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CEO Who Dubbed Steel Market a Falling Knife Is Calling a Bottom

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The CEO who warned at the beginning of the year that North America’s steel market was a “falling knife” is calling an end to the carnage.

“There was a lull in the beginning of July and of late things have been moving pretty quickly in terms of the order book,” Kestenbaum said Tuesday in a phone interview. “Things are going to stay steady as we get to the end of the year and I don’t see any further breakdown in price.”

While construction has faced headwinds, there are green shoots on the horizon, according to Ken Simonson, chief economist for the Associated General Contractors of America. US states will begin breaking ground for projects that are part of Congress’s infrastructure bill passed last year, with large orders for key materials like steel showing up in early 2023, he said at an industry conference in Atlanta.

 

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