Sheet price gains may not last long: Olympic

Aug 09, 2013 | 07:19 PM | Corinna Petry

Tags  Olympic Steel Inc., quarterly results, steel market, steel distribution, steel servicf center, steel demand, steel glut, steel pricing David A. Wolfort

CHICAGO — Olympic Steel Inc. welcomes higher prices for hot-rolled, cold-rolled and coated sheet products but questions the sustainability of the run-up given the glut in global steel supply and no significant signs of strengthening in real demand.

Steel buyers saw "a swift uptick (in flat-rolled pricing) starting late in the second quarter. Unplanned disruptions (mill outages) helped support producers’ prices," president and chief operating officer David A. Wolfort said during an Aug. 9 earnings call. "The rebound was a welcome relief, but it came off a very depressed level."....

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