Steel accounts for only 5.2% of industrial output in an increasingly diversified U.S. economy, but its impact is vastly larger. It remains not only the producer of the most important basic metal for industry but a psychological pacesetter whose mood and move ments are closely observed. Now that the threat of a nationwide strike has been removed, everyone wants to know what comes next for the steel industry: falling orders, shrinking inventories rising prices?
The answer is that all three seem likely but at a pace that should neither disrupt prosperity nor add...
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