Today in, MetalCrawler, steel growth is expected to slow down this year and the Obama administration wants pipeline repairs.
WSA Expects Steel Growth to Slow
Steel use will grow more slowly, according to the World Steel Association, thanks to the production slowdown in China.
“We hear increasingly positive use from developed economies, especially … the euro zone. In the developing world we see increased optimism about India and growth in the Middle East and North Africa and Association of Southeast Asian Nations countries,” said Hans Jurgen Kerkhoff, chairman of the group’s Economics Committee.
“While these developments will not be enough to counter-balance the deceleration of China, we expect to see gradually improving growth prospects beyond 2016,” he told Reuters.
Global apparent steel use – steel both known and assumed to have been used – is expected to grow by 0.5 percent this year to 1.544 billion metric tons, compared with growth of 0.6 percent last year, Worldsteel said.
Obama Administration Proposes Pipeline Overhaul
The Obama administration on Tuesday proposed spending as much as $3.5 billion to replace aging natural gas pipelines nationwide. The amount of money the administration is proposing is just a fraction of what it would take to replace the hundreds of thousands of miles of decades-old cast-iron and bare-steel natural gas distribution pipes — the lines that are considered most vulnerable to ruptures. A full replacement would cost $270 billion, a 348-page government report accompanying the request says.
Matt Sparks, a spokesman for House Majority Leader Kevin McCarthy (R.-Calif.), pointed to three oil and gas infrastructure bills that the chamber has already passed with Democratic support this year, including a measure that President Barack Obama vetoed that would have approved construction of the Keystone XL oil pipeline. “If the administration is serious about securing our energy future, a good start might be” by working with Republicans on those bills, he told Politico via email.