While natural gas prices are up 50% from their 2011 lows below $2 per 1,000 cubic feet (million BTUs), they're still cheap at just over $3.

Lower-priced natural gas has helped a number of industries, like chemicals and utilities, cut costs, as Money Morning Global Energy Strategist Dr. Kent Moors pointed out in his 2013 natural gas price outlook.

Now there's another U.S. industry that hopes cheap natural gas can revive its flagging performance.

I'm talking about steel.

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