Annual Review 2002 – The United States 2002

Following the recession of 2001, restrained consumer spending, declines in domestic manufacturing and industrial output, and increased unemployment led to a lack-luster year in the domestic economy. In 2002, the U.S. real gross domestic product (GPD) grew only 2.4%. Significant production declines in the U.S. metals industry were registered by copper, lead and zinc producers. Steel producers, despite a slight improvement in shipments, continued to face strong foreign competition, higher energy costs and lower prices for their products. Homebuilding and other domestic construction sectors— major consumers of nonmetallic mineral products such as cement, brick, glass and stone — remained strong enough to help raise the output of industrial mineral materials slightly above 2001 levels. A strong U.S. dollar relative to other national currencies continued to weaken the competitive stance of U.S. metal and non-metal mineral materials companies alike against foreign producers in markets at home and abroad.