Steel Companies Say Hot Market Extends Into 2022

U.S. steelmakers said demand for steel will remain strong deep into next year, keeping prices high for customers such as auto and appliance makers and stoking continued investments in new mills.

The extended boom in the $180 billion U.S. steel industry that began last year following the Covid-19-related shutdowns of mills is giving steelmakers more time to bring new plants into service and renew customer contracts at higher prices, executives said. Steel inventories remain tight as mill outages and transportation bottlenecks have crimped shipments, keeping some steel buyers on edge about acquiring enough supply in the coming months.