Key Takeaways

• Data center construction has tripled in three years, and one specific spending figure now shows just how concentrated steel demand has become in a single vertical.
• The largest U.S. steelmaker built an entire division around this buildout, and the tonnage-per-square-foot math behind that decision reveals why mills are restructuring around it.
• The boom is distorting the traditional metrics buyers use to forecast demand, and the indicators that mattered for decades may now point in the wrong direction.

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