Last year was a particularly dismal year for the global steel industry. A glut of installed capacity continued to overhang a sluggish global market keeping capacity utilization rates at pre-GFC levels. As a result mills possessed little pricing power while continuing to be at the mercy of an ever volatile raw materials market. The key word for 2012 was 'squeeze'! As we have entered the new year, sentiment is certainly more positive, yet how the year may play out remains far from certain.