SMA May 2008 presentation
Below is a presentation I made to the Steel Manufacturers Association’s annual members meeting in Washington, DC on May 20, 2008. The title was “Black Swans in the Steel Industry: What do They Mean?” (Of course the title is taken from the best selling book by Nassim Nicholas Taleb.) My presentation identifies what I believe are a few very significant recent developments in the industry and argues that these black swan events are manifestations of the seismic and systemic changes the industry is undergoing. Of course once you’ve seen a black swan, your perception of swans is forever changed.
