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The North America Metal Works Sectors : A Company and Industry Analysis (September 2007)
Mergent, Sep 2007, Pages: 36
This report looks at the metal works industry in the United States and Canada
Current Environment - Key Points
- During the first quarter, US iron, steel and ferroalloy manufacturing companies reported operating profits of US$2.82 billion, up 1.4% from US$2.78 billion reported in the comparable period of 2006. - Manufacturers of non-ferrous metals, which include aluminum and copper, reported a 39.4% increase in operating profits from US$2.38 billion to US$2.03 billion
- In the second quarter of 2007, most Canadian metal fabricators reported lower revenues and net income over the comparable quarter of 2006 due to volatile metals prices and the negative effects of a stronger Canadian dollar. - The S&P/TSX Composite Index posted a moderately healthy 7.7% gain through the first half of 2007. Almost one quarter of the gain on the S&P/TSX Composite was accounted for by M&A activity involving just five companies - four of which were mining and metal producers
- Major Canadian steelmakers are fast becoming acquisition targets of foreign metal producers as part of industry consolidation that is creating a small number of huge global players capable of taking advantage of their economies of scale.
Industry Profile - Key Points
- In the first half of 2007, the US imported 17.5 million tons of steel, 22.6% lower than 22.6 million tons imported in the first half of 2006, American Iron and Steel Institute (AISI) figures show. - Adjusted year-to-date US steel production through to September 1, 2007 declined 5.2% from 2006 to 71 million tons
- On March 30, 2007, the DOC announced its preliminary decision to apply a US anti-subsidy law to imports from China to counter illegally dumped imports of steel
- Statistics Canada reported that in the first six months of 2007 Canadian domestic shipments of steel products totaled 10.76 million tons, down 6.1% from 11.46 million tons shipped in the first six months of 2006
- From January to June 2007, Canadian shipments of aluminum fell 4.2% to 71,200 tons from 74,302 tons in 2006 due to lower demand for industrial metals in the housing and construction sector. Market Trends and Outlook - Key Points
- Research on new magnetic materials composed of chains of nickel-oxygen-nickel atoms could boost the use of the metal in the design of devices and materials for quantum information processing
- US copper faces a mixed outlook due to the country-s housing slump and the US weakening currency. However, looming strikes in South America and falling inventories may boost copper prices in the near term. - In an effort to reduce carbon emissions, the US automotive industry is promoting the use of aluminum to make vehicles more lightweight
- Copper is fast becoming the next environmentally friendly metal due to its durability, recyclability and excellent heat transfer properties
- Researchers from Purdue University, Indiana, have developed a technology that produces hydrogen by adding water to an alloy of aluminum and gallium. The hydrogen produced could be used as a pollution-free energy source for applications ranging from golf carts to submarines
- Aerospace demand for aluminum is gaining as aircraft makers including Boeing Co (NYSE: BA) and Airbus SAS (PAR: EAD) develop new planes and sell more existing models. - The Canadian mining industry runs the risk is not being able to fully capitalize on high metal prices and not being able to open all new viable projects due to a lack of skilled labor
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