3-Month Steel Billet Price Falls 7.5%, Worthington Industries Issues Profit Warning

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Big drops in steel prices and lower demand for oil and gas are leading Worthington Industries Inc. to warn of quarterly earnings “significantly below” last year’s.

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The Columbus, Ohio-based metal processor said steel prices have dropped more than $100 a ton since mid-December. That, coupled with a major softening of demand in agriculture and oil and gas, factor in the $3.4 billion company’s announcement.

The day’s biggest mover was the steel billet 3-month price which dropped by 7.5% on Monday, February 23 to close at $370.00 per metric ton on the LME

 

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