This just out in International Herald Tribune.
Around the Markets: Steel shares give sell sign on supply glut
By Claudia Carpenter and Meeyoung Song Bloomberg NewsPublished: March 20, 2007
LONDON: Steel is beginning to collect rust in the stock market.
U.S. steel inventories are near a record high, and a glut in China, which makes 30 percent of the world's metal, may cause prices to fall by the second half, according to UBS, which cut its forecasts last month. Credit Suisse Group says the risks of a drop are mounting.
"There are signs we are approaching a peak," said Michael Shillaker, an analyst with Credit Suisse who has "underperform" ratings on shares of ThyssenKrupp, the biggest steel maker in Germany, and Acerinox of Spain. "The cycle has overheated."
http://www.iht.com/articles/2007/03/19/bloomberg/bxatm.php
steel oversupply glut
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