It has been six weeks since Flack Global Metals wrote our last SMU column, and if you simply look at the futures curve from then (blue) until now (white), you could argue that very little has changed.
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.
Steel shipments from US mills were lower in February, both from January and from last year.
OnmiSource LLC, a subsidiary of Fort Wayne, Indiana-based steel producer and recycler, Steel Dyanmics, Inc., has acquired Toledo Shredding, LLC, in Ohio.
The US Department of Energy has finalized Congressionally mandated energy-efficiency standards for transformers.
The US Department of Commerce’s International Trade Administration (ITA) has revised upwards the antidumping duty (AD) rates on imports of cold-rolled steel flat products from two South Korean producers.
Several large buyers in the North came into the market on a sideways basis from prices paid in March. The development comes after recent speculation about what prices US-based steelmakers would pay for scrap for April shipments.
Reliance Inc. said it has completed its buy of Houston-based American Alloy Steel, effective as of April 1.
In a first-of-its-kind project, U.S. Steel will soon begin capturing carbon emissions from its blast furnaces at its Gary Works in Indiana.
A prominent US senator has asked the White House to investigate Nippon Steel Corp.’s (NSC) ties to China as the Japanese steelmaker seeks to acquire U.S. Steel.
RHI Magnesita has announced its intention to acquire Pittsburgh-based refractory producer Resco Group for an enterprise value of up to $430 million.
AM/NS Calvert has announced Chris Richards as interim CEO during the company's transition period.
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.
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.
Sheet prices moved higher this week for the second consecutive week, while plate prices ticked lower, according to our latest canvas of the steel market.
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.
Midrex Technologies has named K.C. Woody as president and CEO, effective immediately.
Steel Dynamics Inc. (SDI) has announced new roles for current executives James Anderson and Chad Bickford. SDI said James Anderson will take over responsibility and oversight for the company's long products group, effective May 1.
Domestic raw steel production rebounded from the seven-week low seen last week. It now stands at a three-week high, according to the latest release from the American Iron and Steel Institute (AISI) Total steel output in the US was estimated to have been 1,722,000 short tons (st) in the week ending March 30, up 1.1% from the week prior. Raw production is up 0.2% compared to the same week last year, when production totaled 1,718,000 st.
Following 16 months of contraction, US manufacturing activity expanded in March according to the latest report from the Institute for Supply Management (ISM).
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.
Cleveland-Cliffs’ Lourenco Goncalves said the company is still interested in acquiring U.S. Steel, though no bid is currently on the table, according to a local report.
Electra has commissioned a clean ironmaking pilot plant in Boulder, Colo.
Nucor has acquired Southwest Data Products (SWDP), a manufacturer and installer of data center infrastructure, for $115 million.
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!
Steel Market Update will be taking time off in observance of Good Friday and Easter.
SMU latest' steel market survey paints the picture of sheet market that has hit bottom and begun to rebound. Lead times are extending again after stabilizing earlier this month. Mills are far less willing to negotiate lower sheet prices - even if there are still deals to be had on plate, according to the steel buyers we canvassed.
After stabilizing in our last check of the market, production times for flat-rolled steel have begun to push out further, according to steel buyers responding to SMU's market survey this week.
Steel buyers report that mills are less willing to talk price on new sheet orders than they were in weeks past, according to our most recent survey data. In contrast, mills’ willingness to negotiate on plate products remains relatively high, now at the second-highest rate of the year.