But the company also said it saw a bottom in the steel market, forecasting that reduced industry capacity would help stem the decline in prices and pave the way for a recovery next year.
"Rising unemployment is accompanied by a whole host of other occurrences rising defaults and foreclosures, reduced mortgage originations, falling incomes, reduced industry investment and construction, increasing outmigration, and lower long-term income prospects," says Carbacho-Burgos.
"Our model adjustments are primarily related to reduced industry sales expectations," the analyst said.
What exposes us to failure now is the global financial crisis, which has severely restricted credit availability, and reduced industry sales to the lowest per-capita level since World War II.
Another important policy recommendation that emerges from this analysis is that a stronger effort to reduce industry concentration, and to increase exports, could go a long way in improving women's prospects in the labor market, both in terms of relative wages and employment.
Dairy farmers have also set a national target to reduce industry greenhouse emissions by 30% by 2020, and have already cut emissions by 15% – largely through energy audits of dairy machinery and farm equipment.
Conrad and Becker (2011) presented no evidence to support the capacity of a "credibility score" to reduce industry funding bias.
Exports were boosted as a result of devaluation, structural reforms aimed at reducing industry protection, a reformed tax system and the freeing of the labour market.
One effective method to reduce industry environmental footprint is the use of a closed-loop supply chain (CLSC).
Something similar may be needed to reduce industry food waste.
