Steel industry dented by UAW strike against Detroit's Big Three

The U.S. steel industry is feeling the sting from the United Auto Workers' strike against Detroit's Big Three automakers.

Demand for steel has been falling for months in anticipation of the strike that is now in its third week, sending prices tumbling.

The Wall Street Journal reported the price for coiled sheet steel has plummeted 40% since April, and companies are pulling back on production.

The United States Steel Corp. temporarily shut down a furnace at its Granite City, Illinois, plant last month due to the strike, laying off more than 200 workers. If the strike is prolonged, more shutdowns could follow.