Some say skiing is a controlled fall down a mountain. Buyer sources now say with the way pricing is going, steel producers might want to trade in their ski boots for some basketball shoes, especially those who said years ago they would “jump for joy” at the prospect of $500 per ton hot-rolled sheet.
Aluminum canstock has normally been one of the most resilient end-markets in an economic downturn, but even that sector is showing signs of demand contraction due to a movement to plastic bottles by U.S. consumers, according to market players.
The copper scrap market is living almost entirely hand-to-mouth as depressed pricing and non-existent demand have brought the market to a grinding halt, market sources said.
Nucor Corp., Charlotte, N.C., could put off investing at least $2 billion in a greenfield pig iron project in Louisiana and opt to acquire steel assets at relatively inexpensive prices, according to Goldman Sachs Group Inc. analyst Sal Tharani.
Three more steelmakers—Evraz Oregon Steel Mills, Portland, Ore.; ArcelorMittal SA’s Border Steel Inc. mill in Vinton, Texas; and Tamco Steel Inc., Rancho Cucamonga, Calif.—have laid off or plan to lay off workers over the next few weeks, company and government sources indicated Friday.
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