Deteriorating Prices, Inflation a 'Double Whammy' for North American Steel Market: Stelco CEO

Deteriorating pricing and demand coupled with inflationary pressure on input costs is a "double whammy" for North American flat-rolled steelmakers, making this downturn different from previous troughs, Stelco CEO Alan Kestenbaum said Aug. 11.

However, with recession concerns swirling, consumer confidence waning and demand softening, this summer has been anything but easy on the US metal market.

At the same time, prices for a number of headline products – from hot-rolled steel to primary aluminum, ferrous scrap to pig iron – have been in a steady decline following a rapid runup in the early part of the year.

The upturn came just after domestic metals markets appeared to be stabilizing from record price highs in 2021. And the current downturn is yet another example of the continuing challenges of an uneven post-COVID economic recovery.