Reports related to this article:
Project(s): View 3 related projects in PECWeb
Plant(s): View 3 related plants in PECWeb
en
Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. steel mills shipped more than 47 million net tons during the first six months of 2018, a 4.1% increase over shipments in the first half of 2017, the American Iron and Steel Institute (AISI) reported on August 9. Total steel imports through the first half of 2018 totaled nearly 17.7 million tons, down 9.3% from the same period in 2017, based on preliminary Census Bureau data.
For the month of June, U.S. steel mills shipped nearly 7 million net tons, a 3.2% increase from the amount shipped in June 2017, AISI reported.
The rise in U.S. steel mill shipments and the drop in imports come after the Trump administration placed a 25% tariff on steel imports effective June 1, after the U.S. Department of Commerce determined that record levels of imports threatened to impair U.S. national security under Section 232 of the Trade Expansion Act of 1962. The U.S. steel industry last year produced 82 million metric tons of crude steel, or about a one-tenth of the amount produced by China, according to the department.
On August 10, President Donald Trump imposed an additional 25% tariff on steel products from Turkey.
The U.S. iron and steel industry accounted for more than $520 billion in economic output and nearly 2 million jobs in 2017, according to an AISI study. The numbers include the direct, indirect, and "induced" impact of the industry, according to the trade group.
Industrial Info is tracking more than $9.8 billion in U.S. steel mill and blast furnace projects that have a medium or high probability of moving forward as planned.
Click on the image at right for a graph showing U.S. medium- and high-probability steel mill and blast furnace project activity by market region.
U.S. Commerce Secretary Wilbur Ross said in July the tariffs are helping to revitalize the U.S. steel and aluminum industries. Domestic producers have announced nine major investments in recently shuttered plants, he said.
United States Steel Corporation (NYSE:X) (Pittsburgh, Pennsylvania) initially decided to restart one of two mothballed furnaces at its Granite City Works in Illinois and announced on June 5 that it would restart the second mill to produce a total of 2.5 million tons of steel, Ross said, adding: "Combined, these two lines will put 800 Americans back to work making essential metals that we need not only for the United States military, but also to rebuild the country's infrastructure."
For more information, see August 3, 2018, article - U.S. Steel Lauds Tariffs as Second-Quarter Results Show Rapid Growth, Spending Jump.
The tariffs have benefited other U.S. producers including Steel Dynamics Incorporated (NASDAQ/GS:STLD) (Fort Wayne, Indiana), and Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina). Both companies reported their second-quarter 2018 net income more than doubled from a year earlier. For more information, see July 25, 208, article - Steel Dynamics' Second-Quarter Profit Doubles, Expects $150 Million Capex in Second-Half 2018 and July 20, 2018, article - Steel Producer Nucor Expects to Double Capital Expenditures this Year.
Industrial Info is tracking 22 U.S. steel mill-related projects that are now under construction. In terms of value, the top three are:
For the month of June, U.S. steel mills shipped nearly 7 million net tons, a 3.2% increase from the amount shipped in June 2017, AISI reported.
The rise in U.S. steel mill shipments and the drop in imports come after the Trump administration placed a 25% tariff on steel imports effective June 1, after the U.S. Department of Commerce determined that record levels of imports threatened to impair U.S. national security under Section 232 of the Trade Expansion Act of 1962. The U.S. steel industry last year produced 82 million metric tons of crude steel, or about a one-tenth of the amount produced by China, according to the department.
On August 10, President Donald Trump imposed an additional 25% tariff on steel products from Turkey.
The U.S. iron and steel industry accounted for more than $520 billion in economic output and nearly 2 million jobs in 2017, according to an AISI study. The numbers include the direct, indirect, and "induced" impact of the industry, according to the trade group.
Industrial Info is tracking more than $9.8 billion in U.S. steel mill and blast furnace projects that have a medium or high probability of moving forward as planned.
U.S. Commerce Secretary Wilbur Ross said in July the tariffs are helping to revitalize the U.S. steel and aluminum industries. Domestic producers have announced nine major investments in recently shuttered plants, he said.
United States Steel Corporation (NYSE:X) (Pittsburgh, Pennsylvania) initially decided to restart one of two mothballed furnaces at its Granite City Works in Illinois and announced on June 5 that it would restart the second mill to produce a total of 2.5 million tons of steel, Ross said, adding: "Combined, these two lines will put 800 Americans back to work making essential metals that we need not only for the United States military, but also to rebuild the country's infrastructure."
For more information, see August 3, 2018, article - U.S. Steel Lauds Tariffs as Second-Quarter Results Show Rapid Growth, Spending Jump.
The tariffs have benefited other U.S. producers including Steel Dynamics Incorporated (NASDAQ/GS:STLD) (Fort Wayne, Indiana), and Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina). Both companies reported their second-quarter 2018 net income more than doubled from a year earlier. For more information, see July 25, 208, article - Steel Dynamics' Second-Quarter Profit Doubles, Expects $150 Million Capex in Second-Half 2018 and July 20, 2018, article - Steel Producer Nucor Expects to Double Capital Expenditures this Year.
Industrial Info is tracking 22 U.S. steel mill-related projects that are now under construction. In terms of value, the top three are:
- Nucor's Hickman Steel Sheet Cold Rolling Mill Complex 500,000-ton-per-year addition in Blytheville, Arkansas. For more information, see Industrial Info's project report.
- JSW Group's (Mumbai, India) Mingo Junction, Ohio, steel mill electric arc furnace restart. For more information, see Industrial Info's project report.
- Nucor's Ghent, Kentucky, 500,000-ton-per-year galvanizing line and pickling line addition. For more information, see Industrial Info's project report.
