Business Services Industry
DRYWALL GLUT HITS USG HARD; Lower prices complicate exit from bankruptcy.(News)
Crain's Chicago Business, March, 2004
Byline: BOB TITA A glut of capacity in the drywall industry is depressing USG Corp. profits, making more difficult the company's efforts to emerge from bankruptcy protection. Despite record demand for drywall from a robust construction sector, overcapacity pushed industry prices down from 1999's peak of $160 per 1,000 square feet to about $101 today.
That's up from the low point of 2001, when huge amount of new drywall manufacturing capacity came online and prices fell to about $85 per 1,000 square feet. USG filed for Chapter 11 bankruptcy protection almost three years ago to shield itself from rising claims against its products that once contained asbestos. It hopes to persuade the Bankruptcy Court this year to cap its asbestos liability at an amount that...
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