Govt shutdown may hit steel if prolonged

Oct 01, 2013 | 05:28 PM | Catherine Ngai, Daniel Fitzgerald, Samuel Frizell

Tags  Government shutdown, American Iron and Steel Institute, Thomas J. Gibson, IHS Global Insight, Customs and Border Protection, Department of Commerce, International Trade Commission, United Auto Workers Bob King

NEW YORK — A government shutdown that lasts more than a few of days will negatively impact U.S. steelmakers, harming a fragile economy and influencing demand, steel market sources said Oct. 1, although the effects may not be felt immediately.

"The lack of government funding will start to impact things that we care about," American Iron and Steel Institute president and chief executive officer Thomas J. Gibson told AMM. "It will start having effects on consumer spending and consumer sentiment, and that’s probably the most immediate effect in the economy. Purchases of steel-containing goods will start slowing down. It could affect federal funding for highways in the longer term, though ... projects in the ground now will continue."....

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