Staying power of steel price hikes said unclear

Jul 25, 2013 | 05:34 PM | Thorsten Schier

Tags  Reliance Steel & Aluminum, earnings report, Greg Mollins, David Hannah, Severstal, AK Steel, steel prices, price hikes Thorsten Schier

NEW YORK — Supply constraints that lent support to previous flat-rolled steel price hikes have been resolved, but the market has seen little impact thus far, according to Reliance Steel & Aluminum Co. president and chief operating officer Gregg Mollins, noting that the sustainability of recent hikes is unclear.

"We have not necessarily seen an increase in metal out there today," Mollins said during a July 25 earnings conference call. "The last increase by both AK (Steel Corp.) and Severstal (North America Inc.)—that has a chance to stick (in the short term). How long that can stick with capacity (coming back), imports, I don’t know."....

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