...Global Steel Outlook Improving: A global recovery in key end-markets, such as automotive, manufacturing, construction and infrastructure, and some consolidation in major steel markets will increase capacity utilization and support margins in 2021. This leads to Fitch Ratings' view of an improving outlook. North America ¡ Demand Recovery: U.S. capacity utilization rebounded significantly to around 78% from an average of 68% in 2020. CRU Group does not believe U.S. steel production will approach 2019 levels of 81% until 2022. Auto demand, which recovered faster than anticipated, will remain key to flat-rolled sheet demand. Fitch believes non-residential construction will be challenged in 2H21 and does not expect a significant near-term recovery in demand from the energy market. Market Dynamics ¡ Continued Consolidation Is Positive: Cleveland-Cliffs Inc. (CLF; B/Positive) acquired AK Steel Corporation (B/Positive) and the U.S. operations of ArcelorMittal S.A. (BB+/Positive) in 2020. This will...
