Market Segment
April 23, 2015
Reliance Expecting Price Increase Soon
Written by Sandy Williams
Reliance CEO Gregg Mollins is expecting a steel price increase in the “not too distant future.” Steel prices have been bouncing near bottom due to a flagging energy industry and competition from extraordinary levels of steel imports. The spread between domestic and foreign is now thin, said Mollins, business is good, and demand is there. “So there is no compelling desire to go out and buy foreign, so if that the case and it has fallen below producers expectations, there is no reason for it not to go up.”
“If I was a producer, I would announce a price increase today,” he said.
