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Carolina mills, ports shut ahead of Florence

  • Spanish Market: Freight, Metals
  • 12/09/18

Steel mills and ports in the Carolinas have halted operations as Hurricane Florence nears the US east coast.

US steelmaker Nucor today suspended operations at its 3.4mn st/yr Berkeley, South Carolina, sheet mill outside of Charleston and its 1mn st/yr Hertford, North Carolina, plate mill until the storm passes, though it does not anticipate any impact on customer orders.

UK-based Liberty Steel evacuated its Georgetown, South Carolina, wire rod mill this afternoon.

Commercial Metals (CMC) told Argus today it would proceed with normal operations as it monitors the track of the storm. The Dallas-based company operates rebar mills and scrap processing facilities in North and South Carolina.

Steel Dynamics had not yet made any announcements as of this afternoon. The Indiana-based company operates a bar mill in Virginia in addition to scrap processing facilities in Virginia and North Carolina through its Omnisource subsidiary.

Ports in North Carolina and Virginia have also closed or partially closed to vessel traffic and transfer operations as the storm approaches.

The port of Wilmington, North Carolina, entered condition Zulu (complete shutdown) this morning, said a shipping agency, in anticipation of gale force winds today. This means no ships may move within the port and no vessel operations are allowed.

As of this afternoon, ship movements at the port of Charleston, South Carolina, were limited to outbound voyages only.

Farther north along the Atlantic coast, the port of Hampton Roads in Virginia has been closed to inbound traffic since midnight last night because of expectations of strong winds today, said the US Coast Guard.

The port of Baltimore, Maryland, remains open, and oceangoing ships must report their intention to remain in port or depart.

The port of Savannah, Georgia, remains open, according to a shipping agency.

Florence potential path as of 2pm AST 12 Sep

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30/04/25

Tariffs to cost up to $350mn in 2Q: Caterpillar

Tariffs to cost up to $350mn in 2Q: Caterpillar

Houston, 30 April (Argus) — Heavy equipment manufacturer Caterpillar expects import tariffs imposed by the US to be a cost headwind of $250mn-$350mn in the second quarter. The Texas-based company anticipates its sales to be down slightly compared to the previous year because of tariffs, largely on imports from China. It anticipates second quarter sales to be flat to the prior year, with growth in its energy and transportation division to be offset by lower machine sales in its resource and construction industries. Caterpillar's order backlog increased by $7.1bn in the first quarter compared with the prior year and $5bn sequentially, driven by high order rates. In the construction industries division, Caterpillar's sales fell by 19pc to $5.25bn because of lower volumes and prices. The company's energy and transportation division's sales declined by 2pc to $6.6bn following lower sales volume and higher manufacturing costs. In North America, Latin America, Africa and the Middle East, and Asia-Pacific sales decreased primarily because of lower volumes and prices. Lower sales volume was mainly the result of changes in dealer inventories. Caterpillar earned a profit of $2.6bn in the first quarter, a decrease of 27pc compared with the year-prior period. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexican economy grows 0.6pc in 1Q


30/04/25
30/04/25

Mexican economy grows 0.6pc in 1Q

Mexico City, 30 April (Argus) — Mexico's economy expanded at an annualized rate of 0.6pc in the first quarter, with solid growth in the agriculture sector offsetting a slowdown in industry. The result came in at the high end of analyst estimates and slightly above the 0.5pc GDP growth reported by statistics agency Inegi for the fourth quarter of 2024. Still, it marks the second-slowest quarterly growth in the past 16 quarters. Most of the first quarter's GDP growth came from a 6pc expansion in the agricultural sector, which more than reversed the 4.6pc contraction recorded in the fourth quarter of 2024. The industrial sector — including mining, manufacturing and construction — shrank for a second straight quarter, contracting by 1.4pc after a 1.2pc drop in the previous quarter. Manufacturing faced tariff-related uncertainty during the quarter, though investment in the sector had already been slowing for months. The contraction was softened by manufacturers ramping up production ahead of US tariffs, with the risk of trade-driven inflation also pushing builders to contain construction costs, according to market sources. These effects are expected to fade in the second quarter and worsen in the third if high US tariffs on Mexican goods persist, said Victor Herrera, head of economic studies at finance executive association IMEF, "especially as supply chains are hit by dwindling inventories." Services expanded by an annualized 1.3pc in the first quarter, compared with a 2.1pc growth in the fourth quarter of 2024. This marks the slowest growth in services since the end of Covid-19 restrictions in early 2021. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

ArcelorMittal steel output, sales rise in Brazil


30/04/25
30/04/25

ArcelorMittal steel output, sales rise in Brazil

Sao Paulo, 30 April (Argus) — Global miner and steelmaker ArcelorMittal increased its steel output in Brazil to 15mn metric tonnes (t) in 2024, up by 3.8pc from a year before. The company credited the performance increase to the expansion of its Vega unit in Santa Catarina state, which bumped cold-rolled steel production to 2.2mn t/yr from 1.6mn t/yr. ArcelorMittal Brazil is building a new rolling mill in Barra Mansa, in Rio de Janeiro, at a cost of R1.6bn ($284mn) but no production forecast has been disclosed. The producer's Brazil sales climbed to 15.1mn t in 2024, rising 5.2pc year over year, despite record steel imports into Brazil . The company attributed the sales uptick to rising domestic steel demand but noted that falling prices and import competition limited profits. ArcelorMittal Brazil's profit declined 4.7pc to R66bn last year from the previous year. The company will release its global first-quarter 2025 results on 30 April. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US economy contracts in 1Q on pre-tariff stocking


30/04/25
30/04/25

US economy contracts in 1Q on pre-tariff stocking

Houston, 30 April (Argus) — The US economy contracted in the first quarter for the first time in three years, on less government spending and a surge in imports as companies stocked up on inventories before tariffs take effect. Gross domestic product (GDP) contracted at an annual 0.3pc pace following growth of 2.4pc in the fourth quarter, the Bureau of Economic Analysis said today. GDP last fell by 1pc in the first quarter of 2022. Economists surveyed by Trading Economics had forecast 0.3pc GDP growth for the first quarter. Businesses stocked up on imports to get ahead of tariffs that President Donald Trump has wielded to restructure the global trading system. A monthly employment report in two days may show the impacts of Trump's mass federal firings, while Federal Reserve policymakers will meet next week to consider the effects of Trump's policies on prices. Imports, which detract from GDP growth, expanded by 41.3pc after falling by 1.9pc in the fourth quarter. Exports grew by 1.8pc after declining by 0.2pc. Consumer spending rose by an annual 1.8pc in the first quarter following 4pc growth in the fourth quarter. Domestic investment, which includes inventory builds, rose by an annual 21.9pc following a decline of 5.6pc in the prior quarter. Spending on equipment rose by 22.5pc following an 8.7pc decline in the fourth quarter. Government spending fell by 1.4pc after growth of 3.1pc. Federal spending fell by 5.1pc after growth of 4pc. Defense spending was down by an annual 8pc. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump tweaks tariff burden on US automakers


29/04/25
29/04/25

Trump tweaks tariff burden on US automakers

Washington, 29 April (Argus) — President Donald Trump's administration has offered to offset the 25pc tariff on foreign-made auto parts, scheduled to start on 3 May, and to exempt auto parts from any additional tariffs they face from other import taxes imposed in recent months. Trump, who today announced the change in tariffs ahead of a political rally in Michigan, a key US car manufacturing state, cast his decision in terms of giving US automakers a reprieve from his tariff policies. But as in other cases when he changed his mind on tariffs, the US auto industry will still face a substantial burden from import taxes imposed since Trump took office. Trump's 25pc tariffs on foreign cars went into effect on 3 April, and a 25pc tariff on imported auto parts was scheduled to go into effect on 3 May. Under an executive order Trump signed today, the auto makers can be partially refunded the cost of the tariffs on imported auto parts, subject to a cap of 15pc of the value of an assembled car until April 2026, dropping to a 10pc cap until April 2027. The refund cannot exceed 3.75pc of a car's manufacturer suggested retail price in the first year, dropping to 2.5pc in the second year. The idea behind the adjustment is to force US automakers to become wholly reliant on auto parts made in the US in the next two years, commerce secretary Howard Lutnick explained. In theory, at least, a US-made car that is made with 85pc domestic components would not face an additional tariff cost. A separate executive order clarifies that the tariffs on foreign-made cars and auto parts will not be calculated in addition to any other tariffs Trump has imposed on Canada and Mexico, and will not be counted on top of tariffs imposed on steel, aluminum and their derivative products. "This is just a little transition," Trump told reporters at the White House today, announcing the latest reversal of his tariff policy. "We're just giving them a little chance, because in some cases, they can't get the parts fast enough." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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