It's hard to imagine an industry more ambivalent about the introduction of futures trading than the U.S. steel industry. The London Metal Exchange is preparing for an April launch of Asian and Middle Eastern contracts, which are sure to be followed by U.S. contracts at some point, while the New York Mercantile Exchange is preparing to reveal the timing of the launch for its financially settled contract. Yet U.S. steel mills remain unconvinced of the need or wisdom of such contracts.

David Brooks

The possibility that one exchange or another will chase ferrous scrap futures is very real. Peter Marcus, World Steel Dynamics Inc.'s...