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Recession! How bad will it be?
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[QUOTE]Originally posted by Pagan: [QB] [QUOTE]Originally posted by glassman: [qb] we need to build brand new state of the art steel mills here. [i] January Steel Shipments Up 7.3 Percent From Last Year 03/17/2008- WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) reported today that for the month of January 2008, U.S. steel mills shipped 9,246,000 net tons, a 7.3 percent increase from the 8,614,000 net tons shipped in January 2007 and an 8.8 percent increase from the 8,495,000 net tons shipped in the previous month, December 2007.[/i] http://www.steel.org//AM/Template.cfm?Section=Home [b]March 20, 2008, 12:13PM Sector Snap: US Steel Companies Gain NEW YORK — Shares of several U.S. steel producers rose Thursday as key non-U.S. rivals retreated following an analyst upgrade of United Steel Corp. United States Steel Corp. led the sector with a gain of $4.39, or 4 percent, to $114.25 in afternoon trading. The stock was upgraded to "Buy" from "Neutral" by Goldman Sachs analyst Aldo Mazzaferro. The analyst cited higher-than-expected U.S. steel prices. "Global markets appear to reflect a physical steel shortage, in our view," he wrote in a note to clients. "Strong global demand trends are trumping U.S. weakness, and the net-short U.S. market needs to raise imports, being already very low on supply," the analyst wrote. Non U.S. producers, however, were struggling. ArcelorMittal, the world's largest steel maker, fell 94 cents to $74, BHP Billiton Ltd. sank $2.01, or 3.1 percent, to $61.98, and Rio Tinto PLC gave up $13.50, or 3.4 percent, to $382.[/b] http://www.chron.com/disp/story.mpl/ap/fn/5635673.html China and India are both in need of steel... [/qb][/QUOTE]I wholeheartedly disagree. We need to invest in technology. Steel, like fossil fuels, is a finite asset. The US needs to invest in the future, not the stodgy pidgeon holes of the past. JMO Ps: China and India can fend for themselves. [/QB][/QUOTE]
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