Steel industry missing out on boom cycle as cuts mount

EAST CHICAGO, Ind. (AP) - Indiana's steel industry has seen nearly 700 jobs vanish recently as cheap oil, a strong dollar and other factors create an uncertain future.

Industry analyst Charles Bradford tells The Times in Munster (http://bit.ly/1uSmpCd ) that the strong dollar is particularly to blame. He says half of unionized plants went bankrupt the last time the dollar was this strong.

ArcelorMittal and U.S. Steel also haven't seen the upswing that's typical in the boom-and-bust industry despite soaring U.S. auto sales and jumps in construction and sales of tubular steel product sales.

No improvement is in sight. Oil has fallen to less than $50 a barrel, and prices for hot-rolled coil have fallen to below $600 a ton for the first time since 2010.

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Information from: The Times, http://www.thetimesonline.com