According to a new research report that extensively analyzed the steel industry potential and growth prospects in the US, the findings show the US has retained its fourth position in terms of global crude steel production despite a severe 36.5 percent production drop in 2009. The report further states that the steel industry will start experiencing positive growth momentum from 2010 onward on the back of various concrete market fundamentals, and that the automobile and construction industries will act as growth boosters for the steel industry in coming years.
The US housing starts will reach close to 1.7 million units by 2012 from the level of 590,000 units in 2009. Similarly, the automobile production and exports are projected to show inevitable recovery from 2010 onwards, triggering steel industry development in the US.Moreover, the US government has taken some corrective measure to revive growth in the steel industry. It has been identified that out of $787 billion stimulus package, close to $115 billion will be spent on various steel intensive infrastructure projects. Along with the government support, the recovering industrial sector is expected to further increase steel demand in the US.