Steel Producers in 2001
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In 2001, all but two of the United States biggest steel producers posted fourth-quarter losses, and Nucor Corporation was one of those two (Barnes and Tyler 243). By October 1 of that year, more than twenty steel companies had filed for Chapter 11 bankruptcy protection, including Bethlehem Steel Corp. and ITV Corp., the nationĘs third and fourth largest steel producers. Of the fourteen steel companies followed by Standard and Poor, only Nucor was considered healthy. The United States is the largest importer of steel in the world, yet in the fall of 2001, 25 percent of domestic steel companies were in bankruptcy proceedings. It was believed by experts that half of the U.S. steel companies would have to close before things got better. The world was in the midst of its most unprofitable and volatile period because of a glut of steel that had sent pric
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Approximate Word count = 578
Approximate Pages = 2 (250 words per page)
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