Economy
September 17, 2017
No Windfall from Storm, Says Steelmaker
Written by Tim Triplett
ArcelorMittal is not expecting a big bump in business anytime soon due to the hurricane damage in Texas and the Southeast. “That will take a while to pass through,” said Wendell Carter, vice president and general manager of the steelmaker’s Indiana Harbor mill. Carter responded to questions during a media tour of the East Chicago, Ind., mill on Wednesday.
Residential construction materials will see an effect from the storms well before steel, he predicted, even though an estimated 500,000 cars and trucks were destroyed by storm water in Houston alone. “People will focus on the necessities of getting back into their homes. They will cover their basic needs first before they replace their vehicles. If they had multiple vehicles, they will get by with one for a while.”
