A new report from Majestic Steel shows that domestic steel production is at an all-time low; the lowest it's been since October 2018. The report also details a slip in construction spending in May, sliding for the first time since November 2018. Additional highlights from the report include:
- Steel production decreased in four of the five regions. The largest decrease (in tons) coming from the Great Lakes region, dropping from 708k tons to 697k tons. This is the lowest production level for this region since February 2019.
- Both residential and non-residential construction spending slipped in May, sliding 0.6% and 0.9%, respectively.
- U.S. mills produced an estimated 1,851k tons at a 79.5% utilization rate; this is down from 1,873k tons and an 80.5% rate previously