Commercial Metals Co.’s (CMC’s) net earnings slipped 53% in its fiscal 2023 second quarter compared with the same period a year earlier on weather issues and a planned outage. “CMC achieved strong financial results during the second quarter while managing a number of challenges, including weather-related shipment disruptions in our core geographies, costs associated with […]
March scrap prices have settled up across the board after extensive trading. As previously reported, mills were resistant and prices were up. With prime scrap reportedly hard to obtain, March prices settled up nearly $100 per gross ton above February, market participants said. And it doesn’t appear this prime scrap rally is ending this month. […]
Commercial Metals Co. (CMC) said it has acquired post-tension cable company Tendon Systems LLC. Suwanee, Ga.-based Tendon supplies post-tensioning, barrier cable, and concrete restoration solutions in the southeastern US. CMC said Tendon’s products are used in a variety of construction projects including multi-family residential, parking structures, industrial, and high-rise buildings. The company had revenues of […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for March rose by 7.4% month on month (MoM), to 357.7, which is its highest value since June 2022. Strong Turkish buying of scrap and pig iron since the second half of February is the key […]
February license data indicate that steel imports will have totaled 2.19 million net tons last month, down 16.2% from January. February levels are also down 13.8% when compared to the previous 12-month average. Recall that monthly import levels declined nearly 17% month on month (MoM) in November, before rebounding in December and January. February figures […]
By CRU Research Analyst Rosy Finlayson, from CRU’s Steelmaking Raw Materials Monitor Last week, trading activity in the Turkish scrap import market was limited. Buyers held off on purchasing material as they awaited details on the announcement of a finished steel price cap agreement between the Turkish Trade Ministry and steelmakers. However, deals done late […]
Sheet prices continue to push higher even as buyers contacted by Steel Market Update remain divided about the state of demand. Hot-rolled coil lead times now stand at 5.41 weeks, up from 4.94 weeks in our prior survey and marking the first time this year that HRC lead times have broken out significantly above five […]
Helping out with chores as a kid is something many of us do. But how often do your chores lead to a life-long career? Eric Daniel, general manager of Metalwest locations in Colorado, New Mexico, and Arizona, took doing chores to new heights. Steel Market Update interviewed Eric and learned how he’s made his career […]
As US sheet prices continue the rally that began in late November, overall import levels remain relatively low. But lead times have extended and so too have mill asking prices. US mills are now asking for $900 per short ton ($45 per cwt) for hot-rolled coil. Market contacts in Europe note that exports from India […]
Both prime and obsolete scrap prices rose in February even as the market continued to assess the impact of devastating earthquakes that struck Turkey earlier in the month. Turkey is the world’s largest scrap importer, which is why the scrap industry is keen to know the impact of the earthquake and it aftershocks on Feb. 6-7. One scrap executive […]
SMU’s hot-rolled coil price has cracked $800 per ton ($40 per cwt), and so have prices on the futures market. The question of whether the $800-per-ton threshold would be breached has been answered. But it’s still unclear to me whether that threshold was breached by solid underlying demand or by momentum (buying ahead of the next […]
Preliminary Census data indicate that steel imports will have totaled 2.48 million net tons for the month of January. While up nearly 13% from the prior month, January levels are still down more than 3% compared to the previous 12-month average. Recall that monthly import levels declined nearly 17% month on month (MoM) in November, […]
By CRU Senior Analyst Thais Terzian, Analyst Anton Perevezentsev, and Research Analyst Rosy Finlayson On February 6-7, a series of devastating earthquakes struck several provinces in southeastern Turkey and northwestern Syria, leaving thousands dead and many injured. The quakes also resulted in a massive destruction to the infrastructure of both countries. The first quake measured […]
The US long products market was largely stable this month, as end-use demand remained subdued, and buyers continued to work through inventories. Scrap prices rose in January, fuelling bullish sentiments, but sluggish activity limited any expansion in margins. As a result, rebar, merchant bar, and structurals were all flat month-on-month (MoM). Wire rod prices decreased […]
By CRU Research Analyst Yusu Mao, from CRU’s Steelmaking Raw Materials Monitor Last week, buying activity continued in the Turkish scrap market, and our assessment for HMS 80:20 rose slightly to $411 per ton CFR Turkey, that’s a $3-per-ton increase week on week and a boost of more than $30 per ton vs. the prior month […]
Preliminary Census data indicate that steel imports totaled 2.24 million net tons for the month of December. This is up 11% compared to November, a slight rebound month on month (MoM) after recording the lowest level since February 2021 the month prior. Import levels had been gradually falling since reaching a 26-month high in March […]
The Biden administration has announced $2.1 billion in funding for four nationally significant bridges in the US. This is the first round of funding from the Large Bridge Project Grants from President Biden’s competitive Bridge Investment Program, part of the Bipartisan Infrastructure Law. The Kentucky Transportation Cabinet will receive $1.385 billion to rehabilitate and reconfigure the existing […]
Schnitzer Steel Industries Inc. posted a net loss in its first quarter of fiscal 2023 on lower demand and lower average selling prices for recycled metals and finished steel products. The Portland, Ore.-based scrap recycler and long steel producer recorded a net loss of $18 million in its fiscal Q1 ended Nov. 30, 2022. That’s […]
Preliminary Census data indicates that steel imports will have totaled 2.01 million net tons for the month of November. This is down 17% compared to the month prior, now standing at the lowest level recorded since February 2021. Import levels have been gradually falling since reaching a 26-month high in March 2022 of 3.09 million […]
Commercial Metals Co. (CMC) has selected Berkeley County, W.Va., as the site of its fourth rebar micro mill. The project, budgeted at approximately $450 million net of incentives, is expected to have an annual production capacity of 500,000 tons, and employ about 230 fulltime employees, the company said in a statement. This micro mill will […]
Preliminary Census data indicates that steel imports will have totaled 2.41 million net tons for the month of October. While up 7% from the prior month, October levels are on the low side compared to the previous 18 months. Recall that monthly import levels declined 11% month-on-month (MoM) in September, having also fallen 6% both […]
Sticking with a business model that’s proven successful over the past three decades, David Stickler and his team at Global Principal Partners (GPP) hope to make their next endeavor with Hybar’s two new rebar minimills another prosperous one. Steel Market Update sat down with the industry veteran this week in an exclusive interview to discuss […]
Sticking with a business model that’s proven successful over the past three decades, David Stickler and his team at Global Principal Partners (GPP) hope to make their next endeavor with Hybar’s two new rebar minimills another prosperous one. Steel Market Update sat down with the industry veteran this week in an exclusive interview to discuss […]
Arkansas has become a hub for steel production in the southern US, and it will soon be home to another steel mill. Hybar, a newly formed company led by steel industry veteran David Stickler, announced it will build a $500 million greenfield minimill to produce rebar in northeast Arkansas just outside of Osceola. The new […]
Preliminary US Census Bureau data indicates that steel imports totaled 2.24 million net tons in the month of September. This is down 11% from the prior month, and is potentially the lowest monthly rate seen since February 2021. Recall that monthly import levels also declined 6% from July to August and 6% from June to […]
Schnitzer Steel Industries Inc. said its fourth quarter ended Aug. 31 results were negatively impacted by declining ferrous and nonferrous sales prices and demand. The trend partially offsets the benefits of strong prices for its finished steel products. Tighter supply flows and an extended outage at its Everett, Mass., recycling facility were partly to blame […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
Time for a contrarian, optimistic thought experiment. First the bad news: Sentiment is increasingly bearish on months of falling steel and scrap prices, nearly all respondents to our latest survey report that mills are willing to negotiate lower still, and flattish lead times provide paltry evidence for a rebound. A quick check of the headlines […]
Commercial Metals Co. posted solid results for its fiscal fourth quarter ended Aug. 31, helping make the company’s fiscal year 2022 the best financial performance in its 107-year history. CMC’s North American segment saw strong demand for it finished long products during the quarter, as well as meaningful increases in downstream bid volumes. Destocking activity […]
We’ve spilled a lot of ink over labor contract talks between US Steel and the United Steelworkers (USW) union. That issue is no doubt important. But here are two more that are just as important, if not more so. And you should have both on your radar as you start this week. First is the […]