As the covid-19 pandemic hit demanded and forced production to idle, capacity utilization at US steel mills fell to its lowest level in more than a decade last week. The utilization rate fell to 56.1 percent, the lowest level since September 2009, and the sharp decline in steel capacity utilization and production in the United States indicates that the steel industry, which used more than 80 percent of the country’s use for most of last year, is being hit by coronavirus. American steelmakers have been cutting production rapidly in the face of covid-19-related North American auto shutdowns. The effects of the coronavirus pandemic have stalled most of the U.S. economy. Total U.S. steel production fell 18% to 1.26 million tons in the week ended 11th of April
According to the american steel association (aisi), steel production fell 35% compared with the same period last year, so that the major us steel companies in the epidemic and the country’s economic uncertainty in the environment due to liquidity, overall shrinking profits and other factors to be completely frustrated. Take US Steel Corp .(us steel), whose flagship gary plant in Indiana is currently at a standstill, leading to a turnaround in the U.S. market, as well as varying degrees of stagnation in U.S. steel mills outside Saint Louis (st louise) a, its Texas (texas) pipe business. The company also plans to cut capital spending by $150 million to $750 million by 2020
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Post time: Apr-15-2020