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Steelmakers Pinched by Price Plunge

Steel prices have slumped this month, setting off a scramble among steelmakers to maintain prices and market share despite a nationwide glut.The rapid price decline, at a point in the year when prices traditionally rise, prompted several major steelmakers to send out letters last week notifying customers that they would no longer offer discounts on the index prices published by data companies.The effort to halt rampant undercutting faces challenges from other steelmakers that continue to offer discounts and special deals, including offers to pay freight.The battle between steelmakers has been welcomed by customers. Brad Clark, director of steel trading for Katanam Metals LLC, St. Louis-based company that bought and sold 150,000 tons of steel last year, said Germany's ThyssenKrupp AG has been regularly offering prices 3% lower than other firms on steel made at its plant in Alabama. The German steelmaker, which is trying to sell the plant, is under pressure to keep production going to ge...

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