WSD in the past month has become far less negative on the steel industry outlook. For 2013, we now forecast a Fair Times industry environment, which implies flattish volume and profits for many steel mills, rather than the more adverse Bad Times environment. The steel industry's next age of Discontinuity - a period in which the pattern of events no longer is continuous that with the past - may occur in 2015 when two potent force come together at the same time.
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