US steel centers’ stocks, shipments slide in Nov.

Dec 17, 2008 | 12:18 PM | Scott Robertson

Weakness in the U.S. and Canadian economies caused by turmoil in the housing market and the continuing impact of the global credit crunch was reflected in sharp declines in steel and aluminum shipments in November.

Steel service center shipments fell 32.7 percent in the United States and 30 percent in Canada as customers maintained "a wait-and-see attitude," according to the monthly business conditions report of the Metals Service Center Institute (MSCI), Rolling Meadow, Ill.

MSCI said it hasn't witnessed shipment declines this steep since the 1980-82 time frame.

Metals inventories also fell in November, with U.S. steel inventories hitting their lowest point in 13 years and Canadian steel inventories at their lowest level since the statistical series began with January 1995 data.....

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