Weak markets add up to a negative ’09 for US mills Moody’s

Dec 24, 2008 | 07:34 AM |

The free-fall in steel demand may stabilize during the first quarter but demand in key end markets, particularly automotive and commercial construction, will remain "lackluster," according to an outlook issued Tuesday by Moody's Investors Service, New York.

With steel demand in the U.S. likely to remain unusually weak in 2009, Moody's outlook for the domestic steel industry over the next 12 to 18 months is negative, according to the report, authored by Carol Cowan, vice president and senior credit officer. Steelmakers' financial results in the fourth quarter "will be grim and likely to remain so for at least the first two quarters of 2009, reflecting the acceleration of declining trends from the last several months," she said.....