Business: Recession in Steel

What is wrong with the steel industry? When the year began, almost everyone expected the industry, freshly recovered from a strike, to run for months at or near full capacity. But one of the paradoxes of the economy is that, while such big steel-users as the auto industry are running at close to a record rate, steel is undergoing its own private recession. Last week steel production was scheduled at 66.9% of capacity, the lowest nonstrike rate in 20 months—and the rate is due to drop more. U.S. Steel, biggest U.S. producer, announced that it will close down its plant in...

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