Jul 01, 2014 | 12:00 AM
Is steel in the middle of a ‘lost decade’?
Technically speaking, the Great Recession began in December 2007, reached its nadir in 2008 and concluded in summer 2009, meaning that weve been in recovery for five years now. So why doesnt it feel that way in the steel industry? First off, a robust and sustained recovery has yet to kick in for many economic sectors beyond steel, meaning demand has yet to soar.
In the waning days of the Bush administration and the early days of the Obama administration, many economists from both sides of the political landscape said that without a full-throated response from the government the United States would risk falling into a 1990sand even early 2000sJapanese-style decade-long slump, or a so-called lost decade. This year marks the seventh anniversary of the start of the recession, and it sure feels like the United States is well on the way to completing its own decade of despair. ....
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