Scat- there is declining real demand in the U.S and Canada right now. A lot of major infrastructure projects were built during the housing bubble in the US. There has been no real increase of stabilization in the large projects since the recession started in 2007. They have been spending some money on bridges and such, but this is mostly repairs and little new steel goes in. Industry contacts say that across the US and Canada projects are on hold, some abandoned due to the economic uncertainty. Financing is likely an issue for some projects, as is the fact that people have ceased spending on non-essentials... vacations, etc, this effects the likelihood of say, a casino in Vegas or Florida to be built. Most "projects" are being requoted 2-3 times and the real price of finished steel is falling and continues to fall. Any rise or volatility in iron and ore squeezes steelmakers profits. I fail to see any macro reason to invest or trade steel stocks.