Demand for steel continued with little let-up into the third quarter. Residential building in July rebounded from the dip in June almost to the May peak, and permits issued for new building projects continued to rise. Non-residential building activity, more steel-intensive, was at least steady. Industrial production in July was marginally ahead of June, but, more significantly, it was 4.9 percent above the July 2003 level. The overall economy enjoyed its 34th consecutive month of growth (a continuous recovery after the shock the terrorist attack of September 2001 administered to the US system). More to the point for steelmakers, manufacturing activity achieved its 15th consecutive month of growth since June last year. Growth has lately been slightly slower - the Institute of Supply Management (ISM) Index for manufacturing in August was 59 after a continuous run above 60 since November, but it remained well within the 50+ positive zone.
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