Sheet prices tumble 4% in wary US steel mart
Sep 13, 2012 | 01:51 PM
| Chris Prentice
Tags
steel,
sheet,
flat-rolled,
Chris Prentice
CHICAGO — U.S. hot-rolled sheet prices lost significant ground this past week, falling nearly 4 percent to $32 per hundredweight ($640 per ton) from $33.25 per cwt ($665 per ton) in the days before ArcelorMittal USA Inc. reached a tentative labor deal with the United Steelworkers union.
Steel prices had been maintaining strength throughout the traditionally slower summer season as the market awaited possible strike action at ArcelorMittal or U.S. Steel Corp., where labor agreements expired Sept. 1. However, with both integrated steelmakers having since successfully negotiated new deals with the USW, sources said the sheet market’s recent run-up now has little staying power.....
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