Shipments from US steel mills were up 21% year-over-year in September according to the latest reports from American Iron and Steel Institute (AISI).
The rise in shipments was driven by production of in corrosion-resistant strip which was up 19%, cold rolled sheet which was 17% and hot rolled sheet which was up 12%. Totl shipments for September amounted to 8.1 million net tons.
In further steel industry news, AISI president and CEO Kevin Dempsey praised the signing of President Biden’s Infrastructure Investment and Jobs Act.
“We applaud the fact that the new law, and the executive order implementing it, have a strong focus on enhancing U.S. competitiveness and using American-made products – including by using American-made steel, which is cleaner and more sustainable than steel made in the other leading steel-producing countries,” said Dempsey.
Heavy materials stocks are generally expected to rise during the implementation of the $1.2 trillion bill.