Mexican steelmaker Ternium could benefit if the US places new steel tariffs on Mexico, according to New York-based investment firm Morgan Stanley. “First, if the US were to levy tariffs on steel imports from Mexico, we believe the government of Mexico would likely respond with a similar measure. Second, due to its product mix, Ternium would likely benefit […]
Mexican steelmaker Ternium could benefit if the US places new steel tariffs on Mexico, according to New York-based investment firm Morgan Stanley. “First, if the US were to levy tariffs on steel imports from Mexico, we believe the government of Mexico would likely respond with a similar measure. Second, due to its product mix, Ternium would likely benefit […]
Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped. The Scottsdale, Ariz.-based service center behemoth shipped 1.484 million tons in Q2, 1.2 million of which were carbon steel products. Overall shipments were down 2.4% sequentially, with carbon shipments declining 2.1%. Compared to the same quarter last […]
Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped.
The pressure that comes with being a CEO is not for the faint of heart. With every decision they make, CEOs have to keep in mind what’s best for the company. Karla Lewis, president and CEO of Reliance Steel & Aluminum, and Leon Topalian, president and CEO of Nucor Corp., sat down with Metal Service […]
SMU’s Steel Summit Conference 2023 is two months away, and it’s never too early for attendees and prospective attendees to start preparing for how to take advantage of the conference’s resources. CRU principal analyst Josh Spoores sat down with SMU managing editor Michael Cowden and senior analyst David Schollaert on Tuesday for a webinar in […]
Domestic hot-rolled coil prices are down $55 per ton ($2.75 per cwt), the sharpest such decline we’ve seen all year. If this feels like an echo of June 2022, that’s because it is. Check out the chart below: A year ago, prices were falling hard as the shock of the war in Ukraine faded along […]
Scottsdale, Ariz.-based Reliance Steel & Aluminum Co. has made its first acquisition of 2023, announcing the addition of Southern Steel Supply Co. to its portfolio of service center companies. Southern Steel Supply is based in Memphis, Tenn., supplying merchant and structural steel, pipe and tube, steel plate, ornamental products, and laser-cut and fabricated parts to […]
Reliance Steel & Aluminum Co. saw its best financial performance in 2022 on record-breaking sales of $17.03 billion, nearly 21% above 2021. The results were achieved “across nearly every metric during a period of continued metal price volatility and broader economic uncertainty,” Reliance president and CEO Karla Lewis said in earnings commentary released on Thursday, Feb. 16. […]
The reshoring of US manufacturing, nonresidential construction, and semiconductor manufacturing are key areas where Reliance Steel & Aluminum Co. remains incredibly bullish. Speaking on the company’s third quarter earnings conference call with analysts on Thurs., Oct. 27, executives expressed their optimism for these markets. Reshoring/nearshoring is “legit,” and the company is “pumped up about it,” […]
Somewhat better-than-expected demand helped service center behemoth Reliance Steel & Aluminum Co. achieve strong third-quarter sales. And despite macroeconomic uncertainty, inflation, continuing supply chain disruptions, and geopolitical issues, the Scottsdale, Ariz.-based company anticipates healthy demand trends to continue in the current quarter, according to its Q3 earnings report released on Thursday, Oct. 27. The company […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
Service center behemoth Reliance Steel & Aluminum Co. will have a new leader come the start of 2023. Current CEO James D. Hoffman will step down from his position at the end of this year, allowing current company president Karla Lewis to step up and serve as both president and CEO, effective Jan. 1, 2023. […]
While steel service centers remain cautiously optimistic on their demand outlooks for the remainder of the year, most agree that the environment for mergers and acquisitions remains quite strong. This is according to executives from Reliance Steel & Aluminum, Ryerson, and Olympic Steel—some of the industry’s top players—speaking on their recent and respective second quarter […]
Reliance Steel & Aluminum Co. “delivered an exceptional second quarter with record-setting financial performance and outstanding operational execution,” CEO Jim Hoffman said in the service center’s second quarter results release. Reliance reported record second quarter net income of $572.8 million on sales of $4.68 billion. The company’s top results were driven by “ongoing healthy demand” […]
Reliance Steel & Aluminum Co. announced a series of executive changes this week. The company’s current senior vice president of operations, Michael P. Shanley will be retiring from the company at the end of the year. As of July 1, Shanley will shift to the role of special advisor, reporting directly to Reliance’s CEO Jim […]
Strong demand, growing shipment levels, and robust metals pricing allowed Reliance Steel & Aluminum Co. to achieve another record quarter with first quarter sales of $4.49 billion and gross profit of $1.39 billion. “Notwithstanding ongoing macroeconomic challenges, our performance was supported by positive underlying trends including continued strong demand with improving shipment levels in each […]
Reliance Steel & Aluminum Co. “finished the year strong with record financial performance across nearly every metric,” CEO Jim Hoffman said during the service center’s earnings call on Thursday. Reliance reported record annual gross profits of $4.49 billion on record annual sales of $14.09 billion for full-year 2021. The fourth quarter was also the best […]
Continuing its aggressive growth through acquisition, Reliance Steel & Aluminum Co. has purchased Rotax Metals, Inc., a metals service center specializing in copper, bronze and brass alloys. This is the third deal announced by Reliance just this month, extending its reach in various regions and product categories. Founded in 1947 and located in Brooklyn, New […]
Reliance Steel & Aluminum Co. announced two more acquisitions this month, bringing the total to 70 since the service center giant’s IPO in 1994. The latest additions to Reliance’s portfolio are Admiral Metals Servicecenter Co. Inc. and Nu-Tech Precision Metals Inc. Admiral Metals, Woburn, Mass., is a distributor of nonferrous metal products serving the semiconductor, […]
With 2022 right around the corner, it’s time to reflect back on an unusual and eventful year for the steel industry. Following is Steel Market Update’s Top 10 News Events of 2021: #10 – Economy Rebounds from COVID: No one could have predicted when the virus crippled commerce in the spring of 2020 that the […]
This year’s third quarter was the best quarter on record for Reliance Steel & Aluminum Co., the nation’s largest service center organization. Reliance reported gross profit of $1.21 billion on sales of $3.85 billion in Q3. “Our resilient business model, favorable metal pricing trends and excellent execution combined to produce another quarter of record-setting financial […]
Whether they believe steel prices are in for a sharp or a gradual correction, most of the service center and manufacturing executives responding to SMU’s latest survey agree the market is at a turning point. Here are a few of their recent observations: “Yes, I think we are at the inflection point. The market appears to be […]
Reliance Steel & Aluminum Co. completed the acquisition of Merfish United, a master distributor of tubular building products, from One Equity Partners, a middle market private equity firm, effective Oct. 1. “We are excited to welcome Merfish United to the Reliance Family of Companies and to broaden our focus on adjacent business opportunities beyond traditional metals […]
Reliance Steel & Aluminum Co. has agreed to purchase Merfish United, adding a master distributor of tubular building products to the service center’s already extensive portfolio of companies. Terms of the deal, which is expected to close within 60 days, were not disclosed. Reliance will acquire Merfish from One Equity Partners, a middle market private […]
Steel Dynamics Inc. (SDI) kicked off steel earnings season by posting record second-quarter sales and record profits on ballooning metal spreads. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker anticipates another record performance in the third quarter as well as strong demand into 2022. “We remain confident that macroeconomic and market conditions are […]
NLMK USA sales surged in the second quarter on strong demand and increased slab supplies from its parent company in Russia. The U.S. subsidiary of Lipetsk, Russia-based NLMK Group recorded flat-rolled steel sales volumes of 502,000 metric tonnes in the first quarter. That’s up 17% from 431,000 tonnes in the first quarter and up 52% […]
William K. Sales Jr., Reliance Steel & Aluminum’s executive vice president of operations, will retire in January 2022. In the meantime, Sales will work as a special advisor to the metals service center – North America’s largest – in a transition effective from Thursday, July 1. “On behalf of the entire Reliance team, I would […]
Flat rolled steel prices have been rising consistently for 45 straight weeks (since the week of Aug. 10, 2020). There is a chance (no guarantees) that we could see the cycle continue for a full 52+ weeks as the steel mills continue to have supply issues and demand remains quite strong in just about every […]
A reminder to our readers – Steel Market Update will not publish a Sunday evening issue due to this weekend being a national holiday here in the United States (Memorial Day). We will publish as normal on Tuesday, June 1. Inventories are a key component when it comes to understanding the squeeze we have with […]