Steel workers and producers are feeling the economic downturn, Sunday’s Pittsburgh Post-Gazette reports.
“Prices for commodity sheet steel have been slashed in half, but customers still aren’t biting,” writes reporter Len Boselovic.
“U.S. mills shipped 4.6 million tons of steel in January, half of what went out their doors in the same month a year ago, according to the American Iron and Steel Institute. The industry group said domestic mills are operating at 43 percent of capacity. Major producers continue slashing their earnings outlooks and see few encouraging signs on a bleak landscape.”
With falling auto sales, construction, and general consumer spending down, most of the folks in this industry aren’t hopeful the picture will improve anytime soon.