Steelmakers Pour On More Investments, Shaking Off Economic Concerns

U.S. steel companies are ramping up investments in new mills and side businesses, brushing aside signs of weakness in the broader economy as executives cited strengthening demand from customers in the auto and construction sectors.

Major steel companies this week turned in quarterly results that were mostly better than expected, after steel prices rose sharply in spring because of the war in Ukraine. While prices have retreated in recent weeks, steel executives said demand isn’t deteriorating.

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