Industry sentiment has taken a pessimistic turn over the past four weeks as COVID-19 continues to outsmart government and health officials, who can’t seem to unite on a strategy that will stem the spread of the coronavirus. Steel Market Update’s Steel Buyers Sentiment Indexes had been improving since hitting bottom in early April, but dipped and flattened in recent weeks.
Canada's Russel Metals, a North American metals distribution company, generated net income of $5 million on revenues of $588 million in the second quarter of 2020. Total tons shipped fell 14 percent from the first quarter. Results from U.S. operations represented 33 percent of total revenues.
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington:
With Congress at an impasse over the next round of federal stimulus spending, roughly two out of three steel buyers polled by Steel Market Update believe it’s time to dial it back and not overreact. The other one-third feel the government should double down on spending to support an economy still struggling with the effects of the coronavirus.
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July was the ninth consecutive month where imports were down by more than 20 percent compared to the same month last year, according to the latest Commerce Department data. Year over year, total rolled product imports in July were down by 25.9 percent on a three-month moving average (3MMA) basis.