Construction market still a struggle: Insteel

Apr 20, 2012 | 12:17 PM | Michael Cowden

Tags  Insteel Industries, construction market, steel prices, steel long products, PC strand, wire rod prices, H.O. Woltz III, Michael Gazmarian construction outlook

TORONTO — While there are signs that construction activity is improving, landing new business remains a struggle, according to Insteel Industries Inc. executives.

"It’s still a real food fight out there as everyone scrambles for available orders. I wish I could tell you there has been a significant improvement, but unfortunately, that’s just not the case," Insteel president and chief executive officer H.O. Woltz III told analysts during a conference call following the release of earnings Thursday.

The result has been "subsistence"-level spreads between wire-rod costs and selling prices for finished goods made from wire rod, Woltz said.

Mount Airy, N.C.-based Insteel buys wire rod to makes downstream products such as PC strand and welded-wire reinforcements.....

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