Manufacturers are making more steel than the world can use, with excess steel production set to hit 721M tons by 2027, Patricia Cohen of The New York Times reports, citing the Organization for Economic Cooperation and Development. While the answer would be to make less steel, no country wants to stop producing the material, since it is considered as a material that is essential to both economic and national security. Publicly traded companies in the space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X).
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