Following a 45% decline in the global steel market, one of the world’s largest steel producers is putting the brakes on production. Luxembourg-based Arcelor Mittal, which is a major producer of reinforcing bar, among other construction materials, has virtually shuttered its Cleveland plant. Arcelor Mittal says it does not know when steel-making operations would resume. In related news, U.S. Steel announce on May 19 it is closing most of its steelmaking operations at its plant near Birmingham, Ala., which will affect 1,300 of 1,700 workers.
Despite a faltering international market, 2015 and the beginning of 2016 are proving to be strong years for U.S. contractors, with steady domestic growth and only moderate strain from workforce shortages.