The head of Hamilton, Ont.-based steel manufacturer Stelco said the company’s balance sheet is likely strong enough to maintain its dividend, despite painting a bleak outlook for steel prices and demand.
The head of Hamilton, Ont.-based steel manufacturer Stelco Holdings Inc. said the company’s balance sheet is likely strong enough to maintain its dividend, despite painting a bleak outlook for steel prices and demand.
“The way we're looking at it right now, and one of the benefits of the cash that we have, is that we're able to maintain the dividend.”Monday it expects adjusted profit in the third quarter to be “materially below” second quarter levels as the market for steel softens. He added there’s been a substantial drop in steel demand in two key interest rate-sensitive sectors – automotive and construction.
“These are two very important markets for the steel industry and, you know, we’re in the very early innings. I think we're going to continue to see the [U.S. Federal Reserve] continue to raise interest rates. They have said they want to bring about an economic softness ... that has to be the goal to deal with the inflation,” he said.
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