‘Wait and see’ on July scrap prices: Alvarado

Jun 27, 2013 | 04:15 PM | Lisa Gordon

Tags  scrap metal prices, Commercial Metals Co., Joe Alvarado, DRI, Lisa Gordon

PITTSBURGH — The start-up of Nucor Corp.’s direct-reduced iron (DRI) plant could eventually put downward pressure on prime grades of scrap metal, although nearer term, a recent blast furnace outage may push scrap prices up, according to the top executive at Commercial Metals Co. (CMC).

"Whenever demand and supply are interacting, there will be an impact. This (DRI facility) may free up stocks or availability of prime scrap so it could have an impact but we will wait and see," CMC chairman, president and chief executive officer Joseph Alvarado told investors on a June 27 call to discuss the Irving, Texas-based company’s financial results.....

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