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Strike at ArcelorMittal USA may boost prices and help rivals
8/28/2008 |
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August 28, 2008
Strike at ArcelorMittal USA may boost prices and help rivals
Reuters reported that looming strike at ArcelorMittal's US operations could push steel prices for certain products higher and benefit rival steel makers like AK Steel, Nucor and US Steel.
Steel industry analyst Ms Michelle Applebaum said that "The logical winners would be AK Steel and Nucor. US Steel could also benefit now that it has sorted out its labor contract issues.”
Mr Charles Bradford of Soleil Bradford Research Inc said that a strike at ArcelorMittal's operations could also benefit Steel Dynamics along with the other three players. Mr Bradford believes that the price of steel plates could soar if ArcelorMittal's workers go on strike, as the company is a major player in that end market.
The United Steelworkers union, which represents 14,000 ArcelorMittal employees, has asked members to vote to authorize a strike on Wednesday, as it has been unable to reach an agreement on a new contract.
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