Video: Lowndes County Not Feeling The Effects Of Poor Steel Market

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GOLDEN TRIANGLE, Miss. (WCBI) – Coal and scrap iron prices are at their lowest levels in months, that often signals a downturn in the steel industry, but Mississippi steel producers say that’s not the case right now.

Alabama-based Walter Energy has announced they plan to layoff 400 workers at its Tuscaloosa County coal mine in the coming weeks. Also, a junk car is only bringing $200 to $300 dollars at scrap yards recently.

But officials at Steel Dynamics in Lowndes County say demand for their steel is churning right along.

“The prices, when they go lower, we also want to make sure our feedstock prices are lower. So as long as the prices move along with the selling price of steel, we are okay,” said Vice-President and General Manager of Steel Dynamics, Madhu Ranade.

Scrap prices are expected to remain low the next several months.