North American Steel Industry: Recent Market Developments and Key Challenges Going Forward

Size: px
Start display at page:

Download "North American Steel Industry: Recent Market Developments and Key Challenges Going Forward"

Transcription

1 North American Steel Industry: Recent Market Developments and Key Challenges Going Forward OECD Steel Committee May 6-7, 21 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers Association (SMA) Specialty Steel Industry of North America (SSINA) Canadian Steel Producers Association (CSPA) Mexican Steel Producers Association (CANACERO)

2 Presentation Summary I. NAFTA Economic Conditions and Outlook II. NAFTA Steel Market Conditions and Outlook III. Major NAFTA Industry Concerns Going Forward 2

3 I. NAFTA Economic Conditions and Outlook 3

4 The NAFTA Economies: A Hesitant Recovery In 28 and 29, the NAFTA economies experienced the deepest recession since the Great Depression It appears that the NAFTA economies are now beginning to grow, but at a modest rate GDP and employment are still well below their pre-recession levels A number of factors could slow or even reverse growth in all three countries 4

5 The NAFTA Region Is Starting to Recover from An Unusually Deep Recession NAFTA GDP By Quarter, (Seasonally Adjusted Annual Rates) Trillions of U.S. Dollars Q1-27 Q2-27 Q3-27 Q4-27 Q1-28 Q2-28 Q3-28 Q4-28 Q1-29 Q2-29 Q3-29 Q4-29 Source: OECD 5

6 Economic Analysis & Trends United States GDP recovery has begun, but 4Q9 growth was inventory driven, and will average 3% at best. Slow, extended recovery is underway, but unemployment is at 26 year high and will be slow to decline. Credit remains constrained. Capital construction continues to drag. Equipment and machinery positive. Housing is improving from abysmal levels while automotive has shown some improvement. Canada Economic recovery has clearly begun, but pace is expected to slow down in 2H1. Government and consumer spending will lead 21, but unemployment remains a concern at 8%. Non res construction and machinery remain weak and will decline in 2H1 as stimulus effect slows. Canadian dollar has strengthened significantly in past year, creating competitiveness challenges. Mexico Emerging recovery driven by manufacturing exports. Outlook somewhat improved on gains in industrial production, exports, investment. Recession induced low trade gap in 29 is rising again. Uncertainties (including higher taxes, inflationary pressure, weak consumer credit) limit GDP recovery. Sources: Bureau of Economic Analysis (US),CSSPA, Canacero 6

7 Canada: Economic Conditions Moderating 8 Bank of Canada Senior Loan Officer Survey: Q Ivey Purchasing Managers Index Since January Expanding :Q2 1999:Q4 2:Q2 2:Q4 Easier 21:Q2 21:Q4 22:Q2 22:Q4 23:Q2 23:Q4 24:Q2 24:Q4 Tighter 25:Q2 25:Q4 26:Q2 26:Q4 27:Q2 27:Q4 28:Q2 28:Q4 29:Q2 29:Q n a J 7 r - a M Contracting 7 - y a M 7 l- u J 7 - p e S 7 - v o N 8 - n a J 8 r - a M 8 - y a M 8 l- u J 8 - p e S 8 - v o N 9 - n a J 9 r - a M 9 - y a M 9 l- u J 9 - p e S 9 - v o N - 1 n a J r -1 a M Canada: Manufacturing Inventories Through February 21 Canada: Manufacturing Sales Through February 21 Sources: Bank of Canada, Richard Ivey School of Business, Statistics Canada 7

8 Mexico: Recovery Driven by Industrial Production Mexico: Gross Domestic Product, (Annual rate of growth - %) Mexico: Gross Domestic Product, Quarterly, (Annual rate of growth - %) Mexico: Industrial Production, Monthly, (Annual rate of growth - %) Mexico has started to emerge from an historical crisis. Industrial production (IP) has started to grow after 21 consecutive months of negative growth. IP has now seen positive growth rates for 3 straight months. 8 Source: INEGI

9 Mexico: Manufactured Exports Key to Recovery Mexico: Exports, (Annual rate of growth - %) TOTAL NON - OIL OIL MANUFACTURED For nearly a year, exports had negative growth rates. Now, they are growing at + 29 % Manufactured exports: + 25 % Non-automotive exports: + 12 % and represent 75 % of total Automotive exports: +84 % and represent 25 % of total Exports to the US account for 8% of total But exports to the US are still below 28 peak levels. Source: INEGI 9

10 Mexico: Investment and Employment Still Lagging Behind Mexico: Investment, (February) (Index: 23 = 1) Machinery & Equipment Construction Employment in Manufacturing Sector, (Ene) Index 23 = 1 In annual real terms, investment in January was still registering negative growth: % Machinery and equipment: -9.4% Construction: -1.9 % Capital good imports: % 1 Source: INEGI

11 II. NAFTA Steel Market Conditions and Outlook 11

12 The NAFTA Steel Industry: An Equally Hesitant Recovery The NAFTA steel industry experienced a sharp drop in production in 29 as a result of the Great Recession Production has begun to grow again, but capacity utilization is still well below historic levels Weakness in construction (especially non-residential) and other end-use sectors could limit the recovery Import market share remains significant, in the context of substantial unused capacity in the NAFTA steel industry 12

13 Stock Prices for American Steel Producers Continue to Show the Effects of the Economic Crisis Closing Price of Dow Jones U.S. Iron and Steel Index, Jan. 27-March Jan-7 Mar-7 May-7 Jul-7 Sep-7 Nov-7 Jan-8 Mar-8 May-8 Jul-8 Sep-8 Nov-8 Jan-9 Mar-9 May-9 Jul-9 Sep-9 Nov-9 Jan-1 Mar-1 Source: Google Finance. 13

14 North American Steel Production Remains Far Below Historic Norms 14 Monthly Crude Steel Production Million Metric Tons After falling to below 5%, NAFTA capacity utilization has recovered to around 7%, but is still well below historic levels 2 Jan-6 Apr-6 Jul-6 Oct-6 Jan-7 Apr-7 Jul-7 Oct-7 Jan-8 Apr-8 Jul-8 Oct-8 US MX Can Jan-9 Apr-9 Jul-9 Oct-9 Jan-1 Source: Worldsteel 14

15 29 Was Only the Second Year Since 1963 in Which North America Produced Fewer than 9 Million Cars and Trucks North America Car & Truck Production, Million Units Source: Ward s Automotive million cars and trucks produced Recent gains in North American car and truck production notwithstanding, it is projected that it will take up to five years to return to pre-crisis normal levels.

16 The U.S. Construction Market Remains Weak U.S. Single-Family Housing Starts, Q1 24 through Q Foreclosures remain a problem for both residential and nonresidential construction. ' Starts Q1 24 Q2 24 Q3 24 Source: U.S. Census Bureau. Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q Q4 27 Q1 28 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 Q3 29 Q4 29 While residential construction is projected to increase, it is not expected to regain its 28 level until 213. The value of nonresidential construction put in place fell by 9% from 28 to 29, and is projected to continue falling through 211.

17 NAFTA Service Center Inventories Remain at Their Lowest Levels in Many Years, but Reduced Demand is Keeping Restocking from Taking Place Daily Shipping Rate JAN MSCI Average Daily Shipments & Inventory For United States and Canada Metric Tonnes () APR JUL OCT 27 JAN Daily Shipping Rate APR JUL OCT 28 JAN Inventory APR JUL OCT 29 JAN APR JUL OCT 21 JAN 18, 16, 14, 12, 1, 8, 6, 4, 2, Inventory Service center demand has begun to rise, but is still well below previous levels. Daily shipments have returned to the levels of late-28, but remain far below peak 28 levels. Inventories are less than 65% of their historical averages. Source: Metals Service Center Institute 17

18 NAFTA Import Market Share Has Remained Significant Despite Substantial Available Capacity in North America Thousand Tons 45,. 4,. 35,. 3,. 25,. 2,. 15,. 1,. 5,.. NAFTA Demand and External Imports External Imports Apparent Demand Import Market Share 1Q 28 2Q 28 3Q 28 4Q 28 1Q 29 2Q 29 3Q 29 4Q 29 3.% 25.% 2.% 15.% 1.% 5.%.% NAFTA steel demand and domestic shipments have fallen by 34% and 29%, respectively, since peak levels in mid-28. Non-NAFTA import market share actually increased in 4Q 9. NAFTA steel producers have more than adequate net capacity to meet home market demand in 21. Source: AISI, World Steel Association 18

19 The Worldsteel Short Range Outlook Shows that, Despite an Improvement from 29 to 21, Market Conditions Remain Poor Million MT Crude Steel Use Finished Steel Use United States 29 (e) 21(f) Change (%) % % Exports % Imports % Million MT Crude Steel Use Finished Steel Use Canada 29 (e) 21(f) Change (%) % % Exports % Imports % Million MT Mexico 29 (e) 21 (f) Change (%) Crude Steel Use % Finished Steel Use % Exports % Imports % Survey of the Short Range Outlook Spring 21 NAFTA Region Apparent Steel Use (ASU) (Million MT) e 21 f Finished Steel From 24 to 27 (the last four full years before the economic crisis began), apparent steel use in the NAFTA region averaged 146 million MT/year. This year s forecast of 1 million MT is 32 percent below that average. Source: Worldsteel Economic Studies Committee 19

20 In 21, Apparent Steel Use in the NAFTA Region Will Remain More than 3 Percent Below Pre-Crisis Levels Apparent Steel Use in NAFTA Region (millions of MT) Average from 24 to (est.) Even if apparent steel use in the NAFTA region recovers to 17 million MT by 211, as currently projected by the World Steel Association, it would still only match the 1993 consumption level and be only 76% of the level in 27. Source: Worldsteel 2

21 III. Major NAFTA Industry Concerns Going Forward 21

22 Global Steel Consumption Has Only Begun to Recover 1,5 Global Apparent Steel Consumption (Annualized) 1,45 1,4 1,35 Millions of MT 1,3 1,25 1,2 1,15 1,1 1,5 1, 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 1Q 28 2Q 28 3Q 28 4Q 28 1Q 29 2Q 29 3Q 29 4Q 29 Source: World Steel Dynamics 22

23 While Global Steel Capacity Continues to Increase World Steel Capacity Continues to Grow, Even Though the Economic Crisis Delayed Some Projects Scheduled for World Crude Steel Capacity Steel Capacity (million metric tonnes) 2, 1,75 1,5 1,25 1, ,62 1,62 1,95 1,17 1,245 World Crude Steel Capacity 1,583 1,453 1,356 1,654 1,816 1,917 1,997 2, (e) 211(e) 212(e) 212(e) Source: Worldsteel 23

24 In Advanced Economies, Apparent Steel Consumption Is Not Forecast to Return to Q2 28 Levels at Least Through 212 Advanced Countries Apparent Steel Consumption on an Annualized Basis (in millions of MT) 55 5 Q2 28: 53 million MT/year Q1 28 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 Q3 29 Q4 29 Q1 21(e) Q2 21(e) Q3 21(e) Q4 21(e) Q1 211(e) Q2 211(e) Q3 211(e) Q4 211(e) Q1 212(e) Q2 212(e) Q3 212(e) Q4 212(e) Source: World Steel Dynamics, Inside Track # 14 (March 29, 21) at

25 Meanwhile, Foreign Government Subsidies to Steel and Steel-Related Industries Remain a Particular Concern Foreign government subsidies are a major cause of overcapacity in the global steel industry and steel-related industries Subsidies to steel and steel-related industries that (1) support inefficient and excess capacity and/or (2) distort trade are continuing, and remain a particular concern Examples include: Fundamental currency misalignment/undervalued currencies Preferential financing to add new capacity Loan forgiveness/equity infusions to prop up obsolete capacity 25

26 And Raw Material Export Restrictions are Continuing to Disadvantage NAFTA Steel and Other Manufacturers Many countries continue to impose a variety of restrictions on exports of vital raw materials Export prohibitions Export duties Export quotas Other measures Trade-distorting restrictions on exports of raw materials Give domestic producers in the exporting country an unfair advantage Increase worldwide costs of production Place a heavy burden on steel industries in developing countries that do not have substantial iron ore reserves or steel scrap supplies 26

27 U.S. Manufacturing Trade Balance with Non-NAFTA Countries Trade Deficit (Billions of Dollars) $ -$1 -$2 -$3 -$4 -$5 -$6 -$7 Source: U.S. Census Bureau % 29% 31% 33% 36% 39% 42% 49% 54% 66% China Non-NAFTA Other Than China 27 Manufacturing trade balance trends parallel indirect steel trade balance trends. NAFTA steel strongly supports a rebalancing of global structural imbalances (with a significant increase in NAFTA exports of manufactured goods). These huge, unsustainable trade imbalances have caused millions of manufacturing job losses in the North America, and contributed to the recent world economic crisis.

28 The NAFTA Share of World Exports of Manufactured Goods Has Declined Sharply Percent of World Manufactured Goods Exports Shares of World Exports of Manufactured Goods China Germany USA Sosurce: Global Trade Inf ormation Sy st em, SITC 5-9 Data for 29 and 21 are not available yet, but preliminary indications are that the negative trend for NAFTA that we experienced in is continuing. 28

29 Major NAFTA Industry Concerns Going Forward Overall steel demand conditions have improved somewhat from 29, but demand remains far below pre-crisis levels, and some experts believe it could remain poor for years to come Global steel consumption is growing again, but so is world excess capacity NAFTA producers are in no position to deal with significant volumes of dumped and subsidized imports Trade-distorting government market interventions (to maintain undervalued currencies, subsidize steel and steel-related capacity and limit vital raw material exports) are continuing Manufacturing is critical to the NAFTA steel industry and our economies and manufacturing in North America requires urgent policy attention. 29

30 Key Policy Messages for Steel Committee With the recovery still fragile throughout the developed world, the NAFTA steel industry has the following key policy messages for the proposed Steel Committee budget and work program: We remain especially concerned about subsidies that contribute to excess and inefficient capacity and/or distort trade, and believe the issue of government supports for steel should stay a part of any future Steel Committee work program. Two other trade-distorting practices that we would like to see remain on the Committee agenda are (1) enhanced work with the OECD Trade Committee on approaches to trade restrictions on raw materials and (2) differential or discriminatory fiscal policies. We believe it could be useful for the Committee to continue to analyze steel and technology and the steel trade dimensions of steel and the environment. Because of their importance to the global economy and the world steel industry, we would also support putting additional focus on analysis of developments in the BRIC countries. 3

OECD Steel Committee. Presentation for the Council Working Party on Shipbuilding 9 July 2009

OECD Steel Committee. Presentation for the Council Working Party on Shipbuilding 9 July 2009 OECD Steel Committee Presentation for the Council Working Party on Shipbuilding 9 July 2009 Crude steel production worldwide 1,600 million tons Steel Boom 2002-2007 1,400 1,200 1,000 Growth Period 1950-1973

More information

HIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector

HIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector HIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector 18 April 216, Brussels, Belgium BACKGROUND NOTE NO. 1 LATEST GLOBAL STEEL MARKET DEVELOPMENTS This background document

More information

Why Has Japan Been Hit So Hard by the Global Recession?

Why Has Japan Been Hit So Hard by the Global Recession? IMF STAFF POSITION NOTE March 18, 9 SPN/9/5 Why Has Been Hit So Hard by the Global Recession? Martin Sommer I N T E R N A T I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Why Has Been Hit

More information

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan Stronger Data Lead to Upward Revisions in Purchase Originations Forecast for 2015 and 2016 MBA Economic and Mortgage Finance Commentary: July

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Latin American Steel Market: Opportunities and challenges ahead

Latin American Steel Market: Opportunities and challenges ahead Latin American Steel Market: Opportunities and challenges ahead Despite the current volatility and uncertainties regarding the global scenario, Latin America has had relatively good economic results and

More information

Steel Market Outlook Federal Reserve Bank Economic Outlook Symposium December 4, 2015

Steel Market Outlook Federal Reserve Bank Economic Outlook Symposium December 4, 2015 Steel Market Outlook Federal Reserve Bank Economic Outlook Symposium December 4, 2015 Robert Dicianni ArcelorMittal USA The ArcelorMittal Orbit Topics for Discussion Key indicators Key steel consuming

More information

RECENT TRENDS IN SELECTED NEBRASKA ECONOMIC NUMBERS Updated August 19, 2016

RECENT TRENDS IN SELECTED NEBRASKA ECONOMIC NUMBERS Updated August 19, 2016 RECENT TRENDS IN SELECTED NEBRASKA ECONOMIC NUMBERS Updated August 19, 2016 LABOR FORCE AND UNEMPLOYMENT: Preliminary numbers from the Nebraska Department Labor show the state s not seasonally adjusted

More information

Correlation between the US Federal Funds Rate and Unemployment Rate

Correlation between the US Federal Funds Rate and Unemployment Rate Macroeconomy and Financial Markets Correlation between the US Federal Funds Rate and Unemployment Rate Sungwon Cho, Research Fellow* Despite low interest rates, the US inflation rate is within the Federal

More information

Advanced economies driving global growth. Monetary policy still expansionary but tapering

Advanced economies driving global growth. Monetary policy still expansionary but tapering April 22, 2014 Advanced economies driving global growth Monetary policy still expansionary but tapering Interest rates remain favorable Investors recalibrating their portfolios More certainty in fiscal

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: September 16, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic

More information

Global Steel Market Outlook

Global Steel Market Outlook Global Steel Market Outlook OECD Steel Committee Meeting Paris, 11-12 May 215 This document is for worldsteel member companies only. Please do not distribute it to third parties. 2 1 Steel Demand Forecast

More information

MF Global Seminar 15 October 2009

MF Global Seminar 15 October 2009 MF Global Seminar 15 October 29 This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited ( Rio Tinto ) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending

More information

The Mexican Economy in the Global Economic Juncture

The Mexican Economy in the Global Economic Juncture Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México Santander EM Day, Macro & Corporates Conference London, 7 June 2016 Outline 1 2 3 4 5 External Conditions Evolution of the Mexican Economy Inflation

More information

World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics. Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine

World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics. Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine Disclaimer text This document is protected by copyright. Distribution

More information

Economic outlook 1/2016. Global economy grows, but outlook is uncertain s. 3

Economic outlook 1/2016. Global economy grows, but outlook is uncertain s. 3 Economic outlook 1/216 ELECTRONICS AND ELECTROTECHNICAL INDUSTRY MECHANICAL ENGINEERING METALS INDUSTRY CONSULTING ENGINEERING INFORMATION TECHNOLOGY Global and Finnish Economic Outlook Global economy

More information

Economic Growth Accelerates in the Last Quarter

Economic Growth Accelerates in the Last Quarter Economic Growth Accelerates in the Last Quarter Zümrüt İmamoğlu ve Barış Soybilgen Executive Summary In order to monitor and analyze the changes in the Turkish economy on a regular basis, Betam tracks

More information

Babson Capital/UNC Charlotte Economic Forecast December 8, 2015

Babson Capital/UNC Charlotte Economic Forecast December 8, 2015 Babson Capital/UNC Charlotte Economic Forecast December 8, 2015 The data used in this report comes from the websites for the U.S. Department of Commerce's Bureau of Economic Analysis (www.bea.gov) and

More information

MBA Forecast Commentary Joel Kan

MBA Forecast Commentary Joel Kan MBA Forecast Commentary Joel Kan Mortgage Originations Estimates Revised Higher MBA Economic and Mortgage Finance Commentary: February 2016 In our most recent forecast, we presented revisions to our mortgage

More information

Steel Industry Executive Summary: July 2016

Steel Industry Executive Summary: July 2016 Steel Industry Executive Summary: July 2016 Highlights From April to May 2016, U.S. imports of steel mill products increased 15.8% to 2.6 million metric tons from 2.2 million metric tons In May 2016, the

More information

Foreign Currency Market in IRAN Overview & Forecast

Foreign Currency Market in IRAN Overview & Forecast Research, Planning and Budgeting Division Economic Research Unit Feb. 2016 Foreign Currency Market in IRAN Overview & Forecast Q4-2015 No4 Research, Planning and Budgeting Division Economic Research Unit

More information

Economic Outlook December 2015

Economic Outlook December 2015 Economic Outlook December 215 Economics Unit HEADLINES The global economy has slowed slightly in 215, as a result of further slowing of emerging economies. Improvement is expected in 216, though there

More information

Main Economic & Financial Indicators Russian Federation

Main Economic & Financial Indicators Russian Federation Main Economic & Financial Indicators Russian Federation 0 JULY 015 NAOKO ISHIHARA ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +-(0)0-7577-179 E naoko.ishihara@uk.mufg.jp Overview The Bank of Tokyo-Mitsubishi

More information

MBA Forecast Commentary Joel Kan, jkan@mba.org

MBA Forecast Commentary Joel Kan, jkan@mba.org MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow

More information

BALANCE THREE YEARS IN GOVERNMENT CONFIDENCE COMPETITIVENESS GROWTH JOBS WELL-BEING RECOVERY

BALANCE THREE YEARS IN GOVERNMENT CONFIDENCE COMPETITIVENESS GROWTH JOBS WELL-BEING RECOVERY BALANCE THREE YEARS IN GOVERNMENT CONFIDENCE COMPETITIVENESS GROWTH JOBS WELL-BEING RECOVERY THREE YEARS OF REFORMS Over the last three years, the Government of Spain has been implementing an intense agenda

More information

Interest Rate Forecast

Interest Rate Forecast Interest Rate Forecast Economics December Highlights Fed normalization begins More policy moves in China Canada s uneven economy BoC on hold, lower CAD Per cent 6 4 3 2 1 U.S. Federal Funds Rate A continuation

More information

Steel Production in Czech Republic. Eurofer Economic Committee Meeting Brussels April 2015

Steel Production in Czech Republic. Eurofer Economic Committee Meeting Brussels April 2015 Steel Production in Czech Republic Eurofer Economic Committee Meeting Brussels April 2015 Main Economic Indicators % Change Czech Republic 10 11 12 13 14 15E 16P Private Consumption 1,0 0.2-1,8 0,4 1,7

More information

Indirect trade in steel. Definitions, methodology and applications

Indirect trade in steel. Definitions, methodology and applications Indirect trade in steel Definitions, methodology and applications April 2012 Indirect trade in steel: definitions, methodology and applications A working paper issued by the World Steel Association (worldsteel)

More information

Recent Trends in Canadian Automotive Industries

Recent Trends in Canadian Automotive Industries Catalogue no. 11 626 X No. 26 ISSN 1927-53X ISBN 978-1-1-2241-5 Analytical Paper Insights Recent Trends in Canadian Automotive Industries by André Bernard Analytical Studies Branch How to obtain more information

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: May 20, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1

More information

Outlook. for theus Dollar

Outlook. for theus Dollar Outlook for theus Dollar The US dollar staged one of its most powerful rallies in August, with the 1 rising nearly 6% 2 that month. The breadth of the rally was also impressive, with the currency rising

More information

Capital Investment in Alberta is Anticipated to Decline in 2015

Capital Investment in Alberta is Anticipated to Decline in 2015 ECONOMIC COMMENTARY Capital Investment in Alberta is Anticipated to Decline in 2015 Highlights: Capital investment has been the largest contributor to Alberta s economic growth since the mid-nineties.

More information

How Are Low Oil Prices Affecting Alberta s Manufacturing Industry?

How Are Low Oil Prices Affecting Alberta s Manufacturing Industry? ECONOMIC COMMENTARY How Are Low Oil Prices Affecting Alberta s Manufacturing Industry? Highlights: Revenues in Alberta s manufacturing industry were on a downward trend in 2015. Most of this decline can

More information

Jarle Bergo: Monetary policy and the outlook for the Norwegian economy

Jarle Bergo: Monetary policy and the outlook for the Norwegian economy Jarle Bergo: Monetary policy and the outlook for the Norwegian economy Speech by Mr Jarle Bergo, Deputy Governor of Norges Bank, at the Capital markets seminar, hosted by Terra-Gruppen AS, Gardermoen,

More information

The 2007-2009 Recession: Similarities to and Differences from the Past

The 2007-2009 Recession: Similarities to and Differences from the Past The 2007-2009 Recession: Similarities to and Differences from the Past Marc Labonte Specialist in Macroeconomic Policy October 6, 2010 Congressional Research Service CRS Report for Congress Prepared for

More information

BTMU Focus Latin America Peru: macroeconomic performance Peru: (1Q 2015)

BTMU Focus Latin America Peru: macroeconomic performance Peru: (1Q 2015) BTMU Focus Latin America Peru: macroeconomic performance Peru: (Q ) MUFG UNION BANK Economic Research (New York) Hongrui Zhang Latin America Economist hozhang@us.mufg.jp +()8-8 July, I. Growth Momentum

More information

Global Prospects and recovery of Trinidad and Tobago

Global Prospects and recovery of Trinidad and Tobago Global Prospects and recovery of Trinidad and Tobago Anthony Birchwood (PHD) Caribbean Centre for Money and Finance The University of the West Indies. Presented at AREA, May 16 th 2012 Global Prospects

More information

Monetary Policy Outlook in a Negative Rates Environment Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar

Monetary Policy Outlook in a Negative Rates Environment Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar Washington, DC, 15 April 2016 Outline 1 External Conditions 2 Macroeconomic Policy in Mexico 3 Evolution and Outlook

More information

13.8% Inflation-adjusted GDP (billions) Cumulative growth 2009 to Q3 2015. Exhibit 1 Steady U.S. Economic Growth After a Severe Recession $17,000

13.8% Inflation-adjusted GDP (billions) Cumulative growth 2009 to Q3 2015. Exhibit 1 Steady U.S. Economic Growth After a Severe Recession $17,000 Exhibit 1 Steady U.S. Economic Growth After a Severe Recession Inflation-adjusted GDP (billions) $17,000 $16,000 $15,000 $14,000 $13,000 13.8% Cumulative growth 2009 to Q3 2015 $12,000 $11,000 $10,000

More information

25 May Nigerian Gross Domestic Product Report (Expenditure and Income approach) Q3, Q4 2015

25 May Nigerian Gross Domestic Product Report (Expenditure and Income approach) Q3, Q4 2015 25 May 2016 Nigerian Gross Domestic Product Report (Expenditure and Income approach) Q3, Q4 2015 PREFACE This publication provides data on Quarterly Gross Domestic Product (GDP) by the EXPENDITURE and

More information

RECENT DEVELOPMENTS IN THE AUTOMOBILE INDUSTRY

RECENT DEVELOPMENTS IN THE AUTOMOBILE INDUSTRY Please cite this paper as: OECD 2011, Recent developments in the automobile industry, OECD Economics Department Policy Notes, No. 7. ECONOMICS DEPARTMENT POLICY NOTE No. 7 RECENT DEVELOPMENTS IN THE AUTOMOBILE

More information

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016 Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the

More information

Statement by Dean Baker, Co-Director of the Center for Economic and Policy Research (www.cepr.net)

Statement by Dean Baker, Co-Director of the Center for Economic and Policy Research (www.cepr.net) Statement by Dean Baker, Co-Director of the Center for Economic and Policy Research (www.cepr.net) Before the U.S.-China Economic and Security Review Commission, hearing on China and the Future of Globalization.

More information

Annual Presentation to Clients. November 2009

Annual Presentation to Clients. November 2009 Annual Presentation to Clients November 2009 AGENDA 1. Retrospective on a Turbulent Time 2. Where We Are Now Economic Issues 3. The Path Forward Investment Implications 4. Investment Performance 1 RETROSPECTIVE

More information

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%)

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%) The global economy recorded modest growth in 2014. Real GDP rose by 3.4%, however, economic performance varied by country and region (see table). Several regions turned in a lackluster performance. The

More information

Acerinox Press Release 2014 First Half Results. Page 0 / 10

Acerinox Press Release 2014 First Half Results. Page 0 / 10 Page 0 / 10 2014 First Half Results Acerinox's profit after taxes and minorities for the first half of 2014 is Euros 76.1 million, representing a rise of 373% on the same period in the prior year The Group's

More information

Chapter 1: Economic commentary

Chapter 1: Economic commentary Compendium: Chapter 1: Economic commentary This section of the Pink Book provides an examination of recent trends, main movements and international comparisons for a range of information contained in subsequent

More information

4. Supply and Demand Developments

4. Supply and Demand Developments 4. Supply and Demand Developments The fourth-quarter national accounts data are consistent with the outlook presented in the January Inflation Report. After growing temporarily at a slower pace in the

More information

Meeting with Analysts

Meeting with Analysts CNB s New Forecast (Inflation Report II/2016) Meeting with Analysts Petr Král Prague, 6 May, 2016 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

Preliminary Investment Trends Report

Preliminary Investment Trends Report Preliminary Investment Trends Report ONTARIO: 215 224 Investment in Ontario s construction industry grows over the medium term in line with a number of proposed major resource development, electric utilities

More information

Aluminium market outlook

Aluminium market outlook Aluminium market outlook Arvid Moss, Executive Vice President and Head of Energy and Corporate Business Development January 13, 2011 (1) Agenda Market situation 2010 Status development from 2009 Restocking

More information

Interest Rate Forecast

Interest Rate Forecast Interest Rate Forecast Economics February Highlights Sluggish global growth Policy stimulus hopes Bank of Canada on hold Sluggish but no recession The global economy remains stuck in low gear with no material

More information

Causes and Consequences of the Decline in the Price of Oil since June 2014

Causes and Consequences of the Decline in the Price of Oil since June 2014 Causes and Consequences of the Decline in the Price of Oil since June 2014 Christiane Baumeister Lutz Kilian University of Notre Dame University of Michigan CEPR Brent Price of Crude Oil in 2013 and 2014

More information

NATIONAL UNIVERSITY OF LIFE AND ENVIRONMENTAL SCIENCES OF UKRAINE

NATIONAL UNIVERSITY OF LIFE AND ENVIRONMENTAL SCIENCES OF UKRAINE NATIONAL UNIVERSITY OF LIFE AND ENVIRONMENTAL SCIENCES OF UKRAINE Ukrainian agricultural products competitiveness on European market in time of financial challenges Sergey Grygoryev Contents: Part 1. Trade

More information

Women and Men in the Recovery: Where the Jobs Are Women Recover Jobs Lost in Recession in Year Five

Women and Men in the Recovery: Where the Jobs Are Women Recover Jobs Lost in Recession in Year Five IWPR #C426 November 2014 Women and Men in the Recovery: Where the Jobs Are Women Recover Jobs Lost in Recession in Year Five Heidi Hartmann, Ph.D., Elyse Shaw, and Rachel O Connor Overview While the number

More information

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA PUBLIC BANK BERHAD ECONOMICS DIVISION MENARA PUBLIC BANK 146 JALAN AMPANG 50450 KUALA LUMPUR TEL : 03 2176 6000/666 FAX : 03 2163 9929 Public Bank Economic Review is published bi monthly by Economics Division,

More information

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl. Strawberry Industry Overview and Outlook Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.edu Zhengfei Guan Assistant Professor Gulf Coast Research and

More information

Economic Outlook and Recent Developments in Latin America and Chile

Economic Outlook and Recent Developments in Latin America and Chile Economic Outlook and Recent Developments in Latin America and Chile Rodrigo Vergara Governor Central Bank of Chile, October 1 Introduction Latin America has made great advances in the s. The commodity

More information

Non Farm Payroll Employment Developments among States during the Great Recession and Jobless Recovery

Non Farm Payroll Employment Developments among States during the Great Recession and Jobless Recovery Non Farm Payroll Employment Developments among States during the Great Recession and Jobless Recovery Prepared by: Paul E. Harrington and Neeta P. Fogg Center for Labor Markets and Policy, Drexel University

More information

6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast

6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast 6. Economic Outlook 6 4 0 The International Economy Overall, growth of Australia s major trading partners (MTPs) is expected to be around its long-run average pace in 015 and 016 (Graph 6.1). This forecast

More information

Marketability: Exchange rates How they work and affect revenues

Marketability: Exchange rates How they work and affect revenues Annex A Marketability: Exchange rates How they work and affect revenues 1. Overview The value of the Canadian lobster industry is determined by several factors: resource abundance; the capacity of the

More information

Impact of Global Financial Crisis on South Asia

Impact of Global Financial Crisis on South Asia Impact of Global Financial Crisis on South Asia February 17, 2009 - The global financial crisis hit South Asia at a time when it had barely recovered from severe terms of trade shock resulting from the

More information

CURRENT ANALYSIS May 2014

CURRENT ANALYSIS May 2014 CURRENT ANALYSIS May 14 A Look at the Recovery of the Canadian Auto Sector since the 08-09 Recession Chart 1: Motor vehicle production and Canada & US auto sales millions of units 3. Canadian car & truck

More information

Annual Energy Outlook 2015

Annual Energy Outlook 2015 For Columbia University New York, NY By Adam Sieminski U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov Key results from (AEO215)

More information

Monthly July2016 July2016

Monthly July2016 July2016 With data up to: July 2016 Monthly July2016 July2016 Oil Price Statistics Next release: 13 September Date of publication: 11 August 2016 Monthly Oil Price Statistics TABLE OF CONTENTS Page Charts 1 IEA

More information

Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures

Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures Provisional Translation Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures December 20th, 2004 Cabinet Approval 1. Main Economic Indicators for FY2004 and FY2005 Gross domestic

More information

Market Monitor Number 3 November 2012

Market Monitor Number 3 November 2012 Market Monitor Number 3 November 2012 AMIS Crops: World Supply-Demand Balances in 2012/13 World supply and demand situation continues to tighten for wheat and maize but rice and soybeans have eased. In

More information

Coffee prices fall but Brazilian production estimated lower

Coffee prices fall but Brazilian production estimated lower Coffee prices fall but production estimated lower Coffee prices continued their decline as speculation over the current 2015/16 crop suggests that the market has no immediate supply concerns. Indeed, one

More information

Economic projections

Economic projections Economic projections 2016-2019 December 2016 Outlook for the Maltese economy Economic projections 2016-2019 Economic activity in Malta is expected to remain robust over the projection horizon, supported

More information

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Speech by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, at the Honorary Consulars meeting, Helsinki,

More information

Keith Phillips, Sr. Economist and Research Officer

Keith Phillips, Sr. Economist and Research Officer 215 Texas Economic Outlook: Strong Growth t o Continue Keith Phillips, Sr. Economist and Research Officer National Economy Picking Up Last year, international weakness, policy uncertainty, sharp cuts in

More information

Florida: An Economic Overview

Florida: An Economic Overview Florida: An Economic Overview March 28, 2016 Presented by: The Florida Legislature Office of Economic and Demographic Research 850.487.1402 http://edr.state.fl.us Key Economic Variables Improving Economy

More information

6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100

6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100 6. Economic Outlook The International Economy Growth of Australia s major trading partners is expected to be around its long-run average in 015 and 016 (Graph 6.1). Forecasts for 015 have been revised

More information

CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014. Factors supporting the U.S. sales outlook: Employment Growth

CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014. Factors supporting the U.S. sales outlook: Employment Growth 93619 CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014 Canadian and U.S. auto sales have strengthened significantly from recession lows. Canadian new motor vehicle sales have surprised

More information

Category outlook Vegetable oils

Category outlook Vegetable oils Category outlook Vegetable oils September 2014 Sample extract of full report Contents (of full purchased report) 1. Market background 2. Executive overview 2.1. Market status 2.2. Current market drivers

More information

THE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS

THE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS THE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS Leadership makes the difference January 211 The Economic Impact of Corporate Tax Rate Reductions January 211 Canadian Manufacturers & Exporters Author:

More information

Florida: An Economic Overview

Florida: An Economic Overview Florida: An Economic Overview July 13, 2012 Presented by: The Florida Legislature Office of Economic and Demographic Research 850.487.1402 http://edr.state.fl.us Key Economic Variables Improving Tourism

More information

6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast

6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast 6. Economic Outlook The International Economy Growth of Australia s major trading partners is expected to remain around its long-run average pace in 15 and 16 (Graph 6.1). Forecasts have been revised down

More information

D. A and B D. Exports of Goods and Services (EX) D. +$50 F. A, B, and C E. A and C

D. A and B D. Exports of Goods and Services (EX) D. +$50 F. A, B, and C E. A and C 1. When considering international trade, economic gains from trading item A for item B A. are possible if one country is better at producing item A and another country is better at producing item B. B.

More information

Can the US Consumer Keep the World Economy Afloat?

Can the US Consumer Keep the World Economy Afloat? Can the US Consumer Keep the World Economy Afloat? January 2016 Robert Johnson, CFA Director of Economic Analysis robert.johnson@morningstar.com (312) 696-6103 2016 Morningstar, Inc. All rights reserved.

More information

Recession and Recovery: What is Recovery?

Recession and Recovery: What is Recovery? daleorr@economicinsight.ca June 2009 Recession and Recovery: What is Recovery? With so much talk of green shoots and other signs of economic recovery, it is appropriate to examine the expected path of

More information

A January 2011 Economic Pulse

A January 2011 Economic Pulse The of the World Citizens in 24 Countries Assess the Current State of their Country s Economy for a Total Global Perspective Methodology These are the findings of the Wave 16 (G@16), an Ipsos survey conducted

More information

by Robert Kleine Review

by Robert Kleine Review TEE MICHIGAN ECONOMY--ON THE BRINK OF A RECESSION? by Robert Kleine Review For the last two and one-half years, the U.S. economy has expanded at a moderate rate compared with the rapid expansion in 1983

More information

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Oil & Gas Market Outlook 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Challenging Market Environment Concerns that global economic growth will slow and reduce global oil and natural

More information

Great East Japan Earthquake: economic and trade impact

Great East Japan Earthquake: economic and trade impact - 1 - Great East Japan Earthquake: economic and trade impact Introduction In addition to causing tremendous human suffering, the Great East Japan Earthquake (GEJE) and tsunami of 11 March 211, and the

More information

Economic Snapshot for February 2013

Economic Snapshot for February 2013 Economic Snapshot for February 2013 Christian E. Weller on the State of the Economy Christian E. Weller, associate professor, Department of Public Policy and Public Affairs, University of Massachusetts

More information

After 20 years of NAFTA, the balance for the Mexican automotive sector has been very positive

After 20 years of NAFTA, the balance for the Mexican automotive sector has been very positive Mexico Economic Watch REGIONAL SECTORAL After 20 years of NAFTA, the balance for the Mexican automotive sector has been very positive Alma Martínez Mexico s automotive industry has become a competitive

More information

Q ICAEW Business Confidence Monitor results

Q ICAEW Business Confidence Monitor results Q3 216 ICAEW Business Confidence Monitor results July 216 Outline 1. Confidence 2. GDP forecast 3. Trends in sales, domestic & export 4. Impact: skills, costs, capacity, profits & prices 5. Responses:

More information

Renminbi Depreciation and the Hong Kong Economy

Renminbi Depreciation and the Hong Kong Economy Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact

More information

LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S.

LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S. CENTER FOR BUSINESS & ECONOMIC RESEARCH LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST O U.S. Economic Growth to Accelerate ver the past few years, U.S. economic activity has remained

More information

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Cement Supply Survey

Cement Supply Survey June 8, 2004 Cement Shortage Assessment Update Material specifiers frequently have to choose between concrete and alternative building materials. As the use of concrete has grown, cement shortages have

More information

Main Economic & Financial Indicators Russian Federation

Main Economic & Financial Indicators Russian Federation Main Economic & Financial Indicators Russian Federation 02 NOVEMBER 201 NAOKO ISHIHARA ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-777-2179 E naoko.ishihara@uk.mufg.jp Overview The Bank of

More information

Has Austerity Worked in Spain?

Has Austerity Worked in Spain? December 215 Has Austerity Worked in Spain? By David Rosnick and Mark Weisbrot* Center for Economic and Policy Research 1611 Connecticut Ave. NW Suite 4 Washington, DC 29 tel: 22-293-538 fax: 22-588-1356

More information

The Conference Board U.S. Business Cycle Indicators SM U.S. LEADING ECONOMIC INDICATORS AND RELATED COMPOSITE INDEXES FOR SEPTEMBER 2008

The Conference Board U.S. Business Cycle Indicators SM U.S. LEADING ECONOMIC INDICATORS AND RELATED COMPOSITE INDEXES FOR SEPTEMBER 2008 FOR RELEASE: 10:00 A.M. ET, MONDAY, October 20, 2008 The Conference Board U.S. Business Cycle Indicators SM U.S. LEADING ECONOMIC INDICATORS AND RELATED COMPOSITE INDEXES FOR SEPTEMBER 2008 The Conference

More information

Novelis Q3 Fiscal Year 2016 Earnings Conference Call

Novelis Q3 Fiscal Year 2016 Earnings Conference Call Novelis Q3 Fiscal Year 2016 Earnings Conference Call February 9, 2016 Steve Fisher President and Chief Executive Officer Steve Pohl Vice President and Interim Chief Financial Officer 1 Safe Harbor Statement

More information

Economic Update as of June 30, 2016

Economic Update as of June 30, 2016 MACRO Report: Review of Wyoming s Economy Economic Update as of June 30, The MACRO Report is a quarterly publication comprised of charts focusing on energy, employment, state revenues, and other indicators

More information

Recent Developments in the U.S. and Global Ferrous Scrap Markets

Recent Developments in the U.S. and Global Ferrous Scrap Markets Recent Developments in the U.S. and Global Ferrous Scrap Markets American Wire Producers Association 2011 Government Affairs Conference Washington, DC September 22, 2011 Joseph Pickard Chief Economist

More information