Steel Exec Says Industry Is Undergoing “A Revolution”
The president and CEO of IPSCO Inc. says his company and other steel makers in North America are witnessing structural changes to the steel industry that can be likened to a revolution. Speaking to shareholders at the company's annual meeting, David Sutherland said that after experiencing a number of very difficult years with only a few companies like IPSCO remaining profitable, the steel industry is experiencing a transformation not witnessed in decades.
Sutherland said the transformation of the industry is likely to provide investors a more stable and prosperous future than has been seen over the last 25 years. He said the steel industry witnessed the demise of more than 40 companies over the last few years. Many of these have since consolidated and rationalized production facilities, which led to the partial rebuilding of a sector, which now boasts new labor agreements, significantly reduced legacy costs and rationalized and/or consolidated production facilities.