And by comparing the prices Inland pays with Ispat's best prices worldwide (it is one of the biggest buyers of the industry's inputs), he says Ispat has reduced costs on products such as blast-furnace components by up to 20%.

ECONOMIST: In America��s fiery furnace

Germany's SGL Carbon (6, SGG) has fallen 33% since May and has yet to recover as it supplies primarily the hard-hit steel and semiconductor industries with carbon and graphite products, which include electrodes, laboratory components and furnace linings.

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