A View from the Top
Summit Steel President Ross Bushman offers a weekly summary of data and observations regarding the metals industry news, market conditions and their global and domestic impact.
Feel free to contact Ross with your thoughts or comments.
November 2020
300 US Drill Rigs Running Last Week
300 US Drill Rigs Running Last Week There were 300 US drill rigs running last week, up four from the prior week, down 517 from one year ago. Canadian drilling remained the same at 86 running rigs, down 54 from one [...]
Overall Economy Notching Six Consecutive Months Growth
Overall Economy Notching Six Consecutive Months Growth With the overall economy notching six consecutive months growth, the Institute for Supply Management (ISM) October 2020 Manufacturing ISM Report on Business reports economic activity in the manufacturing sector grew in October. The October [...]
October 2020
US Economy Recovered Significantly in Q3
US Economy Recovered Significantly in Q3 The US economy recovered significantly Q3 quarter as Gross Domestic Product (GDP) increased 7.4% over the quarter, an annual rate of 33.1%, recovering about two-thirds of the ground lost as the pandemic took control. Consumer [...]
US Economy Expansion in Q4
US Economy Expansion in Q4 Expected US economy expansion in Q4 is expected, but at a slower rate. The Conference Board released its September 2020 Leading Economic Index (LEI) and reports the index increased by .07 percentage point, following increases in [...]
Re-Openings Inspiring Confidence
Re-Openings Inspiring Confidence Re-openings inspiring confidence is reflected in the National Federation of Independent Business (NFIB) Small Business Optimism index, which rose 3.8 points in September. Overall confidence and hiring appear to be benefitting from re-openings finally getting underway in some [...]
266 US Drill Rigs Running Last Week
266 US Drill Rigs Running Last Week There were 266 US drill rigs running last week, up 5 from the previous week, down 589 rigs from 1 year ago. In Canada, there were 75 drill rigs operating, up 4 from the [...]
Cleveland-Cliffs Acquires ArcelorMittal USA
Cleveland-Cliffs Acquires ArcelorMittal USA Cleveland-Cliffs acquires ArcelorMittal USA in a substantial agreement to obtain all its operations and subsidiaries. Economic Expectations Continue to Improve Consumer confidence rose in September by the most in more than 17 years as economic expectations continue [...]
September 2020
Strongest New Home Sales Since 2006
Strongest New Home Sales Since 2006 The strongest new home sales since September 2006 are at a 1.011-million-unit pace, having risen 4.8% in August, following an upwardly revised 14.7% gain in July. Conference Board LEI Reports Successive 3-Month Increases The Conference [...]
Median Household Income Grew in 2019
Median Household Income Grew in 2019 The median household income in 2019 grew a whopping 6.8%-the largest annual increase on record, the Census Bureau reported Tuesday. While this year's government-ordered lockdowns will erase these gains in the short term at least, [...]
U.S. Raw Steel Production Increased
U.S. Raw Steel Production Increased 3.3% U.S. raw steel production increased in the week ending 9/5/20. US raw steel production was 1,428,000 net tons at an ACUR of 63.7 percent, an increase of 3.3 percent from the previous week. 9/11 Nineteenth [...]
Texas Factory Activity Expanded
Texas Factory Activity Expanded for the Third Straight Month Texas factory activity expanded in the month for the third straight month, following the record contraction in the spring, according to the Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey results [...]
August 2020
Builder Confidence Rose Sharply
Builder Confidence Rose Sharply Builder confidence rose sharply, as evidenced by the surge in new-home sales. New home sales topped expectations in July, surging 13.9% to a 901,000-unit annual rate. Sales jumped in the more affordable areas. US consumer spending rose 1.9% [...]
Housing Starts Surged in July
Housing Starts Surged in July Housing starts surged 22.6% in July to a 1.496 million-unit pace. Single-family starts rose 8.2 percent while apartment building skyrocketed 56.7 percent. Empire State Manufacturing Reports Edge Up The Federal Reserve Bank of New York released [...]
July Retail Sales Increased
July retail Sales Increased July retail sales increased 1.2% in July, the third straight monthly increase, despite a rise in covid infections. Unemployment claims last week fell to less than 1 million for the first time since the pandemic hit the [...]
Unemployment Fell in July
Unemployment Fell in July Unemployment fell in July to 10.2% as 1.8 million jobs were added to the US economy amid a summer wave of coronavirus cases forcing states to backtrack on reopening. In July the Overall Economy Notched a Third [...]