Steel mart upbeat on Obama infrastructure plan

Dec 08, 2008 | 12:51 PM | Diana Schwaeble

President-elect Barack Obama released details of his economic recovery plan that includes a large investment in infrastructure, giving industry leaders good news for the first time in months.

With declining demand and overall bleak market conditions, the massive plan to rebuild roads and bridges could provide a much-needed shot in the arm for steel companies.

"The fact that we need more now is not surprising. There has been a shortage on infrastructure spending for decades," said David Phelps, president of the American Institute for International Steel, Washington. "The timing couldn't be better. Obviously, we are very pleased."....

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