Wall Street and the banks have their solution and are ordering a restructuring of the U.S. steel industry as was done in the 1980s. They're demanding steel companies merge, small companies be pushed out and plants closed, with the loss of thousands of jobs. A far better answer Loss of steel orders is growing as a result of a slow-down in the economy. The industry most affecting steel is the auto industry. Ford reflects industry trends with an announcement that output for 2001 will be 10 percent lower than 2000.
Automotive production accounts for almost half of the output by some steel companies.
In addition to automotive, demand for housing, farm machinery, appliances, transportation equipment, engines and turbines is falling. If steel was being produced at a level needed to meet the needs of our country, there would not be enough steel capacity to meet the demand. The steelworkers estimate that only 80 percent of steel demand could be met with current capacity if our country' s real need for steel was being fully utilized. Rebuild nation's infrastructure Our country's entire infrastructure is sorely in need of repair and rebuilding, with some sectors in a crisis state. Schools falling apart, the spreading energy crises, vast urban sewer systems crumbling, more and more homeless needing housing, farms wiped out by the thousands.