The rise in U.S. steel prices may continue in the short term, with longer mill lead times and outages, but demand headwinds and a contraction in the manufacturing sector suggest a potential downturn in the future.
Notices are expected to be issued sometime this week and layoffs will be implemented in mid-February, according to Michael Yeats, a senior vice president with Evraz North America. He says cheap imports are to blame for the layoffs.