The Dodge Momentum Index fell 2.7 percent in January to 152.5 following four months of gains. The index is a measure of the first report of nonresidential projects in planning, which have been shown to lead construction spending by a full year. Planning for commercial projects increased 2.7 percent, but a 11.0 percent decline in […]
ArcelorMittal posted a net loss of $1.9 billion for the fourth quarter of 2019. In comparison, the global steelmaker posted a loss of $539 million in Q3 and a net profit of $1.19 billion in Q4 2018. For the entire year 2019, ArcelorMittal posted a net loss of $2.5 billion compared to net income of […]
A new regulation from the U.S. Department of Commerce allows currency manipulation by foreign governments to be considered a subsidy subject to countervailing duties. “This Currency Rule is an important step in ensuring that unfair trade practices are properly remedied,” said Secretary of Commerce Wilbur Ross. “While successive administrations have balked at countervailing foreign currency […]
Construction spending slowed in December, but contractors remain optimistic about new projects for 2020. Construction spending dipped 0.2 percent from November to December due to a decline in nonresidential project spending. A 1.4 percent jump in private residential spending, supported by a 2.7 percent increase in single-family home construction, failed to offset a decline in […]
Manufacturing grew in January along with the overall economy, reported the Institute for Supply Management. ISM’s January PMI gained 3.1 points from December to register 50.9, above the crucial no-change mark of 50. New orders and production pulled from contraction to post respective index readings of 52.0 percent and 54.3 percent for the month, said […]
Global manufacturing performed slightly better in January, according the latest J.P. Morgan Global Manufacturing PMI. The composite PMI rose to a nine-month high of 50.4 from December’s reading of 50.1, although only slightly above the no-growth mark of 50.0. Consumer and intermediate goods led the increase as investment goods continued to contract further. Output rose […]
Automotive sales were up year-over-year for most automakers that reported data for January. Sales last month rose 1.0 percent to a seasonally adjusted annual rate of 17.1 million vehicles, according to auto research firm Edmunds. Automotive sales declined 1.6 percent in 2019 to 17.1 million vehicles. Edmunds expects sales for 2020 to be flat, but […]
U.S. Steel reported a net loss of $680 million for the fourth quarter of 2019 and a loss of $642 million for the year, but counts the quarter a success by exceeding its previously lowered Q4 expectations. The steelmaker sees last year as one of notable strategic progress. Sales for the year totaled $12.9 billion, […]
The Chicago Business Barometer, a leading indicator of Midwest manufacturing, dropped to its lowest level since December 2014, said MNI Indicators. The PMI posted a reading of 42.9 in January following two months of gains. The three-month average dipped to 45.9. Any reading below 50 indicates contraction. New orders fell 6.1 points to 41.5 and […]
Demand is looking good for the steel industry this year, especially in the construction sector, said panel members on the Steel Manufacturers Association media call today. Dave Sumoski, Nucor Executive Vice President – Merchant and Rebar Products, noted that construction is a major area for Nucor. The market for steel bar is very strong with […]
The U.S.-Mexico-Canada-Agreement was signed into law by President Trump on Wednesday. The signing clears the way for Canada to begin the ratification process that is likely to be concluded in March. The president called the agreement the “largest, fairest, most balanced, and modern trade agreement ever achieved.” “Everybody said this was a deal that could […]
The U.S. Bank Freight Payment Index, a quarterly analysis of freight volumes and spending, fell 4.0 percent in the fourth quarter after gaining a total of 10 percent in the second and third quarters. Both volumes and spending dropped during the quarter due to weaker economic activity and impacts from the international trade market. The […]
Metalforming companies are optimistic about business conditions for the first quarter of 2020. The January survey from the Precision Metalforming Association shows 32 percent of participants expect an improvement in economic activity during the next three months, up from 20 percent in December. The majority, 55 percent, forecast no change in activity, an increase of 1 […]
Nucor beat analysts’ estimates for the fourth quarter, reporting net earnings of $107.8 million due to an unexpected surge in sales during December. “Stronger than expected steel mill segment performance in December was the primary driver for higher actual fourth-quarter earnings than we indicated in our mid-December quantitative guidance,” said Leon Topalian, Nucor’s new president […]
SSAB Americas posted a loss of $23 million (-222 million SEK) for the fourth quarter of 2019 due to lower realized steel prices and maintenance costs associated with a planned outage in Mobile, Ala. Heavy plate demand was good in the first half of the year, but weakened in the fourth quarter due to inventory […]
Commerce Secretary Wilbur Ross says that tariffs on imports of autos and parts are still on the table, refuting claims that the deadline has passed to impose such measures under Section 232. After Commerce delivered its report on the national security implications of imports of foreign autos to the administration, the president had 180 days […]
The Department of Commerce announced the affirmative final determinations in the antidumping duty and countervailing duty investigations of imports of fabricated structural steel from Canada (AD only), China and Mexico, and a negative final determination in the CVD investigation of FSS from Canada. Canada and Mexico have been assigned antidumping rates of 6.7 percent and […]
New home sales were essentially flat in December, edging down 0.4 percent from November to a seasonally adjusted annual rate of 694,000, according the latest data by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to December 2018, sales increased 23.0 percent. Sales for the full year, however, rose 10 […]
Average home prices increased 3.5 percent year-over-year in November, according to the latest release of the S&P CoreLogic Case-Shiller National Home Price Index. The 20-City Composite rose 2.6 percent, up from a 2.2 percent annual gain in October. “With the month’s 3.5 percent increase in the national composite index, home prices are currently 59 percent […]
Durable goods orders rose 2.4 percent in December supported by a surge in defense spending. Defense capital goods increased 90.2 percent last month primarily due to orders for defense aircraft, the Census Bureau reported. The uptick in December orders follows a sharp decline in November of 3.1 percent, revised downward from 2.1 percent. Excluding the […]
Canadian steel producer Stelco will return Alan Kestenbaum to the position of chief executive officer, effective Feb. 21. Current CEO David Cheney will step down and return to his previous role at Bedrock Industries. Kestenbaum served as Stelco’s CEO from the closing of the company’s initial public offering in November 2017 until February 2019 and […]
A fire at the AK Steel Mansfield facility reportedly caused serious burns to a female employee who was working near the ladle in the melt shop. Mansfield Fire Department received a call at 5:12 pm regarding an explosion and fire at the plant. By the time firefighters arrived the fire was under control by AK […]
JSW Steel USA reported dismal results for the third quarter of 2020, but the company expects losses will be reduced substantially in the fourth quarter. JSW Steel – Baytown produced 70,479 metric tons of plate and 14,669 MT of pipes during the third quarter of 2020, reported JSW Steel India. The plate mill operated at […]
The trucking industry reported a “choppy” year for truck tonnage. The American Trucking Association’s advanced seasonally adjusted For-Hire Truck Tonnage Index increased for the 10th year in 2019, but at only half the gain realized in 2018. The index was up 3.3 percent compared to 6.7 percent in 2018. The SA December Index rose 4.0 […]
The construction industry added jobs in 34 states and D.C. between December 2018 and December 2019, and 29 states added construction jobs in December, according to an analysis by the Associated General Contractors of America of Labor Department data. Contractors say more jobs will be added to payrolls in 2020, but 81 percent of firms […]
Michelle Pearson-Casey has returned to Olympic Steel as Vice-President-Corporate Communications & Marketing after a five-year hiatus. Pearson-Casey joined Olympic Steel in 1999 and left her role as Director-Human Resources in 2015 to pursue opportunities in consumer packaged goods and as a communications and change management consultant supporting global organizations. She brings nearly 20 years of […]
Steel Dynamics reported record steel shipments of 10.8 million tons and net sales of $10.5 billion in 2019 for the company’s second-best sales performance. Steel fabrication also set a yearly record with shipments of 644,000 tons, and almost doubled its operating income from 2018. Sales declined 11 percent to $11.5 billion from the record high […]
U.S. manufacturers have requested a total of 93,933 exclusions from steel tariffs and 13,249 exclusions from aluminum tariffs since the Trump administration imposed Section 232 in 2018. To get an exemption, an applicant must make the case that the metal they require is not available domestically in a sufficient quality or quantity. While Commerce has […]
NLMK USA sold 472,000 metric tons of steel in the fourth quarter of 2019, a decline of 14 percent from the previous quarter and 6 percent from a year ago. The decrease was attributed to a seasonal slowdown in steel buying activity. Sales for the full year of 2019 declined 3.0 percent to 2.2 million […]
Existing home sales grew 3.6 percent in December, bouncing back from a slight decline in November and jumping 10.8 percent from a year ago. The National Association of Realtors reported existing home sales were at a seasonally adjusted annual rate of 5.54 million in December. For 2019, total sales ended on a par with 2018 […]