Press Release Summary = Executives of top five steel companies are optimistic that the steel industry in US will grow at a remarkably fast pace in the next few years.
Press Release Body = Worldwide steel industry is heading for sunny days, said John Surma – CEO for US Steel Corp. while addressing world steel makers’ conference held in New York City on Wednesday (June 20, 2007) and nwi.com reported this on June 21, 2007. However Surma admitted that making an accurate prediction in this regard wasn’t possible at that moment.
The investment community is also attracted towards the steel industry and has made significant investments in it. “Consolidation is supposed to reduce competition, but there have been signs of price disruption as a result of the consolidation of steel industry,\" Metal Bulletin’s steel editor Bob Jones said, as reported by nwi.com on June 20, 2007.
In spite of having difference of opinion on the consolidation of the industry, top five steel companies’ executives have agreed that steel market has accelerated in the past and will continue to do so in future as well.
Revenues of US Steel Corp. were US$ 1.37 Billion in 2006 and US$ 273 Million as of the 1Q of 2007. ArcelorMittal - Mittal Steel and Arcelor’s convergence – is expected to emerge as the largest steel maker in world. ArcelorMittal earned US$ 5.4 Billion in 2006 and US$ 2.25 Billion in the 1Q of 2007.
Alexei Mordashov, head for Russian OAO Severstal, said, decreased demand in Europe and China, and the likelihood that US economy might slow down as a result of the unstable housing market are a few of the various symptoms of issues that the industry might have to face in near future, as published by nwi.com on June 20, 2007.
As per the RNCOS report “US Steel Industry Outlook (2007)”, “Last year (2006), production of US steel grew by almost 3.8% in comparison to previous year (2005). However, in 2005 the production remained at the same level as it was a year ago (2004), particularly because the prices and inventory level of steel remained high during this period. Demand will likely grow at a moderate rate in the US steel industry. It’s expected that players will shift their focus from capacity addition to capacity utilization.”
The report looks into the details of steel industry in United States. Key issues and facts analyzed in this report include: success and sensitivity factors for the steel industry in US, major competitors in this sector, major driving forces for US steel industry, etc.
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