Wainscott says Outokumpu push ‘illogical’
Jan 30, 2013 | 05:53 PM
| Daniel Fitzgerald
NEW YORK The top executive of AK Steel Corp. has described Outokumpu Oyjs push into the North American stainless market as "illogical," claiming that the market is already at overcapacity and adding more "doesnt make sense."
Competition in the stainless market "remains brutal," AK Steel chairman, president and chief executive officer James L. Wainscott said during a Jan. 29 conference call.
Wainscott said that the commodity stainless market has "way too much capacity both domestically and globally," and his company is "somewhat amazed, if not stunned, when we hear comments that (Outokumpu) will be coming into the market to add perhaps as much as 1 million tons of capacity in a market thats really overcrowded already."....
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