b'As a case in point, the Luxembourg-based ArcelorMittal,Bayou Steel in Louisiana filed for bankruptcy October 1 and the largest steelmaker in the world, recently reported its sec- announced it was closing, putting 439 people out of work, ond quarterly loss in a rowa third-quarter deficit of $539including 72 workers at its Harriman, Tennessee, operations. million, compared to a profit of $899 million in last years thirdquarter. ThecompanyblamedlowershipmentsandEarlier this year, United States Steel (USS), the second larg-weak steel prices in markets all over the world. (Some U.S.est steel producer in the U.S., shut down one of its blast fur-steelmakers are still reporting profits. See sidebar to the right) naces at its Great Lakes Works near Detroit, cutting 250 jobs through September. USS also announced it is idling its tin mill For the nine months ending September 30, ArcelorMittalin East Chicago, Indiana, laying off some 300 workers. reported a decrease of 1.8% in total steel shipments com-pared to the same period last year. The company expects steelFalling Demandconsumption in the U.S. to contract by one percent due to ongoing weakness in automotive demand and a slowdown inDuring his election campaign, Trump repeatedly promised the machinery sector. Cost cutting may have motivated Arce- he would revive the steel industry through trade war mea-lorMittal to announce the recent shutdown of one of the threesures primarily aimed at imports from China and Europe. The blast furnaces at its Indiana Harbor steelmaking plant in Easttariffs at first sent steel stock prices up in anticipation of high-Chicago, Indiana.er profits. ArcelorMittal isnt the only steelmaker shutting down pro- But these protectionist measures have had the opposite ef-duction capacity and laying off employees. Lower demandfect. Steel giants like U.S. Steel, Nucor, and ArcelorMittal all and lower production are now bearing their fruit, in the formbrought additional domestic capacity on line in anticipation of job cuts at major steel producers in the United States overof greater demand. While demand rose modestly earlier on, the past few months. the additional capacity led to a situation of overproduction in the U.S. market, with the ultimate result of falling steel prices. AK Steel announced the closing of its mill in Ashland, Ken-tucky, by the end of the year, throwing 260 employees out ofAnd its not just steel prices that have fallen of late; so have work. Earlier this year, TMK Ipsco Tubulars Inc. announced itstock prices of publicly held steel concerns. Nucor has seen was laying off 159 workers at its plant in Wilder, Kentucky,its share value fall by over 20% since its early-2018 high. due to dropping demand from the oil and gas industry.ArcelorMittalsstockhasfallenbywellover50%,froma high of $37.50 in January 2018 to just $16.00. U.S. Steel has NLMK steel in Farrell, Pennsylvania, which imports steeldropped from a 52-week high of $28 to around $13.50 re-slabs from Russia and rolls them into finished products, laidcently.off 100 workers in its hot mill over the summer, citing the higher costs of steel imports. In October, United StructuresThose numbers may be good news for investors, who may of America closed its plant in Portland, Tennessee, putting 45find shares in the steel sector cheap enough to be worth tak-employees out of work. The company blamed the layoffs oning the plunge and buying. But the numbers on the whole do falling demand for steel in the construction industry. not bode well for the steel sector anywhere, unless and until the impediments to the international trading system are fixed.Barber Steel Foundry in Rothbury, Michigan, part of the Pittsburgh-basedWabtec(WestinghouseAirBrakesTech-nology) Corporation, which manufactures locomotives and freight cars, is closing this month, laying off 61 employees. 2019 Collection Breakbulk Shipping 13'