The U.S. Steel Industry Outlook

 
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Published Aug 30, 2012 | Pub ID: SB3919971

The steel industry is vital to the economic competitiveness of the United States. Steel serves as the backbone to automobiles, bridges, buildings, railroads, and machinery and is an important component of national defense weapons. Industry consolidation is shutting the doors of once thriving steel plants. Industry unemployment figures continue to rise in regions with the highest concentration of steel mills, including New York, Pennsylvania, Ohio, and Michigan. The U.S. government has taken some corrective steps to revive the overall economy and infuse steel demand in different facets of manufacturing. Out of the more than $780 billion stimulus package, about 15% of the amount is expected to be spent on infrastructural projects requiring steel as an essential construction raw material. This will transform in the consumption of around 11 million short tons of steel in various federal governments supported projects. Along with the government support, the recovering industrial sector is expected to further create steel demand in the U.S.

This SBI report, “The U.S. Steel Industry Outlook,” examines the competitive and economic challenges facing raw steel producers and end-users of steel. The analysis includes a historical perspective of the U.S. steel industry between 2006 and 2011 and forecasts the market value through 2022. The chapters discuss the key industries affected by U.S. steel production: construction, automotive, and machinery/equipment. It profiles the leading manufacturers of raw steel and values the import and export market of steel raw materials. We size the market based on historical data between 2002 to 2011 and forecast growth through 2022. Market sizing focuses on the stainless steel and ferroalloy steel segments. Our analysis takes a top-down approach to market projections in which we first estimate overall U.S. steel demand and production activity, including import and export values, and then extrapolate and project the value of select downstream steel products. The presentation of market data is as follows:

  • U.S. Steel Production and Value (in millions of tons and dollars), 2012 to 2022
  • U.S. Steel Industry Spending (in $ millions) on Raw Materials, 2012 to 2022
  • Value of U.S. Steel Industry Imports (in metric tons) of Carbon and Alloy and Stainless Products, 2006 to 2012
  • Value of U.S. Steel Industry Exports (in metric tons) of Carbon and Alloy and Stainless Products, 2006 to 2012
  • Total Economic Impact of U.S. Steel Industry (in $ thousands) and Other Steel Market Value Data, 2006 to 2009
  • Import/Export Value of Selected U.S. Steel Downstream Products, 2012 to 2022
  • Market Value (in $ millions) of U.S. Steel Consumption by Manufacturing Sector, 2012 to 2017
We also forecast market growth by U.S. state, based on geographic steel mill production, new steel mill construction, and market potential based on location. Our forecasts take into account the direct steel market value, which is based solely on steel production, and indirect steel market value, which accounts for spending within the steel industry on supplies and spending by U.S. consumers on finished goods that use steel. We analyze the factors affecting the livelihood of major consumers of U.S. steel output, in the following sectors:
  • Construction: U.S. construction of commercial and residential properties has been stagnant since 2008 when the domestic recession began. Steelmakers are feeling the effects of poor demand from the construction industry and the trend toward recovery may lie in construction and renovation of U.S. infrastructure, including bridges and tunnels.
  • Automotive: U.S. steel makers are riding the slow wave of economic recovery affecting the U.S. automobile manufacturing industry. Car makers are more often turning to cheaper imports of raw steel and lighter materials, and that is affecting the ability of steel makers to stay profitable.
  • Machinery: Manufacturers of appliances, military equipment, and other machinery dependent on steel production are also looking to innovate by incorporating less expensive polymers. Their lower dependence on steel is affecting how steelmakers market to machinery companies.
CHAPTER 1 EXECUTIVE SUMMARY
THE GLOBAL STEEL INDUSTRY
Table 1.1 Global Steel Production (in thousands of tons) by Region, 2006 to 2012
THE STEEL INDUSTRY IN THE UNITED STATES
U.S. AMONG GLOBALLY DEVELOPED STEEL MARKETS
CHANGING STRUCTURE OF THE DOMESTIC STEEL INDUSTRY
AUTOMOTIVE INDUSTRY IS TOP U.S. STEEL CONSUMER
CONSTRUCTION INDUSTRY DEPENDS ON STEEL
HEAVY EQUIPMENT MANUFACTURING RELIES ON STEEL
U.S. STEEL MARKET SIZE
Table 1.2 U.S. Steel Production and Value (in millions of tons and dollars), 2012 to 2017
Table 1.3 U.S. Steel Production and Value (in millions of tons and dollars), 2018 to 2022
Table 1.4 U.S. Steel Industry Spending (in $ millions) on Raw Materials, 2012 to 2017
Table 1.5 Total Economic Impact of U.S. Steel Industry (in $ thousands) and Other Steel Market Value Data, 2010 to 2012
EMPLOYMENT OUTLOOK

CHAPTER 2 INTRODUCTION
SCOPE OF THIS REPORT
METHODOLOGY
HISTORY OF U.S. STEEL
Figure 2.1 Comparison of Steel Making Processes
Figure 2.2 Flow Diagram of Steel Products
STEEL MAKING PROCESSES
MATERIALS USED IN STEEL MAKING PROCESSES
STAINLESS STEEL MANUFACTURING PROCESSES
Cold-Rolled and Hot-Rolled Steelmaking
Figure 2.3 The Stainless Steel Mill Production Process
PRINCIPAL END USES OF STEEL

CHAPTER 3 MARKET TRENDS
THE GLOBAL STEEL INDUSTRY
Table 3.1 Global Steel Production (in thousands of tons) by Region, 2006 to 2012
Figure 3.1 China and U.S. Share of Global Steel Production, 2006 to 2022
THE STEEL INDUSTRY IN THE UNITED STATES
Table 3.2 Global Steel Production (in thousands of tons) by Region, 2012 to 2017
Table 3.3 Global Steel Production (in thousands of tons) by Region, 2018 to 2022
Table 3.4 Global Steel Production (in millions of tons) by Country, 2006 to 2012
Table 3.4 Global Steel Production (in millions of tons) by Country, 2012 to 2017
Table 3.4 Global Steel Production (in millions of tons) by Country, 2018 to 2022
Table 3.5 U.S. Steel Mills, Production (in metric tons) and Steel Value (in $ thousands) by State, 2012
Figure 3.1 Map of Integrated and Mini- Steel Mills in the United States
Figure 3.2 Global Share of Steel Production by Country, 2006, 2012, 2017 and 2022
Figure 3.3 2012 Estimated Share of U.S. Steel Shipments by Market Classification
U.S. AMONG GLOBALLY DEVELOPED STEEL MARKETS
Figure 3.4 Global and Chinese Steel Production (in millions of tons), 2011 to 2016
Figure 3.5 Global and Chinese Steel Consumption (in millions of tons), 2011 to 2016
SAFEGUARDING U.S. STEEL
CHANGING STRUCTURE OF THE DOMESTIC STEEL INDUSTRY
AUTOMOTIVE INDUSTRY IS TOP U.S. STEEL CONSUMER
Figure 3.6 Flat Rolled Steel Content in Light Vehicles (based on 1,600 pounds of steel per vehicle)
CONSTRUCTION INDUSTRY DEPENDS ON STEEL
Figure 3.7 Monthly Consumption of Steel (in $ millions) by Type of U.S. Construction Project, 2006 to 2012
HEAVY EQUIPMENT MANUFACTURING RELIES ON STEEL
Figure 3.8 U.S. Shipment Value (in $ millions) of Heavy Machinery Manufacturing by Month, 2006 to 2012


CHAPTER 4 MARKET VALUE
Table 4.1 U.S. Steel Production and Value (in millions of tons and dollars), 2012 to 2017
Table 4.2 U.S. Steel Production and Value (in millions of tons and dollars), 2018 to 2022
Table 4.3 U.S. Steel Industry Spending (in $ millions) on Raw Materials, 2012 to 2017
Table 4.4 U.S. Steel Industry Spending (in $ millions) on Direct Expenses, 2012 to 2017
Table 4.5 U.S. Steel Industry Spending (in $ millions) on Direct Expenses, 2018 to 2022
Table 4.6 U.S. Steel Industry Spending (in $ millions) on Raw Materials, 2018 to 2022
Table 4.7 U.S. Steel Industry Imports (in metric tons) of Carbon and Alloy and Stainless Products, 2006 to 2012
Table 4.8 U.S. Steel Industry Exports (in metric tons) of Carbon and Alloy and Stainless Products, 2006 to 2012
Table 4.9 U.S. Steel Industry Imports (in $ thousands) of Carbon and Alloy and Stainless Products, 2006 to 2012
Table 4.10 Total Economic Impact of U.S. Steel Industry (in $ thousands) and Other Steel Market Value Data, 2006 to 2009
Table 4.11 Total Economic Impact of U.S. Steel Industry (in $ thousands) and Other Steel Market Value Data, 2010 to 2012
Table 4.12 Total Economic Impact of U.S. Steel Industry (in $ thousands) and Other Steel Market Value Data, 2013 to 2017
Table 4.13 Total Economic Impact of U.S. Steel Industry (in $ thousands) and Other Steel Market Value Data, 2018 to 2022
Table 4.14 Value of U.S. Imports ($ thousands) of Carbon and Alloy Steel Products by Type of Product, 2006, 2011 and 2012
Table 4.15 Value of U.S. Imports ($ thousands) of Stainless Steel Products by Type of Product, 2006, 2011 and 2012
Table 4.16 Global Value (in $ thousands) of U.S. Imports of Carbon and Alloy Steel Products by Country of Origin, 2006, 2011 and 2012
Table 4.17 Global Imports of U.S. Imports of Carbon and Alloy Steel Products (in thousands of tons) by Product, 2006, 2011 and 2012
Table 4.18 Global Imports of U.S. Imports of Stainless Steel Products (in thousands of tons) by Product, 2006, 2011 and 2012
Figure 4.1 U.S. Import and Export Growth Trend of Steel Products (Carbon and Alloy Steel and Stainless Steel), 2006 to 2022
Table 4.19 U.S. Imports of Selected Steel Products (in thousands of units), 2006 to 2012
Table 4.20 U.S. Exports of Selected Steel Products (in thousands of units), 2006 to 2012
Table 4.21 Market Value (in $ millions) of U.S. Steel Consumption by Manufacturing Sector, 2012 to 2017
Table 4.22 Market Value (in $ millions) of U.S. Steel Consumption by Manufacturing Sector, 2018 to 2022
Table 4.23 Market Value (in $ thousands) of U.S. Steel Production by State, 2012 to 2017
Figure 4.2 Year-over-Year Trend of U.S. Steel Consumption vs. Percent of U.S. Steel Demand, 2006 to 2022
Table 4.24 Market Value (in $ millions) of U.S. Steel Production by State, 2018 to 2022
Table 4.25 U.S. Imports (in thousands of units) of Selected Downstream Steel Products, 2006, 2011 and 2012
Table 4.26 U.S. Exports (in thousands of units) of Selected Downstream Steel Products, 2006, 2011 and 2012
Figure. 4.3 Price of U.S. Steel (in Dollars per Ton), 1980 to 2021
Figure 4.4 Monthly Value (in $ millions) of U.S. Manufacturers’ Total Inventories, 2006 to 2012


CHAPTER 5 COMPANY PROFILES
U.S. Steel
Figure 5.1 U.S. Steel Sales (in $ millions) and Year-Over-Year Growth, 2009 to 2012 (e)
Nucor
Figure 5.2 Nucor’s Diversified Product Mix
AK Steel
Figure 5.3 AK Steel Sales (in $ millions) and Year-Over-Year Growth, 2009 to 2012 (e)
Allegheny Technologies
Figure 5.4 Allegheny Technologies Sales (in $ millions) and Year-Over-Year Growth, 2009 to 2012 (e)
ArcelorMittal
Gerdau Ameristeel
Ellwood Group
Charter Steel
Commercial Metals Corp.
Figure 5.5 Commercial Metals Corp. Sales (in $ millions) and Year-Over-Year Growth, 2009 to 2012 (e)
Steel Dynamics

CHAPTER 6 EMPLOYMENT OUTLOOK
Figure 6.1 Impact of the U.S. Steel Industry on U.S. Employment
Figure 6.2 Steel Industry Labor Hours per Tons of Steel (1980 to 2010)
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