The World Trade Organization General Council announced that Roberto Azevêdo has been appointed for a second term as Director-General. The four-year term will begin on September 1, 2017. Azevêdo, in his thank you remarks, said he believed the WTO was on the right path. He also asked members to show their support for the WTO. […]
The U.S. International Trade Commission issued two new final determinations on Wednesday related to imports of steel products from China. The ITC determined that the U.S. industry is materially injured by the imports of carbon and alloy steel cut-to-length plate from China. Countervailing subsidy rates of 251.00% and antidumping margins of 68.2 percent will be […]
Steel organizations were pleased by the first address by President Donald Trump to the joint session of Congress on Tuesday evening. Steel associations welcomed promises of trade enforcement, infrastructure spending and tax reform. Here is a sampling of comments following the President’s address. Thomas J. Gibson, president and CEO of American Iron and Steel Institute […]
New U.S. Secretary of Commerce Wilbur L. Ross met with Department of Commerce employees on Wednesday. Ross began his speech by praising President Trump’s address to Congress on Tuesday night. “I thought it was one of the most inspiring speeches I’ve ever heard, and I think it augers well for the new administration. President Trump […]
Automotive sales slowed overall in February. Ford and FCA saw declines of 4 and 10 percent, respectively. There were still some strong sales among auto manufacturers, notably, GM up 4.2 percent, Nissan 3.7 percent, Subaru 8.3 percent, Mercedes-Benz 7.2 percent, and Volkwagen Group up 13.3 percent year-over-year. WardsAuto puts light vehicle sales for February at […]
Home prices continue to rise and at a faster pace, according to the data from the S&P CoreLogic Case-Shiller Indices. Home prices in the National Home Price NSA Index posted a 5.8 percent gain in December, up 5.6 percent from November and setting a 30 month high. Seattle Portland and Denver had the highest year-over-year […]
The Department of Commerce, on March 1, issued affirmative preliminary determinations on the antidumping investigations of imports of steel concrete reinforcing bar (rebar) from Japan, Taiwan, and Turkey. Japan received preliminary dumping margins of 209.46 percent; Taiwan dumping margins ranged between 3.48 percent and 29.47 percent; and Turkey margins ranged from 5.29 percent to 7.07 […]
US Steel Corporation has promoted David B. Burritt to president and chief operating officer effective February 28, 2017. Mario Longhi, who served as president and chief executive officer, will continue as CEO and as a member of the board of directors. Longhi’s focus will be on the company’s strategic vision. Burritt will have executive responsibility […]
The February ISM Report on Business indicates manufacturing activity expanded in February with the overall economy in a 93rd month of consecutive growth. The PMI was 57.7 percent, up from 56 percent in January. Looking at it from a 3 month moving average, February showed growth at 56.1, up from 54.7. Production at 62.9 gained […]
Members of the Precision Metalforming Association are expecting continued strong business conditions during the next three months. The monthly survey of 115 metalforming companies in the U.S. and Canada indicates economic activity will be steady with a slight increase in incoming orders. Average daily shipping levels were improved in February with 38 percent of participants […]
Workers at Essar Steel Algoma on Tuesday voted 98 percent in favor of striking if a satisfactory collective bargaining agreement cannot be reached. USW Local 2251, representing, 2100 workers in Sault Ste. Marie, has been working without a contract since July 2016. Essar Steel Algoma announced that Warren Winkler, the court appointed mediator, has scheduled […]
The US Steel will be in court on March 14 presenting oral arguments opposing the dismissal of antitrust claims in its Section 337 complaint against China. The US International Trade Commission initiated a Section 337 investigation on June 2, 2016 in response to a complaint by US Steel regarding the import of carbon and alloy […]
The February Chicago Business Barometer reached its highest reading since January 2016. The Barometer rose 7.1 points to 57.4 buoyed by optimism and gains in new orders and production. Four of the five components of the Barometer increased in February. New orders rose 10.1 points after slipping below the 50 neutral mark in January. Production […]
The World Trade Organization’s Trade Facilitation Agreement went into effect on February 22, 2017. The agreement seeks to reduce the “red tape” for traders involved in moving goods across borders. The agreement, as summarized by the WTO, includes “improvements to the availability and publication of information about cross-border procedures and practices, improved appeal rights for […]
Durable goods orders grew 1.8 percent in January, according to data from the U.S. Census Bureau. The increase was due mostly to a jump in orders for commercial and military aircraft, up 70 percent and 60 percent, respectively. Core capital goods (non-military goods excluding aircraft) fell 0.4 percent after a larger than expected gain of […]
Union members from USW Local 2251 are meeting on Tuesday, Feb. 28 for a strike mandate vote against Essar Steel Algoma. Local 2251, representing hourly workers, and Local 2724, representing salaried workers, hoped to join forces in monetary negotiations with Algoma but the idea was rejected by the company. Local 2724 president Lisa Dale told […]
President Donald Trump says the Keystone and Dakota Access pipelines must be built from American manufactured steel. After playing with semantics for weeks, the President has now issued a mandate that will require the Keystone XL and Dakota Access pipelines to use steel pipe manufactured in the U.S., according to a report by CNBC on […]
US Steel Corporation is suing the Minnesota Pollution Control Agency (MPCA) for failing to complete the pollution permitting process for the company’s Minntac mining facility in Mt. Iron, Minn. US Steel filed a Mandamus claim which asks a judge to require MPCA to take action on a specific request. US Steel said it has been […]
Sales of new homes climbed 3.7 percent in January to a seasonally adjusted annual rate of 555,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. January sales were 5.5 percent higher than the January 2016 estimate of 526,000. The median sales price of new […]
Existing-home sales in January increased at the fastest pace since February 2007, said the National Association of Realtors. January sales grew 3.3 percent year over year to a seasonally adjusted annual rate of 5.69 million. The median existing-home price in January was $228,900, up 7.1 percent from January 2016 for the 595h consecutive month of […]
The Architecture Billings Index slipped into negative territory in January with a score of 49.5, down from 55.6 in December. A score above 50 indicates an increase in billings. The new projects inquiry rose to 60.0 from 57.6. “This small decrease in activity, taking into consideration strong readings in project inquiries and new design contracts, […]
Tenth District manufacturing expanded in February achieving its highest index reading since June 2011, said the Federal Reserve Bank of Kansas City. The month over month composite manufacturing index was at 14 in February after registering 9 in January and December. New orders, order backlog and employment indexes were higher in February, while production and […]
Ternium announced today the purchase of 100 percent of Thyssenkrupp AG’s Brazilian steel mill CSA, Cia Siderúrgica do Atlantico SA. The sale is based on a September 30, 2016 valuation of EUR 1.5 billion (US$1.86 billion) that is subject to agreed adjustments at closing. Ternium expects to disburse EUR 1.26 billion ($1.33 billion) for the […]
Freight shipment by various transportation modes seems to be moving fairly well as February winds down. Seaborne freight is improving and barge traffic is resuming normal operations after the winter. Trucking saw some seasonal slowdown after the holidays and rail traffic was up year over year in recent weeks. The Association of American Railroads welcomed […]
North Star Bluescope Steel reported underlying EBITDA in the first half of FY 2017 of $180.2 million, an increase of 178 percent from 1H FY 2016 . Sales revenue was US$ 598.7 million. The mill operated at 100 percent capacity in the first half and benefited from lower conversion costs, particularly in utilities. Shipments for […]
Employees at a zinc processing facility in Quebec have gone on strike raising concerns for metal producers that use the alloy in galvanized steel. CEZinc, in Salaberry-de-Valleyfield, Quebec is co-owned by Glencore and Noranda Income fund. Employees say the company demanded major pension concessions, despite an over-funded pension plan, and has rebuffed union suggestions for […]
The Metals Service Center Institute (MSCI) called on the Trump administration to create a strategy that will evaluate trade violations impacting the entire industrial metals supply chain. MSCI president and CEO Robert Weidner said trade enforcement measures must protect not only the mills but also distributors, fabricators and processors in the supply chain. MSCI has […]
EUROFER, the European Steel Association, recently released its Economic and Steel Market Outlook report for 2017-2018. The Association is expecting steel demand to continue its recovery in 2017 and 2018 but is concerned about the rise of unfairly traded imports. Apparent steel consumption stabilized in the second half of 2016 after rising 3 percent year […]
US Steel announced today that it will withdraw “without prejudice” its trade secrets claim from the Section 337 complaint it filed with the U.S. International Trade Commission against China. US Steel will continue to pursue its claims of antitrust and false designation. The company released the following statement: “We remain committed in our efforts to […]
Essar Steel Algoma, under protection by the Companies’ Creditors Arrangement Act since November 2015, held its own in production and sales in January. January production surpassed 232,000 tons making it the highest single month production since September 2014. Improved selling prices and increased shipments brought in revenue of CAD $153 million in January for an […]