Steel market awaits outcome of labor talks
Aug 07, 2012 | 06:13 PM
| Chris Prentice
Tags
steel,
U.S. Steel,
John Surma,
ArcelorMittal USA,
Gary Works,
Louis Schorsch,
United Steelworkers,
USW
contract negotiations
NEW YORK — Sheet market buyers and sellers tell AMM that they’re girding for a potential breakdown in contract negotiations at ArcelorMittal USA Inc. or U.S. Steel Corp., although many in the market have adopted a wait-and-see attitude.
Talks continue between the United Steelworkers union and both companies, with both companies having said they expect a resolution before any kind of work stoppage would go into effect. Nonetheless, other players in the market are eyeing the situation with caution, with some going so far as to begin stockpiling material just in case.
Concerned by the potential for a work stoppage and subsequent steel sheet and plate product price spikes, U.S. suppliers say they are preparing by building stocks or leaving slack in September order books, market players said. Both U.S. Steel Corp., Pittsburgh, and ArcelorMittal USA, Chicago, are negotiating with the USW over contracts set to expire Sept. 1.....
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