Visualizing Raw Steel Production in 2023

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June 7, 2024 Article/Editing: Graphics/Design:

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Visualizing Raw Steel Production in 2023

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Steel is essential for the economy due to its crucial role in infrastructure, construction, manufacturing, and transportation sectors.

This graphic breaks down the estimated global production of raw steel in 2023. The data was sourced from the U.S. Geological Survey as of January 2024.

China Produces More Than Half the World’s Steel

One major issue facing the steel industry is overcapacity in top producer China.

Steel production in China has surpassed demand in recent years, leading to downward pressure on the profit margins of steel mills worldwide.

Historically, China’s troubled real estate sector has accounted for over one-third of the country’s steel consumption. To address this issue, the Chinese government has mandated steel production cuts since 2021.

Far behind China, India is the second-biggest producer of steel, followed by Japan.

CountryRegion2023 Production (million tonnes) 🇨🇳 ChinaAsia1,000 🇮🇳 IndiaAsia140 🇯🇵 JapanAsia87 🇺🇸 U.S.North America80 🇷🇺 RussiaEurope75 🇰🇷 S. KoreaAsia68 🌍 Rest of World420 Total1,870 Infinite Recyclability

Steel is an alloy primarily composed of iron ore containing less than 2% carbon, 1% manganese, and other trace elements. It is 1,000 times stronger than iron and can be recycled over and over without sacrificing quality.

Steel is widely used in various industries. It is a fundamental material in construction, providing support through beams, internal structures, and roofing.

Moreover, steel’s corrosion-resistant properties make it ideal for water infrastructure. Stainless steel pipes are the preferred choice for underground water systems, ensuring longevity and purity in water transportation.

Additionally, most canned foods are stored in steel containers for preservation, as steel does not rust.

Lead fund manager in Allianz fraud case pleads guilty

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Synapse bankruptcy trustee says $85 million of customer savings is missing in fintech meltdown

There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy. Customers of fintech firms that used Synapse to link up with banks had $265 million in balances, while the banks themselves only had $180 million associated with those accounts, trustee Jelena McWilliams said in a report filed late Thursday. What’s worse, it’s still unclear what happened to the missing funds, she said. Jelena McWilliams, chair of the Federal Deposit Insurance Corporation (FDIC), during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Aug. 3, 2021. Al Drago | Bloomberg | Getty Images

There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.

Customers of fintech firms that used Synapse to link up with banks had $265 million in balances, while the banks themselves only had $180 million associated with those accounts, trustee Jelena McWilliams said in a report filed late Thursday.

The missing funds explain what is at the heart of the worst meltdown in the U.S. fintech sector since its emergence in the years after the 2008 financial crisis. More than 100,000 customers of a diverse set of fintech companies have been locked out of their savings accounts for nearly a month after the failure of Synapse, an Andreessen Horowitz-backed startup, amid disagreements over user balances.

While Synapse and its partners, including Evolve Bank & Trust, have lobbed accusations of improperly moving balances or keeping incorrect ledgers at each other in court filings, McWilliams’ report is the first outside attempt to determine the scope of missing funds in this mess.

Much unknown

Since being named trustee on May 24, McWilliams has worked with four banks — Evolve, American Bank, AMG National Trust and Lineage Bank — in an attempt to reconciliate their various ledgers so customers could regain access to their funds.

But the banks need much more information to complete the project, including understanding how a Synapse brokerage and lending business may have impacted fund flows, said McWilliams. Synapse apparently comingled funds among several institutions, using multiple banks to serve the same companies, she said.

What’s worse,

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Global farmed fish production overtakes wild catch for first time

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Market backs off on hopes for interest rate cuts following strong jobs report

Beyond signaling a still-vibrant labor market, Friday’s jobs report at the very least adds to the narrative that the Fed doesn’t have to be in a rush to lower interest rates. Following the jobs numbers, futures traders cut bets on rate cuts. Pricing in fed funds futures pointed to almost no chance of a reduction at either the FOMC’s meeting next week or on July 30-31. Traders work on the floor of the New York Stock Exchange during afternoon trading on June 03, 2024 in New York City.  Michael M. Santiago | Getty Images

May’s surprising pace of job growth along with a rise in wages added to conviction that the Federal Reserve will stay on hold through this summer and possibly beyond.

The Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 272,000 for the month, considerably higher than the Wall Street consensus of 190,000 and well above April’s comparatively muted gain of 165,000. In addition, average hourly earnings rose 4.1% over the past 12 months, more than expected.

Beyond signaling a still-vibrant labor market, the data at the very least add to the narrative that the Fed doesn’t have to be in a rush to lower interest rates. As inflation runs above the central bank’s 2% target, there’s scant evidence that higher rates are endangering broad metrics of economic growth.

“I’ve been a little flummoxed at the parlor game of when will the Fed start cutting,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “I’ve been more in the camp that neither of the components of the Fed’s dual mandate are pointing to the need to start cutting, and higher-for-longer means nothing could happen this year.”

The Fed’s “dual mandate” entails maintaining both full employment and stable prices.

Even with the unemployment rate rising to 4% in May, the labor market appears vibrant. However, on the other side of the mandate, inflation is still running well above the Fed’s target. Most gauges have prices rising annually at about a 3% rate, down significantly from the peaks of mid-2022 but still running hot.

Lowering expectations

Following the jobs numbers, futures traders cut bets on rate cuts.

Pricing in fed funds futures pointed to almost no chance of a reduction at either the Federal Open Market Committee’s meeting next week

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Jobless rates rise in May for all racial groups except white Americans

The unemployment rate rose for all racial groups except for white Americans in May. The uptick in jobless rates was more pronounced for Black men than women. Black men saw their unemployment rate jump to 6.4% from 5.2%. The number of eligible adults looking for jobs fell for white and Black workers, rose for Asian Americans and held steady for Hispanic workers. A representative speaks with a jobseeker at a job fair at Brunswick Community College in Bolivia, North Carolina, on April 11, 2024. Allison Joyce | Bloomberg | Getty Images

The unemployment rate for white Americans held steady from April to May, bucking the trend for all other racial groups, according to data released Friday by the Labor Department.

White unemployment remained at 3.5% last month, making the demographic group the only one that didn’t experience a rise in jobless rates from April to May. It also went against the overall unemployment rate, which edged higher to 4% from 3.9%.

Meanwhile, the jobless rate for Black Americans rose to 6.1% from 5.6%. For Asian and Hispanic workers, respectively, it rose to 3.1% from 2.8%, and to 5% from 4.8%.

“We obviously need to watch out for what’s happening with historically marginalized groups to make sure that the recovery gets experienced,” said Elise Gould, senior economist at the Economic Policy Institute.

But Gould isn’t particularly worried about the uptick in jobless rates for certain demographics just yet. “We’re not seeing any real divergence from trends there,” she added.

Gould noted that the trend was slightly stronger for Black men, who saw their unemployment rate jump to 6.4% from 5.2%, versus an increase to 5.2% from 5% for their female counterparts. The economist attributed this increase to labor force volatility and pointed out that the number has pretty much risen back to its previous levels from earlier this year.

Among white workers, the labor force participation rate crept lower, to 62.2% from 62.3%.

The overall labor force participation rate also fell to 62.5% from 62.7% and decreased to 62.9% from 63.2% for Black Americans. However, the metric rose to 65.3% from 64.7% for Asian Americans, while it held steady at 67.3% for Hispanic workers.

— CNBC’s Gabriel Cortes contributed to this report.

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Room Remains for Voluntary Reporting, says CDP

New platform consolidates existing questionnaires to streamline companies’ reporting efforts. 

Although governments around the world are increasingly mandating sustainability reporting requirements, there is still a place for voluntary disclosure frameworks, according to Sue Armstrong Brown, Director of Thought Leadership and Impact at global non-profit disclosure platform CDP.  “CDP prepared the market for the advent of mandatory disclosure,” she told ESG…

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Apollo’s co-president said it is one of the few private equity firms OK with higher rates

Back in December 2023, when the market was pricing in six or so rate cuts, Apollo Asset Management’s co-president Scott Kleinman had a more contrarian view: He said he’d be betting against any rate cuts in 2024. 

That call so far has paid off. But higher-for-longer rates haven’t necessarily been a tailwind for the private-equity industry as they keep financing costs higher.

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However, Apollo’s Kleinman said he’s “very comfortable” with rates where they are now. 

“We’re probably the only private-equity firm that has been hoping for higher rates for many, many years,’ Kleinman said in an interview for the Delivering Alpha Newsletter from the SuperReturn Conference in Berlin. “As a value-oriented investor, higher rates force more value discipline on corporate valuations, which just means more interesting companies to buy and more-reasonable valuations.” 

As for Kleinman’s current view on rates? He said, “It is possible that one cut gets thrown in there, maybe, for political reasons, perhaps, but certainly, the data we’re looking at, wouldn’t call for a rate cut.” 

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