US announces new import duties on aluminum extrusions The US Department of Commerce has placed preliminary antidumping (AD) duties of 2-600% on imports of aluminum extrusions from 14 countries. The rates are: “[The findings] show just how widespread dumping practices are globally and highlight the importance of strongly enforcing the antidumping laws to shield US […]
Olympic Steel logged lower earnings in the first quarter of 2024, but the company said all three of its segments contributed to profitability.
U.S. Steel posted slightly lower Q1’24 earnings as stronger earnings from its sheet mills were partially offset by a weaker performance from it tubular division. All told, the Pittsburgh-based steelmaker reported Q1’24 earnings of $171 million. That's down 14.1% from $199 million in Q1’23 on sales that fell 6.9% to $4.16 billion in the same comparison.
Northwest Pipe’s profits more than doubled in the first quarter on-year, as the company expects a strong remainder of the year in both its steel pressure pipe and precast segments.
ArcelorMittal posted a narrower Q1’24 profit compared to Q1’23 but remained optimistic about steel's long-term demand prospects.
Russel Metals’ earnings fell in the first quarter, but the Toronto-based metals distributor sees steel prices stabilizing in the near term and staying above historical averages.
SunCoke's earnings soared in the first quarter, with the company citing strong performances in its cokemaking and logistics segments.
Ryerson swung to a loss in the first quarter of 2024, but the company’s chief executive sees less volatility in the sheet steel market.
Latest AA extrusion shipment report shows persistently weak demand The US Aluminum Association released its latest shipment report for extruded products. According to the report, shipments in March 2024 totaled 383.2 million pounds, representing a drop of 10.6% y/y but a rise of 4.5% m/m. For the YTD period through March, total shipments are now […]
Constellium reported its latest quarterly results for Q1'24. Adjusted Ebitda came in at €137 million (USD$147 million), down 8.6% year over year (y/y) amid revenue of €1.7 billion (USD$1.8 billion), down 12% y/y. Shipments totalled 380,000 metric tons (mt) in Q1, representing a drop of 2% y/y.
GrafTech is reporting weak near-term demand for graphite electrodes as economic uncertainty constrains steel production globally.
Reliance Inc.’s earnings slumped in the first quarter of 2024, but the company expects better than normal seasonal recovery in demand in the second quarter.
Destocking at service centers and a downturn in steel pricing impacted Ternium’s shipments in Mexico in the first quarter of the year.
Steel Dynamics Inc.'s (SDI's) earnings fell in the first quarter of 2024 as the company cited steel order volatility early in the quarter and lower scrap prices.
Nucor’s earnings slipped in the first quarter of this year, but the company said it launched key growth initiatives during this time period.
Cleveland-Cliffs Inc. continued to lose money in the first quarter, with the steelmaker blaming the loss in part on the idling of its tinplate facility in Weirton, W.Va.
ArcelorMittal plans to build a new electrical steel manufacturing facility near its AM/NS Calvert joint-venture mill in Alabama.
AZZ Inc. said it is seeing improving demand for its coil coating services as it reported a solid quarterly performance.
Steel sheet prices in many regions of the world were steady week over week in the week ended April 17.
US light-vehicle (LV) sales rose to an unadjusted 1.44 million units in March, up 4.6% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. The year-on-year (y/y) growth in domestic LV sales came in despite a 1.3% month-on-month (m/m) decline.
Does the price of ferrous scrap depend on the price of finished steel product? And how much of an influence do billet and slab prices have on scrap prices?
Total domestic aluminum mill products orders in March were up 0.2% compared to March 2023, according to the latest “Index of Net New Orders of Aluminum Mill Products” released by the US Aluminum Association (AA). This is much lower than the growth of 9.3% year over year (y/y) reported in February.
Low manufacturing activity and higher interest rates took a toll on Radius Recycling’s profits during the Oregon-based company’s most recent quarter. Radius reported a net loss of $34 million, or $1.19 per share, during its fiscal second quarter. In the previous quarter, Radius saw a net loss of $18 million, or 64 cents per share.
Reliance Inc. said it has completed its buy of Houston-based American Alloy Steel, effective as of April 1.
You might have noticed that SMU has been publishing more articles about scrap in recent months. That was no accident. In fact, we’ve found enough of an audience that CRU, our parent company, has decided to launch a new publication – Recycled Metals Update, or RMU. It cover both ferrous and nonferrous scrap. RMU’s website is here. You can go there now and request a 30-day free trial. It’s that simple.
Jack Marshall, a beloved member of the Crunch Risk team, has decided to retire. Jack started his career on the CME floor in 1983, working as a clerk. He then became part of the Chicago origination/trading team in forex at Bank of America, where he worked for 23 years.
Reliance Inc. has acquired flat-rolled steel service center MidWest Materials of Perry, Ohio.
U.S. Steel Corp. will hold a special shareholder meeting on Friday, April 12, to vote on whether to approve or deny Japan’s Nippon Steel Corp.’s (NSC) nearly $15-billion acquisition of the Pittsburgh-based steelmaker.
There is growing hope that the US scrap market has bottomed, according to industry sources. The steep price declines in March may have ushered in a floor because dealers say their stocks are a bit depleted. Their concern: that the flow of obsoletes could be cut severely with any further drop in prices. Is this wishful thinking, or do the fundamentals support the prediction of a market bottom? Let’s take a look!
Numerous mid-sized export yards in California and in Baja Mexico had little to no inventory on the ground last week because most had sold forward in the falling March market. Looking to secure their margins, they dropped prices across the scale. That resulted in lower-than-normal flows. “I’m sold out through mid-April and even longer if the flow doesn’t pick up” one yard owner said. That turned out to be the position of numerous West Coast suppliers.