Steelmaker CEO Warns North America Market a ‘Falling Knife’
- Stelco CEO Alan Kestenbaum sees North America oversupplied
- ‘I don’t know where it bottoms out,’ he says in interview
Alan Kestenbaum, chief executive officer of Stelco Holdings Inc., at the company's plant in Nanticoke, Canada in 2017.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
The North American steel market is in for some rough months ahead, with excess supplies, rising inventories and shrinking demand, according to the head of Stelco Holdings Inc. Steelmaker shares fell.
“It’s a falling knife,” Stelco Chief Executive Officer Alan Kestenbaum said Thursday in an interview. “The question is when does it go the other way and where are we in the economic cycle? I think it turns at some point, but I don’t know where it bottoms out.”