Steel industry presses pause on manufacturing after massive oversupply forces prices to plummet

SalesMoney Matters
Written By Jennifer Joslyn

The raw material costs associated with steel manufacturers have forced many to pause production after being pushed to lower prices. A significant decline in customer demand has created an inventory glut, putting some of America’s largest steel producers in a huge pickle.

Regardless of these challenges, the CEO of the steel manufacturer Cleveland-Cliffs, Lourenco Goncalves, said in late July that there are contingent plans in place.

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Jennifer Joslyn
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