Worthington expects near-term hot-rolled prices to remain flat

Sep 30, 2010 | 01:02 PM | Corinna Petry

Worthington Industries Inc., which posted a more than threefold increase in net income during its fiscal first quarter vs. a year ago, expects hot-rolled coil prices to remain flat through the final three months of 2010.

Three months ago, Worthington expected a summer slump in steel demand and pricing but was pleasantly surprised as the downturn "was less than normally seen during the summer months," president and chief operating officer George Stoe said Thursday during the company's quarterly conference call.

Demand has "not yet returned to pre-recession levels," he said. "The rest of the calendar year will be interesting as mills attempt to raise prices in the face of uncertain demand. We hope the mills will maintain discipline and support consistent pricing.....

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