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Steel Prices Soar

Published Thursday, May 01, 2008

One of the worst steel shortages in history is squeezing electrical manufacturers already struggling to cope with a downturn in the economy and rising fuel surcharges. Steel prices are rising dramatically, forcing manufacturers to increase prices by at least 5 percent to 10 percent on steel products. “The cost of hot-rolled sheet steel peaked in 2004 at about $820 per ton. Now we're looking at $1,000 and the steel mills have made it real clear that that's not the end of it, so it's going to go up even higher,” says David Burnette, national sales ...

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