The UAW strike is hitting more than just car production and distribution. It's hurting the price of steel, too.
The strike has cost the Big Three automakers an estimated $1.12 billion in the first two weeks alone, according to Anderson Economic Group. Now in its third week, and with almost a fifth of the union on strike, the ripple effects are starting to materialize — and the US steel market is starting to feel the impact.
Spot prices for benchmark coiled sheet steel, commonly used to make automotive parts, have fallen 40% since April, the Wall Street Journal reported Monday. The American Steel Index has fallen by 5.92% in the past month.
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