Although the automobile and construction sectors persistently support demand, the steel industry is reeling from the economic slowdown in China, and the continued weakness in the manufacturing sector and the glut of foreign steel imports into the U.S.

In the seven months of 2016, per the World Steel Association, global steel production decreased 1.2% to 929.6 metric tons (Mt) as production shrank across all regions. China, the world’s largest steel maker, again disappointed with a 0.5% decline. Zacks Equity Research