Outlook for steel hazy but brightening: SDI's Millett

Apr 18, 2013 | 04:48 PM | Catherine Ngai

Tags  Steel Dynamics Inc., SDI, Mark Millett, Mesabi Nugget, SBQ, hot-rolled steel, steel sheet, long products positive economic indicators

NEW YORK — While the steel market is clouded by uncertainty, positive indicators in construction and continued strength in automotive point to brighter prospects for the future, the top executive at Steel Dynamics Inc. (SDI) said.

"The macro drivers predicting steel consumption ... (are) a reason for optimism in 2013 and certainly in the years ahead," Mark D. Millett, president and chief executive officer of the Fort Wayne, Ind.-based steelmaker, said in an April 18 earnings conference call.

"Automotive growth momentum remains very strong ... (and) residential construction appears to have sustainability," he added. "This bodes well for future non-residential construction as well ... (and) all of these macro factors we view as positive to our fold."....

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