COMMENT: U, V, W not quite as easy as learning the ABCs

Dec 18, 2011 | 07:00 PM | John Ambrosia

Tags  AMM Comment, John Ambrosia,

U, V and W: They’re not just the 21st, 22nd and 23rd letters of the alphabet. They also represent three competing theories on the current downturn and where the economy might be heading in 2012. 

The biggest question is whether we have hit bottom yet. As the surveys and stories in this issue show, confidence is low in the metals sector as the new year gets under way. Most respondents to AMM surveys believe a full economic recovery is still two to three years away.

Yet for most of 2011, the signs were beginning to point up. Auto sales rose, metals prices were up, steel mill demand was climbing and scrap prices were soaring to record or near-record levels. If nothing else, some stability had returned to some sectors of the market. But that began to change during the fourth quarter. ....

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