Post may improve relations with USW, union says By Michael Roknick Herald Business Editor American steel is drowning in red ink. Excess steelmaking worldwide, along with imports, are being blamed for rock-bottom domestic steel prices. Skyrocketing energy prices have jacked up U.S. steelmakers costs, resulting in even more losses.
Layoffs mount as American steelmakers filing for bankruptcy left and right.
Close to home, CSC Ltd. is in the process of mothballing its Warren, Ohio, plant after filing for bankruptcy earlier this year. All of this comes at a time when the outgoing Clinton administration showed little interest in the industry and the Bush administration has thus far displayed even less. Not a pretty picture, acknowledges U.S. Rep. Phil English. Clearly, the steel industry is facing a depression, said the 21st District s congressman. N.Y. The Caucus comprises Republican and Democratic House members and represents steel manufacturers and others in the industry.