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By JEFFREY HANSEN, Associated Press article AUSTIN, Texas (AP) The price of steel is soaring, and many steel mills are turning to a new breed of stock to meet that demand.
The price of the steel in question is now up more than 10% this year, while it’s been about 7% over the past three years, according to Bloomberg data.
The surge has created an industrywide boom, and it’s helping to fuel a booming stock market that is helping to keep a lid on inflation.
The steel industry, like many other sectors, is in recession.
The jobless rate, which is the rate at which the unemployed have given up looking for work, is now at a record low of 5.5%, according to the Bureau of Labor Statistics.
But a lot of steelworkers are still looking for new jobs, and the economy is booming.
It’s a great time for steel.
In the U.S., nearly one-third of all the jobs are in the industry.
That’s more than double the share in the 1950s.
The demand for steel, however, is growing.
More people are using the steel industry as a manufacturing and construction job, a growing number of companies are looking to add jobs in the steel mill and the steel boom is giving companies a reason to keep hiring.
It could be that there’s a new wave of steel manufacturing coming, said Scott Taylor, chief economist at IHS Markit.
He cited the steel mills in Ohio and Pennsylvania that announced plans to hire 1,200 workers this month, and a recent move by a steelmaker in Florida to hire 200 new steelworkers.
That’s a huge boost to the U of T’s steel industry.
In 2014, the company employed just over 300 people, and in 2019 it had nearly 4,000 employees.
Its new workers will bring the total to nearly 9,000.
The company, a Canadian company, was once one of the biggest employers of steel in the country, but it’s since struggled with rising costs.
In its latest quarter, the plant had to cut jobs and increase wages.
At the same time, it has hired about a third of its steelworkers through attrition.
It has also been able to make some changes to its supply chain, reducing the amount of waste it sends to the environment.
Taylor said he expects steelworkers in the U to keep the same wages and benefits they have had for decades, and there will be no change to the company’s business model.
The boom in steel production, in part, is helping pay for university research into the industry and for the new high-tech tools that steelworkers use to make steel.
But Taylor said there’s another important driver for the growth: the global economy.
In China, for instance, steel is a $5 trillion industry, and steelmaking is booming there.
The world’s steel companies are building factories in China, including some that are going to produce some of the world’s most important metals, such as palladium and tantalum, for the world.
Those new factories are also likely to drive up prices for steel to the point that it will make steel more expensive to buy, which will make it harder for many companies to stay competitive.
“In the long run, I think the demand for the steel and the supply of steel are going the same way, and they’re going to have a similar effect,” Taylor said.