Stainless shipments, now 2 months into the year’s final quarter using estimates and licenses for November, are not doing too badly. Given the type of year 2020 has been so far, you could have expected a complete drop in activity in Q4 which is normally the weakest shipping period for this product anyway. After the shutdown, we got a solid industrial and manufacturing bump in the May to July period from the economic stimulus package and a restart of activity. Economic news has mostly continued to improve despite the fact that we remain behind last year’s performance in many manufacturing output categories. A notable exception is automotive where we are more or less on par with year-ago levels.
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