US Steel Demand23 Jul 2022 18:41
Copied from Bens Creek board:
From this mornings Wall Street Journal - just the opening paras.
“US steel companies are ramping up investments in new mills and side businesses, brushing aside signs of weakness in the broader economy as executives cited strengthening demand from customers in the auto and construction sectors.
Major steel companies this past week turned in quarterly results that were mostly better than expected, after steel prices rose sharply in spring because of the war in Ukraine. While prices have retreated in recent weeks, steel executives said demand isn’t deteriorating.
“Right now, in our order book, we don’t see it,” said Mark Millett, chief executive of Steel Dynamics Inc.
Steel Dynamics and Nucor Corp. are major suppliers of steel to the construction sector, where projects such as warehouses, data centers and other commercial buildings have been driving demand for more steel. The sector also is expected to get a further boost from increased federal spending on infrastructure projects like roads and bridges.
“Nonresidential construction has been one of our most resilient markets,” said Al Behr, Nucor’s vice president of plate and structural products. “We would expect that to continue in 2023.”