Slowing Chinese economy hits U.S. manufacturers
Slowing Chinese economy hits U.S. manufacturers | Business & Technology | The Seattle Times
Portland’s Schnitzer Steel Industries, one of the nation’s biggest metal recyclers, is cutting 300 jobs, or 7 percent of its work force, as scrap exports to China plunge.
Exports of steel and iron scrap — among the top products exported to China from the United States — are down 53 percent this year from the comparable period in 2011, according to the Institute of Scrap Recycling Industries, a trade group.
Prices are down roughly 30 percent as a result, said Joel Denbo, chief executive at Tennessee Valley Recycling in Decatur, Ala. Denbo’s family founded the company 105 years ago, and he’s struggling to avoid layoffs among his work force of 175.
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