Stainless steel producer, North American Stainless (NAS) has declared force majeure at its Kentucky plant owing to the shortage of industrial gas and trucking problems, according to various media reports.
In a letter sent to NAS’ customers, the company stated that all performance obligations and all deliveries at the Kentucky plant will be suspended indefinitely while it works to make alternative arrangements.
The company accounts for almost 40pc of the total production of stainless steel in the US and this indefinite suspension of deliveries is expected to send panic through the market, reports stated.
Davis Index reached out to NAS for comments on how much production is expected to be affected but has not heard back from them.