U.S. auto sales were hot again in May with passenger cars adding to record sales for some brands. Honda and Hyundai saw sales jump over 50% year-over-year, while Toyota division sales leapt 47% and Lexus 49%. IHS Markit estimates U.S. auto sales were at a seasonally adjusted annual rate of 16.6 million to 17 million […]
Canadian steel producer Stelco is getting into the electric vehicle battery recycling business. The company announced it will enter into a joint venture with Primobious to build a facility in North America that will recover and recycle materials from EV batteries. Primobious is a 50-50 joint venture of Neometals Ltd and SMS Group, formed to […]
The U.S. economy expanded at a moderate pace from early April to late May as vaccine rates increased and social activity began to normalize, said the Federal Reserve in its latest Beige Book report. Consumers spent more dollars on leisure travel and restaurants, giving a boost to the tourism industry that was among the hardest […]
Norfolk Iron & Metal Co., a full-line steel service center headquartered in Norfolk, Neb., announced the creation of NIM Group which will be the parent identity for its brands: Norfolk Iron and Metal, Metalwest and Cd’A Metals In December 2018, Norfolk Iron acquired Metalwest, a processor and distributor of carbon and nonferrous flat-rolled metal products […]
Schnitzer Steel said it expects ferrous volumes to be better than expected in its fiscal third quarter which ends this month. The company previously reported guidance of 977,000 long tons for Q3. According to an SEC filing on June 1, a 25% increase over that amount is now anticipated. Finished steel sales volumes for the […]
Good news on the global manufacturing front in May: The J.P. Morgan Global Manufacturing PMI showed production accelerating at one of the fastest rates in a decade and new order growth was at an 11-year high. The PMI, produced by J.P Morgan and IHS Markit, rose to 56.0 in May. Only six of the 20 […]
The Chicago Business Barometer reached its highest level since November 1973, coming in at 75.2 for May. New orders jumped 7.7 points, indicating strong demand in the region. Survey respondents noted that high consumer demand may be due in part to worries about raw material shortages. Production slowed by 2.3 points and order backlogs were […]
New orders, production and employment picked up in May despite slower supplier deliveries and lengthening backlogs, said the Institute for Supply Management in the May 2021 Manufacturing ISM Report on Business. The Manufacturing PMI rose 0.5 percentage point to 61.2 after contracting in April and indicates expansion for the overall economy. “Manufacturing performed well for the […]
Durable goods orders took a surprising tumble in April, dipping 1.3% instead of rising 7-9% as predicted by economists. The volatile transportation category was responsible for most of the decline, falling 6.7%. Automotive orders fell 2.6%, sliding for a second time in the past three months as production slowed due to supply issues with semiconductor […]
The United States leads the world in production of sustainable steel and doesn’t get enough credit for its performance in reducing climate-changing CO2 emissions, said Steel Manufacturers Association President Philip Bell, during during Wednesday’s SMU Community Chat webinar. The minimill electric arc furnace is the preferred technology for lowering CO2 intensity. “The U.S produces over 70% […]
Friedman Industries, a manufacturer and processor of steel products, will add a new facility on the Steel Dynamics Sinton, Texas, flat roll steel mill campus. Friedman plans to build a 70,000-square-foot building on 25 acres leased from SDI under a 99-year agreement. Red Bud Industries has been selected to install stretcher leveler cut-to-length lines capable […]
Home prices shot up 13.2% in March compared to the same month in 2020 and increased 12% from February. The S&P Core Logic Case-Shiller National Home Price Index reported double-digit gains for all 20 cities in the composite index except Chicago, which posted a 9% increase. Phoenix, San Diego and Seattle reported the highest year-over-year […]
New home sales sank 5.9% in April from downward revised data in March to a seasonally adjusted annual rate of 863,000, according to estimates by the U.S. Census Bureau and Dept. of Housing and Urban Development. Other than a weather-related dip in February, April’s annual rate was the lowest since June 2020. A new home […]
Nucor CEO and President Leon Topalian will serve as the next chairman of the American Iron and Steel Institute, announced the AISI Board of Directors on Tuesday. Topalian will serve a two-year term at the head of the industry trade group, taking over the role from John Brett, CEO of ArcelorMittal North America. “Leon Topalian […]
Steel Dynamics CEO and President Mark Millett will add chairman of the board to his executive duties. Millett, who co-founded Steel Dynamics in 1993 with Keith Busse and Richard Teets, will replace Busse as chairman, effective immediately as part of a planned leadership transition. Busse will continue to serve as a director on the board. […]
A shortage of inventory resulted in a third straight month of decline for existing-home sales. Sales in April fell 2.7% to a seasonally adjusted annual rate of 5.85 million, reported the National Association of Realtors. “Home sales were down again in April from the prior month, as housing supply continues to fall short of demand,” […]
The manufacturing sector can expect continued growth for the remainder of this year, says the Institute for Supply Management in their Spring 2021 Semiannual Economic Forecast. ISM raised its projections for several components of the survey that covers 18 manufacturing industries. “Expectations for the remainder for 2021 have strengthened somewhat compared to December 2020, as […]
Mesabi Metallics isn’t acting like a firm that is about to lose its position on the Iron Range. The company hired a new president and chief operating officer, selecting Larry Sutherland, former manager of U.S. Steel’s Minnesota Ore Operations, to join the executive team. “I am excited to join Mesabi Metallics’ journey to complete the […]
April housing starts fell 9.5% to a seasonally adjusted annual rate of 1.57 million units, following March’s fastest climb since June 2006. Soaring construction costs and home prices were blamed for the April decline. Single-family starts plunged 13.4%, although multi-unit homes gained 4%, said the U.S. Census Bureau and the U.S. Department of Housing and […]
New York manufacturing activity continued at a solid pace in May, according to the May 2021 Empire State Manufacturing Survey. The index headline dipped two points to 24.3, but indexes for new orders and shipments gained two and five points, respectively. Thirty-seven percent of survey respondents said conditions had improved over the month with only […]
Klöckner & Company SE is under the new leadership of Guido Kerkhoff, effective May 13, 2021. Kerkhoff has been responsible for Europe business operations as Deputy Chairman of the Management Board since the beginning of September 2020. In the planned transition, he succeeds Gisbert Rühl, a member of the Management Board since 2006 and CEO […]
U.S. Steel may be about to enter the competition for the Nashwauk mining rights recently stripped from Mesabi Metallics. Cleveland-Cliffs is considered the likely successor to take over the mineral leases, but the proximity of the land to U.S. Steel’s Keetac operations would make it an attractive asset for the company. “The close proximity to […]
Will the Section 232 tariffs be modified in some way in the near future? That is what U.S. Trade Representative Katherine Tai appeared to suggest during testimony before the Senate Finance Committee on Wednesday. Tai told the committee that the Biden administration seeks a better tool for addressing trade than the 1962 Trade Expansion Act. […]
Construction employment stalled in April, said the Associated General Contractors of America. Both nonresidential contractors and homebuilders reported difficulty sourcing materials and labor. “Contractors are experiencing unprecedented intensity and a range of cost increases, supply-chain disruptions and worker shortages that have kept firms from increasing their workforces,” said AGC Chief Economist Ken Simonson. “These challenges […]
American Trucking Associations President and CEO Chris Spear gave a blunt and passionate testimony to the Senate Commerce, Science & Transportation Committee on May 11, calling for bipartisan support for infrastructure legislation. “Infrastructure is NOT partisan. If anyone in Congress believes that roads and bridges are political, you haven’t been driving on them. But they […]
Commercial Metals was granted approval for an operating air permit that clears the way for construction of its micro mill in Mesa, Ariz. “Receiving the air permit is an important milestone in our latest micro mill project, which we have named Arizona 2,” said Tracy Porter, Executive Vice President and Chief Operating Officer. “With the […]
Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs, will be honored as Steelmaker of the Year by the Association for Iron and Steel Technology at this year’s AISTech 2021 conference. The award recognizes Goncalves for his leadership in the iron and steel industry. Said AIST in a press release: “Goncalves is awarded Steelmaker of the […]
Nucor has signed a supply agreement with Array Technologies to produce components for Array’s solar tracking system. Nucor will supply Array with torque tubes and rolled steel for the production of clamps, foundations and brackets, and other components. The steel manufacturer will also partner with Array on the co-development of company’s next generation of solar […]
Could the U.S. steel industry be looking at 50 million tons of new demand in the next few years? That’s one way of calculating how much steel might be required if a $1-trillion infrastructure package passes Congress and is signed into law. Infrastructure spending of $1 billion equals 50,000 tons in steel demand, according to a […]
Could the U.S. steel industry be looking at 50 million tons of new demand in the next few years? That’s one way of calculating how much steel might be required if a $1-trillion infrastructure package passes Congress and is signed into law. Infrastructure spending of $1 billion equals 50,000 tons in steel demand, according to a […]