Friday, May 16, 2008

Steel costs starting to pinch U.S. companies

CHICAGO (Reuters) - U.S. manufacturers, which had shrugged off the domestic economic downturn and reported consistently strong profits thanks to overseas demand, are starting to look vulnerable as the price of key materials like steel continue to rise.

Global steel prices are up 40 percent since the beginning of the year and the pressure is showing up in a number of top U.S. companies' results, including construction and mining equipment maker Caterpillar Inc

Full story at Reuters


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