The coronavirus crisis is also taking a toll across the US steelmaking industry. Since the beginning of the virus spread, major producers such as AK Steel, ArcelorMittal and US Steel have all announced capacity closures which together total almost 10 Mtpa. This translates to about 8% of US’ overall crude steel capacity and represents the largest cutback in a month period since the GFC. With automotive steel demand slated to remain anaemic, we expect infrastructure to provide a much-needed breath to the steel sector. Still, we don't anticipate any gigantic investments this year. All in all, we think US’ steel demand will fall by 2% in 2020.