The U.S. shipped 68.1 million tonnes of steel during the first eight months of 2001, down 10% from the corresponding period in 2000, when 75.6 million tons were shipped.
In August 2001, U.S. steel mills shipped 8.8 million tons, or 5.8% less than in August 2000. (However, this was 8.1% higher than in July 2001.)
Reduced shipments and historically low prices in August reflected low-priced steel imports produced by foreign steel manufacturers. During the first eight months of 2001, the U.S. imported 15.5 million tons of finished steel.
The average import value of many key finished steel products in August 2001 was below the lowest value experienced in 1998. Prices for U.S. hot and cold rolled sheet in August was down 17% and 16%, respectively, from August 2000.
The use of steel in electrical equipment fell 18.7% between August 2001 and August 2000; automotive slid 16.1%; machinery, industrial equipment and tools dropped 20.1%; and containers, packaging and shipping materials dived 13.9%. On the positive side, the service centre and distribution sector was up 4.5%, oil and gas climbed 3%; construction products rose 6.4%; and appliances, utensils and cutlery increased 6.3%.
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