Manufacturers such as Nucor Corp., U.S. Steel Corp. and SSAB AB are among those set to become profit machines. Keybanc Capital Markets and Bank of America Corp. believe the backlogs driving a surge in U.S. steel prices will start clearing this year. Biden’s proposed infrastructure plan would increase annual demand by about 5 million tons for the first five years, London-based consultancy CRU Group estimated. Southeast Asia, including Malaysia and Indonesia, plans to add another 60 million tons by the end of this decade, according to consultant Wood Mackenzie. "We need bricks, we need cement, we need steel.

Source: The Star July 18, 2021 00:56 UTC