Wainscott says Outokumpu push ‘illogical’

Jan 30, 2013 | 05:53 PM | Daniel Fitzgerald

Tags  AK Steel, Outokumpu Stainless USA, Calvert, James Wainscott, Allegheny Technologies, overcapacity, Daniel Fitzgerald

NEW YORK — The top executive of AK Steel Corp. has described Outokumpu Oyj’s push into the North American stainless market as "illogical," claiming that the market is already at overcapacity and adding more "doesn’t 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 that’s really overcrowded already."....

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