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Steel shipments rose by 5.6 percent year-over-year in November

An employee works on a steel coil at NLMK Indiana at its mill at the Port of Indiana-Burns Harbor. Steel shipments rose by 5.6 percent in November.

U.S. steel shipments totaled 7.83 million net tons in November, the most recent month for which data is available.

The American Iron and Steel Institute reported steel shipments from U.S. mills in November were down 4.2 percent to 8.17 million tons as compared to October, but up 5.6 percent as compared to the 7.41 million tons shipped in November 2017. Shipments are a key metric of the financial health of the domestic steel industry because they reflect the amount of steel actually sold to customers.

Through the end of November, steel mills in the United States shipped 87.47 million tons of steel, which was up by 4.7 percent as compared to the first 11 months of 2017, according to the Washington D.C.-based American Iron and Steel Institute.

In November, hot dipped galvanized sheets and strip shipments dropped 8 percent, hot rolled sheets by 6 percent and cold rolled sheets also by 6 percent.

Domestic hot-rolled steel coil futures were selling for $726 a ton Thursday, down from a recent high of $920 a month in May, according to Investing.com.

Steel prices have been falling but production remains robust. The American Iron and Steel Institute estimates that steelmakers in the United States made more than 95 million tons of steel last year, which is the most since 2007.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.