American steel executives say they’re optimistic that demand for the industrial material will rebound next year from the sluggish demand and low prices that have affected the industry in 2024. Industry leaders who gathered at the recent SMU Steel Summit in Atlanta said they have high hopes in 2025. They see a turnaround fueled by an improving U.S. economy, as large infrastructure projects get built and interest-rate cuts encourage consumer spending. “We’re expecting growth in demand domestically here from construction, with all of the investment driven by government policy over recent years,” said Kevin Dempsey, president of the American Iron and Steel Industry. Geoff Gilmore, chief executive of Columbus, Ohio-based processor Worthington Steel, said the Infrastructure and Investment Jobs Act of 2021 included $550bn for projects using American steel — equal to about 50m tons of the material. “That definitely would be a boost for the sector,” he added.
Leave a Reply