A weak outlook for steel makers

A weak outlook for steel makers.

Steel makers painted a gloomy picture for the short-term prospects of the industry on Tuesday, saying global prices had fallen and industrial demand was not recovering as quickly as expected.
The negative outlook from Japan to North America sent steel makers’ shares tumbling. The United States Steel Corporation said it was seeing slower order rates and the AK Steel Holding Corporation said it was cutting production capacity to match weak demand from big steel buyers like the automobile and construction industries.

Over the last year, steel prices had slowly risen, but in the last couple of months they have slipped back as demand has stalled and raw material costs have risen.