Platts reported that Mr Dan DiMicco chairman, president & CEO of Nucor said that the steel market in the US has not hit bottom yet and warned recovery could be slow as US steel industry has shipped only 13 million short tons in the first quarter and is now operating at 40% of capacity.
Mr DiMicco while speaking in his capacity as vice chairman of the American Iron and Steel Institute at a press briefing held during the group''s annual meeting at Phoenix in Arizona added that on the heels of a weak first quarter, the industry''s order entry has continued to slow.
He said "We are just not there yet.”
Mr DiMicco said “The current environment has tested all of us as we''ve never been tested before."
He expressed optimism about the long term, but added, "When it kicks in, it will be a long, slow recovery."
Mr Jim Wainscott CEO of AK Steel and AISI Chairman noted that there has been some demand improvement from the appliances sector including HVAC systems for products such as electrical and stainless steels.
However he echoed Mr DiMicco views by saying that the industry has nearly reached bottom.