Severstal NA CEO sees pickup in 3d or 4th qtr.

Apr 22, 2013 | 05:08 PM | Catherine Ngai

Tags  Severstal North America, Sergei Kuznetsov, OAO Severstal, quaterly results, steel markets, steel prices, DRI, direct reduced iron index-based steel pricing

NEW YORK — Severstal North America Inc. doesn’t see the steel sheet market turning around for at least another quarter because of global economic uncertainty, import pressure and lackluster demand, its top executive said. But some bright signs on the horizon, including growth in the construction sector, could boost near-term buying activity, he added.

"I don’t think we’ll see a pickup in the second quarter—maybe in the third quarter or closer to year-end," chief executive officer Sergei Kuznetsov told AMM. "Around this time of year, we usually see the start of the construction season and restocking in the marketplace, which normally leads to a nice upturn. .... But we’re not seeing that. I think that’s a sign that this year isn’t going to be very good overall, because we have to deal with this uncertainty, low utilization rates in the industry (and) high import pressure." ....

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