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Steel Companies See Hot Market Extending Into 2022
Full disclosure: I own shares of CLF.
U.S. steelmakers said demand for steel will remain strong deep into next year, keeping prices high for customers such as auto and appliance makers and stoking continued investments in new mills
Link to tweet
BUSINESS
Steel Companies See Hot Market Extending Into 2022
U.S. steelmakers are building new mills and raising prices for big customers
By Bob Tita
https://twitter.com/bob_tita
robert.tita@wsj.com
Oct. 27, 2021 10:37 am ET
U.S. steelmakers said demand for steel will remain strong deep into next year, keeping prices high for customers such as auto and appliance makers and stoking continued investments in new mills.
The extended boom in the $180 billion U.S. steel industry that began last year following the Covid-19-related shutdowns of mills is giving steelmakers more time to bring new plants into service and renew customer contracts at higher prices, executives said. Steel inventories remain tight as mill outages and transportation bottlenecks have crimped shipments, keeping some steel buyers on edge about acquiring enough supply in the coming months.
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Steel Companies See Hot Market Extending Into 2022
U.S. steelmakers are building new mills and raising prices for big customers
By Bob Tita
https://twitter.com/bob_tita
robert.tita@wsj.com
Oct. 27, 2021 10:37 am ET
U.S. steelmakers said demand for steel will remain strong deep into next year, keeping prices high for customers such as auto and appliance makers and stoking continued investments in new mills.
The extended boom in the $180 billion U.S. steel industry that began last year following the Covid-19-related shutdowns of mills is giving steelmakers more time to bring new plants into service and renew customer contracts at higher prices, executives said. Steel inventories remain tight as mill outages and transportation bottlenecks have crimped shipments, keeping some steel buyers on edge about acquiring enough supply in the coming months.
TO READ THE FULL STORY
SUBSCRIBE
SIGN IN