Foreign steel imports are building, according to the latest license data from the U.S. government. Total licenses were 2.7 million net tons for March. This is well above the 1.984 million net ton average over the last two years. It is also equal to or above the first month of the quarter tonnage, which is […]
NOTICE: NO SMU PUBLICATION ON SUNDAY, APRIL 4 DUE TO EASTER HOLIDAY Imports are coming. We are watching galvanized carefully as automotive production is being reduced due to the chip shortage, and we are seeing higher volumes of galvanized imports coming in. March 2021 license data is showing 240,000 net tons of galvanized, which is […]
Imports are coming. We are watching galvanized carefully as automotive production is being reduced due to the chip shortage, and we are seeing higher volumes of galvanized imports coming in. March 2021 license data is showing 240,000 net tons of foriegn galvanized imports, which is up 55,000-65,000 tons above the levels seen over the prior […]
Worthington Industries completed a successful third quarter in FY 2021, shed underperforming businesses, and now looks forward to accelerating strategic growth initiatives. “Our fiscal third quarter was a record financial performance,” said CEO Andy Rose. “We faced some lingering operational challenges including steel supply shortages, staffing issues related to COVID quarantines and some extreme weather, […]
Foreign or domestic? “More risk buying domestic….” I had some interesting conversations with steel buyers today as I have been trying to gauge the strength of domestic price support, and what will be the catalyst that will turn the tide. One large manufacturing steel buyer with operations around the world told me, “The prices will […]
Foreign or domestic? “More risk buying domestic….” I had some interesting conversations with steel buyers today as I have been trying to gauge the strength of domestic steel price support, and what will be the catalyst that will turn the tide. One large manufacturing steel buyer with operations around the world told me, “The prices […]
Tomorrow (Wednesday), we will host one of our SMU Community Chat Webinars with Rick Preckel of Preston Pipe and Michael Cowden of SMU. The two will discuss the energy segment and how higher oil prices will impact oil well drilling, use of line pipe and other OCTG products, and how quickly we may see demand […]
John Packard founded Steel Market Update in 2008 after spending 31 years actively selling steel in the service center, steel mill and trading company segments of the industry. He is currently President & CEO of Steel Market Update which was sold to CRU in 2018. Steel Market Update is a leader in collection of market […]
Worthington Industries has sold its oil and gas equipment business to an affiliate of Ten Oaks Group, the company said. The deal includes operations in Bremen, Ohio, and Tulsa, Okla. Worthington said it would keep the land and lease it back to the new owners. “We’re pleased to find a family-owned buyer in Ten Oaks […]
Update on Tampa Steel Conference registrations: We are moving past 250 registered attendees for the Feb. 2 virtual conference. We fully anticipate the 32nd annual Tampa Steel Conference will attract 350-400+ attendees from manufacturing, distribution, steel mills, trading companies, logistics companies, ship lines, port facilities, toll processors and suppliers to those industries. You can learn more about the […]
As we enter the New Year registrations are starting to accelerate for the 32nd annual Tampa Steel Conference which will be held virtually on February 2nd of this year. We currently have 150 registrations, and we expect 300-500 attendees once the conference opens. Here are the companies registered. Those with an asterisk (*) next to […]
As we enter the New Year, registrations are starting to accelerate for the 32nd annual Tampa Steel Conference to be held virtually on Feb. 2. We currently have close to 200 registrations, and we expect 400-500 attendees once the conference opens. Here are the companies registered. Those with an asterisk (*) next to their name means they […]
Worthington Industries reported net sales of $731.1 million and a net loss of $74 million for the second quarter of its fiscal 2021 ended Nov. 30 after accounting for nearly $150 million in pre-tax loss related to its investment in Nikola Corp. and $11.4 million in impairment and restructuring charges. In comparison, sales were $826.6 […]
Strong demand in auto, residential construction and consumer products benefited Worthington Industries in the first quarter of FY 2021. The company reported net sales of $702.9 million, an 18 percent decline from the first quarter of FY 2020. Net earnings totaled $616.7 million which included a net pre-tax gain of $746.6 million related to Worthington’s […]
We have passed through 700 registered attendees for this year’s SMU Virtual Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. We will be the largest steel conference (live or virtual) in North America this calendar year. Those who have seen our platform are excited. […]
We have passed through 700 registered attendees for this year’s SMU Virtual Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. We will be the largest steel conference (live or virtual) in North America this calendar year. Those who have seen our platform are excited. […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
NOTE: Steel Market Update will be moving to a new Azure server tomorrow. Most of the day our website will be down as we make the transition. The website should be back up on Saturday and we intend to publish on Sunday as usual, barring any technical difficulties. We are in an interesting time for […]
We are in an interesting time for the steel industry. The pandemic is just one factor behind the stress in the market. The price increase announcements by the integrated steel mills, U.S. Steel, AK Steel and ArcelorMittal, have created another issue for steel buyers. An executive with U.S. Steel saw the slides associated with yesterday’s […]
Worthington Industries will start its fiscal year 2021 under the leadership of Andy Rose as president and chief executive officer. Rose will succeed John P. McConnell who will remain with the company as executive chairman. The transition is effective Sept. 1. Rose joined Worthington in 2008 as vice president and chief financial officer, helping to […]
Worthington Industries faced a challenging quarter as stay-at-home orders and closure of nonessential businesses impacted the markets it serves. Demand levels fluctuated depending on the market with company conditions normal in March, break even in April and profitable in May, albeit at lower levels. Although the economic outlook is still unclear, Worthington expects a return to […]
Worthington Industries reported net sales of $764.0 million and net earnings of $15.3 million for its fiscal 2020 third quarter, ending Feb. 29, 2020. Sales were down 13 percent from the prior year due to lower average selling prices in Steel Processing and lower volumes in Pressure Cylinders. Steel Processing net sales were down 12 […]
Worthington Industries plans to close its manufacturing plant in Wooster, Ohio, this spring. The oil and gas equipment manufacturing operations will be consolidated into Worthington’s facility in Bremen, Ohio. “We believe the consolidation of our manufacturing footprint in the East will enable us to better serve our customers and accelerate transformation efforts already under way […]
Worthington Industries has acquired majority ownership of Samuel Steel Pickling Co., which it has held in a joint venture with Samuel, Son & Co. since 2010. Worthington will hold a 63 percent share of the venture and Samuel 37 percent. Worthington’s recently acquired Heidtman Cleveland facility and Samuel Steel Pickling will be combined, forming Worthington […]
Worthington Industries reported net sales of $827.6 million and net earnings of $52.1 million for its second 2020 fiscal quarter ending Nov. 30, 2019. Earnings included a pre-tax gain of $23 million related to sale of the WAVE joint venture. “We delivered solid results for the quarter despite some market softness and challenging conditions in […]
Worthington Industries has acquired Heidtman Steel Products’ pickling and slitting facility in Cleveland. As part of the sale, the Cleveland operation under Worthington will continue to service Heidtman customers through a toll processing agreement. “Heidtman’s Cleveland operation is a great addition to our steel business, further expanding our value-added steel processing capacity,” said Worthington Industries […]
Worthington Industries reported net sales of $855.9 million, a 13 percent year-over-year decline, and a net loss of $4.8 million for its fiscal 2020 first quarter, driven by lower volume and lower average selling prices in steel processing. Worthington was also hit by a pre-tax impairment and restructuring charge of $43.5 million primarily related to […]
Reliance Steel & Aluminum continues to dominate the service center market, ranked No. 1 once again in the just-released Metal Center News Service Center Top 50 with $11.5 billion in revenues. In total, North America’s Top 50 metals distributors accounted for a record $61.1 billion of the industry’s sales last year. Sixteen of the companies […]
I received a call from the Congressional Quarterly today asking my opinion on steel prices, trade cases, capacity being added to the marketplace, etc. I did answer his questions as accurately as I could, which in many cases are subject to the decisions being made at various steel mills around North America, and whether those […]