Custom Fabricators Archives - Material Handling Wholesaler https://staging.mhwmag.com/subcategory/custom-fabricators/ Material handling wholesale publication Fri, 27 Jun 2025 13:58:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 Cyclonaire welcomes Corey Egger as Business Development Manager – Mineral Sector https://staging.mhwmag.com/shifting-gears/cyclonaire-welcomes-corey-egger-as-business-development-manager-mineral-sector/ Fri, 27 Jun 2025 13:58:03 +0000 https://www.mhwmag.com/?p=120484 Cyclonaire has announced the addition of Corey Egger to the Business Development team, following a comprehensive search for a seasoned professional in bulk material handling. Corey joins Cyclonaire with a wealth of experience in technical sales, systems engineering, and project management, specifically within pneumatic conveying solutions. Over the past eight years, Corey has held a series of progressive roles—from Engineering Design teams to Systems Sales Engineer, and most recently, Regional Technical Sales Manager. His career has centered on the successful execution of complex projects, providing end-to-end leadership from technical inquiry and system planning through global commissioning. “Corey brings a powerful combination of technical expertise, industry knowledge, and a customer-first mindset,” said Jay Anzelmo, Vice President of Sales and Marketing at Cyclonaire. “We’re thrilled to welcome him to the Cyclonaire family. His ability to lead projects, build strong relationships, and his customer-focused approach make him a tremendous asset to our organization and our partners. Corey holds a degree in Industrial Engineering from Kansas State University and previously studied physics at Fort Hays State University. Known for his clarity in communication, unwavering attention to detail, and calm under pressure, Corey consistently earns praise from colleagues and customers alike, many calling his projects “a joy to work on.” Outside the office, Corey enjoys life with his wife, Kristen, along with their lively pack of Corgis. He also spends time working on his boat and diving into new books. Cyclonaire looks forward to the knowledge, energy, and dedication Corey brings to our team and the customers we serve.

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]]> Machinery orders continue upswing despite typical April decline https://staging.mhwmag.com/nuts-bolts/machinery-orders-continue-upswing-despite-typical-april-decline/ Mon, 09 Jun 2025 14:13:08 +0000 https://www.mhwmag.com/?p=120281 New orders of metalworking machinery, measured by the U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology, totaled $444.9 million in April 2025. This marked a 12.7% decline from March 2025 and a nearly 40% increase from April 2024. Machinery orders in 2025 placed through April totaled $1.69 billion, a 17.8% increase over the first four months of 2024. Typically, machinery orders in April decline by 21% from March, which tends to see outsized order volumes due to many machinery manufacturers ending their fiscal year. This year’s March-April decline of 12.7% represents the lowest drop since April 2022. Some of this strong demand could be attributed to front-running the coming tariffs on imported goods and expectations of increased demand for domestically sourced manufactured goods and components. Despite declines in overall manufacturing output, machinery manufacturers increased production by 0.3% in April, marking a continuation of the upward trend that began in October 2024. Orders of manufacturing technology from contract machine shops showed signs of continuing demand, declining by only 6.3% from March to April 2025; the overall market fell by more than twice that number. Primary metal manufacturers increased orders to their highest level since February 2024. If the recent tariff increase on metals remains, orders from this sector could increase as domestic suppliers attempt to meet new demand with limited available capacity. Orders from aerospace manufacturers dropped by nearly half from their March 2025 levels but remained slightly above their 2024 monthly average. Demand held the industry’s upward momentum through April, and learning the actual impact of recent tariff announcements could take some time due to their erratic implementation. The National Association of Manufacturers’ recently released Manufacturers’ Outlook Survey showed a steep decline in respondents reporting an optimistic economic outlook compared to their previous survey. Despite this waning optimism, the survey also reported that capital investments are still expected to rise modestly over the next 12 months, albeit at a lower level than projected earlier in the year.

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]]> Arnold Magnetic Technologies highlights the PLASTIFORM® High Energy Flexible Magnets, Made in America https://staging.mhwmag.com/products/arnold-magnetic-technologies-highlights-the-plastiform-high-energy-flexible-magnets-made-in-america/ Fri, 06 Jun 2025 20:11:06 +0000 https://www.mhwmag.com/?p=120265 Arnold Magnetic Technologies Corporation (Arnold), a subsidiary of Compass Diversified and a global manufacturer of high-performance magnets and precision thin metals, is highlighting the PLASTIFORM® High Energy Flexible Magnets. This innovative product line, made in America, delivers unprecedented design versatility and exceptional quality, resulting in significant system savings compared to conventional magnets. As global supply chains shift, Arnold is uniquely positioned to support customers seeking to reshore their production. By offering domestically produced PLASTIFORM® flexible magnets, Arnold helps manufacturers strengthen their U.S. operations, improve supply chain reliability, and meet the highest standards of quality and performance. PLASTIFORM® High Energy Flexible Magnets are engineered specifically for applications that require increased magnetic field strength while maintaining the flexibility of a bonded magnet, even in environments with high temperatures, wide temperature ranges, or exposure to corrosive materials. These advanced magnetic and physical characteristics distinguish PLASTIFORM® magnets from standard flexible magnets, making them ideal for critical applications where reliability and durability are crucial. They are the preferred choice for applications in position sensing, chip collection, and holding, especially where reliability in harsh environments is non-negotiable. These magnets are widely used in automated guided vehicles and robotics, sprinkler systems, cylinder position sensors, ABS brake sensors, smoke curtains, automated storage and retrieval systems, and flexographic printing presses. Their superior thermal characteristics, dimensional stability, and solvent resistance ensure consistent performance in the most demanding environments. With energy products ranging from 1.0 to 1.6 MGOe, PLASTIFORM® magnets are available in a wide selection of thicknesses, roll sizes, and finishes, allowing them to be precisely tailored for a broad range of applications. Arnold offers both bonded ferrite and bonded rare-earth materials to meet the demanding requirements of motor stators and rotors, actuators, instrumentation, armatures, and holding magnets used across the automotive, medical, defense, and commercial sectors. The PLASTIFORM® product line’s exceptional design versatility and superior quality deliver substantial system savings compared to conventional magnets. Their advanced chemical resistance, ability to perform at high operating temperatures, and strong holding forces provide manufacturers with a distinct advantage when seeking reliable and long-lasting magnetic solutions. As more U.S. manufacturers look to reshore their production for greater supply chain security and reduced lead times, Arnold’s domestically produced PLASTIFORM® flexible magnets offer a strategic advantage. By sourcing from Arnold’s U.S. facilities, customers can reduce reliance on overseas suppliers, ensure compliance with American quality standards, and support domestic manufacturing jobs.

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]]> March 2025 US Cutting Tool Orders total $207.1M, Up 4.3% from February https://staging.mhwmag.com/nuts-bolts/march-2025-us-cutting-tool-orders-total-207-1m-up-4-3-from-february/ Thu, 22 May 2025 14:27:58 +0000 https://www.mhwmag.com/?p=119989 Shipments of cutting tools, measured by the Cutting Tool Market Report compiled in a collaboration between AMT – The Association For Manufacturing Technology and the U.S. Cutting Tool Institute (USCTI), totaled $207.1 million in March 2025. Orders increased 4.3% from February 2025 but dropped 4.2% from March 2024. Year-to-date shipments totaled $605.6 million, a drop of 5.9% from the same period in 2024. “Despite the uncertainty from Washington, it was still business as usual for most companies,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group. “However, most tooling manufacturers are either dealing with increased tariffs for products sourced abroad or increased costs for raw materials like tungsten carbide, or both. These increased costs for perishable tools are already getting passed on, resulting in a hit to the operating margins for manufacturers.” Bret Tayne, president of Everede Tool Co., said, “March cutting tool sales improved over February and were at the highest level we have seen since October 2024. Despite the improvement, year-over-year sales remained below 2024 levels for the third consecutive month. Although this data precedes the ‘Liberation Day’ tariff announcements, I’ve anecdotally heard optimism that the current volatility will be short-lived, and modest growth will return in the second half of the year.” The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production, and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process, the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels.

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]]> Mitsubishi Logisnext Americas expands Houston Campus with new fabrication building https://staging.mhwmag.com/shifting-gears/mitsubishi-logisnext-americas-expands-houston-campus-with-new-fabrication-building/ Fri, 09 May 2025 12:50:17 +0000 https://www.mhwmag.com/?p=119629 New facility to accelerate growth and streamline processes in electric forklift production, solidifying the company as a leader in material handling  Mitsubishi Logisnext Americas, one of the world’s leading manufacturers and providers of material handling, automation, and fleet solutions, has announced the completion of a major expansion at its Houston manufacturing campus with the 73,500-square-foot electrification fabrication facility. This milestone marks a significant step in the company’s strategic initiative to grow its footprint in the rapidly expanding electric market. The new facility is designed to meet the rising demand for Mitsubishi Logisnext Americas’ Electric Class I and Class II products, including the pantograph reach truck, order picker, and stand-up counterbalance forklift. It is also designed to significantly enhance production capacity, streamline operations, and lower manufacturing costs to serve evolving customer needs better. “This expansion is a reflection of our continued commitment to innovation and growth,” said Berry Mansfield, President of Mitsubishi Logisnext Americas. “It took a shared vision to bring this expansion to life, and we’re proud of what we’ve built. This facility not only supports our growth in electrification but also creates a more engaging environment for our employees. We’re excited to start production this year.” Construction began with a groundbreaking in August 2023 and was completed in spring 2024. Installation of advanced technologies, including powder painting and robotic welding equipment, took place throughout 2024, culminating in the completion of the new electrification building in 2025. The development aligns with Mitsubishi Logisnext Americas’ long-term strategic goal to grow its warehouse product market share. With electric-powered solutions continuing to outpace internal combustion (IC) vehicles in the market, this facility strengthens the company’s position for sustained momentum. In total, Mitsubishi Logisnext Americas has invested nearly $20 million in the new facility to respond to increasing demand while improving lead times, profitability, and product quality. The new facility will help all parties involved by streamlining operations and boosting overall manufacturing efficiency, delivering greater value to customers, employees and partners.

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]]> Plastics Industry Association shares concern about tariffs and urges trade policies that strengthen U.S. Manufacturing https://staging.mhwmag.com/nuts-bolts/plastics-industry-association-shares-concern-about-tariffs-and-urges-trade-policies-that-strengthen-u-s-manufacturing/ Tue, 04 Mar 2025 20:23:48 +0000 https://www.mhwmag.com/?p=118290 PLASTICS president and CEO Matt Seaholm issued the following statement regarding the Trump Administration’s implementation of tariffs on Canada, Mexico, and China: “The plastics industry continues to recognize the importance of securing our borders and combating illegal drug trafficking to protect American communities and eradicate fentanyl from our society. A strong and secure nation is fundamental to economic growth and industrial stability. “PLASTICS remains deeply concerned about the tariffs on Canada, Mexico, and China and their impact on U.S. plastics manufacturing and jobs. While we understand President Trump’s rationale, a competitive industry depends on policies that protect American manufacturing while ensuring stable supply chains. These tariffs will disrupt the movement of essential machines, products, and materials that keep American manufacturers running across the healthcare, consumer products, and automotive sectors. “The plastics industry is a cornerstone of American manufacturing and daily life. We know that a strategic, measured approach to trade is critical to strengthening—not harming—the U.S. economy. We urge policymakers to support balanced trade policies that enhance U.S. competitiveness, reinforce supply chains, and drive continued innovation,” Seaholm concluded. In 2023, U.S. plastics exports totaled $74.2 billion, exceeding imports of $73.3 billion, resulting in a $958 million trade surplus. This strength underscores the industry’s global leadership; however, new tariffs on key trading partners threaten supply chains, increase costs, and risk eroding this advantage. To sustain growth and innovation, trade policies must bolster—not hinder—U.S. plastics manufacturing and economic leadership.

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]]> NUCOR reports results for the fourth quarter and full year 2024 https://staging.mhwmag.com/nuts-bolts/nucor-reports-results-for-the-fourth-quarter-and-full-year-2024/ Mon, 27 Jan 2025 21:53:16 +0000 https://www.mhwmag.com/?p=117477 Fourth quarter and full year 2024 diluted EPS of $1.22 and $8.46, respectively. Fourth quarter and full year 2024 net sales of $7.08 billion and $30.73 billion, respectively. Fourth quarter and full year 2024 net earnings before noncontrolling interests of $345 million and $2.32 billion, respectively; EBITDA of $751 million and $4.37 billion, respectively. Today, Nucor Corporation announced consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $250 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges taken during the quarter, Nucor’s third quarter of 2024 adjusted net earnings attributable to Nucor stockholders were $353 million, or $1.49 per diluted. Nucor reported consolidated net earnings attributable to Nucor stockholders of $785 million, or $3.16 per diluted share, for the fourth quarter of 2023. For the full year 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $2.03 billion, or $8.46 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $4.53 billion, or $18.00 per diluted share, in 2023. “I want to thank our teammates for making 2024 the safest year in Nucor history during an active year of construction projects and ramp-ups that are advancing our growth strategy,” said Leon Topalian, Chair, President, and Chief Executive Officer. “While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several steel-intensive megatrends and as America’s largest and most diversified steel producer, Nucor is well positioned to supply those needs.” Selected Segment Data Earnings (loss) before income taxes and noncontrolling interests by segment for the fourth quarter and full year 2024 and 2023 were as follows (in millions): Financial Review Nucor’s consolidated net sales decreased 5% to $7.08 billion in the fourth quarter of 2024 compared with $7.44 billion in the third quarter of 2024 and decreased 8% compared with $7.71 billion in the fourth quarter of 2023. Average sales price per ton in the fourth quarter of 2024 decreased 3% compared with the third quarter of 2024 and decreased 10% compared with the fourth quarter of 2023. Approximately 6,058,000 tons were shipped to outside customers in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024 and a 2% increase from the fourth quarter of 2023. Total steel mill shipments in the fourth quarter of 2024 decreased 1% compared to the third quarter of 2024 and increased 2% compared to the fourth quarter of 2023. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the fourth quarter of 2024, which was unchanged from the third quarter of 2024 and decreased from 20% in the fourth quarter of 2023. Downstream steel product shipments to outside customers in the fourth quarter of 2024 decreased 4% from the third quarter of 2024 and the fourth quarter of 2023. For the full year 2024, Nucor’s consolidated net sales of $30.73 billion decreased 11% compared with consolidated net sales of $34.71 billion reported for the full year 2023. Total tons shipped to outside customers in 2024 were approximately 24,767,000 tons, a decrease of 2% from 2023, while the average sales price per ton in 2024 decreased 10% from 2023. The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2024 was $381, a 1% increase compared to $378 in the third quarter of 2024 and a 4% decrease compared to $397 in the fourth quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the full year 2024 was $394, a 6% decrease compared to $421 in the full year 2023. Pre-tax, pre-operating, and start-up costs related to the Company’s growth projects were approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024, compared with approximately $168 million, or $0.54 per diluted share, in the third quarter of 2024 and approximately $127 million, or $0.39 per diluted share, in the fourth quarter of 2023. In the full year 2024, pre-tax, pre-operating, and start-up costs related to the Company’s growth projects were approximately $594 million, or $1.89 per diluted share, compared with approximately $400 million, or $1.21 per diluted share, in the full year 2023. Overall operating rates at the Company’s steel mills were 74% in the fourth quarter of 2024 as compared to 75% in the third quarter of 2024 and 74% in the fourth quarter of 2023. Operating rates for the full year 2024 decreased to 76% as compared to 78% for the full year 2023. Financial Strength At the end of the fourth quarter of 2024, Nucor had $4.14 billion in cash and cash equivalents and short-term investments on hand. The Company’s $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor’s, Fitch Ratings, and a positive outlook at Moody’s. Commitment to Returning Capital to Stockholders On December 11, 2024, Nucor’s Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on February 11, 2025, to stockholders of record as of December 31, 2024, and is Nucor’s 207th consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 52 consecutive years – every year since it first began paying dividends in 1973. During the fourth quarter of 2024, Nucor repurchased approximately 2.1 million shares of its common stock at an average price of $149.81 per share (approximately 13.1 million shares during the full year 2024 at an average price of $168.75 per share). As of December 31, 2024, Nucor had approximately $1.11 billion remaining authorized and available for repurchases under its share repurchase program. This share

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]]> Wauseon Machine introduces the redeployable automation module https://staging.mhwmag.com/products/wauseon-machine-introduces-the-redeployable-automation-module/ Wed, 23 Oct 2024 13:45:50 +0000 https://www.mhwmag.com/?p=107255 Innovative Solution for streamlined production and flexibility across industries Wauseon Machine highlights its Redeployable Automation Module, a transformative solution designed to enhance automation efficiency across industries. Engineered for versatility and cost-effectiveness, this platform integrates seamlessly into various manufacturing processes, offering flexibility from manual to fully automated operations. Its modular design allows for easy customization and redeployment, adapting to changing production needs such as assembly, sorting, testing, and handling tasks. This innovative platform represents WM’s commitment to advancing manufacturing technologies, reducing initial investment costs, and accelerating deployment timelines. Recent implementations have demonstrated remarkable results, including a significant reduction in labor requirements and a notable 28% increase in production output. Whether used in a single-cell configuration or integrated into a larger assembly line, the Redeployable Automation Module empowers businesses to optimize their operational efficiency. Wauseon Machine, offering extensive fabrication capabilities, ensures every component of the Redeployable Automation Module meets stringent quality and performance standards. With over four decades of experience, Wauseon Machine continues to innovate in automation and precision machining, driving industry standards and meeting the evolving needs of its customers. Founded in 1983, WM has grown from a small machine shop to a leader in robotics automation and precision machining. The introduction of the Redeployable Automation Module underscores WM’s commitment to delivering cutting-edge solutions that enhance productivity and operational flexibility in manufacturing environments.

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]]> Nucor reports results for the Third Quarter of 2024 https://staging.mhwmag.com/nuts-bolts/nucor-reports-results-for-the-third-quarter-of-2024/ Mon, 21 Oct 2024 20:54:34 +0000 https://www.mhwmag.com/?p=107208 Consolidated net earnings attributable to Nucor stockholders of $249.9 million, or $1.05 per diluted share Adjusted net earnings attributable to Nucor stockholders of $353.0 million, or $1.49 per diluted share Net sales of $7.44 billion Net earnings before noncontrolling interests of $302.8 million; EBITDA of $869.0 million Nucor Corporation announced consolidated net earnings attributable to Nucor stockholders of $249.9 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges taken during the quarter, Nucor’s third quarter of 2024 adjusted net earnings attributable to Nucor stockholders were $353.0 million, or $1.49 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $645.2 million, or $2.68 per diluted share, for the second quarter of 2024 and $1.14 billion, or $4.57 per diluted share, for the third quarter of 2023. Reflected in the third quarter of 2024, losses and impairments of assets are non-cash charges of $83.0 million, or $0.27 per diluted share, and $40.0 million, or $0.17 per diluted share, related to the impairment of certain noncurrent assets in the raw materials and steel products segments, respectively. In the first nine months of 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $1.74 billion, or $7.22 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $3.74 billion, or $14.83 per diluted share, in the first nine months of 2023. “Thank you to our Nucor teammates for continuing to set new records for safety performance while generating over $1.30 billion of cash from operations for the quarter,” said Leon Topalian, Nucor’s Chair, president, and Chief Executive Officer. “Nucor’s market leadership, product diversity, and strong balance sheet enable us to provide meaningful returns to shareholders and execute our growth strategy even in the face of market uncertainty.” Selected Segment Data Earnings (loss) before income taxes and noncontrolling interests by segment for the third quarter and first nine months of 2024 and 2023 were as follows (in thousands): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Steel mills $ 309,123 $ 882,614 $ 2,056,689 $ 3,124,549 Steel products 313,972 806,731 1,266,922 2,788,322 Raw materials (66,332) 71,367 (17,355) 267,918 Corporate/eliminations (168,490) (212,630) (794,479) (986,141) $ 388,273 $ 1,548,082 $ 2,511,777 $ 5,194,648 Financial Review Nucor’s consolidated net sales decreased 8% to $7.44 billion in the third quarter of 2024 compared with $8.08 billion in the second quarter of 2024 and decreased 15% compared with $8.78 billion in the third quarter of 2023. Average sales price per ton in the third quarter of 2024 decreased 6% compared with the second quarter of 2024 and decreased 15% compared with the third quarter of 2023. Approximately 6,196,000 tons were shipped to outside customers in the third quarter of 2024, a 1% decrease compared with the second quarter of 2024 and the third quarter of 2023. Total steel mill shipments in the third quarter of 2024 decreased 3% compared with the second quarter of 2024 and were comparable to the third quarter of 2023. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the third quarter of 2024, compared with 21% in the second quarter of 2024 and 20% in the third quarter of 2023. Downstream steel product shipments to outside customers in the third quarter of 2024 decreased 6% compared with the second quarter of 2024 and decreased 11% compared with the third quarter of 2023. In the first nine months of 2024, Nucor’s consolidated net sales of $23.66 billion decreased 12% compared with consolidated net sales of $27.01 billion in the first nine months of 2023. Total tons shipped to outside customers in the first nine months of 2024 were approximately 18,709,000 tons, a decrease of 3% compared with the first nine months of 2023, and the average sales price per ton in the first nine months of 2024 decreased 10% compared with the first nine months of 2023. The average scrap and scrap substitute cost per gross ton used in the third quarter of 2024 was $378, a 5% decrease compared to $396 in the second quarter of 2024 and a 9% decrease compared to $415 in the third quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the first nine months of 2024 was $399, a 7% decrease compared to $429 in the first nine months of 2023. Pre-operating and start-up costs related to the Company’s growth projects were approximately $168 million, or $0.54 per diluted share, in the third quarter of 2024, compared with approximately $137 million, or $0.43 per diluted share, in the second quarter of 2024 and approximately $101 million, or $0.31 per diluted share, in the third quarter of 2023. In the first nine months of 2024, pre-operating and start-up costs related to the Company’s growth projects were approximately $430 million, or $1.36 per diluted share, compared with approximately $273 million, or $0.83 per diluted share, in the first nine months of 2023. Overall, operating rates at the Company’s steel mills were 75% in the third quarter and second quarter of 2024 and 77% in the third quarter of 2023. Operating rates in the first nine months of 2024 decreased to 77%, compared to 80% in the first nine months of 2023. Financial Strength At the end of the third quarter of 2024, we had $4.86 billion in cash and cash equivalents and short-term investments on hand. The Company’s $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026.  Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1), with stable outlooks at Standard & Poor’s and Fitch Ratings and a positive outlook at Moody’s. Commitment to Returning Capital to Stockholders Nucor repurchased approximately 2.5 million shares of its common stock during the third quarter of 2024 at an average price of $156.07 per share (approximately 11.0 million shares year-to-date

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]]> Steele Solutions set to move into Tech Center in West Allis, WI https://staging.mhwmag.com/shifting-gears/steele-solutions-set-to-move-into-tech-center-in-west-allis-wi/ Wed, 04 Sep 2024 20:54:33 +0000 https://www.mhwmag.com/?p=106124 The new location as an anchor of Summit Place in West Allis signifies growth and enhanced collaboration while maintaining strong manufacturing roots in South Milwaukee Steele Solutions Inc., a manufacturer of structural steel work/equipment platforms, material handling chutes, and public safety security lockers, announces the opening of its new Tech Center at Summit Place, located at 6737 West Washington Street, West Allis. This significant move highlights the company’s commitment to growth, innovation, and enhanced operational efficiency. “Our new Tech Center, situated in the heart of West Allis, is a perfect blend of historic charm and modern functionality,” said Steele Solutions, president Matthew McBurney. “The 40,000-square-foot space, housed in the renovated and historic Allis-Chalmers building, embodies our vision of fostering collaboration and driving innovation.” The new building will feature: A state-of-the-art Technical Innovation Center Complete design and project management teams Departments for Finance, HR, Supply Chain, Quality, Sales, and Marketing An expansive training center and an outside patio This move brings all office functions under one roof, promoting seamless communication and idea-sharing. The location, developed by Whitnall-Summit Development Company, is part of an urban adaptive reuse project on the former Allis-Chalmers Campus, which historically produced some of the world’s largest machinery. “We chose this central city location to attract top technical talent and to ensure easy accessibility,” added McBurney. “Being right off the highway and walkable to local amenities like the farmers market and restaurants makes it an ideal spot for our team. Our larger office space not only provides room to grow but also enhances our ability to collaborate and innovate.” Steele Solutions will be an anchor tenant in the building, sharing the space with notable entities such as Children’s Hospital of Wisconsin and Goodwill’s Mission Programs. The building’s exposed brick beams, big windows, and convenient amenities provide a unique and inspiring work environment. The corporate headquarters will remain in South Milwaukee, ensuring continuity and stability in production operations. Steele Solutions is currently hiring and looking to expand its team. The new building provides the necessary space for this growth and additional features to attract top talent to the vibrant and innovative workplace.

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]]> Nucor reports 11% consolidated net sales decrease for the first six months compared to prior year https://staging.mhwmag.com/nuts-bolts/nucor-reports-11-consolidatd-net-sales-decrease-for-the-first-six-months-compared-to-prior-year/ Mon, 22 Jul 2024 20:56:03 +0000 https://www.mhwmag.com/?p=105257 Nucor Corporation announced consolidated net earnings attributable to Nucor stockholders of $645.2 million, or $2.68 per diluted share, for the second quarter of 2024. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share, for the first quarter of 2024 and $1.46 billion, or $5.81 per diluted share, for the second quarter of 2023. In the first six months of 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $1.49 billion, or $6.14 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $2.60 billion, or $10.26 per diluted share, in the first six months of 2023. “While market conditions have softened compared to recent record-setting years, Nucor remains focused on its long-term growth strategy and has returned more than $1.7 billion to investors through June,” said Leon Topalian, Nucor’s Chair, President and Chief Executive Officer. “Nucor’s strategy to grow our core steelmaking operations and expand into steel-adjacent downstream markets positions the company to create attractive shareholder value and improve the company’s through-cycle earnings profile. I am incredibly proud of the 32,000 men and women of Nucor who are executing this growth plan while achieving the safest start to any year in Nucor’s history.” Financial Review Nucor’s consolidated net sales decreased 1% to $8.08 billion in the second quarter of 2024 compared with $8.14 billion in the first quarter of 2024 and decreased 15% compared with $9.52 billion in the second quarter of 2023. Average sales price per ton in the second quarter of 2024 decreased 2% compared with the first quarter of 2024 and decreased 11% compared with the second quarter of 2023. Approximately 6,289,000 tons were shipped to outside customers in the second quarter of 2024, a 1% increase compared with the first quarter of 2024 and a 5% decrease compared with the second quarter of 2023. Total steel mill shipments in the second quarter of 2024 were comparable to the first quarter of 2024 and decreased 2% compared to the second quarter of 2023. Steel mill shipments to internal customers represented 21% of total steel mill shipments in the second quarter of 2024, compared with 21% in the first quarter of 2024 and 20% in the second quarter of 2023. Downstream steel product shipments to outside customers in the second quarter of 2024 increased by 11% compared with the first quarter of 2024 and decreased by 10% compared with the second quarter of 2023. In the first six months of 2024, Nucor’s consolidated net sales of $16.21 billion decreased 11% compared with consolidated net sales of $18.23 billion reported in the first six months of 2023. Total tons shipped to outside customers in the first six months of 2024 were approximately 12,513,000 tons, a decrease of 4% compared with the first six months of 2023, and the average sales price per ton in the first six months of 2024 decreased 7% compared with the first six months of 2023. The average scrap and scrap substitute cost per gross ton used in the second quarter of 2024 was $396, a 6% decrease compared to $421 in the first quarter of 2024 and a 13% decrease compared to $455 in the second quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the first six months of 2024 was $409, a 6% decrease compared to $435 in the first six months of 2023. Pre-operating and start-up costs related to the Company’s growth projects were approximately $137 million, or $0.43 per diluted share, in the second quarter of 2024, compared with approximately $125 million, or $0.39 per diluted share, in the first quarter of 2024 and approximately $90 million, or $0.27 per diluted share, in the second quarter of 2023. In the first six months of 2024, pre-operating and start-up costs related to the Company’s growth projects were approximately $262 million, or $0.82 per diluted share, compared with approximately $172 million, or $0.52 per diluted share, in the first six months of 2023. Overall, operating rates at the Company’s steel mills decreased to 75% in the second quarter of 2024, compared to 82% in the first quarter of 2024 and 84% in the second quarter of 2023. Operating rates in the first six months of 2024 decreased to 79%, compared to 82% in the first six months of 2023. Financial Strength At the end of the second quarter of 2024, we had $5.43 billion in cash and cash equivalents and short-term investments on hand. The Company’s $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026.  Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1), with stable outlooks at Standard & Poor’s and Fitch Ratings and a positive outlook at Moody’s. Commitment to Returning Capital to Stockholders During the second quarter of 2024, Nucor repurchased approximately 2.9 million shares of its common stock at an average price of $170.70 per share (approximately 8.5 million shares during the first six months of 2024 at an average price of $177.30 per share). As of June 29, 2024, Nucor had approximately $1.82 billion remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date. On June 6, 2024, Nucor’s Board of Directors declared a cash dividend of $0.54 per share. This cash dividend is payable on August 9, 2024, to stockholders of record as of June 28, 2024, and is Nucor’s 205th consecutive quarterly cash dividend. Second Quarter of 2024 Analysis The largest driver of the decrease in earnings in the second quarter of 2024 as compared to the first quarter of 2024 was the decreased earnings of the steel mills segment, primarily due to lower average selling prices and, to a lesser extent, decreased volumes. The steel products segment had decreased earnings in the second quarter of 2024 as compared to the first quarter of 2024 due to lower average

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]]> NPE2024 unveils official registration and exhibit space data https://staging.mhwmag.com/nuts-bolts/npe2024-unveils-official-registration-and-exhibit-space-data/ Tue, 16 Jul 2024 15:08:00 +0000 https://www.mhwmag.com/?p=105084 NPE2024: The Plastics Show announced its final registration and paid exhibit space results, totaling 51,396 registrants and 1,106,767 square feet, respectively. Held from May 6-10 in Orlando, Florida, NPE2024 saw a record-breaking number of international attendees, first-time attendees, and paid exhibit space. “NPE2024 was truly a momentous event in plastics industry history,” said Matt Seaholm, PLASTICS’ Chief Executive Officer, “With an outstanding international turnout, NPE2024 is re-established as a global hub for the plastics industry, welcoming professionals and innovators from around the world. As we look ahead to our next show in 2027, we’re seeing incredible potential for more industry-shaping collaboration to establish a new standard for circularity and ground-breaking plastic applications.” Additional NPE2024 numbers include: 15,156 international registrants from 133 countries, establishing NPE2024 as the most global show in the event’s history. 36,123 domestic registrants, 70% of all registrants (this does not include 0.23% who did not respond). 20,378 first-time attendees, a nearly 9% increase over NPE2018. With the outstanding number of NPE2024 international registrations, the results also revealed a significant growth in attendance across different regions, including: 4,438 Latin American (LATAM) registrants, 29.3% of international registration and a 9.9% increase of LATAM registrations compared to NPE2018. Significant registration increases were seen in Brazil, Colombia, and Guatemala. There were 2,801 European registrants, 18.5% of international registrations, and a 23% increase of European registrations over NPE2018, with the largest registration increase from Italy. “This growing presence of European and LATAM registrants is indicative of the respective countries’ impact on the plastics industry,” said Dr. Perc Pineda, PLASTICS’ Chief Economist. “As the US is the second largest importer of plastics machinery, accounting for 12% of global imports, European countries make up six of the top ten countries supplying the US in 2023, totaling $1.6 billion. Similarly, over the past five years, US exports of plastics machinery to Latin America have also grown by 6.5% annually, supporting the region’s expanding plastics industry.” In addition to the attendance results, NPE2024 marked the largest show in history with the following exhibit space statistics: 1,106,767 total paid exhibit space, designating an additional 10,581 square feet over NPE2018 2,202 exhibitors, a 10.3% increase over NPE2018. NPE2027 is set to return to Orlando from May 3-7, 2027.

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]]> Wildeck, Inc. provides platforms for media at 2024 Republican National Convention https://staging.mhwmag.com/nuts-bolts/wildeck-inc-provides-platforms-for-media-at-2024-republican-national-convention/ Mon, 01 Jul 2024 20:30:33 +0000 https://www.mhwmag.com/?p=104890 The RNC has sourced a local Milwaukee-area manufacturer, Wildeck, Inc., to provide structural steel platforms supporting media team members and TV camera equipment Wildeck, Inc., a material handling equipment manufacturer, has played a role in designing and manufacturing structural steel platforms (mezzanines) for the upcoming 2024 Republican National Convention. The event is set to take place from July 15 to 18, 2024, at the Fiserv Forum in Milwaukee, less than 20 miles from Wildeck’s headquarters in Waukesha, Wis. In partnership with Willoughby, Ohio-based Morrison Company, a prominent Systems Integrator in the material handling and storage industry, Wildeck has delivered two custom-designed platforms to support the media suites and additional smaller platforms for TV camera equipment. The media suite platforms, 975 sq ft and 1,450 sq ft in size, were designed to fit within the shape of the arena bowl, while the camera platforms were engineered with high rigidity to ensure stable televised coverage. Jim Green, president of Morrison Company, stated, “As Morrison Company has come to expect from Wildeck as our mezzanine partner over the past 30 years, we obtained competitive pricing, detailed engineering, and on-time production for this project. Wildeck gave this project the dedicated attention required to meet all deadlines, including production design, pricing, installation drawings, and extremely tight delivery schedules.” The collaboration between Morrison Company and Wildeck is rooted in their successful history of similar projects, including the 2016 Republican National Convention in Cleveland. The RNC Staging Contractor expressed confidence in the Morrison/Wildeck team’s ability to meet the challenging timeline due to their proven track record. Dan Lorenz, president of Wildeck, Inc., commented, “This has been an exciting opportunity and partnership with Morrison Company to design, build, and install highly sensitive motion-free platforms for the RNC at Fiserv Forum. I am very proud of my team for once again raising the bar in standard and custom platform designs.” Wildeck’s platforms for the event were manufactured using USA steel and local union labor was employed for the installation, aligning with the values and standards expected for such a significant national event.

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]]> US Cutting Tool Orders totaled $214.7 Million in April 2024, Raising Year-to-Date total nearly 5% over 2023 https://staging.mhwmag.com/nuts-bolts/us-cutting-tool-orders-totaled-214-7-million-in-april-2024-raising-year-to-date-total-nearly-5-over-2023/ https://staging.mhwmag.com/nuts-bolts/us-cutting-tool-orders-totaled-214-7-million-in-april-2024-raising-year-to-date-total-nearly-5-over-2023/#respond Wed, 12 Jun 2024 14:56:17 +0000 https://www.mhwmag.com/?p=104484 Shipments of cutting tools, measured by the Cutting Tool Market Report compiled in a collaboration between AMT – The Association For Manufacturing Technology and the U.S. Cutting Tool Institute (USCTI), reached $214.7 million in April 2024. Orders increased by 1.1% over March 2024 and grew by 13% over April 2023. Year-to-date shipments totaled $846.1 million, nearly 5% above shipments made in the first four months of 2023. “While April 2024 shipping numbers do show an increase from those of 2023, caution continues due to many uncertainties ahead for the remainder of 2024,” said Steve Boyer, president of USCTI. “Uneven growth and turbulence have continued to impact cutting tool orders through the first quarter of 2024, and there have been some downgrades in expected needs from the aerospace sector, leading to stagnation in new orders.” Costikyan Jarvis, president of Jarvis Cutting Tools, expanded on Boyer’s analysis, saying, “The industrial sector of the economy continues to move sideways. While the value of cutting tool shipments is up about 5% over last year, the flatter growth rate in units shows that inflationary pressures are still present.” Looking forward, Jarvis said: “There are two big ‘ifs’ that could result in improved demand during the second half of the year. The first is that the overall production remains consistent. The second is if Boeing can start ramping up production of the 737 to the FAA limit of 38 per month. If those two things can happen, the cutting tool industry might be positioned for growth in both revenue and volumes.” The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production, and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in manufacturing – the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels. Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology. The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time. AMT – The Association For Manufacturing Technology represents and promotes U.S.-based manufacturing technology and its members – those who design, build, sell, and service the continuously evolving technology that lies at the heart of manufacturing. Founded in 1902 and based in Virginia, the association specializes in providing targeted business assistance, extensive global support, and business intelligence systems and analysis. AMT is the voice that communicates the importance of policies and programs that encourage research and innovation, and the development of educational initiatives to create tomorrow’s Smartforce. AMT owns and manages IMTS – The International Manufacturing Technology Show, which is the premier manufacturing technology event in North America. The United States Cutting Tool Institute (USCTI) was formed in 1988 and resulted from a merger of the two national associations representing the cutting tool manufacturing industry. USCTI works to represent, promote, and expand the U.S. cutting tool industry and to promote the benefits of buying American-made cutting tools manufactured by its members. The Institute recently expanded its by-laws to include any North American manufacturer and/or remanufacturer of cutting tools, as well as post-fabrication tool surface treatment providers. Members, which number over 80, belong to seven product divisions: Carbide Tooling, Drill & Reamer, Milling Cutter, PCD & PCBN, Tap & Die, Tool Holder and All Other Tooling. A wide range of activities includes a comprehensive statistics program, human resources surveys and forums, development of product specifications and standards, and semi-annual meetings to share ideas and receive information on key industry trends.

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]]> https://staging.mhwmag.com/nuts-bolts/us-cutting-tool-orders-totaled-214-7-million-in-april-2024-raising-year-to-date-total-nearly-5-over-2023/feed/ 0 April 2024 Manufacturing Technology Orders slow decline and remain above historical average https://staging.mhwmag.com/nuts-bolts/april-2024-manufacturing-technology-orders-slow-decline-and-remain-above-historical-average/ https://staging.mhwmag.com/nuts-bolts/april-2024-manufacturing-technology-orders-slow-decline-and-remain-above-historical-average/#respond Mon, 10 Jun 2024 16:29:52 +0000 https://www.mhwmag.com/?p=104429 Orders of manufacturing technology, measured by the U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology, reached $317.9 million in April 2024. This is a 25.6% decrease from March 2024 but only 5.4% behind orders in April 2023. Orders in 2024 totaled $1.43 billion through April, 16.2% behind orders placed in the first four months of 2023. Machinery orders have been steadily declining since hitting a peak in the fourth quarter of 2021, according to the USMTO data. Although 2024 has had the weakest start to the year since 2020, orders through April are nearly 5% above the average order volume through the first four months of a year since USMTO began tracking orders in 1998. Contract machine shops, the largest customer of manufacturing technology, decreased orders significantly in April compared to March 2024 – but by less than the overall market. Still, contract machine shops experienced the slowest start to the year since the first few months of 2020, when COVID shutdowns caused orders to crater. After two strong years of orders, the automotive industry has begun to pare back investment in manufacturing technology. Consumer demand for electric vehicles has not met expectations despite significant investment from major automakers. Additionally, demand for internal combustion engines has lagged behind expectations as inflation persists and heightened interest rates give pause to consumers looking to purchase and finance a new vehicle. The aerospace industry has continued its elevated level of investment into 2024. Order activity from this sector is particularly strong in the Southeast region, leading it to the strongest growth of any region. Driven by a pool of talented workers, aerospace companies have been opening and expanding manufacturing operations in the Southeast over the last several years, particularly in North Carolina. In the longer-term trend, the decline in orders appears to be stabilizing. At AMT’s Spring Economic Webinar, Oxford Economics revised their forecast to predict 2024 will end flat or slightly down compared to 2023, anticipating a pickup in order activity through the remainder of the year. Through April, new orders of durable goods were nearly flat compared to the beginning of 2023, and industrial production fell 7.6% from its post-COVID peak. Oxford Economics further predicted that industrial production had reached its lowest point of the current business cycle in most advanced economies. On average, orders in the second half of a year exceed the first by nearly 10%. Should industrial production and new orders pick up through the remainder of 2024, manufacturers will begin to need additional capacity right around the time the doors to IMTS 2024 open in Chicago.  

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]]> https://staging.mhwmag.com/nuts-bolts/april-2024-manufacturing-technology-orders-slow-decline-and-remain-above-historical-average/feed/ 0 Wauseon Machine to showcase precision machining and fabrication capabilities at Design 2Part Shows (D2P) https://staging.mhwmag.com/products/wauseon-machine-to-showcase-precision-machining-and-fabrication-capabilities-at-design-2part-shows-d2p/ https://staging.mhwmag.com/products/wauseon-machine-to-showcase-precision-machining-and-fabrication-capabilities-at-design-2part-shows-d2p/#respond Thu, 06 Jun 2024 00:50:12 +0000 https://www.mhwmag.com/?p=104329 Visit Booth #215 to connect with a Wauseon expert and find your next manufacturing solution Wauseon Machine, Inc. (WM) announced its participation in the upcoming Design 2Part Shows (D2P) in Novi, MI from June 19 – 20. D2P is renowned for providing immediate business opportunities. Moreover, as the only trade show in the region exclusively featuring exhibitors specializing in design and contract manufacturing services, D2P offers a unique platform for networking and collaboration. At the event, Wauseon Machine will highlight its robust precision machining and fabrication capabilities. With over 100 CNC machines and a network of preferred partners specializing in metal fabrication, Wauseon Machine delivers unparalleled value to its customers. Services include laser and die cutting, bending, forming, welding, coating, and assembly, catering to both low and high-volume production needs. Located in the central business hub of Irving, the Irving Convention Center offers easy access and is equipped with state-of-the-art facilities, ensuring a conducive environment for fruitful networking among industry experts. “We are thrilled to participate in the D2P conference and showcase our cutting-edge capabilities in precision machining and fabrication,” says William Johnson, VP of Operations at Wauseon Machine. “Our team looks forward to connecting with other attendees and demonstrating how our expertise can drive success for their future projects.”

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]]> https://staging.mhwmag.com/products/wauseon-machine-to-showcase-precision-machining-and-fabrication-capabilities-at-design-2part-shows-d2p/feed/ 0 New Age Industrial announces retirement of Bob Brackle https://staging.mhwmag.com/shifting-gears/new-age-industrial-announces-retirement-of-bob-brackle/ https://staging.mhwmag.com/shifting-gears/new-age-industrial-announces-retirement-of-bob-brackle/#respond Fri, 24 May 2024 13:25:17 +0000 https://www.mhwmag.com/?p=104176 New Age Industrial, a designer and manufacturer of aluminum storage and transport, has announced the retirement of Bob Brackle, National Sales Manager for the Material Handling Division, effective May 25, 2024. Bob has dedicated 15 years and 5 months of service to New Age Industrial, playing a pivotal role in the growth and success of the Material Handling Division. His passion, dedication, and industry expertise have been instrumental in forging strong customer relationships and exceeding sales targets for the company’s innovative aluminum material handling equipment. Under Bob’s leadership, the Material Handling Division significantly increased sales. During this time, we successfully introduced and promoted New Age Industrial’s innovative line of aluminum equipment, revolutionizing how to boost efficiency, optimize workflow, and streamline operations in warehouses, distribution centers, and other material handling facilities. “Bob Brackle is one of a kind,” said Tom Sharp, Vice President at New Age Industrial. “His larger-than-life presence and unwavering dedication to building relationships have made him a legend at trade shows. We’ll miss his ability to captivate a room and generate excitement for New Age Industrial.” He continued, “We are incredibly grateful for his contributions and the lasting impact he has made on New Age Industrial and the entire industry. We wish Bob all the best in his well-deserved retirement.”

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]]> https://staging.mhwmag.com/shifting-gears/new-age-industrial-announces-retirement-of-bob-brackle/feed/ 0 US Cutting Tool Orders totaled $212.4 Million in March 2024, bringing the Year-to-Date total up 2% from 2023 https://staging.mhwmag.com/nuts-bolts/us-cutting-tool-orders-totaled-212-4-million-in-march-2024-bringing-the-year-to-date-total-up-2-from-2023/ https://staging.mhwmag.com/nuts-bolts/us-cutting-tool-orders-totaled-212-4-million-in-march-2024-bringing-the-year-to-date-total-up-2-from-2023/#respond Mon, 20 May 2024 14:27:49 +0000 https://www.mhwmag.com/?p=104018 March 2024 U.S. cutting tool consumption totaled $212.4 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. As reported by companies participating in the Cutting Tool Market Report collaboration, this total was down 1.1% from February’s $214.6 million and down 5.8% compared with the $225.6 million reported for March 2023. With a year-to-date total of $631.5 million, 2024 is up 2% compared to the same period in 2023. “Despite the troubles at Boeing, cutting tool shipments to aerospace and defense-related manufacturing remain quite strong,” declared Jack Burley, chairman of AMT’s Cutting Tool Product Group. “First quarter data indicates that consumption of cutting tools and tooling remains on pace with current industrial production at a modest level. This may be an indicator of somewhat sluggish activity. “New projects are available in most industries, but many customers are reluctant to move forward, possibly because they are worried about inflation and election results. Despite the downward trend in new machine tool orders, I find it very interesting that cutting tools and related accessories to keep shops running are still performing reasonably well.” Steve Stokey, executive vice president and owner of Allied Machine and Engineering, agreed that inflation remained an industry concern. “The first quarter of 2024 is up slightly over the first quarter of 2023, but the long-run trend has turned negative for the first time since March 2021, when the industry began to recover from the COVID-19 downturn,” Stokey said. “Stubbornly high inflation appears to be a drag on the industry as the number of units shipped has shown a more sluggish trend than the value of shipments. If these patterns continue, the remainder of the year could end flat or slightly down from 2023.” The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production, and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process – the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels. Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology. The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time.

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]]> https://staging.mhwmag.com/nuts-bolts/us-cutting-tool-orders-totaled-212-4-million-in-march-2024-bringing-the-year-to-date-total-up-2-from-2023/feed/ 0 Wauseon Machine Joe Gemma awarded Joseph Engelberger Robotics Award https://staging.mhwmag.com/shifting-gears/wauseon-machine-joe-gemma-awarded-joseph-engelberger-robotics-award/ https://staging.mhwmag.com/shifting-gears/wauseon-machine-joe-gemma-awarded-joseph-engelberger-robotics-award/#respond Wed, 08 May 2024 13:50:27 +0000 https://www.mhwmag.com/?p=103708 Recognizing Exceptional Leadership in the Automation Industry Wauseon Machine  announced that Chief Revenue Officer (CRO), Joe Gemma, was awarded the prestigious Joseph F. Engelberger Robotics Award for 2024, recognizing his exceptional leadership and contributions to the automation industry. The Association for Advancing Automation (A3) recognized Joe Gemma alongside two other industry pioneers for their significant impact within the field. This award, named after the late Joseph F. Engelberger, who is widely regarded as the father of industrial robotics, celebrates excellence in technology development, application, education, and leadership in robotics. Established in 1977, the award has been presented to 139 leaders globally and is often referred to as the “Hall of Fame” for the robotics and automation sector. The award will be presented at the Automate conference in Chicago on May 8, 2024. Joe Gemma’s recognition in leadership underscores his profound impact on the automation sector throughout his distinguished career. His tenure includes pivotal roles as a board member of the Robotics Industries Association (RIA), currently known as A3, and as the president of the International Federation of Robotics (IFR). Jeff Burnstein, president of A3, commended this year’s Engelberger Robotics Awards honorees, stating, “Joe Gemma’s valuable leadership and contributions over the last 35+ years have been instrumental as we bring greater innovations to users worldwide.” At Wauseon Machine, Joe Gemma has been a pivotal figure since joining in 2022, bringing with him a wealth of experience from his time working for both system integrators and robotics OEMs. His responsibilities as CRO focus on leading the front end of the business, building on his extensive background in engineering, project management, business development, and sales management. Upon receiving the award, Joe Gemma expressed his gratitude, saying, “This recognition goes out to all the people I have worked with through the years. It is an honor to accept this award on their behalf. I am thankful to have been given the opportunity to share the passion that many of us have for what automation means and what it does for manufacturing, for people, and for the world in general.” Wauseon Machine is proud to have Joe Gemma on our team. His expertise continues to drive our mission of providing leading automation solutions, precision machining, fabrication, and tube forming technologies to manufacturing organizations across North America.  

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]]> https://staging.mhwmag.com/shifting-gears/wauseon-machine-joe-gemma-awarded-joseph-engelberger-robotics-award/feed/ 0 Nucor reports results for the First Quarter of 2024 https://staging.mhwmag.com/nuts-bolts/nucor-reports-results-for-the-first-quarter-of-2024/ https://staging.mhwmag.com/nuts-bolts/nucor-reports-results-for-the-first-quarter-of-2024/#respond Tue, 23 Apr 2024 02:27:02 +0000 https://www.mhwmag.com/?p=103311 Net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share Net sales of $8.14 billion Net earnings before noncontrolling interests of $959.0 million; EBITDA of $1.50 billion Nucor Corporation has announced consolidated net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share, for the first quarter of 2024. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $785.4 million, or $3.16 per diluted share, for the fourth quarter of 2023 and $1.14 billion, or $4.45 per diluted share, for the first quarter of 2023. “Nucor’s performance continues to be strong even as steel market conditions have come off their post-pandemic record highs,” said Leon Topalian, Nucor’s Chair, President, and Chief Executive Officer. “We also took several bold steps to advance our growth, sustainability, and commercial strategies during the first quarter.  We broadened our capabilities in the rapidly growing data center market, announced new partnerships to supply our customers with low-carbon steel and accelerate the development of cleaner forms of energy, and introduced the Nucor Consumer Spot Price for our hot-rolled coil products to provide our customers with more timely and transparent information.” Selected Segment Data Earnings (loss) before income taxes and noncontrolling interests by segment for the first quarter of 2024 and 2023 were as follows (in thousands): Three Months (13 Weeks) Ended March 30, 2024 April 1, 2023 Steel mills $ 1,102,251 $ 838,388 Steel products 511,559 970,802 Raw materials 9,581 58,140 Corporate/eliminations (398,050) (270,546) $ 1,225,341 $ 1,596,784 Financial Review Nucor’s consolidated net sales were $8.14 billion in the first quarter of 2024, a 6% increase compared to $7.70 billion in the fourth quarter of 2023 and a 7% decrease compared to $8.71 billion in the first quarter of 2023. Average sales price per ton in the first quarter of 2024 increased 1% compared to the fourth quarter of 2023 and decreased 3% compared to the first quarter of 2023. A total of 6,224,000 tons were shipped to outside customers in the first quarter of 2024, an increase of 5% compared to the fourth quarter of 2023 and a decrease of 3% compared to the first quarter of 2023. Total steel mill shipments in the first quarter of 2024 increased 7% compared to the fourth quarter of 2023 and decreased 2% compared to the first quarter of 2023. Steel mill shipments to internal customers represented 21% of total steel mill shipments in the first quarter of 2024, compared to 20% in the fourth quarter of 2023 and the first quarter of 2023. Downstream steel product shipments to outside customers in the first quarter of 2024 decreased 5% from the fourth quarter of 2023 and decreased 15% from the first quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the first quarter of 2024 was $421, a 6% increase compared to $397 in the fourth quarter of 2023 and a 2% increase compared to $414 in the first quarter of 2023. Pre-operating and start-up costs related to the Company’s growth projects were approximately $125 million, or $0.39 per diluted share, in the first quarter of 2024, compared with approximately $127 million, or $0.39 per diluted share, in the fourth quarter of 2023 and approximately $82 million, or $0.24 per diluted share, in the first quarter of 2023. Overall operating rates at the Company’s steel mills increased to 82% in the first quarter of 2024 compared to 74% in the fourth quarter of 2023 and 79% in the first quarter of 2023. Financial Strength At the end of the first quarter of 2024, we had $5.54 billion in cash and cash equivalents, short-term investments and restricted cash and cash equivalents on hand. The Company’s $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026.  Nucor continues to have the strongest credit rating in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor’s, Fitch Ratings and Moody’s. Commitment to Returning Capital to Stockholders During the first quarter of 2024, Nucor repurchased approximately 5.5 million shares of its common stock at an average price of $180.79 per share. As of March 30, 2024, Nucor had approximately $2.32 billion remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date. On February 20, 2024, Nucor’s Board of Directors declared a cash dividend of $0.54 per share. This cash dividend is payable on May 10, 2024 to stockholders of record as of March 28, 2024 and is Nucor’s 204th consecutive quarterly cash dividend. First Quarter of 2024 Analysis Steel mills segment earnings in the first quarter of 2024 increased from the fourth quarter of 2023, primarily due to higher average selling prices and increased volumes, particularly at our sheet mills. Earnings in the steel products segment decreased in the first quarter of 2024 as compared to the fourth quarter of 2023 due to lower average selling prices and decreased volumes. Earnings in the raw materials segment increased in the first quarter of 2024 as compared to the fourth quarter of 2023. Second Quarter of 2024 Outlook We expect earnings in the second quarter of 2024 to decrease compared to the first quarter of 2024. The largest driver for the expected decrease in earnings in the second quarter of 2024 is the decreased earnings of the steel mills segment, primarily due to lower average selling prices partially offset by modestly increased volumes. The steel products segment is expected to have moderately decreased earnings in the second quarter of 2024 as compared to the first quarter of 2024 due to lower average selling prices, partially offset by increased volumes. Earnings in the raw materials segment are expected to be higher in the second quarter of 2024 as compared to the first quarter of 2024 due to the increased profitability of our direct reduced iron facilities and scrap processing operations.

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