U.S. Steel president and CEO Mario Longhi said today the worst days of the industry’s latest cyclical swoon appear to be over.
“It’s my perception that we have probably seen bottom,” Mr. Longhi told reporters following U.S. Steel’s shareholder meeting this morning at U.S. Steel Tower, Downtown.
Steel prices have moved higher over the last two months, but Mr. Longhi said those higher prices largely won’t be reflected in the company’s results until existing contracts with customers expire and new agreements are negotiated.
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