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Market Update | December 1st 2021

Consumer confidence slipped in November due to concerns over rising prices and new COVID variants. Despite this, the manufacturing sector is showing strong signs of growth. Total construction spending came in at an all-time high with the largest year-over-year increase since March 2020. Additionally, the ISM Manufacturing Index increased for the 18th consecutive month; indicating strong sector expansion and overall economic growth.

Market Update | November 17th 2021

Algoma’s Board approved the construction of two EAFs which are expected to replace their current blast furnace operations over time. The project is expected to increase production capacity to 3.7 mt from 2.8 mt and come online in 2024, after a 30 month construction period. Additionally, the U.S. has started talks with Japan about the possibility of resetting the Section 232 trade tariffs. The recent agreement with the EU is likely to set the playbook for future trade agreements.

Market Update | November 10th 2021

The House passed a historic infrastructure bill that is intended to improve the nation’s roads, broadband, and other public works. Leaders in the steel industry expect that for every $100 billion of new investment steel demand will increase between 4mt-6mt. This would mean that the infrastructure bill would directly increase steel consumption by 3.5% to 4.5% per year over the next five years.