NEW YORK, NY--(Marketwire - Sep 26, 2012) - The Steel Industry has struggled in 2012 as slow global economic growth has led to weak demand, especially in China. China, who accounts for approximately 50 of global steel production, forecasted an economic growth rate of 7.5 percent -- the lowest year-on-year growth projection in eight years. The Paragon Report examines investing opportunities in the Steel Industry and provides equity research on AK Steel Holding Corporation (
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Steel stocks slumped earlier this week after analysts downgraded ratings for two producers. Current high U.S. steel prices are making imports an attractive alternative for customers. Domestic hot-rolled coil steel products have been priced as much as $108 per ton higher than those sold in southern Europe. Reuters has reported that China in recent weeks has increased global exports of steel, and even "sometimes at a loss."
"People are freaked out about China. They are producing near all-time-high levels and not consuming at nearly that rate and steel makers are unwilling to cut production," said Michelle Applebaum, an analyst with Steel Market Intelligence.
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AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company expects shipments of approximately 1,375,000 tons in the 2012 third quarter, or about 3% higher than in the second quarter of 2012.
United States Steel is an integrated steel producer with major production operations in the United States, Canada and Central Europe and an annual raw steelmaking capability of 29.3 million net tons. During the second quarter of 2012 the company recorded shipments of 5.4 million tons and net sales of $5.0 billion. Shares of the company have fallen over 25 percent this year.
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