Worthington Industries seemingly defied gravity by posting a blowout quarter amidst rising steel prices and a flagging economy.
Rising steel prices and a ruinous fire in a shipyard are blamed.
One reason for the rising consumption of steel in China has been the insatiable demand for cars.
Thanks to rising demand for steel, producers like Arcelor, until now the world's largest producer of the stuff, have managed to push up prices four times during the past year.
Although the future looks promising, the currently reality is difficult for auto manufacturers, with only small gains in car sales and headwinds this year and the rising price of steel and oil pushing many buyers to shift to cars that use less fuel.
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Rising costs for raw materials like steel and plastic are one reason Chrysler and other automakers had a tough year in 2006.
Prices of steel have also been rising lately, nearly trebling since the beginning of 2002, according to MEPS (International), a firm of consultants.
Wheeling-Pittsburgh Steel, a unit of WHX, filed for bankruptcy in November after rising gas prices exacerbated losses that it blames on cheap steel imports.
There are some fine art pieces as well, including The Rise in Belfast, two steel meshed spheres symbolising "the rising of the sun and new hope for Belfast's future", or, as it's more popularly known, due to its location, The Balls in the Falls.
Rising losses and a heavy debt burden at the Mumbai-based, steel-maker are said to have raised suspicions that funds may have been diverted elsewhere.
China Steel also has new capacity coming on stream later this year with output rising up to 40%.
Rising automotive sales figures should translate into better shipments even as aluminum continues to replace steel in autos due to its lighter weight.
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