STEEL: Industry Will Benefit from Further shale Resource Development

by tubelinks on 05/28/2012 - 01:27 am

Tag: Press Release

The North American steel industry has to capitalize on the development of domestic shale energy resources in order to be competitive at the international level.  U.S. Steel Chairman and CEO John Surma said in a teleconference hosted by the American Iron and Steel Institute the shale discoveries keep "gas both reliable and available at competitive costs."


The gas will be important to helping integrated steelmakers reduce their costs, but Surma said the pipe and tube products are key to exploring, producing and trasmitting natural gas, oil and other commodities from the underground resources.


In April, U.S. Steel projected its tubular segment would perform well and be profitable in the second quarter as it was in the first quarter.


The American Iron and Steel Institute said the year-to-date domestic steel capacity utilization rate was 78.6 percent, which is up from a rate of 74.1 percent in the comparable 2011 period.