Steel: The Top Is In
Upbeat Mittal declares
boom and bust is over
NEW YORK—The global steel industry has entered a period of sustainable growth...
“I can say with considerable certainty that the volatile years of boom and bust are now relegated to the past,” Lakshmi N. Mittal [chairman of ArcelorMittal] told the Steel Success Strategies XXIII conference in New York...“We have succeeded in transforming ourselves into a profitable and sustainable industry.”
Two things:
- Always a good sign when one of the biggest shots in a cyclical industry announces the repeal of the business cycle.
- The event, organized by American Metal Market and World Steel Dynamics, was formerly known, not for nothing, as the ‘Steel Survival Strategies’ conference.
American Metal Market
Jun. 25 2008 (Not linkable)
Disclosure: In a former life and under an assumed name, NakedShorts had a business card declaring him the president of American Metal Market LLC.
Interesting! We'll have to see how this plays out.
I noticed that Marc Faber recently said something about a probable top in the steel sector; the steel stocks have been one of the stronger groups in the US market in recent months, so it could be a worry for the market as a whole if we started to see a breakdown there.
See: http://www.bearmountainbull.com/home/wrap-062408/
Posted by: David | June 25, 2008 at 23:09