Wednesday, July 28, 2010

Outlook for Steel Not So Strong

Steel makers painted a gloomy picture for the short-term prospects of the industry on Tuesday, saying global prices had fallen and industrial demand was not recovering as quickly as expected, reports Reuters.

 The United States Steel Corporation said it was seeing slower order rates and the AK Steel Holding Corporation said it was cutting production capacity to match weak demand from big steel buyers like the automobile and construction industries, according to Reuters.

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