A sluggish national economic recovery means the recently buoyant steel industry is tempering its optimism. Things aren’t bad, per se, but U.S. Steel and ArcelorMittal are seeing orders drop as new construction in the U.S. and Europe continues to tread water.
It would seem to me that new construction would and probably should remain slower than what was seen in the 2000s as people, businesses and governments catch up with the massive debt and overvaluation racked up during that time. How bearish of me. Where’s my monocle? I need to read the fine print of my old timey railroad stocks. But I digress…
This is another reminder that we in northern Minnesota cannot keep resting our future economic growth on mining or the ancillary industry surrounding mining, such as energy or heavy equipment. We need a new economy to stand on the shoulders of our natural resource base if we’re ever going to break the negative cycles of the past. We need creative people to create. Now.
(Story from Star Tribune, AP)
To get Creatives on the Range there needs to be an improvement in high speed Internet there. I’ve heard of some grants being given, but we need more money. People cannot participate in the new economy without being proper connectivity.