US steelmakers mostlyfollowa prudent strategy of investingin only as much upstream, primary, hot metal capacity as they need over most ofthe business cycle, dependingon buyingin semis to cover peakdemand. This means that they may be buyingin when merchant suppliesare tight- because producers that normally have disposable outputorspare capacity use more of it fortheirown needs orfortheir large scale regular customers - butthat they will be able to bear the cost si nee, by definition, they will be sellingtheirfinished products into a buoyant market.
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