The steel business faces its biggest hurdle in 60 years with some analysts predicting double digit production cuts in 2009. Now, a sudden change in China trade policy may spell even more trouble for Western steelmakers, as Beijing is currently considering measures to shore up its ailing steel industry with new export policies.

Come Wednesday morning – after the presidential election tomorrow (Tuesday) – the United States will have a new commander-in-chief. The president-elect will face some significant challenges: A weak economy (okay, a recession, given last week’s gross domestic product (GDP) report, which confirmed just how dire the country’s economic situation had become).