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Editor's Note: This article has been corrected to reflect the most recent AISI capacity utilization rates and the price delta between the ROW and the US.
Judging by the plunging share price of steel producers and the collapse in steel prices from $1,006 per ton just over two years ago to $557 now, it would seem that Steelmageddon - the term famously coined by Bank of America Merrill Lynch - is upon us.