bad news for america, good news for libya (bankruptcy, companies, China)
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as the united states steel companies are poised to take a beating with the filing of the GM bankruptcy north africa amps up their steel production. sorry i haven't posted more on this but i have to get more information to post. i will start with this:
the filing for bankruptcy by General Motors may have a major impact on the steel industry as the failed US auto giant owes four US integrated steelmakers nearly $35 million. chrysler already owed us steel $16 million.
Last edited by floridasandy; 06-02-2009 at 05:19 AM..
But the impact of the 100-year-old automaker's filing for Chapter 11 bankruptcy protection runs much deeper in steel than that figure indicates as the companies will have trouble getting all they are owed, American Metal Market, a leading source on the metals industry said.
this will hurt our steel industry at the same time that china is ramping up their steel production. Crude steel production in the USA was just 4.1 million tonnes in March, a decrease of 52.7%, bringing the first quarter total up 52.5% to 12.1 million tonnes. US exports have also fallen significantly, down 34% to 613 thousand tonnes compared to February 2008, and the lowest monthly export total since September 2004.
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