"A lot of production's been cut back and scrapprices are firming again," he said, adding scrap was now ataround $270 a tonne compared with around $250 early April "There are a few orders in the market at the moment. We'reseeing some buying from the United Arab Emirates, some interestin Europe, but until you scrap further capacity or you getincreasing credit to fuel demand, we're not going to get amarket in balance," he said. The global steel industry has reduced production sharply inthe face of a world economic downturn, slashing capacityutilisation rates to around 50-60 percent in Europe U.S. steel giant Nucor (NUE.N) said steel mill utilisationrates have decreased to approximately 45 percent in the firstquarter, when it has announced a greater-than-expected loss. Thecompany predicted a bigger loss in the second quarter.[ID:nN23187764] EXTENDED DEPRESSION Sharp production cutbacks have put a floor under thecollapsing steel prices.

In the first quarter of the year,global crude steel production tumbled around 23 percent.[ID:nLL49687] While some analysts believe the worst is about to be over,some others predict that companies will continue to suffer thewhole year due to the persistently weak demand outlook. "We anticipate an extended period of lower global steeldemand growth, low plant utilisation rates, low prices and lowindustry profitability," said analysts at Citi, who havedowngraded their steel prices. The bank now forecasts hot rolled coil, a form of flat steelused in automotive and consumer durables, at $486 per tonne in2009, reflecting a downgrade of 12 percent but maintains itsestimates of 2010 and raises that of 2011. Futures prices on the LME gained slightly but lagged behindthe physical market, which provided an arbitrage opportunity.The Mediterranean three-month contract FMD3=LX rose 1.54percent on Thursday to $330 a tonne and compared with $310/20 atonne in early April. The contract hit $255 a tonne in March, the lowest since itslaunch.

The Far East contract FFD3=LX was last quoted at$335/350 a tonne, versus $320/330 a tonne It hit its lowesttraded level ever in late October at $300 a tonne. Steel inventories in the LME registered warehouses werereported at 39,910 tonnes compared with 31,980 tonnes in earlyApril. (Reporting by Humeyra Pamuk, Editing by Peter Blackburn) Stocks Global Markets. As Penn State gets ready for the 2008 season, it would seem obvious who the playmakers and difference makers are on this team.After all, the Nittany Lions return 18 starts, an even nine on each side of the ball.But what makes the 2008 Penn State team intriguing is that the offense’s best playmaker may have yet to take a snap in a real game.Meanwhile, the defense looks for a playmaker to step up in light of the loss of All-American linebacker Sean Lee. What follows are Penn State’s key playmakers heading into the 2008 season.Daryll Clark, QB- After twosub par offensive seasons with Anthony Morelli at QB, Penn State looks poised to return to the 2005 offense that featured dual-threat QB Michael Robinson.While Clark has not won the job outright, technically he is still in a battle with sophomore Pat Devlin. Clark looks like he will be the starter given his running ability and Paterno’s favorite criterion, seniority.While Clark is largely unproven as a passer, Penn State did showcase his ability to run with the ball in the Alamo Bowl against Texas A&M.

Clark is not as mobile as Robinson but has a more bruising running style and has the potential to develop into a better passer.How fast Clark, or Devlin, develops in the passing game will be one of the major determining factors in how good a season Penn State has.Stephfon Green, RB- Prior to the Blue-White Game, Green was the mystery man in the Penn State football program.He was lightly recruited out of high school but began receiving rave reviews as soon as he stepped onto campus. All throughout the 2007 season Green performed at a high level in practice and on several occasions nearly made it into games at the end of the season after Austin Scott was dismissed from the team.Green finally showed what he was capable of for all to see when he broke a 57-yard touchdown run on the third play of the Blue-White Game, blowing past numerous first-team defensive starters.Green appears to be the home run threat that Penn State last had in Derrick Williams during his freshman season in 2005. While Evan Royster is likely to get the bulk of the touches in 2008, Green will have his chances. While it’s far too early for such lofty comparisons, Green looks to have Reggie Bush-like game-breaking ability.Maurice Evans, DE- Evans is likely to make a big name for himself in 2008 on the national stage.After recording 12.5 sacks in 2007, he has already made himself known to the rest of the Big Ten. Evans is a very dominating force from defensive end and caused havoc for opposing QB’s on a regular basis in 2007.With the depth Penn State has compiled across the defensive line in 2008 he may see that number of sacks drop simply because he won’t be forced to play as much, especially withred-shirt freshman Devon Still ready to emerge as another dominating force just as Evans has. Look for Evans name to be thrown around as a Top Ten NFL Draft choice as the season wears on.Unlike Tamba Hali, we may not see Evans back for his senior season..