Why Did CSX’s Metals Shipments Decline In Q1?
CSX’s metals shipments declined by 18% year-over-year in Q1 this year. This was largely due to a fall in U.S. domestic steel shipments. Competition from cheap steel imports has negatively impacted domestic steel production, as exemplified by the decline in U.S. Steel’s U.S. Flat-rolled shipments. In addition, a decline in oil and gas drilling activity as a result of low oil prices has also adversely affected the production and shipments of tubular steels (which are used in oil and gas drilling) as exemplified by the decline in U.S. Steel’s Tubular Steel shipments.
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