On the outskirts of Chicago, at the biggest steel complex in the US, a mood of optimism is in the air. Discussing the 5.5m tonnes of steel the site in Gary made last year, Fred Jauss, general manager at the plant, says he is going to do his best to beat the figure this year.

“We don’t see any problem in finding buyers for the steel we are producing,” says Mr Jauss, whose plant is owned by US Steel, the biggest steel company in the US. “We feel we are selling into a pretty receptive market place.”