Deficit standoff could threaten steel industry
Nov 23, 2011 | 04:04 PM
| Catherine Ngai
Tags
steel,
manufacturing,
electric cars,
electric trains,
Peter Morici,
Thomas J. Gibson,
Catherine Ngai
NEW YORK — With the implosion last week of efforts to rein in the U.S. deficit, steel and manufacturing industry executives are questioning whether the failure of the "super committee" to complete its task will translate into deep cuts in areas key to a domestic economic recovery.
"The impact in the steel industry is likely to be perception in consumer confidence in the economy. Will people continue to buy cars and appliances?" Tom Danjczek, president of the Steel Manufacturers Association (SMA), said. "It’s mandatory cuts vs. planned cuts—gee, which one do I want? Look at energy, trade and manufacturing.....
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