Shipments for the full year 2019 will end up significantly below our forecast for the year which we will blame primarily on underperformance in the upstream energy sector. Lower than expected drilling activity along with a glut of completion equipment have contributed to the shortfall. Based on the license tally for January, stainless shipments in the November – January timeframe are set to perform in the same way they did in ’18 and ’19 – at least directionally. Unfortunately, this year’s absolute levels are lower then the previous two years and while we expect improving comparisons as the year progresses, ultimately, we believe we will fall short of 2019 results.
展开▼
