NOW THAT THE FIRST QUARTER is in the record books--ones filled with red ink--how much more do we know about prospects for the rest of 2009? At this point last year, public companies continued to report glowing sales and earnings results despite an economy that was clearly turning south. Sky high metals prices, resulting from unusually low imports, were masking the economy's steady decline. One year later, with the mask removed, the true ugliness of the market is apparent. With prices and demand half what they were a year ago, both mills and service centers are struggling.
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