Steel: The Top Is In

Upbeat Mittal declares boom and bust is over

NEW YORK—The global steel industry has entered a period of sustainable growth...

“I can say with considerable certainty that the volatile years of boom and bust are now relegated to the past,” Lakshmi N. Mittal [Chairman of ArcelorMittal (MT)] told the Steel Success Strategies XXIII conference in New York...“We have succeeded in transforming ourselves into a profitable and sustainable industry.”

Two things:

1. Always a good sign when one of the biggest shots in a cyclical industry announces the repeal of the business cycle.   
2. The event, organized by American Metal Market and World Steel Dynamics, was formerly known, not for nothing, as the ‘Steel Survival Strategies’ conference.  

 American Metal Market
Jun. 25 2008 (Not linkable)

Disclosure: In a former life and under an assumed name, NakedShorts had a business card declaring him the president of American Metal Market LLC.

Comments

[dougnhi]

steel's outrageous speculative climb will burst with amazing speed once it becomes clear that a global recession is in effect. Folks who have run up stocks like CLF will experience great pain on the way back down. Best advice is to take profits and exit.....you've been warned!

[CLH]

Yes they are headed down.

[steel knowit all]

Gas is goin down too back to $3.98.90 Steel mfgers are in the drivers seat, try to buy some cheap steel you'll see