This week the Trump administration initiated an investigation on the impact of steel imports on national security under Section 232 of the Trade Expansion Act of 1962. Section 232 has been initiated 26 times within the last 55 years but only two (1979 and 1983) found a threat to national security, both involving crude oil. […]
US Steel stunned analysts and the financial community on Tuesday/Wednesday when the company announced a large loss when the street was expecting the company to make money. During the conference call the mill advised that they essentially need to upgrade their facilities in order for the company to remain competitive. The stock price dropped 25 […]
AK Steel reported net income of $62.5 million for its best first quarter since 2008. Shipments declined to 1,486,900 tons year-over-year due to intentionally reduced sales of lower margin products. Net sales increased one percent from Q1 2016 to $1.53 billion as a result of increases in average selling price on both spot and contract […]
Steel Market Update has been working on trying to get a better understanding of the pipe and tube business. We had a conversation with Barry Zekelman, Chairman and CEO of Zekelman Industries, the largest privately held pipe and tube manufacturer in the country. Our initial conversation was about foreign steel imports and how they were […]
The following article on the hot rolled coil (HRC) futures markets was written by David Feldstein. As the Flack Global Metals director of risk management, Dave is an active participant in the hot rolled coil (HRC) futures market and we believe he will provide insightful commentary and trading ideas to our readers. Besides writing futures […]
Earlier today, President Donald Trump signed an Executive Order requesting the U.S. Department of Commerce conduct an investigation under the Section 232 statutes (national security) to see if steel and imports of foreign steel are important to National Security interests of the United States. “We’re going to use American steel, we’re going to use American […]
Steel Market Update has been proactively writing about our expectations for Executive Orders and their impact on foreign steel imports. It is clear that the steel lobby has the ear of the president and this has to be quite frustrating to the same companies he is trying to convince to come back to the United […]
The United Steelworkers filed a petition this week under Section 201 of U.S. trade law to attempt stem imports of primary unwrought aluminum. We are reporting on this because a number of companies/organizations having begun calling for the use of Section 201 to help stem unwanted steel imports (see article in tonight’s newsletter written by […]
Last week hearings were held in Washington, D.C. regarding the plight of the domestic steel industry, world over-capacity of steel production (with a special emphasis on China). During the hearings a number of trade remedies were mentioned such as Section 201 and Section 232 along with the antidumping and countervailing duty flat rolled steel trade […]