Steel prices must be at the bottom: Reliance

Apr 25, 2013 | 05:15 PM | Corinna Petry

Tags  Reliance Steel and Aluminum, carbon steel pricing, CRU discounts, discipline, ThyssenKrupp, imports, Dave Hannah, Gregg Mollins

CHICAGO — Soft demand and weak carbon steel pricing are likely to persist during the rest of 2013, Reliance Steel & Aluminum Co. executives say, noting that March was, for the first time in recent history, the weakest month in the first quarter and that April average daily shipments are so far showing little improvement.

"Pricing was down across all product groups, with carbon down 10 percent," chairman and chief executive officer David H. Hannah said on an April 25 earnings call when discussing the company’s first quarter vs. the same quarter last year. "Demand was softer than anticipated, particularly in March, which traditionally is the strongest (month)."....

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