of the indices that make up the composite PMI. At 51.0 in July, the PMI was […]
The states compile their employment numbers independently of the Feds, then both are reported by the Bureau of Labor Statistics. The results are close. In the last fourteen quarters since Q1 2013, the Feds reported total job creation of 9,111,000 and the states reported 9,105,400 a difference of only 0.06 percent. Part of this small […]
According to Baker Hughes data from July 29, 2016, the U.S rig count for the week was 463 rigs exploring for or developing oil or natural gas. This is up 1 rig compared to last week, with oil rigs up 3 to 374 rigs, gas rigs down 2 to 86 rigs, and miscellaneous rigs unchanged […]
US Steel narrowed its losses in second quarter, reporting a net loss of $46 million compared to a loss of $340 million in first quarter, and $261 million in Q2 2016. Net sales for the company totaled $2.58 billion. Earnings for the flat rolled and US Steel Europe segments returned to positive numbers at $6 […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and The Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a forecast to the HARDI members located in the United […]