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Auto Steel Demand Sinks, Revealing Cracks in Robust U.S. Market
The record steel rally is starting to show early signs of cooling, with one top U.S. producer scouring for buyers to take over abandoned orders of high-end metal used by automakers. U.S. Steel Corp. is offering metal originally earmarked for automotive customers who opted not to take up their full orders, an indication that an ongoing semiconductor shortage is causing longer-than-expected slowdowns in car production and curbing the need for steel. The company last week offered nearly 50,000 tons of steel from its Gary, Indiana mill that it deemed “excess prime” -- already melted, poured and formed for a customer ... (full story)
