Nucor Chairman, President and CEO John Ferriola remains an unabashed supporter of strong trade action by the Trump administration to level the playing field for domestic steelmakers against unfairly traded imports. “I’m encouraged that the president will take action that is both decisive and meaningful and will help restore the steel industry to its former […]
The threats of Section 232 tariffs and the possible withdrawal of the United States from NAFTA have not swayed ArcelorMittal from its commitment to invest $1 billion in its Mexican operations. In a statement reported on Friday, a spokesman for the integrated steelmaker said the company has no intention of changing its plans for Mexico, […]
Ryerson, a processor and distributor of metals, posted sales of $3.4 billion for 2017, a 17.7 percent increase year over year due to an 11.9 percent increase in the average selling price and a 5.1 percent gain in volume. Net income was $17.1 million for the year. Gross margins decreased to 17.3 percent in 2017 […]
President Trump says there will be no tariff exclusions for Canada and Mexico unless a “new and fair NAFTA agreement is signed.” Translation: If you accede to our demands, we will exclude you from Section 232. Trump tweeted early on Monday morning: “We have large trade deficits with Mexico and Canada. NAFTA, which is under […]
Trump says there will be no tariff exclusions for Canada and Mexico unless a “new and fair NAFTA agreement is signed.” Translation: If you accede to our demands, we will exclude you from Section 232. Trump tweeted early on Monday morning: “We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation […]
The following article was written by trade attorney Lewis E. Leibowitz. Whenever you hear someone say that a policy move is vital and trivial at the same time, watch your wallet. The Sunday talk shows today featured spokesmen and commentators debating the impact of steel and aluminum tariffs. Secretary of Commerce Wilbur Ross and National […]
Metals service center Olympic Steel announced its most profitable year since 2011. Operating income was $24 million and net income $19 million. Net sales increased 26 percent in 2017 to $1.3 billion on higher average selling prices and shipping volume. “Demand for metals improved during 2017, driven by stronger GDP growth in the U.S. and […]
Most service centers are raising spot prices to their end customers following President Trump’s announcement that he plans to impose a 25 percent tariff on steel imports this week. But some are taking a more wait-and-see approach to spot business. Following are some insightful comments from the marketplace: • “Absolutely we’re raising prices!” • “Inventory […]
Turkish steel producer Borusan Holding is considering expanding its steel pipe plant near Houston. CEO Agah Ugur made the announcement on Friday following the proposal by President Trump to increase tariffs to 25 percent on steel imports. “The U.S. tariff decision on steel imports is important for Borusan…. We are considering expanding our production facility […]
Oscar Night, so I will keep my comments short and sweet…maybe. I was told by one of our readers over the weekend that it would cost U.S. Steel $100 million to re-start Granite City. They wanted to know if that was correct? I did some checking with a number of analysts and was told that […]
The White House announced that it would be formally announcing the remedies under Section 232 on steel and aluminum this morning. Then they said no, there would not be an announcement this week. Shortly after that information was shared by the White House, President Trump was asked a question… SMU advice to steel buyers: Do […]
The White House announced that it would be formally announcing the remedies under Section 232 on steel and aluminum this morning. Then they said no, there would not be an announcement this week. Shortly after that information was shared by the White House, President Trump was asked a question… SMU advice to steel buyers: Do […]
The following article was written by trade attorney Lewis E. Leibowitz. In the article, he discusses what the president said he would do (25% tariff on steel, 10% aluminum) and what happens next (assuming the president actually announces the tariffs officially next week). Leibowitz will be at this year’s SMU Steel Summit Conference where we […]
The following article was written by trade attorney Lewis E. Leibowitz. In the article, he discusses what the president said he would do (25% tariff on steel, 10% aluminum) and what happens next (assuming the president actually announces the tariffs officially next week). Leibowitz will be at this year’s SMU Steel Summit Conference where we […]
President Trump says he will sign a measure next week calling for a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports under Section 232 because they pose a threat to the domestic industries and thus national security. Trump had looked set to make the trade action official today, even […]
President Trump’s announcement today of his intention to impose a 25 percent tariff on steel imports puts the steel industry on course for historic change. Historically good or historically bad, or perhaps some of both, depends on the individual’s perspective. Following are some of the reactions Steel Market Update received from readers, whose names were […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Director of Risk Management, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
Construction spending was unchanged from January compared to December, said the Associated General Contractors of America in its analysis of new government data. “Construction spending in January showed a mixed pattern, with noteworthy increases in public outlays and single-family homebuilding balancing out declines in private nonresidential and multifamily investments,” said AGC Chief Economist Ken Simonson, […]
Steel imports surged more than 17 percent from December to January, reaching 2.87 million net tons, 2.1 percent higher than at the start of last year, according to data from the American Institute for International Steel. Imports from Canada increased nearly 13 percent to 558,000 net tons, 5 percent ahead of the January 2017 total, […]
President Trump now says he will sign a measure next week calling for a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports on national security grounds under Section 232. Trump had looked set to make the trade action official today, even calling industry executives to a meeting at the […]
The U.S. steel industry reacted with enthusiasm to the president’s decision to impose a 25 percent tariff under Section 232 on steel imports to the United States. Nucor Chairman and CEO John Ferriola said in a statement, “The president has consistently been a strong advocate for holding other countries accountable that systematically and flagrantly violate […]
We had another week of “up” pricing as everyone tries to grapple with the impact of Section 232 tariffs. One thing does appear to be a certainty – the laws of supply and demand are now clearly in the hands of the U.S. government. Here is how we see prices this week: Hot Rolled Coil: […]
Steel buyers are confiding in Steel Market Update advising us of the “craziness” that is going on in the market as both buyers and steel mills react to both the “known” and “unknown.” The known are the issues at California Steel, which has been advising some customers to expect they will get only 50 percent […]
California Steel Industries (CSI) surprised customers with a whopping $120 per ton price increase on all its flat rolled products on Monday, the same day that its main West Coast competitor USS-POSCO (UPI) informed customers that its April order book is now closed. In its Feb. 26 letter to customers, CSI announced that it’s April […]
Ferrous scrap prices for March delivery are expected to increase by around $10 per ton, report Steel Market Update’s scrap market sources. “Strong demand for raw materials both domestically and internationally are allowing little chance ferrous scrap prices will drop in March,” said one East Coast dealer. “All the mills I sell to will have […]
The American Iron and Steel Institute (AISI) Board of Directors recently approved its 2018 public policy agenda outlining the institute’s aggressive pro-manufacturing public policy priorities. “The impact public policies have on manufacturers must be carefully considered to ensure both economic growth and our national security,” said Thomas J. Gibson, president and CEO of AISI. “AISI’s […]
There was a lot of buzz on the trade front today, from posturing over the next round of NAFTA negotiations to commentary on the 2018 “Economic Report of the President”: • Senate Finance Chairman Orrin Hatch (R-UT) told reporters that Congress will take “veto-proof” action if President Trump attempts to terminate NAFTA, adding that “we […]
California Steel Industries (CSI) surprised customers with a whopping $120 per ton price increase on all its flat rolled products on Monday, the same day that its main West Coast competitor USS-POSCO (UPI) informed customers that its April order book is now closed. In its Feb. 26 letter to customers, CSI announced that it’s April […]
North Star BlueScope sales for the first half of FY 2018 totaled $670 million from shipments of 1,037,500 metric tons. The 12 percent year-over-year gain in sales revenue was due to higher steel prices and volume. Underlying EBIT fell 31 percent to $113.3 million in the first half of FY 2018 as prices receded from […]
The next few months are going to be a wild ride (in my opinion). There appears to be a cascading “Gray Swan” event in process prompted by Section 232 and expectations associated with 232, which now are for Trump to announce a 24 percent tariff on all steel products and let the chips fall where […]