Steel’s Massive Rally Hits All Parts of the Global Economy
- Some U.S. mills stopped taking spot orders, buyer says
- Prices in the U.S. have tripled during the past year
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The steel industry is booming like never before as the global economy recovers from the pandemic, and the ripple effects are being felt by everyone from home builders to appliance makers.
Demand is so frenzied that U.S. mills have stopped taking orders from customers in recent weeks, according to Dan DeMare, director of sales at Heidtman Steel Products Inc. DeMare said the mills may not begin taking new orders until late summer so that they can clear backlogs.