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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US steel industry in collapse, eyes government aid: report AFP - Saturday, January 3 WASHINGTON (AFP) - - The US steel industry is in collapse and looking for a massive government investment program of up to one trillion dollars to stimulate demand for the key commodity, a report said Friday. Output of steel has plunged 50 percent since September after posting record profits as construction and auto production have fallen sharply amid a US recession and the global credit crunch, The New York Times reported. Industry executives are pleading for a huge public infrastructure investment program -- of up to one trillion dollars over two years -- under president-elect Barack Obama's proposed stimulus plan, the newspaper said. "What we are asking," said Daniel DiMicco, chairman and chief executive of the Nucor Corporation, a giant steel maker, "is that our government deal with the worst economic slowdown in our lifetime through a recovery program that has in every provision a buy America' clause," the newspaper quoted him as saying. Economists in the Obama camp have said that the president-elect will propose to lawmakers a stimulus plan that will include significant infrastructure spending that draws on heavy industry. The steel industry can spring back to life through construction of highways, bridges, electric power grids, schools, hospitals, water treatment plants and rapid transit, industry executives told the New York Times. "We are sharing with the president-elect's transition team our thoughts in terms of the industry's policy priorities," Nancy Gravatt, a spokeswoman for the American Iron and Steel Institute, was quoted saying. The industry decline accelerated in November and December. By late December, output was down to 1.02 million tonnes a week from 2.1 million tonnes on August 30, according to American Iron and Steel Institute figures cited by the newspaper. The price of a tonne of steel has fallen by half in recent months. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Three thousand degree steel billets emerge from the casting floor at a steel mill in Rancho Cucamonga, California. The US steel industry is in collapse and looking for a massive government investment program of up to one trillion dollars to stimulate demand for the key commodity, a report said Friday. Most Popular – Top Stories Viewed Rare Bugatti untouched for 50 years could fetch millions: report Actress Jennifer Aniston appears naked in GQ magazine NASA describes final moments of Columbia tragedy Hamas defiant as Israel rejects Gaza truce Japanese tourist spends 3 months in Mexico City airport View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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