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40% Iron Ore Hike Rattles Big Steel - Can You Say Inflation

foolsgold

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40% hike rattles Big Steel
Asian firms force landmark change in 40-year process to set iron-ore costs
Thursday, April 01, 2010
By Len Boselovic, Pittsburgh Post-Gazette
Prices for basic sheet steel have jumped nearly 40 percent since last year, normally a sign there are more buyers than sellers.

But these are not normal times.



http://www.post-gazette.com/pg/10091/1047181-28.stm
 

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What ended America's steel domination was Asia's newer, more efficient steel mills, along with much lower wages. China's steel output is sloppy, in terms of pollution, energy, and waste. US steel firms aimed at specialty steel could set new standards. There will never be a steel belt again, but a shiny buckle is possible.