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ArcelorMittal sees US steel demand remains robust with good prices
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The world’s steel giant ArecelorMittal said on this Wednesday that the US steel demand remains strong and the current steel prices rise for the North American hot rolled coils are sticking since the steel imports threat subsides.
In the second quarter of this year, the North American steelmakers were impacted severely by the surged steel imports.
AK Steel and Nucor, the two large steelmakers in the US, posted significantly lower earnings for the second quarter, affected by competition from steel imports.
The prices for the North American hot rolled coil (HRC) had ever surged to US$670/short ton before decreasing to US$600/short ton or below due to surged steel imports, according to Lou Schorsch, the head of ArcelorMittal's flat carbon Americas division.
Mr. Schorsch said the fundamental of the steel market in US is relatively good and the import pressure is not as significant as two months ago so he thinks the price increases are sticking in the area.
He also said the Company is operating at effectively full capacity in North America with 11 out of its 13 furnaces in operation.
Two smaller furnaces are unlikely to restart due to their high restart costs. He added they are selling everything they can make so they are pushing hard to facilities.
News Date
7/27/2012 8:42:30 AM
reported by
Raul Lee
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