Correction

Ryerson President and CEO Eddie Lehner said he expected the price of ferrous scrap to fall by $20-30 per ton in May, not to fall to $230 per ton as reported in Thursday’s issue of Steel Market Update in an article on Ryerson’s quarterly conference call.

Lehner was also misquoted in a comment that should have stated: “Right now we are synching with the overall data, which shows PMI coming down a little bit, industrial production coming down a little bit. There are really two schools of thought at this point. One is that it’s a gradual reset–through the year prices fall, demand is stable and maybe the second half is down a couple of points. But we think it is the other one. We think this is a pause in Q2, an inventory hangover that works itself out. Our base case is that the second half of the year could see a nice recovery.”

Steel Market Update regrets the errors.