Steelmakers warn of prolonged weak economy

Reports out today from top steelmakers, warning about depressed 3Q results.  But I’m more optimistic about the future of steel, even if we go back into recession in the US. Global demand is steady, so these guys don’t really have too much to complain about IMHO. Charting Steel prices against US GDP growth over the past year confirms this:

Take a look at how these major steelmakers do against their underlying economic lever, Steel prices:

AK Steel  AKS

Nucor  NUE

Steel Dynamics  STLD

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