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

“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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EV industry prizes steel over aluminium, Cleveland-Cliffs CEO saysElectric-vehicle (EV) makers are choosing steel over aluminum as the preferred metal for automotive bodies, says the top executive at the largest steel provider to the US car industry. Cleveland-Cliffs CEO Lourenco Goncalves said EV companies are going “all-in” on steel as they build out plans for the transition away from combustion-engine vehicles. The comment is significant given Cliffs’ visibility in the auto market, where the company supplies steel to automotive giants such as General Motors, Ford Motor, Toyota Motor, Nissan Motor and Mercedes-Benz.
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