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The mill scene: end in sight to decline of '09?: a snapshot of the steel market as it wrapped up first-quarter 2009.

Publication: Metal Center News
Publication Date: 22-MAR-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Even though they all saw it coming, steelmakers were still surprised by the dramatic decline in first-quarter 2009. Coming off a 2008 in which many achieved record sales and profits, the dismal opening of a recessionary year that could set new records for industry losses seemed especially cruel.

At this time last year, the domestic steel industry was riding high on what proved to be an artificial and short-lived wave of prosperity. Though the economy and metals demand were already showing signs of weakening, steel prices were at $800 a ton and rising due primarily to a dearth of imports into North America. The short-supply situation put U.S. producers in the driver seat--until the market's sudden crash in fall 2008.

Even after cutting steelmaking capacity in half, laying off thousands of workers and slashing other expenses, mills across the board reported losses in the first quarter due to the toxic combination of stagnant...

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