Representatives of the industry recently said that due to the increasing demand for steel in China and the reduction in steel production capacity, the auto industry will face a shortage of steel. Since the beginning of this year (2004), the prices of some steel varieties have doubled or even doubled, mainly because the booming manufacturing industry in China has reduced the supply of steel on the market. ArvinMeritor, an auto parts manufacturer, said that there was a problem with steel supply. McClure, chairman and CEO of the company, said that people have been sent to Asia and South America to ensure the supply of steel, but the fear of shortage still exists. The chief executive of diesel engine manufacturer Cummins Inc. stated that one of the effects of China on the world is that if they do act, the global steel supply will be absorbed, which is the status quo of the steel industry. The company purchases steel worth between 4 billion and 5 billion U.S. dollars a year. For companies, the pressure for price increases is even greater.
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