Sinking Auto Steel Demand Reveals Cracks in Robust U.S. Market
- Documents show auto customers aren’t taking full steel orders
- U.S. Steel’s Gary Mill is offering 50,000 tons of excess metal
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The record steel rally is starting to show early signs of cooling, with one top U.S. producer scouring for buyers to take over abandoned orders of high-end metal used by automakers.
U.S. Steel Corp. is offering metal originally earmarked for automotive customers who opted not to take up their full orders, an indication that an ongoing semiconductor shortage is causing longer-than-expected slowdowns in car production and curbing the need for steel.