Worthington Industries seemingly defied gravity by posting a blowout quarter amidst rising steel prices and a flagging economy.
Rising steel prices and a ruinous fire in a shipyard are blamed.
One reason for the rising consumption of steel in China has been the insatiable demand for cars.
Thanks to rising demand for steel, producers like Arcelor, until now the world's largest producer of the stuff, have managed to push up prices four times during the past year.
Furthermore, there has been an industrial revival in the Ohio River valley, with rising output of steel, although much of this has to do with expansion of oil and gas production, which Obama has also taken credit for.
Although the future looks promising, the currently reality is difficult for auto manufacturers, with only small gains in car sales and headwinds this year and the rising price of steel and oil pushing many buyers to shift to cars that use less fuel.
FORBES: Forecast For The Auto Industry: Dense Cloud Coverage
And it means that high oil prices and rising costs for commodities like steel, copper and other raw materials are finally resulting in higher prices for things like machinery, bicycles and coffee-makers the stuff that companies and consumers buy.
Rising costs for raw materials like steel and plastic are one reason Chrysler and other automakers had a tough year in 2006.
Prices of steel have also been rising lately, nearly trebling since the beginning of 2002, according to MEPS (International), a firm of consultants.
Wheeling-Pittsburgh Steel, a unit of WHX, filed for bankruptcy in November after rising gas prices exacerbated losses that it blames on cheap steel imports.
There are some fine art pieces as well, including The Rise in Belfast, two steel meshed spheres symbolising "the rising of the sun and new hope for Belfast's future", or, as it's more popularly known, due to its location, The Balls in the Falls.
And surprise, surprise there has recently been a surge in anti-dumping cases around the world, as companies such as America's steel makers feel the pinch of slowing growth and rising imports from crisis-hit economies (see article).
Rising losses and a heavy debt burden at the Mumbai-based, steel-maker are said to have raised suspicions that funds may have been diverted elsewhere.
His company which distributes stainless steel and other metals and manufactures metal parts saw rising demand for its products due to increased consumer demand for dishwashers, washing machines and other major appliances.
China Steel also has new capacity coming on stream later this year with output rising up to 40%.
Rising automotive sales figures should translate into better shipments even as aluminum continues to replace steel in autos due to its lighter weight.
FORBES: U.S. Steels Results On Monday Should Show A Recovery
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