Cup o Joe - A Metals Podcast

In this special Cup o’ Joe detour, Jim Reed, Brian Crane, Nick Webb and Mike Carrozzo trade metal market insights for tasting notes and share what’s currently in their glasses—or on their bourbon wish lists.From Eagle Rare and Weller 107 to Angel’s Envy, Old Elk, Bardstown and a few lesser-known finds, the group swaps recommendations, talks favorites and proves that sometimes the best part of a market discussion has absolutely nothing to do with the market.Consider it your Cup o’ Joe bourbon break.

In this macro-economic update, Nick Webb looks beyond individual metal prices to examine the economic signals shaping the market. From manufacturing activity and business investment to the massive buildout in data centers and AI infrastructure, he breaks down where demand is coming from—and why the outlook may be stronger than some of the headlines suggest.It’s a big-picture look at the forces influencing manufacturing, metal demand and the market heading into 2027.Need metal? Shop more than 200,000 items at ryerson.com

Nick breaks down the latest moves across the major metals markets, including copper near record highs, continued volatility around aluminum tariffs and Midwest Premiums, a relatively stable nickel market and another move higher in carbon steel pricing.The team also looks at why steel futures have repeatedly underestimated the strength of the current rally and how supply constraints are influencing imports.It’s a fast-moving look at the pricing trends and market forces metal buyers should be watching.Need metal? Shop over 200,000 items on ryerson.com.

In this episode Mike and Nick are joined by Ryerson metal pros Jim Reed and Brian Crane. The grpup looks ahead to 2027 contract season and break down what buyers are facing across stainless, aluminum, carbon steel and plate.From increasingly tight heat-treated aluminum and carbon plate markets to reduced imports, lean inventories and strong demand from aerospace, defense, semiconductor, space and data centers, competition for available metal is growing.The team also discusses what buyers can do now to prepare—including communicating expected volumes, grades, sizes, project timing, processing needs and other requirements earlier.Whether you buy under a contract or transactionally, the message is the same: the more your supplier knows about what you’ll need and when you’ll need it, the better positioned they’ll be to help secure your metal.Looking for metal? Shop more than 200,000 SKUs at ryerson.com

In this episode of Cup O’ Joe, Mike and Nick look at what the rapid buildout of AI infrastructure and data centers means for the metals supply chain. These projects can require huge quantities of steel, aluminum, stainless and copper—and that demand can emerge quickly, creating challenges for availability and sourcing.The conversation explores how hyperscale data center investment is becoming a meaningful new source of metals demand, why the size and speed of these projects can catch the supply chain off guard, and what happens when that demand collides with markets that are already tight.In this episode:• Just how much metal goes into building data centers• Why AI infrastructure is creating new demand for steel, aluminum, stainless and copper• How massive projects can seemingly appear overnight and disrupt availability• Why the metals supply chain may struggle to respond quickly to new AI-driven demand• What the continued data center buildout could mean for metals buyersThe bottom line: The infrastructure behind AI is physical—and building it requires a lot of metal. As investment accelerates, data centers are becoming a demand force the metals industry can’t ignore.

Where was your aluminum made? It sounds like a simple question—but the answer depends on what you mean by “made.”In this episode of Cup O’ Joe, Angie Gomez joins Mike and Nick to break down the important differences between where aluminum is smelted, melted and manufactured—and why those distinctions are becoming increasingly important for metals buyers.The conversation follows aluminum from raw material to finished product and explains why a product manufactured domestically may still contain aluminum that was originally smelted somewhere else. With tariffs, trade policy and sourcing requirements putting greater scrutiny on metal origin, knowing where material comes from—and being able to trace it through the supply chain—matters more than ever.Angie also discusses the challenges created by limited domestic primary aluminum production and why buyers serving government, defense and other origin-sensitive applications need to pay particularly close attention to documentation and traceability.The bottom line: “Made in the USA” doesn’t necessarily tell you where the metal began its journey. Understanding the difference between melt, smelt and manufacture can be critical when sourcing aluminum in today’s market.

Scrap prices have historically been one of the key signals for where steel prices are headed. But right now, that relationship isn’t behaving the way many buyers would expect.In this episode of Cup O’ Joe, Mike and Nick dig into the new math behind steel pricing. While scrap has remained relatively stable, finished steel prices continue to move higher as tariffs, tight domestic supply and limited mill availability exert more influence on the market.The conversation explores why the traditional correlation between scrap and steel has weakened, how tariffs may be creating a new floor under domestic pricing, and why some mills are limiting—or even declining to quote—new spot business.Mike and Nick also look at the contrast between carbon steel and stainless, where market conditions remain comparatively balanced.The big question: If scrap is no longer driving the market the way it once did, what should steel buyers be watching instead?

Manufacturing indicators are showing signs of strength—but is AI making the picture look better than it really is?In this episode Mike and Nick look beneath the headline manufacturing numbers and examine the outsized role AI and data center investment is playing in the economy.With billions pouring into AI infrastructure and hyperscale data centers, capital spending is booming in one corner of the market. Outside of AI, however, the picture is considerably softer. So how much of today’s manufacturing momentum is being driven by a concentrated wave of AI investment—and what happens if that spending slows?Mike and Nick discuss the disconnect between AI-related and non-AI capital spending, what current manufacturing indicators are really telling us, and why the unprecedented data center buildout could be obscuring weakness elsewhere in the industrial economy.

Could the future of USMCA keep steel and aluminum tariffs in place? In this excerpt from Cup o' Joe, Nick Webb discusses the latest trade developments, what they could mean for metal pricing, and why buyers should pay attention to what's happening next.

Copper, nickel, stainless steel, and audience questions wrap up this month's Cup O' Joe. Nick and Mike discuss what's happening across several key commodity markets, answer viewer questions, and share what they're watching as the metals market heads into the second half of 2026.From copper demand and nickel pricing to stainless trends and the broader manufacturing outlook, this episode covers the topics every industrial buyer should keep an eye on.Topics covered: Copper  Nickel  Stainless steel  Manufacturing  Metals outlook  Audience Q&A

Tariffs are back in the spotlight—and they're once again reshaping the metals market.In this episode, Nick and Mike discuss the latest tariff announcements, how they could impact steel and aluminum pricing, and what manufacturers should be watching as trade policy continues to evolve.Whether you source domestically or internationally, this conversation provides valuable context for navigating today's rapidly changing marketplace.Topics covered: Steel tariffs  Aluminum tariffs  Trade policy  Imports  Manufacturing  Market outlook

Manufacturing activity continues to expand, yet several metal prices have started moving lower. So what's really happening?Nick and Mike explore the latest PMI data, freight trends, inflation, global supply chains, and why today's metals market isn't following the traditional playbook. If you've been wondering whether manufacturing is slowing—or simply becoming more balanced—this conversation breaks it all down.Topics covered: Manufacturing PMI  Industrial economy  Inflation  Freight  Supply chains  Steel & aluminum demand

After months of record-breaking prices, aluminum has suddenly reversed course. In this episode of Cup O' Joe, Nick explains what's driving the largest monthly decline in aluminum prices since the 2008 financial crisis—and whether buyers should expect the trend to continue.Nick and Mike discuss the factors behind the correction, how tariffs and imports are influencing the market, and what manufacturers should be watching as the second half of the year unfolds.Topics covered: Aluminum prices  Midwest Premium  Tariffs  Supply & demand  Manufacturing outlook  Metals market trends

In celebration of America's 250th birthday, Mike and Nick put a fun twist on one of the country's most iconic traditions: creating their own Mount Rushmores of American metal landmarks.From engineering marvels like the Gateway Arch, Golden Gate Bridge, and Empire State Building to unexpected choices such as Cloud Gate ("The Bean"), the Brooklyn Bridge, the original Chicago Ferris Wheel, the Space Needle, and even the Hoover Dam, they each make the case for the four landmarks they believe best represent the impact of steel and metal on America's history.Along the way, they share fascinating facts about the engineering, materials, and construction behind each landmark, compare the enormous amount of metal used in these structures to today's AI data centers, and invite viewers to debate their own picks in search of the ultimate Mount Rushmore of American Metal.It's part history lesson, part friendly debate, and a celebration of the metal that helped build America.

Nick fields listener questions on the state of the market, employment data, lead times, and more. 

Aluminum prices remain elevated, copper demand continues to grow, and commodity markets are sending important signals about the future of manufacturing. Mike and Nick discuss key takeaways from the Harbor Aluminum Conference and what why current mill utilization rates feel different lately.

What could derail an otherwise resilient economy? In this episode, Mike and Nick shift from optimism to risk assessment, examining geopolitical tensions, energy markets, inflation concerns, and the potential supply shocks that could impact global growth in the months ahead.

Manufacturing continues to outperform expectations despite ongoing concerns about inflation, interest rates, and economic uncertainty. Mike and Nick break down the latest PMI data, discuss what's driving demand, and explore why many forecasts continue to underestimate the resilience of the industrial economy.

The Cup o Joe crew tells us why sulfur has suddently catapaulted to the top of the commodities discussion these days, and why copper and nickel prices remain elevated. 

Hot rolled coil is back above $1,000 per ton, and the steel market is heating up fast. Mike and Nick are joined by Mark Gross for a deep dive into mill pricing, inventories, imports, lead times, and the demand sectors pushing steel higher in 2026.

The AI boom isn’t just a tech story anymore — it’s becoming a metals story. In this episode, the team explores how data center expansion is driving demand for steel, copper, aluminum, and electrical infrastructure, and why industrial supply chains are paying close attention.

Global manufacturing activity is showing signs of life again — and the metals market is responding. Mike and Nick break down the latest PMI data, improving industrial sentiment, and why demand across key sectors may be stronger than many expected heading into the second half of the year.

Steel prices are climbing, freight is tightening, and tariffs remain a wildcard. We cover the latest across steel, stainless, logistics, and policy—plus practical insights for navigating today’s market.

Aluminum markets are under pressure. Supply disruptions, smelter outages, and import slowdowns are driving prices higher and tightening availability. We dig into what’s happening—and what buyers should be doing right now. 

Global markets are improving—but a major disruption is building. We break down rising inflation, Fed uncertainty, and the growing energy crisis tied to Middle East conflict and the Strait of Hormuz. What it means for supply chains, commodities, and recession risk. 

In this episode of Cup of Joe, Mike and Nick are joined by John Shipman, Ryerson’s Product Manager for Stainless Long Products, to discuss what’s happening in the stainless long market. John shares insights on current lead times, pricing trends driven by nickel, and the growing demand coming from data centers, aerospace, and energy. The conversation also covers how supply chains, imports, and specialized processing capabilities are shaping the stainless market today. 

Metals markets are moving fast—and several key commodities are hitting critical levels.In this commodities update, Nick Webb breaks down what’s driving the latest movements across steel, aluminum, copper, and nickel markets. Steel prices have climbed back above $1,000 per ton, aluminum premiums are reaching record highs, and tungsten carbide prices have surged due to supply restrictions from China.

Manufacturing activity is finally showing signs of life—but the global economy isn’t out of the woods yet. In this macro update from Cup of Joe, Nick Webb walks through the latest data showing improving manufacturing momentum while highlighting the risks still facing global supply chains. From geopolitical tensions in the Middle East to shifting tariff policies and inflation pressures, several factors could influence industrial demand in 2026.

In the final episode of our three-part Cup o’ Joe special, we focus on steel and stainless. We discuss current market dynamics, policy influences, and longer-term implications for producers, buyers, and the broader metals landscape. 

Part 2 of our three-part Cup o’ Joe special focuses on aluminum. We explore current supply and demand dynamics, cost pressures, and regional differences—and what they signal about where the aluminum market may be headed.

In Part 1 of a three-part Cup o’ Joe special, we break down the macroeconomic forces influencing today’s metals market—from demand signals to broader economic uncertainty—and explain why this moment feels different. 

In this episode, Nick shares his metal market predictions for 2026, focusing on the central tension facing the industry: whether demand weakens materially or pricing finally breaks under pressure.The discussion moves beyond surface-level data to examine buyer psychology, purchasing patterns, inventory behavior, and the economic forces influencing the metal market. Rather than calling for a collapse or a surge, the episode outlines realistic scenarios and the triggers that could shift the balance.

In this holiday episode the guys grade Nick’s five metals-market predictions for 2025. They unpack what drove a split year around “Liberation Day” tariffs, why volatility dominated copper and energy, how inflation stayed sticky, what nickel’s cost curve is signaling, and why Chinese steel exports surprised to the upside even as U.S. imports fell. The show wraps with a grounded 2026 outlook for PMI, steel demand, aluminum restarts, and the risks that matter most heading into the new year. 

In this month’s Cup o Joe, hosts Mike Carrozzo and Nick Webb break down the economic crosswinds heading into year-end — inflation that just won’t ease, a softening jobs picture, and a Fed caught between the two.Nick explains why tech’s “hyperscaling” has created wealth concentration unseen in decades, and how data centers are becoming a key driver of metals demand. Mike connects it all back to steel, aluminum, and real-world supply chain implications for manufacturers.Also on the menu: a 40% jump in turkey prices, the Algoma exit, and why the aluminum market looks more like an alligator’s mouth than ever.

This October feels like October baseball — high stakes, long innings, and every pitch matters. Mike Carrozzo and Nick Webb break down the metals at bat: copper driving prices higher, carbon tightening supply on tariffs, stainless playing steady ball, and aluminum testing the strike zone with producers eyeing exits. Grab your peanuts and scorecards — it’s time for the metals playoffs. 

It’s kickoff time for football and for metal contract season! On this month’s Cup o Joe, Ryerson’s Pat Ford, GM of Global Accounts, breaks down how manufacturers are locking in supply and pricing strategies for the year ahead. From hedging and premium management to tapping into Ryerson’s bench of experts, Pat shares how global and program accounts are navigating negotiations. Nick Webb runs through the latest on tariffs, steel, stainless, aluminum, and nickel—plus what economic signals like PMI, interest rates, and industrial production mean for the metals playbook. 

Mexico is quickly becoming a critical link in North America’s manufacturing and supply chain network. In this episode of Cup o Joe, Nick Webb and Jason Pounders talk with Oscar Rivera, VP of Ryerson Mexico, about the trends driving nearshoring, the latest shifts in tariff policy, and how cross-border trade is impacting steel, aluminum, and other metals. 

In this special episode of Cup o Joe, hosts Mike Carrozzo and Nick Webb gather insights from Ryerson’s product and supply chain experts to break down findings from a new survey of 13 North American steel, aluminum, and stainless mills. While mill responses point to a broadly steady demand outlook, the panel digs deeper to uncover subtle shifts by material and market. Topics include idled carbon mill capacity, aluminum lead times and Midwest Premiums, stainless surcharge drivers, and what all of it means for metal buyers planning for 2026.Guests include:Mark Gross on carbon steelAllison Jackson on aluminumJim Reed on stainless steel

In this special July edition of Cup o Joe, hosts Mike Carrozzo and Nick Webb celebrate the season by connecting the dots between metals and the holidays. From Canada Day to the Fourth of July, they explore how industrial metals shape the world around us—from fireworks displays to market trends. Tune in as they break down the latest price movements, macroeconomic forces, and a few surprising metal facts perfect for your holiday trivia arsenal. Whether you’re squeezing in one last update before the long weekend or just curious about what’s driving the metalverse, this episode has you covered. 

In this episode of Cup o Joe, Mike and Nick tackle the evolving tariff landscape and what recent trade headlines could mean for metals markets. Then, they turn the mic to the voice of the customer, exploring how end-market demand is shaping up across industries. Special guest Russell Earls, Ryerson’s vertical market manager for Aerospace, Defense, and Semiconductor, joins the show to share what he’s hearing from the field and why optimism remains high in some key sectors. From planes to processors, it’s all on deck in this wide-ranging discussion. 

In this special edition of Cup o Joe, Nick breaks down the latest twists in the U.S.–China tariff saga and what it means for the metals market. After a surprise weekend announcement slashed tariffs on Chinese imports from as high as 145% back down to 10%, metal buyers are left wondering: is this a reprieve or just the calm before another storm?He walks through the economic ripple effects—from falling volatility and rebounding metals prices to what this means for reshoring and near-term inflation. Plus, insights on how the U.K. trade deal may serve as a blueprint for what's next and what buyers should expect across aluminum, copper, nickel, and carbon steel.Whether you’re watching for price shifts or supply chain shakeups, this is the quick-hit briefing you need to stay ahead.

In this special episode of Cup o Joe, we break down the key metals markets—steel, stainless, and aluminum—and explore where prices are stabilizing and where pressure may be building beneath the surface. With tariffs, surcharges, and shifting supply chains top of mind, we turned to two Ryerson experts for on-the-ground insight.Jim Reed, Ryerson’s Director of Supply Chain, and Brian Crane, Product Manager for Hot Roll and Plate, join the show to give us a real-time look at how mills are responding and what buyers should watch for in the months ahead. From the steady $7 nickel floor to creeping aluminum premiums and softening scrap prices, we cover the key signals shaping the second half of 2025.

In this episode of Cup o Joe, Nick Webb breaks down the growing divergence between soft and hard economic data—and what it means for manufacturers watching metal prices and macro trends. From inflation expectations and tariff delays to shifting consumer confidence and the resilience of retail spending, Nick explores the push-pull dynamics playing out across the U.S. economy.We also dive deep into key metals—aluminum, stainless, carbon, copper, and nickel—to uncover what’s driving price swings and whether we’re due for stabilization or more volatility ahead. Plus, updates on global trade negotiations, what’s next for U.S. tariffs, and how all of this could shape your next procurement decision.

Jason Pounders fills in this month, joining Nick Webb for a jam-packed breakdown of a fast-moving metals market. What do surprise political shifts means for carbon and aluminum prices, and how might short lead times signal changes in buying behavior?Jeff Penz, Ryerson’s Director of International Procurement and Recyclables, joins the discussion, weighing-in on tariffs—where we’ve been, where we’re headed, and how buyers should be thinking about supply and risk in the months ahead. With service center shipments, Fed moves, and import trends also in the mix, this episode offers sharp insight at a time when clarity is hard to come by.

Tariffs are back in the headlines, but will they stick? In this episode of Cup o Joe, Nick and Mike are joined by Ryerson’s Senior VP of Supply Chain, Trent McFarland, to break down what he’s hearing from mills and how manufacturers can remap their supply chains in response.But this one takes a turn—ditch the slides, grab a coffee, and join a live Q&A session as the team fields real-time questions from the audience. From lead times to logistics, no topic is off-limits. Tune in for an unscripted, no-holds-barred conversation on navigating uncertainty in metals.

In this special edition of Cup o Joe, hosts Mike Carrozzo and Nick Webb bring together a powerhouse panel to break down the latest shakeup in the metals market—the surprise Super Bowl Sunday announcement of 25% tariffs on steel and aluminum imports. What does this mean for pricing, supply chains, and the broader manufacturing landscape?Joining the discussion are Ryerson’s supply chain experts Jeff Nodes, Mark Gross, and Jeff Penz, who share insights into the immediate and potential long-term impacts of these tariffs. The conversation dives into: 🔹 The ripple effect on aluminum pricing, including Midwest premiums and hardener elements like magnesium 🔹 The shifting import landscape and how global suppliers are reacting 🔹 The response from U.S. mills—price hikes, extended lead times, and the push for more domestic sourcing 🔹 The uncertainty around tariff codes and how buyers should prepare for potential supply chain disruptions 🔹 What this all means for stainless steel, scrap markets, and inflationary pressuresWith so many moving pieces, one thing is clear—metals buyers should stay close to their suppliers and keep a watchful eye on developments. Tune in for expert insights and practical takeaways to help navigate this evolving landscape.🎧 Listen now to stay ahead of the curve! #CupoJoe #Steel #Aluminum #Tariffs #SupplyChain

In part two of this special Cup o’ Joe episode, we’re shifting gears to break down what’s happening in the steel, aluminum, and stainless markets—and where they could be headed next.  Hosts Mike Carrozzo and Nick Webb, Director of Risk Management & Commodities Hedging, sit down with Ryerson’s metals experts to discuss:  🔹 Steel prices—Are we at the start of a rally? Where do tariffs fit into the picture?  🔹 China’s exports—Why global markets are watching closely as steel shipments hit historic levels  🔹 Aluminum premiums—What’s driving Midwest premium volatility, and could tariffs on Canadian imports shake things up?  🔹 Nickel & stainless trends—With prices at multi-year lows, is a supply correction coming?  🔹 Market predictions for 2025—Expect volatility, shifts in trade policy, and manufacturing tailwinds  Will steel mills push price increases further? How will scrap price trends impact supply chains? And is stainless poised for a rebound?  

With so much going on, we had to make this month's episode a two-part Cup o’ Joe! In this first installment, Ryerson CEO Eddie Lehner sets the stage with a look back at 2024—a tough year for manufacturing with continued demand declines and economic uncertainty. But is a turnaround on the horizon?  Nick and Mike break down the latest macroeconomic trends, including:  - The state of manufacturing—has it bottomed out?  - Signs of a 2025 rebound and the potential for an upswing  - Trade policy updates: The latest on tariffs, border security, and economic reversion  - Global market movements: China, Europe, and North America’s shifting trade relationships   -Inflation, Fed policy, and what it means for the metals supply chain  With insights from Ryerson’s supply chain directors for stainless, aluminum, and carbon steel, this deep dive unpacks the key trends shaping the year ahead.  Next up in Part Two: A deep dive into metals markets—what’s next for steel, aluminum, and stainless?  

It’s a Cup of Champions this month! Fresh off some big wins—both on the football field and in the metals markets—Nick and Mike break down the latest industry trends and what’s shaping up to be a pivotal year for manufacturing and commodities.Topics include:🏆 National Championship Recap – A little friendly banter about Ohio State’s big win and North Central College’s Division III title.📈 Manufacturing Optimism – Could the ISM data signal a rebound in orders for 2025?🔩 Steel & Aluminum Outlook – How potential trade policies and tariffs could impact supply and pricing.⚡ Nickel’s Rough Ride – Is 2025 the year this battered metal finds its footing?Plus, we preview our upcoming Cup o Joe Live on February 6, featuring Ryerson CEO Eddie Lehner and expert product managers for aluminum, carbon steel, and stainless steel.Don't miss the 90-minute episode on February 6! https://mktg.ryerson.com/cup-of-joeCheck out more: https://www.ryerson.com/metal-resources/metal-market-intelligence/podcast

In this episode of Cup o Joe, Nick and Mike take a trip down memory lane, revisiting six bold metal market predictions Nick made at the start of the year. From steel pricing trends to shifts in global demand, they dissect what came true, what missed the mark, and what surprised everyone.But it doesn’t stop there—Nick offers a glimpse into the road ahead, diving into the buzz around potential tariffs and the impact of looming interest rate cuts on the metals industry. Are these the key to stabilizing the market, or will they stir up more uncertainty? Grab your cup o joe and tune in for insights, analysis, and a healthy dose of market wisdom!Check out the Cup o Joe homepage! https://www.ryerson.com/metal-resources/metal-market-intelligence/podcastCertain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as “objectives,” “goals,” “preliminary,” “range,” "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; impacts and implications of adverse health events, including the COVID-19 pandemic; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.