Steel shipments by U.S. service centers rose in October for the fifth consecutive month, according to the Metals Service Center Institute (MSCI).

Shipments of nearly 2.62 million tons were 2.3 percent higher than almost 2.56 million tons in September but still off 28 percent from shipments of more than 3.63 million tons in October 2008. U.S. service centers shipped 25 million tons of steel in the first 10 months of this year, down 40.1 percent from 41.7 million tons in the same period last year.

Steel inventories at U.S. distributors totaled nearly 5.93 million tons at the end of October, up 2.3 percent from 5.79 million tons a month earlier but down 40.9 percent from nearly 10.03 million tons a year ago. Inventories on hand remained steady at 2.3 months' supply at current shipping levels.

Three service center executives said Tuesday they are keeping their...