This Morning in Metals: Arconic reports 14% revenue decline, led by aerospace weakness
This morning in metals news: Arconic reported its fourth quarter and full-year 2020 financial results; meanwhile, the Census Bureau reported steel import totals; and, finally, hot rolled coil steel prices continue to rise.
Arconic reports Q4, 2020 financial results
Pittsburgh-based Arconic reported Q4 2020 revenues of $1.5 billion, up 3% from the previous quarter. However, the Q4 total marked a year-over-year decline of 14%.
Weaker aerospace volumes contributed to the decline, the manufacturer said. Growth in the industrial and packaging end markets partially offset the decline.
For the full year, revenues of $5.7 billion marked a 22% year-over-year decline.
The company attributed the slide to COVID-19 impacts and production declines due to delays associated with the Boeing 737 MAX.
“Our fourth quarter results demonstrate a steady climb in revenue since the onset of the pandemic as several indicators point to growing customer demand in many of the markets we serve, particularly in the ground transportation and industrial sectors,” Arconic CEO Tim Myers said.
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January steel imports surge
US steel imports jumped from 1.4 million metric tons in December to 2.2 million metric tons in January, the Census Bureau reported.
“The January change in steel imports based on metric tonnage reflected increases in blooms, billets, and slabs,” the Bureau reported. “Decreases occurred in tin plate, cold rolled sheets, and hot rolled sheets. Increases occurred primarily with Brazil. Decreases occurred primarily with Korea, Netherlands, and Germany.”
HRC’s rise continues
Meanwhile, sticking with steel, hot rolled coil prices continue to rise.
The HRC three-month price closed Tuesday at $1,168 per short ton, up 8.25% over the past month.
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